SOURCE: FPB Financial Corp.

April 17, 2007 11:47 ET

FPB Financial Corp. Announces Record 2007 First Quarter Earnings and Common Stock Offering

HAMMOND, LA -- (MARKET WIRE) -- April 17, 2007 -- Fritz W. Anderson II, Chairman of FPB Financial Corp. (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced earnings for the quarter ended March 31, 2007.

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