SOURCE: FPB Financial Corp.

October 30, 2012 09:48 ET

FPB Financial Corp. Announces 2012 Third Quarter Results and Declares Dividends

HAMMOND, LA--(Marketwire - Oct 30, 2012) - FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the third quarter ended September 30, 2012.

Earnings

Net income for the third quarter of 2012 totaled $420,000 a decrease of 20.2% from $526,000 in the 2011 period. Net income per fully diluted common share for the quarter was $1.19 as compared to $1.66 in the 2011 third quarter. Return on common stockholders' equity (ROE) was 9.7% (annualized) for the period.

The decrease in third quarter earnings, when compared to the 2011 period, was primarily due to an increase of $205,000, or 456% in provisions for loan losses. The increased provision expense was due to increases in non-performing assets and in net loan charge-offs.

Asset Quality

Total non-performing assets at September 30, 2012 increased $1.2 million, or 38.7%, to $4.3 million when compared to September 30, 2011, primarily due to an $863,000 increase in foreclosed assets. Total non-performing assets on June 30, 2012 were $4.0 million. The Company's allowance for loan losses increased to $3.0 million, or 7.1% when compared to the Company's allowance of $2.8 million on September 30, 2011.

Net loan charge-offs for the third quarter totaled $233,000, up 171% from $86,000 in the 2011 third quarter and up 45.6% from $160,000 in the second quarter of 2012.

Performing troubled debt restructured (TDRs) as of September 30, 2012 totaled $3.7 million, or a decrease of $75,000 from September 30, 2011. Performing TDR's totaled $3.1 million on June 30, 2012.

Balance Sheet and Capital

Total Assets at September 30, 2012 increased to $191.6 million, or 12.0% when compared to September 30, 2011. The increase in total assets was primarily attributed to an increase of $19.5 million in available-for-sale investment securities. Total Liabilities increased 12.5% to $174.2 million primarily due to an increase of $18.1 million in total deposits. Total Deposits were $150.4 million on September 30, 2012. Federal Home Loan Bank advances decreased 16.0% in the twelve month period to $20.0 million. Non-interest bearing deposits and Non-maturity deposits increased 37.3% and 21.3% respectively in the twelve month period ending September 30, 2012.

Common Stockholders' Equity increased by a net of $1.3 million, or 8.1% to $17.3 million for the twelve month period ending September 30, 2012, primarily due to an increase of $1.5 million in retained earnings. Tangible Common Stockholders' equity increased to a total of $17.1 million at September 30, 2012.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of September 30, 2012.

FPB Financial Corp. reported the following for the period ending September 30, 2012, and as compared to September 30, 2011:

  • Total Assets increased to $191.6 million, or 12.1%

  • Net Interest Income Increased to $6.5 million, or 5.5%

  • Non-Interest Income increased to $1.9 million, or 23.6%

  • Revenue per share increased to $23.92, or 11.0%

  • Common Dividends Paid increased to $179,000, or 11.8%

  • Non-Interest Bearing deposits increased to $31.3 million, or 37.3%

  • Non-maturity Deposits increased $18.8 million, or 21.2%

  • Tangible Common Stockholders' Equity increased $1.5 million, or 9.6%

  • Tangible Common Book Value increased to $ 48.68, or 9.0%

  • Allowance for Loan Losses increased to $3.0 million, or 7.1%

Our subsidiary, Florida Parishes Bank, will open a new branch officer in Amite, Louisiana on November 1, 2012. This will be the Company's fourth full service office.

FPB Financial Corp. is headquartered in Hammond, LA and is the parent company of Florida Parishes Bank. The Company's common stock is traded under the "FPBF" symbol.

This news release contains certain forward-looking statements, including statements about the financial condition, results of operations and earnings outlook for FPB Financial Corp. and its subsidiaries. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors, many of which are beyond the Company's control, could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. These factors include, among others, the following: general economic conditions, changes in interest rates, deposit flows, the cost of funds, changes in credit quality, interest rate risks associated with the Company's business and operations and the adequacy of our allowance for loan losses. Other factors include changes in our loan portfolio, changes in competition, fiscal and monetary policies and legislation and regulatory changes. We undertake no obligation to update any forward-looking statements.

