HAMMOND, LA--(Marketwired - April 21, 2016) - FPB Financial Corp. (
Earnings (Per Share Data Adjusted for a 3 for 2 Stock Split on March 31, 2016)
Net income in the 2016 first quarter increased 10.1% to $776,000 ($0.42 per fully diluted common share) as compared to the 2015 first quarter net income of $704,000 ($0.39 per fully diluted common share). Earnings per share increased by 7.7%. Return on Equity for the first quarter of 2016 was 11.6% on an annualized basis.
Items affecting and contributing to the Company's 2016 first quarter gain in net income when compared to the 2015 quarterly period:
- Total Non-Interest Income increased to $911,000 from $831,000 in 2015 or 9.5%
- Gain on Sale of foreclosed assets and investments totaled $123,000 up from $16,000 in 2015
- Provisions for loan loss decreased by 64.7%.
Other items and per share data of note as of March 31, 2016, compared to March 31, 2015:
- Total Common Stockholders' Equity increased to $27.2 million, or 12.8%
- Book Value per common share increased by 12.2% to $14.58
- Dividends paid to common shareholders total $87,000 in 2016 and $84,000 in 2015
- Non-Interest Bearing Deposits increased by 15.6% to $55.2 million
- Non-Maturity deposits increased by 9.4% to $163.6 million
- Net Loans increased to $142.7 million or 2.5%
- Total Assets increased by 6.3% to $243.9 million
- Net-Loan Recoveries increased by $38,000, or 254.0%
Asset Quality
Total non-performing assets at March 31, 2016, increased by $629,000.00 or 34.3% to $2.5 million as compared to March 31, 2015. Non-performing assets at December 31, 2015 were $2.1 million. The Company's allowance for loan losses increased by 11.0% to $3.3 million at March 31, 2015 while decreasing to 134.7% of total non-performing assets. Total allowance for loan losses was $3.2 million at December 31, 2015.
Net loan recoveries for the first quarter totaled $53,000, an improvement of 254.0% from $15,000 of net loan recoveries in the 2015 first quarter. Net loan charge-offs were $22,000 in the 2015 fourth quarter. Performing Troubled Debt Restructured (TDR's) as of March 31, 2016 totaled $1.7 million, or a decrease of $1.3 million from March 31, 2015. Performing TDR's on December 31, 2015 totaled $2.0 million.
Balance Sheet and Capital
Total assets at March 31, 2016 increased by 6.3% to $243.9 million as compared to $229.5 million at March 31, 2015. The increase in total assets was primarily attributed to an increase of $5.2 million in cash and cash equivalents, an increase of $4.0 million in securities available-for-sale, and a $3.5 million increase in net loans. Total liabilities increased by 5.5% to $216.7 million primarily due to an increase of $14.6 million, or 7.8% in total deposits to $203.0 offset by a decrease of $3.7 million or 28.9% in Federal Home Loan Bank advances.
Common Stockholders' Equity increased by a net of $3.1 million, or 12.8% to $27.2 million for the twelve months ended March 31, 2016. Retained earnings increased by $2.5 million to $17.8 million for the twelve month period. Capital Surplus increased by $441,000 at March 31, 2016 when compared to March 31, 2015. Book value per common share increased to $14.58 as total shares of 1,866,735 were outstanding at March 31, 2016. At the Subsidiary Bank level, Tier 1 Capital increased to $26.0 million at March 31, 2016.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of March 31, 2016.
