HAMMOND, LA -- (MARKET WIRE) -- April 17, 2007 -- Fritz W. Anderson II, Chairman of FPB Financial
Corp. (
Net income for the three months ended March 31, 2007 was $284,000 ($1.06 per common share; $1.01 per diluted common share), up 52.7% from $186,000 ($0.71 per common share; $0.68 per diluted common share) for the 2006 comparable period. Earnings were positively affected by a 25.1% increase in net interest income and by an increase in non-interest income of 89.6% for the quarter ending March 31, 2007. The increase in non-interest income for the quarter was primarily due to an increase of $84,000, or 79.6% on service charges and fees on deposits and an increase of $77,000, or 94.5% in revenue from the mortgage banking department. Earnings were adversely affected by a 28.5% increase for the quarter in non-interest expenses, primarily compensation expense and professional fees. Provisions for loan losses increased by 114.3%, compared to the March 31, 2006 period.
FPB Financial Corp. reported the following compared to March 31, 2006:
-- Net Income increased $98,000, or 52.7% -- Return on average stockholders equity increased to 13.2% -- Non-Interest Income increased $237,000, or 89.4% -- Dividends paid increased $6,000,or 22.2% -- Total Deposits increased $16.0 million, or 18.0% -- Non-Maturity Deposits increased $7.8 million, or 15.6% -- Total Assets increased $16.3 million, or 13.3% -- Net Loans increased $14.7 million, or 16.3% -- Loan Loss Reserve increased $600,000, or 117.0%FPB Financial Corp. is currently offering up to $100,000 shares of its common stock in a private placement to accredited investors. The stock is being offered at a price of $38.00 per share, and any subsequent sale or transfer of the shares issued in the private placement will be restricted. The private placement is expected to close around the end of April, although there can be no assurances as to the number of shares that will be sold.
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.
FPB Financial Corp. March 31, Dec. 31, March 31, Selected Balances (Unaudited) 2007 2006 2006 ------------ ------------ ------------ Cash and Cash Equivalents 9,668,517 8,602,576 10,492,836 Investment and mortgage-backed securities 16,931,762 14,793,689 15,994,699 Net Loans 104,998,630 105,895,525 90,317,834 Total Assets 138,644,306 135,499,073 122,368,893 Non-Interest Bearing Deposits 16,842,809 17,386,738 17,466,465 Interest Bearing Deposits 88,447,023 81,954,575 71,518,677 Non-Maturity Deposits (Included in interest and non-interest bearing deposits) 57,968,102 54,612,338 50,126,497 Brokered Deposits (Included in interest-bearing deposits) 5,284,669 5,346,932 5,418,186 FHLB Advances 20,199,656 23,297,500 20,842,500 Subordinated Debentures/Trust Preferred Securities 3,093,000 3,093,000 3,093,000 Stockholders Equity 8,811,227 8,480,592 7,780,939 Non-Performing Assets 0 181,502 487,981 Loan Loss Reserve 1,113,310 981,179 513,069 Book Value per Share 31.27 30.09 27.93 CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) March 31, Dec. 31, March 31, For the Three Months Ended 2007 2006 2006 ----------- ----------- ----------- (Unaudited) (Unaudited) (Unaudited) INTEREST INCOME: Mortgage loans and fees $ 1,584,849 $ 1,631,901 $ 1,245,911 Consumer Loans 117,901 113,520 79,554 Premium Finance Loans 151,750 139,560 0 Lines of credit and fees 92,923 96,484 62,219 Commercial Loans 67,446 68,674 38,480 Loans on deposits 30,380 25,440 23,929 FHLB stock and other Investment securities 178,607 182,531 184,491 Demand deposits 69,273 58,421 72,983 Mortgage-backed securities 17,972 13,488 3,058 ----------- ----------- ----------- TOTAL