   
FPB Financial Corp.  
   

Selected Balances
 
Sept 30, 2012
 
Sept 30, 2011
  % Change    
June 30, 2012
  % Change  
    (Unaudited)   (Unaudited)         (Unaudited)      
                               
Cash and Cash Equivalents Including Interest & Non-interest earning deposits   $ 11,763,606   $ 10,314,319   14 %   $ 8,637,795   36 %
                               
Net Loans     121,581,212     121,970,199   0       124,618,331   (2 )
                               
Foreclosed Assets     1,056,127     193,336   446       868,231   22  
                               
Non-Performing Assets (Includes Foreclosed Assets)     4,322,086     3,082,869   40       3,997,023   8  
                               
Allowance for Loan Losses     3,035,642     2,789,714   9       3,018,703   1  
                               
Total Assets     191,593,859     170,985,880   12       188,202,135   2  
                               
Non-Interest Bearing Deposits     31,328,579     22,815,069   37       28,822,902   9  
                               
Interest-Bearing Deposits     119,083,001     104,465,550   14       117,659,092   1  
                               
Non-Maturity Deposits (Included in interest and non-interest bearing deposits)     107,330,746     88,472,290   21       102,034,162   5  
                               
Brokered Deposits (Included in interest- bearing deposits)    
6,549,958
   
7,083,907
 
(8
)    
6,809,798
 
(4
)
                               
FHLB Advances     19,990,524     23,768,479   (16 )     20,847,650   (4 )
                               
Subordinated Debentures/Trust Preferred Securities    
3,093,000
   
3,093,000
 
0
     
3,093,000
 
0
 
                               
Tangible Common Stockholders' Equity    
17,135,803
   
15,644,775
 
10
     
16,773,884
 
2
 
                               
Total Common Stockholders' Equity     17,332,526     15,963,597   9       16,942,288   2  
                               
   
   
CONSOLIDATED STATEMENTS OF EARNINGS  
   
  For the Three Months   For the Nine Months  
  Ended   Ended  
  Sept 30, 2012   June 30, 2012   Sept 30, 2011   Sept 30, 2012   Sept 30, 2011  
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)  
                               
INTEREST AND DIVIDEND INCOME:                              
                               
  Mortgage Loans $ 2,029,301   $ 2,057,109   $ 2,031,765   $ 6,211,984   $ 6,055,288  
                               
  Consumer Loans   233,079     219,407     241,298     674,836     707,937  
                               
  Commercial Loans   54,302     59,619     68,250     186,731     199,624  
                               
  Consumer & Commercial Lines of Credit   49,500     47,112     43,638     142,347     126,257  
                               
  Investment Securities and Deposits   158,817     115,036     145,397     436,956     373,546  
                               
TOTAL INTEREST AND DIVIDEND INCOME   2,524,999     2,498,283     2,530,348     7,652,854     7,462,652  
                               
INTEREST EXPENSE:                              
                               
  Deposits   232,213     240,670     220,881     696,836     768,982  
                               
Federal Home Loan Bank Advances  
112,893
   
114,873
   
146,402
   
373,325
   
456,341
 
                               
Other   28,152     28,248     26,452     85,184     79,775  
                               
TOTAL INTEREST EXPENSE   373,258     383,791     393,735     1,155,345     1,305,098  
                               
  NET INTEREST INCOME   2,151,741     2,114,492     2,136,613     6,497,509     6,157,554  
                               
Provisions for loan losses   250,000     142,000     45,000     657,000     506,828  
                               
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES  
1,901,741
   
1,972,492
   
2,091,613
   
5,840,509
   
5,650,726
 
                               
NON-INTEREST INCOME:                              
                               
