SOURCE: FPB Financial Corp.

July 17, 2007 10:15 ET

FPB Financial Corp. Announces Record 2007 Second Quarter Earnings and Declares Dividends

HAMMOND, LA--(Marketwire - July 17, 2007) - Fritz W. Anderson, II, Chairman of FPB Financial Corp. (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced record earnings for the quarter ended June 30, 2007.

Net income for the three months ended June 30, 2007 was $302,000 ($0.96 per common share; $0.92 per diluted common share), up 34.8% from $224,000 ($0.85 per common share; $0.81 per diluted common share), for the 2006 comparable period. Net income for the six months ended June 30, 2007, was $586,000 ($2.01 per common share; $1.92 per diluted common share), up 43.2% from $409,000 ($1.56 per common share; $1.49 per diluted common share), for the 2006 comparable period.

Earnings for the three and six months ended June 30, 2007 were positively affected by a $177,000 or 15.4% increase in net interest income for the quarter and an $419,000 or 19.9% increase for the six month period. Non-interest income increased by 48.4% to $506,000 for the quarter and by 66.0% to $1,007,000 for the six month period compared to the 2006 results. The increased non-interest income for the quarter and six months were primarily due to $187,000 and $377,000 respectively from service charges and fees together with $176,000 and $335,000 respectively of mortgage banking revenue. Earnings were affected by a 22.5% increase for the quarter and a 25.3% increase for the six months in non-interest expenses, primarily compensation expense, professional fees, other expenses, and a 36.4% increase in provisions for loan losses.

Stockholders equity increased by 47.1% primarily due to the issuance of 69,530 shares of common stock at $38.00 per share in a private placement offering which closed April 30, 2007.

FPB Financial Corp. reported the following compared to June 30, 2006:

    
--  Net Income increased $177,000, or 43.2%
    
--  Stockholders equity increased $3.8 million or 47.1%
    
--  Return on average stockholders equity increased to 12.3%
    
--  Book value per share increased to $33.39 or 16.7%
    
--  Non-Interest Income increased $401,000, or 66.0%
    
--  Dividends paid increased $20,000,or 36.8%
    
--  Total Deposits increased  $13.5 million, or 14.4%
    
--  Non-Maturity Deposits increased $7.5 million, or 13.9%
    
--  Total Assets increased $15.2 million, or 11.9%
    
--  Net Loans increased $5.9 million, or 6.0%
    
--  Loan Loss Reserve increased $614,000, or 93.9%
    
    

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.

                                       June 30,    March 31,     June 30,
Selected Balances (Unaudited)            2007         2007         2006
                                     ------------ ------------ ------------

Cash and Cash Equivalents              13,821,525    9,668,517    5,706,012

Investment and mortgage-backed
 securities                            16,640,174   16,931,762   17,076,064

Net Loans                             105,535,609  104,998,630   99,605,875

Total Assets                          142,758,252  138,644,306  127,527,522

Non-Interest Bearing Deposits          21,327,643   16,842,809   18,250,928

Interest Bearing Deposits              88,047,642   88,447,023   75,542,650

Non-Maturity Deposits (Included in
 interest and non-interest bearing
 deposits)                             61,589,507   57,968,102   54,067,120

Brokered Deposits (Included in
 interest- bearing deposits)            5,515,692    5,284,669    4,972,080

FHLB Advances                          19,567,421   20,199,656   21,192,500

Subordinated Debentures/Trust
 Preferred Securities                   3,093,000    3,093,000    3,093,000

Stockholders' Equity                   11,730,574    8,811,227    7,972,802

Non-Performing Assets                           0            0      143,377

Loan Loss Reserve                       1,267,082    1,113,310      653,479

Book Value per Share                        33.39        31.27        28.61



                    CONSOLIDATED STATEMENTS OF EARNINGS
                                (UNAUDITED)

                          For the Three Months       For the Six Months
                                  Ended                     Ended
                          June 30,     June 30,     June 30,     June 30,
                            2007         2006         2007         2006
                        (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)
INTEREST INCOME:

  Mortgage loans and
   fees                 $ 1,663,138  $ 1,404,600  $ 3,247,987  $ 2,650,513

  Premium Finance Loans     169,952       70,205      321,701       70,205

  Consumer Loans            125,915       92,735      243,816      172,289

  Lines of credit and
   fees                      94,519       77,292      187,442      146,511

  Commercial Loans           64,891       44,825      132,336       83,305

  Loans on deposits          31,732       26,892       62,112       50,821

  FHLB stock and other
  Investment
   securities               179,546      193,589      358,153      378,080

  Demand deposits           125,679       56,105      194,955      129,088

  Mortgage-backed
   securities                23,885       10,975       41,856       14,033
                        -----------  -----------  -----------  -----------


TOTAL INTEREST INCOME     2,479,257    1,977,218    4,790,358    3,694,845

INTEREST EXPENSE:
  Deposits                  891,743      569,420    1,726,022    1,059,543

  Federal Home Loan
   Bank Advances            218,212      215,528      453,801      443,590
                        -----------  -----------  -----------  -----------

