HAMMOND, LA -- (MARKET WIRE) -- January 23, 2007 -- Fritz W. Anderson II, Chairman of FPB Financial
Corp. (
Net income for the three months ended December 31, 2006 was $282,000 ($1.06 per common share; $1.01 per diluted common share), up 111.6% from $133,000 ($0.51 per common share; $0.49 per diluted common share) for the 2005 comparable period. Net income for the twelve months ended December 31, 2006 was $929,000 ($3.53 per common share; $3.35 per diluted common share), up 53.5% from $605,000 ($2.34 per common share; $2.24 per diluted common share) for the 2005 comparable period. Earnings for the twelve months ended December 31, 2005 were positively affected by a before tax gain on the sale of investments of $345,000. Earnings for the 2006 twelve month period increased by 143.6% compared to the 2005 period, if profit on sale of investments are eliminated.
Earnings for the three and twelve months ended December 31, 2006 were positively affected by a $421,000, or 50.5%, increase in net interest income for the quarter and a $1.8 million, or 65.4%, increase for the twelve month period. Non-interest income, primarily from mortgage banking revenue, other fees and excluding profit on sale of investments, increased to $482,000 for the quarter and to $1.5 million for the twelve month period, an increase of 140.1% and 98.5%, respectively, over the 2005 comparable periods. Earnings were affected by a 47.2% increase for the quarter and a 49.3% increase for the twelve months in non-interest expenses, primarily compensation and other operating expenses. Provisions for loan loss expense increased by 307.8% and 199.2%, respectively, compared to the 2005 periods.
FPB Financial Corp. reported the following compared to December 31, 2005:
-- Total Deposits increased $17.3 million, or 21.1%
-- Non-Interest Bearing Deposits increased $3.4 million, or 23.9%
-- Non-Maturity Deposits increased $10.7 million, or 24.5%
-- Net Loans increased $21.3 million, or 25.1%
-- Loan Loss Reserve increased $538,000, or 121.3%
-- Total Assets increased $20.1 million, or 17.4%
-- Return on average stockholders equity increased to 13.5% for the
fourth quarter and to 11.6% for the twelve months ending December 31, 2006
-- Book value per share increased to a record of $30.09
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.
Dec. 31, Sept. 30, Dec. 31,
Selected Balances (Unaudited) 2006 2006 2005
------------ ------------ ------------
Cash and Cash Equivalents 8,602,576 6,132,367 13,765,593
Investment and mortgage-backed
securities 14,793,689 15,725,027 11,991,983
Net Loans 105,895,525 105,942,653 84,625,581
Total Assets 135,499,073 134,110,645 115,444,577
Non-Interest Bearing Deposits 17,386,738 17,257,017 14,035,388
Interest Bearing Deposits 81,954,575 81,424,618 67,974,547
Non-Maturity Deposits (Included in
interest and non-interest bearing
deposits) 54,612,338 56,135,137 43,863,150
Brokered Deposits (Included in
interest- bearing deposits) 5,346,932 4,902,739 5,265,097
FHLB Advances 23,297,500 22,722,500 21,765,500
Subordinated Debentures/Trust
Preferred Securities 3,093,000* 3,093,000* 3,093,000
Stockholders’ Equity 8,480,592 8,243,937 7,630,018
Non-Performing Assets 181,502 93,766 219,882
Loan Loss Reserve 981,179 793,942 443,384
Book Value per Share 30.09 29.48 27.38
*Recognizes Impact of Adoption of FIN46-R
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
For the Three Months For the Twelve Months
Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2006 2005 2006 2005
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME:
Mortgage loans and
fees $ 1,631,901 $ 1,155,147 $ 5,805,007 $ 4,186,078
Consumer Loans 113,520 69,665 390,384 251,281
Premium Finance Loans 139,560 0 333,181 0
Lines of credit and
fees 96,484 74,720 329,751 278,673
Commercial Loans 68,674 35,822 205,873 125,792
Loans on deposits 25,440 19,186 102,588 59,516
FHLB stock and
other Investment
securities 182,531 112,615 739,724 326,403
Demand deposits 58,521 82,287 236,879 118,590
Mortgage-backed
securities 13,488 3,078 45,298 12,643
----------- ----------- ----------- -----------