Mortgage Banking Fees   193,839     177,774     223,089     557,673     553,409  
                               
Service charge on deposits   182,657     178,249     223,392     537,853     577,005  
                               
Interchange Fees   115,659     107,070     98,959     324,632     275,756  
                               
Loan Fees and Charges   49,413     44,520     46,558     145,417     131,232  
                               
Gain/(Loss) on Sale of Investments and Foreclosed Assets   89,760     216,325     7,070     278,094     9,876  
                               
Gain/(Loss) on Trading Accounts   (3,092 )   (22,330 )   (62,850 )   (9,525 )   (87,262 )
                               
Other   22,872     22,433     26,573     82,718     91,208  
                               
TOTAL NON-INTEREST INCOME   651,108     724,041     562,791     1,916,862     1,551,224  
                               
NON-INTEREST EXPENSE:                              
                               
Compensation and Employee Benefits   1,092,555     1,093,820     1,010,805     3,257,026     2,866,111  
                               
Occupancy, Property Taxes, and Equipment   206,792     209,432     212,374     624,820     612,271  
                               
Technology and Information Processing   137,384     150,121     147,138     424,768     418,232  
                               
Regulatory Fees   87,492     82,358     101,795     251,636     324,376  
                               
Professional Fees   90,828     80,987     65,393     225,345     168,870  
                               
Foreclosed Assets   21,361     15,437     2,124     67,812     22,464  
                               
Other   279,343     269,352     233,091     800,279     616,548  
                               
TOTAL NON-INTEREST EXPENSE   1,915,755     1,901,507     1,772,720     5,651,686     5,028,872  
                               
INCOME BEFORE INCOME TAXES   637,094     795,026     881,684     2,105,685     2,173,078  
                               
Income Tax Expense   216,612     269,497     295,646     700,551     704,360  
                               
NET INCOME   420,482     525,529     586,038     1,405,134     1,468,718  
                               
PER COMMON SHARE DATA:                              
                               
Net Earnings $ 1.19   $ 1.49   $ 1.67   $ 3.99   $ 4.11  
                               
Diluted Net Earnings $ 1.19   $ 1.49   $ 1.66   $ 3.98   $ 4.09  
                               
Revenue (Net Interest Income and Non-Interest Income) $ 7.96   $ 8.07   $ 7.71   $ 23.92   $ 21.55  
                               
Dividends Paid $ 0.18   $ 0.17   $ 0.15   $ 0.51   $ 0.45  
                               
Book Value Period End $ 49.24   $ 48.16   $ 45.55   $ 49.24   $ 45.55  
                               
Tangible Book Value Period End $ 48.68   $ 47.68   $ 44.65   $ 48.68   $ 44.65  
                               
RATIOS:                              
                               
ROA (Annualized Net Income to Average Period Assets)   0.89 %   1.12 %   1.35 %   1.01 %   1.12 %
                               
ROE (Annualized Net Income to Average Period Total Stockholders' Equity)   9.71 %   12.58 %   14.94 %   11.15 %   12.78 %
                               
Net Interest Margin (Average) for the period   4.96 %   4.92 %   5.36 %   5.10 %   5.12 %
                               
Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized)   2.66 %   2.51 %   2.78 %   2.68 %   2.64 %
                               
Efficiency Ratio for the Period   68.35 %   66.99 %   65.67 %   67.17 %   65.23 %
                               
Net Loan Charge-Offs (Recoveries) for the Period $ 233,062   $ 159,774   $ 85,881   $ 654,641   $ 349,467  
to Average Period Net Loans (Annualized)   0.75 %   0.52 %   0.28 %   0.70 %   0.39 %
                               
TDRs (Performing) at Period End $ 3,747,371   $ 3,124,881   $ 3,822,451   $ 3,747,371   $ 3,822,451  
  to Average Period Net Loans   3.05 %   2.51 %   3.11 %   3.02 %   3.16 %
                               