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, 2016 |
March 31, 2015 |
% Change |
Dec. 31, 2015 |
% Change |
||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| Tangible Common Stockholders' Equity | $ | 27,222,850 | $ | 24,127,005 | 13 | $ | 26,219,600 | 4 | |||||||
| Total Assets | 243,901,836 | 229,531,566 | 6 | 240,716,234 | 1 | ||||||||||
| Net Loans | 142,730,721 | 139,232,457 | 3 | 141,897,400 | 1 | ||||||||||
| Non-Interest Bearing Deposits | 55,185,955 | 47,733,994 | 16 | 49,044,811 | 8 | ||||||||||
| Non-Maturity Deposits (Included in Interest and non-interest bearing deposits) | 163,601,365 | 149,609,597 | 9 | 153,930,249 | 6 | ||||||||||
| Brokered Deposits (Included in interest- bearing deposits) | 1,401,705 | 1,549,037 | (10 | ) | 1,549,096 | (10 | ) | ||||||||
| FHLB Advances | 9,165,000 | 12,893,000 | (29 | ) | 16,078,000 | (43 | ) | ||||||||
| Foreclosed Assets | 40,680 | 0 | - | 40,680 | - | ||||||||||
| Non-Performing Assets (includes Foreclosed Assets) | 2,465,355 | 1,826,336 | 34 | 2,117,168 | 16 | ||||||||||
| Allowance for Loan Losses | 3,320,693 | 2,991,929 | 11 | 3,240,950 | 2 | ||||||||||
| CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||||||||
| For the Three Months Ended | |||||||||||||||||||
| March 31, 2016 | Dec. 31, 2015 | % Change | March 31, 2015 | % Change | |||||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||||||
| INTEREST AND DIVIDEND INCOME: | |||||||||||||||||||
| Mortgage Loans | $ | 2,061,983 | $ | 2,068,209 | - | $ | 2,074,196 | (1 | ) | ||||||||||
| Consumer Loans | 212,115 | 224,387 | (5 | ) | 222,673 | (5 | ) | ||||||||||||
| Commercial Loans | 210,456 | 206,727 | 2 | 163,946 | 28 | ||||||||||||||
| Investment Securities and Deposits | 377,632 | 378,289 | - | 301,340 | 25 | ||||||||||||||
| TOTAL INTEREST AND DIVIDEND INCOME | 2,862,186 |
2,877,612 | (1 | ) | 2,762,155 | 4 | |||||||||||||
| INTEREST EXPENSE: | |||||||||||||||||||
| Deposits | 188,967 | 182,671 | 3 | 163,918 | 15 | ||||||||||||||
| Federal Home Loan Bank Advances | 32,473 | 31,405 | 3 | 54,244 | (40 | ) | |||||||||||||
| Other | 28,952 | 26,790 | 8 | 25,939 | 12 | ||||||||||||||
| TOTAL INTEREST EXPENSE | 250,392 | 240,866 | 4 | 244,101 | 3 | ||||||||||||||
| NET INTEREST INCOME | 2,611,794 | 2,636,746 | (1 | ) | 2,518,054 | 4 | |||||||||||||
| Provisions for loan losses | 26,500 | 81,000 | (67 | ) | 75,000 | (65 | ) | ||||||||||||
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 2,585,294 | 2,555,746 | 1 | 2,443,054 | 9 | ||||||||||||||
| NON-INTEREST INCOME: | |||||||||||||||||||
| Mortgage Banking Fees | 261,236 | 260,007 | - | 329,520 | (21 |
) | |||||||||||||
| Service charges on deposits | 217,875 | 204,967 | 6 | 200,615 | 9 | ||||||||||||||
| Interchange Fees | 154,503 | 157,021 | (2 | ) | 141,364 | 9 | |||||||||||||
| Loan Fees and Charges | 61,937 | 48,269 | 28 | 60,438 | 2 | ||||||||||||||
| Gain on bank owned life insurance | 27,698 | 29,647 | (7 | ) | 30,692 | (10 | ) | ||||||||||||
| Gain/(Loss) on Sale of Foreclosed Assets and Investments | 122,507 | 9,578 | 1,179 | 15,849 | 673 | ||||||||||||||
| Gain/(Loss) on Trading Accounts | (14,158 | ) | 2,601 | (644 | ) | (9,280 | ) | (53 | ) | ||||||||||
