SOURCE: FPB Financial Corp.

April 21, 2008 09:55 ET

FPB Financial Corp. Announces Record Earnings, 2008 First Quarter Earnings and Declares Dividends

HAMMOND, LA--(Marketwire - April 21, 2008) - FPB Financial Corp. (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced record earnings for the quarter ended March 31, 2008.

Net income for the three months ended March 31, 2008 was $408,000; ($1.15 per diluted common share), up 43.7% from $284,000; ($1.01 per diluted common share) for the 2007 comparable period. Earnings were positively affected by an increase of $361,000, or 30.2% in net interest income, a decrease of $120,000, or 80% in provisions for loan losses and a $55,000 increase, or 11.0% in non-interest income for the quarter ending March 31, 2008.

The increased net interest income was due to increases in interest earning assets and an increase in net interest margin. The decrease in provisions for loan losses was primarily due to the Company exceeding our internal matrix calculation on allowance for loan losses. The increase in non-interest income for the quarter was due to a $30,000 gain on investment trading accounts, a 40% increase in Premium Finance revenue, and an increase of 30.4% on interchange fees. Earnings were adversely affected by a 31.3% increase for the quarter in non-interest expenses, primarily compensation and occupancy expenses.

Stockholders equity increased 40.9%, compared to March 31, 2007, 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 March 31, 2007:

--  Net Income increased $124,000, or 43.7%
    
--  Return on average tangible stockholders equity increased to 13.4%
    
--  Tangible stockholders equity increased $3.6 million or 40.9%
    
--  Tangible book value per share increased to $35.07 or 12.2%
    
--  Non-Interest Income increased $55,000, or 11.0%
    
--  Dividends paid to shareholders increased $16,000, or 48.5%
    
--  Total Deposits increased $8.1 million, or 7.7%
    
--  Non-interest bearing deposits increased $2.4 million, or 20.3%
    
--  Non-Maturity Deposits increased $5.7 million, or 9.8%
    
--  Total Assets increased $33.8 million, or 24.4%
    
--  Net Loans increased $20.0 million, or 19.1%
    
--  Allowance for Loan Losses increased $426,000, or 38.3%
    

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)            2008         2007         2007
                                     ------------ ------------ ------------

Cash and Cash Equivalents            $  6,446,740 $  6,321,168 $  9,668,517

Investment and mortgage-backed
 securities                            33,736,516   33,849,611   16,931,762

Net Loans                             124,957,126  119,627,069  104,998,630

Total Assets                          172,359,299  166,721,692  138,644,306

Non-Interest Bearing Deposits          14,182,920   14,165,105   11,837,927

Interest Bearing Deposits             100,045,216  104,415,131   93,451,905

Non-Maturity Deposits (Included in
 interest and non-interest bearing
 deposits)                             63,669,896   71,885,098   57,968,102

Brokered Deposits (Included in
 interest-bearing deposits)             6,414,120    5,719,089    5,284,669

FHLB Advances                          42,812,066   32,183,198   20,199,656

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

Tangible Stockholders' Equity          12,450,397   12,079,239    8,811,227

Non-Performing Assets                     675,078      596,629            0

Allowance for Loan Losses               1,538,528    1,512,295    1,113,310

Tangible Book Value per Share               35.07        34.33        31.27




                        CONSOLIDATED STATEMENTS OF EARNINGS
                                   (UNAUDITED)

                                      March 31,     Dec. 31,    March 31,
For the Three Months Ended               2008         2007         2007
                                     -----------  -----------  -----------
                                     (Unaudited)  (Unaudited)  (Unaudited)

INTEREST INCOME:

  Mortgage loans                     $ 1,917,595  $ 1,813,191  $ 1,584,849

  Premium Finance Loans                  171,066      186,636      151,750

  Consumer Loans                         146,266      135,607      117,901

  Lines of credit                        101,958      112,579       92,923

  Commercial Loans                        65,278       74,492       67,446

  Loans on deposits                       33,642       32,814       30,380

  FHLB stock and other
   Investment securities                 354,460      218,001      178,607

  Demand deposits                         32,781       47,738       69,273

  Mortgage-backed securities              18,058       19,829       17,972
                                     -----------  -----------  -----------

TOTAL INTEREST INCOME                  2,841,104    2,640,887    2,311,101

INTEREST EXPENSE:
  Deposits                               877,259      844,376      834,279

  Federal Home Loan Bank
   Advances                              361,355      311,317      235,590

Subordinated Debentures/
Trust Preferred Securities                42,915       42,915       42,915
                                     -----------  -----------  -----------

TOTAL INTEREST EXPENSE                 1,281,529    1,198,608    1,112,784
                                     -----------  -----------  -----------