Non-Performing Assets at Period $ 4,322,086   $ 3,997,023   $ 3,082,869   $ 4,322,086   $ 3,082,869  
  End to Average Period Total Assets   2.29 %   2.12 %   1.78 %   2.32 %   1.75 %
                               
Allowance for Loan Losses at Period End $ 3,035,642   $ 3,018,703   $ 2,789,714   $ 3,035,642   $ 2,789,714  
  to Average Period Net Loans   2.47 %   2.43 %   2.27 %   2.44 %   2.30 %
  to Non-Performing Assets at Period End   70.24 %   75.52 %   96.02 %   70.24 %   96.02 %
                               
   
   
CONSOLIDATED STATEMENTS OF CONDITION  
   
    Sept 30, 2012     Sept 30, 2011     % Change     June 30, 2012     % Change  
    (Unaudited)     (Unaudited)           (Unaudited)        
                                     
ASSETS:                                    
                                     
Cash and Cash Equivalents including Interest and Non-Interest Earning Deposits   $ 11,763,606     $ 10,314,319     14 %   $ 8,637,795     36 %
                                     
Certificates of Deposit     1,994,000       1,992,000     0       2,986,000     (33 )
                                     
Securities - Available for Sale     44,471,396       25,027,946     78       41,175,614     8  
                                     
Trading Securities     189,098       2,265,249     (92 )     192,189     (2 )
                                     
Net Loans     121,581,212       121,970,199     0       124,618,331     (2 )
                                     
Accrued Interest Receivable     574,456       544,304     6       539,249     7  
                                     
Premises and Equipment, Net     8,447,000       7,603,649     11       7,789,866     8  
                                     
Foreclosed Assets     1,056,127       193,336     446       868,231     22  
                                     
Other Assets     1,516,964       1,074,878     41       1,394,860     9  
                                     
  TOTAL ASSETS   $ 191,593,859     $ 170,985,880     12     $ 188,202,135     2  
                                     
LIABILITIES:                                    
                                     
Deposits     150,411,580       127,359,107     18       146,481,994     3  
                                     
Federal Home Loan Bank Advances     19,990,524       23,768,479     (16 )     20,847,650     (4 )
                                     
Subordinated debentures/trust preferred securities     3,093,000       3,093,000     0       3,093,000     0  
                                     
Other Liabilities     766,229       801,697     (4 )     837,203     (8 )
                                     
  TOTAL LIABILITIES   $ 174,261,333     $ 155,022,283     12     $ 171,259,847     2  
                                     
STOCKHOLDERS' EQUITY:                                    
                                     
Common Stock   $ 4,433     $ 4,289     3     $ 4,433     0  
                                     
Capital Surplus     6,283,971       6,264,367     0       6,279,173     0  
                                     
Retained Earnings     12,650,272       11,201,594     13       12,293,151     3  
                                     
Unearned Compensation     (19,405 )     (42,007 )   54       (19,405 )   0  
                                     
Treasury Stock     (1,783,468 )     (1,783,468 )   0       (1,783,468 )   0  
                                     
Other Comprehensive Income (Loss)     196,723       318,822     (38 )     168,404     17  
                                     
Total Stockholders' Equity     17,332,526       15,963,597     9       16,942,288     2  
                                     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 191,593,859     $ 170,985,880     12 %   $ 188,202,135     2 %
                                     

Fritz W. Anderson II, Chairman of the Board announced today that "On October 11, 2012, the Board of Directors of FPB Financial Corp. declared a cash dividend on the common stock of the company bearing Cusip #302549 10 0. The dividend rate increased to $0.36 per share. This dividend rate is composed of a regular quarterly dividend rate of $0.18 per share and a special year-end dividend of $0.18 per share and will be paid on December 26, 2012 to stockholders of record at the close of business on December 10 2012."

Contact Information

  • For More Information Contact:
    Fritz W. Anderson, II
    President, Chief Executive Officer
    And Chairman
    FPB Financial Corp.
    (985) 345-1880