| Other | 78,908 | 54,838 | 44 | 62,219 | 27 | ||||||||||||||
| TOTAL NON-INTEREST INCOME | 910,506 | 766,928 | 19 | 831,417 | 10 | ||||||||||||||
| NON-INTEREST EXPENSE: | |||||||||||||||||||
| Compensation and Employee Benefits | 1,447,185 | 1,396,784 | 4 | 1,338,801 | 8 | ||||||||||||||
| Occupancy, Local and State Taxes, and Equipment | 319,139 | 334,512 | (5 | ) | 356,600 | (11 | ) | ||||||||||||
| Technology and Information Processing | 219,543 | 204,632 | 7 | 168,996 | 30 | ||||||||||||||
| Professional Fees | 83,150 | 70,703 | 18 | 55,908 | 49 | ||||||||||||||
| Regulatory Fees | 50,958 | 52,304 | (3 | ) | 50,277 | 1 | |||||||||||||
| Foreclosed Assets | 1,527 | (16,804 | ) | 109 | 588 | 160 | |||||||||||||
| Other | 258,824 | 340,765 | (24 | ) | 276,864 | (7 | ) | ||||||||||||
| TOTAL NON-INTEREST EXPENSE | 2,380,326 | 2,382,896 | - | 2,248,034 | 6 | ||||||||||||||
| INCOME BEFORE INCOME TAXES | 1,115,474 | 939,778 | 19 | 1,026,437 | 9 | ||||||||||||||
| Income Tax Expense | 339,973 | 279,834 | 21 | 322,347 | 5 | ||||||||||||||
| NET INCOME | 775,501 | 659,944 | 18 | 704,090 | 10 | ||||||||||||||
| PER COMMON SHARE DATA: | |||||||||||||||||||
| (Adjusted for a 3 for 2 Stock Split on March 31, 2016) | |||||||||||||||||||
| Net Earnings | $ | 0.42 | $ | 0.36 | 17 | $ | 0.39 | 8 | |||||||||||
| Diluted Net Earnings | $ | 0.42 | $ | 0.36 | 17 | $ | 0.39 | 8 | |||||||||||
| Dividends Paid | $ | 0.047 | $ | 0.047 | 0 | $ | 0.047 | 0 | |||||||||||
| Revenue (Net Interest Income and Non-Interest Income) | $ | 1.90 | $ | 1.86 | 2 | $ | 1.85 | 3 | |||||||||||
| Book Value Period End | $ | 14.58 | $ | 14.05 | 4 | $ | 13.00 | 12 | |||||||||||
| Book value adjusted net of other comprehensive income at period end | $ | 14.29 | $ | 13.92 | 3 | $ | 12.77 |
12 | |||||||||||
| RATIOS: | |||||||||||||||||||
| ROA (Annualized Net Income to Average Period Assets) | 1.28 | % | 1.11 | % | 1.25 | % | |||||||||||||
| ROE (Annualized Net Income to Average Period Total Stockholders' Equity) | 11.59 | % | 10.14 | % | 12.03 | % | |||||||||||||
| Net Interest Margin (Average) for the period | 4.83 | % | 4.94 | % | 4.96 | % | |||||||||||||
| Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized) | 2.43 | % | 2.72 | % | 2.51 | % | |||||||||||||
| Efficiency Ratio for the Period | 67.58 | % | 70.04 | % | 67.12 | % | |||||||||||||
| Net Loan Charge-Offs/(Recoveries) for the Period to Average Period | $ | (53,243 | ) | $ | 21,891 | $ | (15,041 | ) | |||||||||||
| Net Loans (Annualized) | (0.15 | %) | 0.067 | % | (0.04 | %) | |||||||||||||
| TDRs (Performing) at Period End | $ | 1,692,063 | $ | 1,978,299 | $ | 2,956,807 | |||||||||||||
| to Average Period Net Loans | 1.19 | % | 1.43 | % | 2.14 | % | |||||||||||||
| Non-Performing Assets at Period | $ | 2,465,355 | $ | 2,117,168 | $ | 1,836,336 | |||||||||||||
| End to Average Period Total Assets | 1.02 | % | 0.90 | % | 0.80 |
% | |||||||||||||
| Allowance for Loan Losses at Period | $ | 3,320,693 | $ | 3,240,950 | $ | 2,991,929 | |||||||||||||
| End to Average Period Net Loans | 2.33 | % | 2.34 | % | 2.16 | % | |||||||||||||
| to Non-Performing Assets at Period End | 134.69 | % | 153.08 | % | 162.93 | % | |||||||||||||
