SOURCE: FPB Financial Corp.

April 21, 2016 11:53 ET

FPB Financial Corp. Announces 2016 First Quarter Results and Declares Dividends

HAMMOND, LA--(Marketwired - April 21, 2016) - FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the 2016 first quarter ended March 31, 2016.

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