SOURCE: FPB Financial Corp.

April 23, 2013 11:40 ET

FPB Financial Corp. Announces 2013 First Quarter Financial Results and Declares Dividends

HAMMOND, LA--(Marketwired - Apr 23, 2013) -  FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the 2013 first quarter ended March 31, 2013.

Earnings

Net income for the first quarter of 2013 totaled $539,000, an increase of 17.5% from $459,000 in the first quarter of 2012. Net income per fully diluted common share was $1.52 in the 2013 first quarter, up from $1.30 per fully diluted common share earned in the first quarter of 2012. Return on common stockholders' equity (ROE) was 12.2% for the period.

First quarter earnings were positively affected by an increase of $75,000 in non interest income when compared to the first quarter of 2012 and by a $139,000 decrease in provision for loans losses. These items were offset by a $61,000 increase in non-interest expense, primarily from increased expense for occupancy, property taxes and equipment, technology and information processing and other miscellaneous expenses, and $58,000 increase in income tax expense.

In the 2013 first quarter, in excess of $1 million of non-accrual loans were collected/paid off; these non-accrual loan pay-offs resulted in the Company reporting an increase of approximately $110,000 of non-accrual pre-tax interest income in the period ending March 31, 2013. The Company does not expect to match this level of non-accrual interest recognition/collections in the second quarter or in subsequent quarters during 2013.

Asset Quality

Total non-performing assets at March 31, 2013 decreased $1.0 million, or 25.6% to $2.9 million when compared to March 31, 2012. Total non-performing assets on December 31, 2012 were $4.1 million. The Company's allowance for loan losses increased to $3.3 million when compared to $3.0 million at March 31, 2012. Total allowance for loan losses were $3.2 million at December 31, 2012.

Net loan charge-offs for the first quarter totaled $28,000, down from $234,000 in the 2012 first quarter. In the 2012 fourth quarter the company's net loan charge-offs were $67,000.

Performing Troubled Debt Restructured (TDR's) as of March 31 totaled $3.1 million, or a decrease of $93,000 from March 31, 2012. Performing TDR's decreased by $247,000 when compared to December 31, 2012.

Balance Sheet and Capital

Total assets at March 31, 2013 increased to $197.9 million, or 5.2% as compared to $188.1 million on March 31, 2012. Total assets on December 31, 2012 were $197.9 million. The increase in total assets was primarily attributed to an increase of $18.0 million in available-for-sale investment securities, an increase of $2.1 million in held-to-maturity investment securities, and an increase of $1.2 million in net premises and equipment. These increases were offset by a $7.9 million decrease in net loans and a $2.3 million decrease in cash and cash equivalents. Total liabilities increased by 4.8% to $179.8 million primarily due to an increase of $12.5 million in total deposits to $162.0 million from $149.5 million at March 31, 2012 which was offset by a 23.4% decrease in Federal Home Loan Bank advances to $13.8 million at March 31, 2013. Non interest bearing deposits and total non-maturity deposits both increased in the twelve month period ending March 31, 2013.

Common Stockholders' equity increased by a net of $1.5 million, or 9.2% to $18.1 million for the twelve month period ending March 31, 2013, primarily due to an increase of $1.6 million in retained earnings. Tangible common stockholders' equity totaled $18.0 million at March 31, 2013.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of March 31, 2013.

FPB Financial Corp. reported the following for the period ending March 31, 2013, and as compared to March 31, 2012:

  • Total Assets increased to $197.9 million, or 5.2% 

  • Non-Interest Income increased to $618,000, or 13.9%

  • Non-Interest Bearing deposits increased to $40.1 million, or 39.2%

  • Non-maturity Deposits increased by $16.4 million, or 16.0%

  • Non-performing Assets decreased by $1.0 million, or 25.6%

  • Dividends paid to common shareholders increased to $64,000, or 14.2%

  • Common Stockholders' equity increased by $1.5 million, or 9.2%

  • Common Book Value per share increased to $51.03, or 8.5%

  • Allowance for Loan Losses increased to $3.3 million, or 10.0%

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
 
March 31, 2013
 
March 31, 2012
  % Change     Dec. 31, 2012   % Change  
    (Unaudited)   (Unaudited)                
                               
Tangible Common Stockholders' Equity   $ 17,994,379   $ 16,308,164   10 %   $ 17,517,532   3 %
                               
Total Common Stockholders' Equity     18,072,555     16,549,948   9       17,712,573   2  
                               
Net Loans     115,970,100     123,758,131   (6 )     119,757,079   (3 )
                               
Foreclosed Assets     801,495     480,688   67       1,043,322   (23 )
                               
Non-Performing Assets (includes Foreclosed Assets)     2,927,287     3,932,285   (26 )     4,101,905   (29 )
                               