INTEREST INCOME 2,311,101 2,330,119 1,717,625 INTEREST EXPENSE: Deposits 834,279 793,236 490,123 Federal Home Loan Bank Advances 235,590 241,059 228,062 Subordinated Debentures/ Trust Preferred Securities 42,915 42,917 41,625 ----------- ----------- ----------- TOTAL INTEREST EXPENSE 1,112,784 1,077,212 759,810 ----------- ----------- ----------- NET INTEREST INCOME 1,198,317 1,252,907 957,815 Provisions for loan losses 150,000 183,500 70,000 ----------- ----------- ----------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 1,048,317 1,069,407 887,815 ----------- ----------- ----------- NON-INTEREST INCOME Service charges and fees on deposits 191,342 172,004 106,590 Mortgage Banking 158,987 172,351 81,740 Interchange Fees 41,061 39,935 29,622 Premium Finance 35,258 31,120 0 Profit on sale of Investments 0 1,883 0 ----------- Other 75,137 66,804 46,709 ----------- ----------- ----------- TOTAL NON-INTEREST INCOME 501,785 484,097 264,661 ----------- ----------- ----------- NON-INTEREST EXPENSE Compensation and Employee Benefits 661,673 668,289 479,644 Technology and Information Processing 81,183 93,293 115,504 Occupancy and Equipment 91,122 113,904 86,393 Professional Fees 53,165 61,563 30,054 Stationary, Printing, & Supplies 33,303 29,720 22,198 Advertising 19,274 16,711 13,159 Federal Insurance Expense 2,921 2,779 2,190 Other 179,643 150,249 124,308 ----------- ----------- ----------- TOTAL NON-INTEREST EXPENSE 1,122,284 1,136,508 873,450 ----------- ----------- ----------- INCOME BEFORE INCOME TAXES 427,818 416,996 279,026 Income Tax Expense (Benefit) 143,400 135,295 93,495 ----------- ----------- ----------- NET INCOME $ 284,418 $ 281,701 $ 185,531 =========== =========== =========== Earnings Per Share $ 1.06 $ 1.06 $ 0.71 Diluted Earnings Per Share $ 1.01 $ 1.01 $ 0.68 Dividend Paid per Share $ 0.12 $ 0.28 $ 0.10 Return on Average Assets 0.83% 0.85% 0.63% Return on Average Equity 13.17% 13.50% 9.63% Net Charge-Off (Recoveries) to Average Loans 0.02% 0.00% 0.00% CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED) March 31,2007 Dec. 31, 2006 March 31, 2006 ASSETS: Cash and Cash Equivalents 9,668,617 8,602,576 10,492,836 Investment Securities 16,931,762 14,793,689 15,994,699 Net Loans 104,998,630 105,895,525 90,317,834 Premises and Equipment, Net 5,962,688 5,502,497 4,361,803 Other Assets 1,082,609 704,786 1,201,721 -------------- -------------- -------------- TOTAL ASSETS $ 138,644,306 $ 135,499,073 $ 122,368,893 ============== ============== ============== LIABILITIES: Deposits 104,983,881 99,341,313 88,985,142 Federal Home Loan Bank Advances 20,199,656 23,297,500 20,842,500 Other Liabilities 1,556,542 1,286,668 1,667,312 Shares subject to mandatory redemption 3,093,000 3,093,000 3,093,000 -------------- -------------- -------------- TOTAL LIABILITIES $ 129,833,079 $ 127,018,481 $ 114,587,954 ============== ============== ============== STOCKHOLDERS EQUITY: Common Stock $ 3,428 $ 3,427 $ 3,396 Capital Surplus 3,264,829 3,251,845 3,175,004 Retained Earnings 6,901,149 6,649,964 6,044,474 Unearned Compensation (152,407) (157,505) (177,689) Treasury Stock (1,227,321) (1,227,321) (1,227,321) Accumulated Other Comprehensive Income 21,549 (39,818) (36,925) -------------- -------------- -------------- Total Stockholders Equity 8,811,227 8,480,592 7,780,939 -------------- -------------- -------------- TOTAL LIABILITIES AND STOCKHOLDERS EQUITY $ 138,644,306 $ 135,499,073 $ 122,368,893 ============== ============== ==============
Contact Information: For More Information Contact: Fritz W. Anderson, II President, Chief Executive Officer, and Chairman FPB Financial Corp. (985) 345-1880