| CONSOLIDATED STATEMENTS OF CONDITION | ||||||||||||||||
| March 31, 2016 | March 31, 2015 | % Change | Dec. 31, 2015 | % Change | ||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| ASSETS: | ||||||||||||||||
| Cash and Cash Equivalents including Interest & Non-Interest Earnings Deposits | $ |
17,752,155 |
$ |
12,513,633 |
42 |
$ |
13,176,197 |
35 |
||||||||
| Securities- Held to Maturity | 4,457,007 | 4,193,670 | 6 | 4,456,490 | - | |||||||||||
| Securities- Available for Sale | 62,557,617 | 58,207,593 | 7 | 65,484,984 | (4 | ) | ||||||||||
| Trading Securities | 124,659 | 140,629 | (11 | ) | 138,816 | (10 | ) | |||||||||
| Bank owned life insurance | 4,307,306 | 4,186,670 | 3 | 4,279,608 | 1 | |||||||||||
| Net Loans | 142,730,721 | 139,232,457 | 3 | 141,897,400 | 1 | |||||||||||
| Accrued Interest Receivable | 949,100 | 831,843 | 14 | 989,037 | (4 | ) | ||||||||||
| Premises and Equipment, Net | 9,477,988 | 9,151,825 | 4 | 8,818,959 | 7 | |||||||||||
| Foreclosed Assets | 40,680 | - | - | 40,680 | - | |||||||||||
| Other Assets | 1,504,603 | 1,073,246 | 40 | 1,358,758 | 11 | |||||||||||
| TOTAL ASSETS | $ | 243,901,836 | $ | 229,531.566 | 6 | $ | 240,640,929 | 1 | ||||||||
| LIABILITIES: | ||||||||||||||||
| Deposits | $ | 202,983,071 | $ | 188,341,795 | 8 | $ | 194,415,452 | 4 | ||||||||
| Federal Home Loan Bank Advances | 9,165,000 | 12,893,000 | (29 | ) | 16,078,000 | (43 | ) | |||||||||
| Subordinated debentures/trust preferred securities | 3,093,000 | 3,093,000 | 0 | 3,093,000 | 0 | |||||||||||
| Other Liabilities | 1,437,915 | 1,076,766 | 34 | 834,864 | 72 | |||||||||||
| TOTAL LIABILITIES | $ | 216,678,986 | $ | 205,404,561 | 5 | $ | 214,421,316 | 1 | ||||||||
| STOCKHOLDERS' EQUITY: | ||||||||||||||||
| Common Stock | $ | 12,434 | $ | 13,127 | (5 | ) | $ | 12,445 | 0 | |||||||
| Capital Surplus | 8,911,140 | 8,470,021 | 5 | 8,911,140 | 0 | |||||||||||
| Retained Earnings | 17,752,020 | 15,210,540 | 17 | 17,063,850 | 4 | |||||||||||
| Other Comprehensive Income (Loss) | 547,256 | 433,317 | 26 | 232,178 | 136 | |||||||||||
| Total Stockholders' Equity | 27,222,850 | 24,127,005 | 13 | 26,219,613 | 4 | |||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 243,901,836 | $ | 229,531,566 | 6 | $ | 240,640,929 | 1 | ||||||||
Fritz W. Anderson II, Chairman of the Board announced today that "On April 14, 2016, 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 of $0.05 per share and will be paid on June 25, 2016 to stockholders of record at the close of business on June 10, 2016."
Contact Information:
For More Information Contact:
Fritz W. Anderson, II
Chief Executive Officer, and Chairman
FPB Financial Corp.
(985) 345-1880
Ronnie Fugarino
President and Chief Executive Officer
Florida Parishes Bank
(985) 345-1880
David Anderson
President
FPB Financial Corp.
and Executive Vice President and Development Officer
Florida Parishes Bank
(985) 345-1880
Derek Shants
Chief Financial Officer and Chief Operations Officer
FPB Financial Corp. and Florida Parishes Bank
(985) 345-1880
Joe Omner
Executive Vice President, Chief Operating Officer and Chief Lending Officer
Florida Parishes Bank
(985) 345-1880