Allowance for Loan Losses     3,306,836     3,036,477   9       3,208,815   3  
                               
Total Assets     197,856,444     188,079,694   5       197,854,896   0  
                               
Non-Interest Bearing Deposits     40,118,217     28,765,949   39       36,086,737   11  
                               
Non-Maturity Deposits (Included in interest and non-interest bearing deposits)     119,165,496     102,830,753   16       117,728,693   1  
                               
Brokered Deposits (Included in interest- bearing deposits)     6,548,866     6,834,596   (4 )     6,555,092   0  
                               
FHLB Advances     13,791,500     18,004,684   (23 )     15,591,803   (12 )
                               
                               
   
CONSOLIDATED STATEMENTS OF EARNINGS  
   
   
   
    For the Three Months Ended  
                               
    March 31, 2013     Dec. 31,
2012
    % Change     March 31, 2012     % Change  
    (Unaudited)                 (Unaudited)        
                                     
INTEREST AND DIVIDEND INCOME:                                    
                                     
  Mortgage Loans   $ 2,018,946     $ 1,993,949     1 %   $ 2,125,574     (5 )%
                                     
  Consumer Loans     236,844       227,645     4       222,352     7  
                                     
  Commercial Loans     44,087       50,971     (14 )     72,810     (39 )
                                     
  Consumer & Commercial Lines of Credit     49,489       49,010     1       45,736     8  
                                     
  Investment Securities and Deposits     167,584       244,108     (31 )     163,101     3  
                                     
TOTAL INTEREST AND DIVIDEND INCOME     2,516,950       2,565,683     (2 )     2,629,573     (4 )
                                     
INTEREST EXPENSE:                                    
                                     
  Deposits     187,387       218,433     (14 )     223,954     (16 )
                                     
Federal Home Loan Bank Advances     86,245       113,901     (24 )     145,559     (41 )
                                     
Other     26,450       27,108     (2 )     28,784     (8 )
                                     
TOTAL INTEREST EXPENSE     300,082       359,442     (17 )     398,297     (25 )
                                     
  NET INTEREST INCOME     2,216,868       2,206,241     0       2,231,276     (1 )
                                     
Provisions for loan losses     126,000       240,000     (48 )     265,000     (52 )
                                     
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES     2,090,868       1,966,241     6       1,966,276     6  
                                     
NON-INTEREST INCOME:                                    
                                     
Service charges on deposits     213,645       197,283     8       176,947     21  
                                     
Mortgage Banking Fees     187,127       196,512     (5 )     186,060     1  
                                     
Interchange Fees     131,726       120,516     9       101,902     29  
                                     
Loan Fees and Charges     42,330       59,307     (29 )     51,485     (18 )
                                     
Gain/(Loss) on Trading Accounts     1,764       840     110       15,896     (89 )
                                     
Gain/(Loss) on Sale of Investments and Foreclosed Assets     (14,627 )     15,626     -       (27,991 )   48  
                                     
Other     55,598       29,955     86       37,878     47  
                                     
TOTAL NON-INTEREST INCOME     617,563       620,039     0       542,177     14  
                                     
NON-INTEREST EXPENSE:                                    
                                     
Compensation and Employee Benefits     1,077,839       1,049,168     3       1,070,651     1  
                                     
Occupancy, Property Taxes, and Equipment     229,444       219,263     5       208,596     10  
                                     
Technology and Information Processing    
159,249
     
174,374
   
(9
)    
137,263
   
16
 
                                     
Regulatory Fees     67,655       76,290     (11 )     81,787     (17 )
                                     
Professional Fees     42,225       77,627     (46 )     53,530     (21 )
                                     
Foreclosed Assets     23,361       26,186     (11 )     31,013     (25 )
                                     
Other     296,607       284,237     4       252,048     18  
                                     
TOTAL NON-INTEREST EXPENSE     1,896,380       1,907,145     (1 )     1,834,888     3  
                                     
INCOME BEFORE INCOME TAXES     812,051       679,135     20       673,565     21  
                                     
Income Tax Expense     272,706       227,504     20       214,441     27  
                                     
NET INCOME     539,345       451,631     19       459,124     17  
                                     
PER COMMON SHARE DATA:                                    
                                     
Net Earnings   $ 1.52     $ 1.28     19     $ 1.31     16  
                                     
Diluted Net Earnings   $ 1.52     $ 1.28     19     $ 1.30     17  
                                     
Dividends Paid   $ 0.18     $ 0.36     (50 )   $ 0.16     13  
                                     
Revenue (Net Interest Income and Non-Interest Income)   $
8.85
    $
8.02
   
10
    $
7.89
   
12
 
                                     
Book Value Period End   $ 51.03     $ 50.02     2     $ 47.04     8  
                                     
Tangible Book Value Period End   $ 50.81     $ 49.47     3     $ 46.35     10  
                                     
RATIOS:                                    
                                     