  NET INTEREST INCOME                  1,559,575    1,442,279    1,198,317

Provisions for loan losses                30,000      150,000      150,000
                                     -----------  -----------  -----------

NET INTEREST INCOME
 AFTER PROVISION
 FOR LOAN LOSSES                       1,529,575    1,292,279    1,048,317
                                     -----------  -----------  -----------

NON-INTEREST INCOME


Service charge on deposits               196,247      198,766      191,342

Mortgage Banking                         140,986      133,649      158,987

Interchange Fees                          53,554       58,990       41,061

Premium Finance                           48,508       44,583       35,258

Loan Fees and Charges                     45,954       45,890       36,421

Gain/(Loss) on Investment
Trading Accounts                          29,698      (31,363)           0

Profit on sale of Investments                  0       17,257            0

Other                                     42,073       22,852       38,716
                                     -----------  -----------  -----------

TOTAL NON-INTEREST
 INCOME                                  557,020      490,624      501,785
                                     -----------  -----------  -----------

NON-INTEREST EXPENSE

Compensation and Employee
 Benefits                                885,466      773,267      661,673

Occupancy, Property Taxes, and
 Equipment                               135,121      139,253      100,940

Technology and Information
 Processing                              114,409      122,883       81,183

Federal Deposit Insurance,
 Supervisory Fees/Taxes                   48,152       44,448       36,579

Professional Fees                         44,025       33,827       35,133

Other                                    245,700      309,584      206,776
                                     -----------  -----------  -----------

TOTAL NON-INTEREST
 EXPENSE                               1,472,873    1,423,262    1,122,284
                                     -----------  -----------  -----------

INCOME BEFORE INCOME
 TAXES                                   613,722      359,641      427,818

Income Tax Expense (Benefit)             205,525      136,829      143,400
                                     -----------  -----------  -----------

NET INCOME                           $   408,197  $   222,812  $   284,418
                                     ===========  ===========  ===========

Earnings Per Share                   $      1.19  $      0.66  $      1.06

Diluted Earnings Per Share           $      1.15  $      0.63  $      1.01

Dividend Paid per Share              $      0.14  $      0.36  $      0.12

Return on Average Assets                    0.98%        0.60%        0.85%

Return on Average Tangible Equity          13.36%        7.34%       13.35%

Net  Interest Margin                        3.94%        4.02%        3.83%

Net Charge-Off/(Recoveries) to
 Average Loans                              0.01%        0.04%        0.02%

Allowance for Loan Losses to Total
 Loans                                      1.22%        1.25%        1.05%


Non-Performing Loans to Total Loans         0.53%        0.49%        0.00%



                    CONSOLIDATED STATEMENTS OF CONDITION
                              (UNAUDITED)

                                 March 31,       Dec. 31,       March 31,
                                   2008            2007           2007
ASSETS:

Cash and Cash Equivalents        6,446,740       6,321,168       9,668,617

Investment and
 Mortgage-Backed Securities     33,736,516      33,849,611      16,931,762

Net Loans                      124,957,126     119,627,069     104,998,630

Premises and Equipment, Net      6,292,861       5,920,041       5,962,688

Other Assets                       926,056       1,003,803       1,082,609
                            --------------  --------------  --------------

  TOTAL ASSETS              $  172,359,299  $  166,721,692  $  138,644,306
                            ==============  ==============  ==============

LIABILITIES:

Deposits                       113,085,846     118,580,236     104,983,881

Federal Home Loan Bank
 Advances                       42,812,066      32,183,198      20,199,656

Other Liabilities                  917,990         786,019       1,556,542

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

  TOTAL LIABILITIES         $  159,908,902  $  154,642,453  $  129,833,079
                            ==============  ==============  ==============

STOCKHOLDERS' EQUITY:

Common Stock                $        4,159  $        4,128  $        3,428

Capital Surplus                  5,976,100       5,920,889       3,264,829

Retained Earnings                7,916,125       7,556,773       6,901,149

Unearned Compensation             (123,890)       (132,337)       (152,407)

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

Accumulated Other
 Comprehensive Income              (94,776)        (42,893)         21,549
                            --------------  --------------  --------------

Total Stockholders' Equity      12,450,397      12,079,239       8,811,227
                            --------------  --------------  --------------

  TOTAL LIABILITIES AND
   STOCKHOLDERS EQUITY      $  172,359,299  $  166,721,692  $  138,644,306
                            ==============  ==============  ==============


Fritz W. Anderson II, Chairman of the Board, announced today that "On April 10, 2008 (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 $0.14 per share and will be paid on June 25, 2008 (Payable Date) to stockholders of record June 10, 2008. (Record Date)."

Contact Information

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