Subordinated
 Debentures/
Trust Preferred
 Securities                  42,915       42,915       85,831       85,830
                        -----------  -----------  -----------  -----------

TOTAL INTEREST EXPENSE    1,152,870      827,863    2,265,654    1,588,963
                        -----------  -----------  -----------  -----------

  NET INTEREST INCOME     1,326,387    1,149,355    2,524,704    2,105,882

Provisions for loan
 losses                     150,000      150,000      300,000      220,000
                        -----------  -----------  -----------  -----------

NET INTEREST INCOME
  AFTER PROVISION FOR
  LOAN LOSSES             1,176,387      999,355    2,224,704    1,885,882
                        -----------  -----------  -----------  -----------

NON-INTEREST INCOME

Service charge on
 deposits                   186,843      129,206      376,849      234,982

Mortgage Banking            176,181      106,612      335,169      188,352

Interchange Fees             41,217       31,768       75,222       61,390

Premium Finance              33,515        7,577       68,773        7,577

Profit on sale of
 Investments                      0       18,491            0       18,491

Other                        67,838       47,096      151,367       95,910
                        -----------  -----------  -----------  -----------

TOTAL NON-INTEREST
 INCOME                     505,594      340,750    1,007,380      606,702
                        -----------  -----------  -----------  -----------

NON-INTEREST EXPENSE

Compensation and
 Employee Benefits          722,556      562,894    1,384,227    1,042,538

Occupancy and Equipment      97,705       90,204      199,917      176,597

Technology and
 Information Processing      94,496       96,161      175,679      211,665

Professional Fees            59,417       30,871      112,582       60,925

Stationary, Printing, &
 Supplies                    31,076       35,788       64,378       57,986

Advertising                  13,741       12,510       33,015       25,669

Federal Insurance
 Expense                      2,935        2,553        5,856        4,743

Other                       206,495      172,134      375,050      296,445
                        -----------  -----------  -----------  -----------

TOTAL NON-INTEREST
  EXPENSE                 1,228,421    1,003,115    2,350,704    1,876,568
                        -----------  -----------  -----------  -----------

INCOME BEFORE INCOME
 TAXES                      453,560      336,990      881,380      616,016

Income Tax Expense
 (Benefit)                  151,850      113,195      295,250      206,690
                        -----------  -----------  -----------  -----------

NET INCOME              $   301,710  $   223,795  $   586,130  $   409,326
                        ===========  ===========  ===========  ===========

Earnings Per Share      $      0.96  $      0.85  $      2.01  $      1.56

Diluted Earnings Per
 Share                  $      0.92  $      0.81  $      1.92  $      1.49

Dividend Paid per Share $      0.12  $      0.10  $      0.24  $      0.20

Return on Average
 Assets                        0.86%        0.72%        0.85%        0.67%

Return on Average
 Equity                       11.76%       11.35%       12.29%       10.49%

Net Charge-Off
 (Recoveries) to
 Average Loans                0.018%       0.110%       0.011%       0.014%



                   CONSOLIDATED STATEMENTS OF CONDITION
                                (UNAUDITED)


                            June 30, 2007   March 31, 2007  June 30, 2006
ASSETS:

Cash and Cash Equivalents       13,821,525       9,668,617       5,706,012

Investment Securities           16,640,174      16,931,762      17,076,064

Net Loans                      105,535,609     104,998,630      99,605,875

Premises and Equipment, Net      5,930,061       5,962,688       4,429,182

Other Assets                       830,883       1,082,609         710,389
                            --------------  --------------  --------------

   TOTAL ASSETS             $  142,758,252  $  133,644,306  $  127,527,522

                            ==============  ==============  ==============

LIABILITIES:

Deposits                       107,298,390     104,983,881      93,793,578

Federal Home Loan Bank
 Advances                       19,567,421      20,199,656      21,192,500

Other Liabilities                1,068,867       1,556,542       1,475,642

Shares subject to mandatory
 redemption                      3,093,000       3,093,000       3,093,000
                            --------------  --------------  --------------

   TOTAL LIABILITIES        $  131,027,678  $  129,833,079  $  119,554,720
                            ==============  ==============  ==============

STOCKHOLDERS' EQUITY:

Common Stock                $        4,124  $        3,428  $        3,396

Capital Surplus                  5,886,580       3,264,829       3,188,232

Retained Earnings                7,161,257       6,901,149       6,240,912

Unearned Compensation             (144,807)       (152,407)       (169,975)

Treasury Stock                  (1,227,321)     (1,227,321)     (1,227,321)

Accumulated Other
 Comprehensive Income               50,741          21,549         (62,442)
                            --------------  --------------  --------------

Total Stockholders' Equity      11,730,574       8,811,227       7,972,802
                            --------------  --------------  --------------

   TOTAL LIABILITIES AND
   STOCKHOLDERS EQUITY      $  142,758,252  $  138,644,306  $  127,527,522
                            ==============  ==============  ==============

Fritz W. Anderson II, Chairman of the Board announced today that "On July 17, 2007 (Declaration Date) 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 will be $0.120 per share and will be paid on September 25, 2007 (Payable Date) to stockholders of record September 10, 2007. (Record Date)."

Contact Information


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