ROA (Annualized Net Income to Average Period Assets)    
1.10
%    
0.88
%          
1.02
%      
                                     
ROE (Annualized Net Income to Average Period Total Stockholders' Equity)     12.21 %     10.19 %           11.22 %      
                                     
Net Interest Margin (Average) for the period     4.98 %     4.74 %           5.44 %      
                                     
Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized)     2.62 %     2.52 %           2.88 %      
                                     
Efficiency Ratio for the Period     66.91 %     67.48 %           66.16 %      
                                     
Net Loan Charge-Offs/(Recoveries)   $ 27,979     $ 66,827           $ 261,805        
  for the Period to Average Period Net Loans (Annualized)     0.10 %     0.22 %           0.84 %      
                                     
TDRs (Performing) at Period End   $ 3,104,363     $ 3,351,121           $ 3,197,794        
  to Average Period Net Loans     2.63 %     2.78 %           2.55 %      
                                     
Non-Performing Assets at Period   $ 2,927,287     $ 4,101,905           $ 3,932,285        
  End to Average Period Total Assets     1.48 %     2.02 %           2.18 %      
                                     
Allowance for Loan Losses at Period   $ 3,306,836     $ 3,208,815           $ 3,036,477        
  End to Average Period Net Loans     2.80 %     2.66 %           2.42 %      
  to Non-Performing Assets at Period End     113.00 %     78.23 %           77.22 %      
                                     
                                     
   
CONSOLIDATED STATEMENTS OF CONDITION  
   
   
   
    March 31, 2013     March 31,
 2012
    % Change     Dec. 31, 2012     % Change  
    (Unaudited)     (Unaudited)                    
                                     
ASSETS:                                    
                                     
Cash and Cash Equivalents including Interest & Non-Interest Earnings Deposits   $ 14,221,475     $ 16,557,941     (14 )%   $ 11,674,524     22 %
                                     
Certificates of Deposit     4,235,000       5,986,000     (29 )     4,235,000     0  
                                     
Securities- Held to Maturity     2,074,811       0     -       1,081,508     92  
                                     
Securities- Available for Sale     49,377,969       31,392,136     57       48,444,962     2  
                                     
Trading Securities     191,701       215,069     (11 )     189,937     1  
                                     
Net Loans     115,970,100       123,758,131     (6 )     119,757,079     (3 )
                                     
Accrued Interest Receivable     708,656       580,089     22       796,447     (11 )
                                     
Premises and Equipment, Net     8,953,607       7,788,911     15       9,052,566     (1 )
                                     
Foreclosed Assets     801,495       480,688     67       1,043,322     (23 )
                                     
Other Assets     1,321,630       1,320,729     0       1,579,551     (16 )
                                     
  TOTAL ASSETS   $ 197,856,444     $ 188,079,694     5     $ 197,854,896     0  
                                     
LIABILITIES:                                    
                                     
Deposits     162,036,238       149,508,046     8       160,663,155     1  
                                     
Federal Home Loan Bank Advances     13,791,500       18,004,684     (23 )     15,591,803     (12 )
                                     
Subordinated debentures/trust preferred securities     3,093,000       3,093,000     0       3,093,000     0  
                                     
Other Liabilities     863,151       924,016     (7 )     794,365     7  
                                     
  TOTAL LIABILITIES   $ 179,783,889     $ 171,529,746     5     $ 180,142,323     0  
                                     
STOCKHOLDERS' EQUITY:                                    
                                     
Common Stock   $ 4,437     $ 4,433     0     $ 4,437     0  
                                     
Capital Surplus     6,335,706       6,279,173     1       6,335,022     0  
                                     
Retained Earnings     13,450,044       11,827,431     14       12,974,449     4  
                                     
Unearned Compensation     (12,340 )     (19,405 )   36       (12,908 )   4  
                                     
Treasury Stock     (1,783,468 )     (1,783,468 )   0       (1,783,468 )   0  
                                     
Other Comprehensive Income (Loss)     78,176       241,784     (68 )     195,041     (60 )
                                     
Total Stockholders' Equity     18,072,555       16,549,948     9       17,712,573     2  
                                     
  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 197,856,444     $ 188,079,694     5 %   $ 197,854,896     0 %
                                     
                                     

Fritz W. Anderson II, Chairman of the Board announced today that "On April 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 $0.18 per share and will be paid on June 25, 2013 to stockholders of record at the close of business on June 10, 2013."

Contact Information

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