TOTAL INTEREST INCOME 2,330,119 1,552,520 8,188,685 5,358,976
INTEREST EXPENSE:
Deposits 793,236 436,707 2,564,891 1,454,054
Federal Home Loan
Bank Advances 241,059 241,958 906,145 989,387
Subordinated
Debentures/
Trust Preferred
Securities 42,917 41,625 171,662 166,499
----------- ----------- ----------- -----------
TOTAL INTEREST EXPENSE 1,077,212 720,290 3,642,698 2,609,940
----------- ----------- ----------- -----------
NET INTEREST INCOME 1,252,907 832,230 4,545,987 2,749,036
Provisions for loan
losses 183,500 45,000 553,500 185,000
----------- ----------- ----------- -----------
NET INTEREST
INCOME AFTER PROVISION
FOR LOAN LOSSES 1,069,407 787,230 3,992,487 2,564,036
----------- ----------- ----------- -----------
NON-INTEREST INCOME
Mortgage Banking 193,626 57,888 586,850 163,703
Service charge on
deposits 46,423 22,750 144,865 86,079
Profit on sale of
Investments 1,883 0 20,374 345,166
Insurance commissions 2,280 5,487 12,709 18,420
Other 239,885 114,703 712,582 465,860
----------- ----------- ----------- -----------
TOTAL NON-INTEREST
INCOME 484,097 200,828 1,477,380 1,079,228
----------- ----------- ----------- -----------
NON-INTEREST EXPENSE
Compensation and
Employee Benefits 668,289 419,176 2,315,953 1,448,292
Technology and
Information Processing 93,293 93,478 387,901 354,782
Occupancy and Equipment 113,904 82,842 385,425 328,181
Professional Fees 61,563 29,323 174,321 112,228
Stationary, Printing, &
Supplies 29,720 16,551 115,498 68,190
Advertising 16,711 7,816 56,882 55,128
Federal Insurance
Expense 2,779 2,067 10,237 8,484
Other 150,249 120,690 633,015 357,279
----------- ----------- ----------- -----------
TOTAL NON-INTEREST
EXPENSE 1,136,508 771,943 4,079,232 2,732,564
----------- ----------- ----------- -----------
INCOME BEFORE
INCOME TAXES 416,996 216,115 1,390,635 910,700
Income Tax Expense
(Benefit) 135,295 83,009 461,852 305,597
----------- ----------- ----------- -----------
NET INCOME $ 281,701 $ 133,106 $ 928,783 $ 605,103
=========== =========== =========== ===========
Earnings Per Share $ 1.06 $ 0.51 $ 3.53 $ 2.34
Diluted Earnings Per
Share $ 1.01 $ 0.49 $ 3.35 $ 2.24
Dividend Paid per Share $ 0.28 $ 0.25 $ 0.60 $ 0.55
Return on Average
Assets 0.85% 0.49% 0.73% 0.60%
Return on Average
Equity 13.50% 7.02% 11.56% 8.13%
Net Charge-Off
(Recoveries) to
Average Loans 0.00% 0.06% 0.02% 0.07%
CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
Dec. 31, 2006 Sept. 30, 2006 Dec. 31, 2005
ASSETS:
Cash and Cash Equivalents 8,602,576 6,132,367 13,765,593
Investment Securities 14,793,689 15,725,027 11,991,983
Net Loans 105,895,525 105,942,653 84,625,581
Premises and Equipment, Net 5,502,497 5,482,475 4,335,932
Other Assets 704,786 828,123 725,488
-------------- -------------- --------------
TOTAL ASSETS $ 135,499,073 $ 134,110,645 $ 115,444,577
============== ============== ==============
LIABILITIES:
Deposits 99,341,313 98,681,635 82,009,935
Federal Home Loan Bank
Advances 23,297,500 22,722,500 21,765,500
Other Liabilities 1,286,668 1,369,573 946,124
Shares subject to mandatory
redemption 3,093,000 3,093,000 3,093,000
-------------- -------------- --------------
TOTAL LIABILITIES $ 127,018,481 $ 125,866,708 $ 107,814,559
============== ============== ==============
STOCKHOLDERS' EQUITY:
Common Stock $ 3,427 $ 3,404 $ 3,396
Capital Surplus 3,251,845 3,211,512 3,167,248
Retained Earnings 6,649,964 6,445,852 5,886,281
Unearned Compensation (157,505) (164,878) (182,787)
Treasury Stock (1,227,321) (1,227,321) (1,227,321)
Accumulated Other
Comprehensive Income (39,818) (24,632) (16,799)
-------------- -------------- --------------
Total Stockholders’ Equity 8,480,592 8,243,937 7,630,018
-------------- -------------- --------------
TOTAL LIABILITIES
AND STOCKHOLDERS EQUITY $ 135,499,073 $ 134,110,645 $ 115,444,577
============== ============== ==============
Fritz W. Anderson II, Chairman of the Board, announced today that "On
January 11, 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 $0.12 per share and will be
paid on March 26, 2007 (Payable Date) to stockholders of record March 9,
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