SOURCE: FPB Financial Corp.

January 29, 2015 11:18 ET

FPB Financial Corp. (OTCQB: FPBF), the Holding Company for Florida Parishes Bank, Announces 2014 Fourth Quarter Results and Declares Dividends

HAMMOND, LA--(Marketwired - Jan 29, 2015) - FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the period ended December 31, 2014. 

Earnings

Net income in the 2014 fourth quarter increased to $561,000 ($0.46 per fully diluted common share) or 19.9% as compared to the 2013 fourth quarter net income of $468,000 (0.39 per fully diluted common share). Earnings per share increased by 17.9%. Return on Equity for the fourth quarter was 9.7%. Net income for the year ended 2014 totaled $2.1 million ($1.71 per fully diluted common share) up 3.7% from the year ended 2013 net income of $2.0 million ($1.81 per fully diluted common share). 2014 Earnings per Share decreased by 5.5% due to an increase in the average common shares outstanding to 1,205,263. Return on Equity for 2014 was 9.4%.

Items affecting and contributing to the Company's 2014 fourth quarter gain in net income when compared to the 2013 quarterly period:

  • Net Interest Income increased to $2.5 million from $2.2 million, or 11.4%
  • Mortgage Banking Fees totaled $235,000 up from $132,000 in 2013, or 78.6%
  • Gain on Bank Owned Life Insurance increased by 214.9% to $35,000
  • Income tax expense decreased 13.8% to $156,000
  • Provisions for loan losses increased to $160,000 from $25,000, or 540.0%
  • Return on Equity (ROE) increased to 9.7% from 9.2%

FPB Financial Corp. reported the following which affected net income for the year ended December 31, 2014, as compared to the year ended December 31, 2013.

  • Net Interest Income increased to $9.5 million from $8.8 million, or 8.3%
  • Net Interest Margin increased to 4.88% from 4.80%
  • Non-Interest Income increased by $129,000, or 5.5%
  • Income tax expense decreased 14.2% to $802,000
  • Provisions for loan losses increased to $235,000 from $206,000, or 14.1%

Other items and per share data of note as of December 31, 2014, compared to December 31, 2013

  • Foreclosed Assets decreased by $502,000, or 86.9%
  • Non-performing Assets decreased by $243,000 to $1.5 million, or 13.8%
  • Net Loan Charge-offs decreased by $74,000, or 18.0%
  • Total Assets increased by 10.1% to $226.7 million
  • Net Loans increased to $136.6 million or 17.8%
  • Non-Interest Bearing Deposits increased by 20.7% to $44.4 million
  • Non-Maturity deposits increased by 9.2% to $133.7 million
  • Total Common Stockholders' Equity increased to $23.3 million, or 14.0%
  • Book Value per share increased by 13.4% to $19.30 per share
  • Dividends paid to common shareholders increased by 8.1% to $337,000

Asset Quality

Total non-performing assets at December 31, 2014 decreased by 13.8% to $1.5 million as compared to December 31, 2013. Non-performing assets at September 30, 2014 were $1.5 million. The Company's allowance for loan losses decreased by 3.4% to $2.9 million at December 31, 2014 while increasing to 192.0% of total non-performing assets. Total allowance for loan losses was $2.8 million at September 30, 2014

Net loan charge-offs for the fourth quarter totaled $64,000, down 69.3% from $207,000 in the 2013 fourth quarter. Net loan charge-offs were $100,000 in the 2014 third quarter. For the twelve months ended December 31, 2014 net loan charge-offs declined by $74,000, or 18.0%, to $337,000.

Performing Troubled Debt Restructured (TDR's) as of December 31, 2014 totaled $3.0 million, or an increase of $375,000 from December 31, 2013. Performing TDR's on September 30, 2014 totaled $2.9 million.

Balance Sheet and Capital

Total assets at December 31, 2014 increased by 10.1% to $226.7 million as compared to $205.9 at December 31, 2013. The increase in total assets was primarily attributed to an increase of $20.6 million in net loans, an increase of $2.4 million in cash and cash equivalents, an increase of $1.1 million in held-to-maturity investment securities, and an increase of $145,000 in Bank Owned Life Insurance (BOLI), and an increase of $132,000 in other miscellaneous assets. These increases were offset by a $3.3 million decrease in available for sale securities and a $502,000 decrease in foreclosed assets. Total liabilities increased by 9.7% to $203.4 million primarily due to an increase of $14.5 million, or 9.0% in total deposits to $176.9 and an increase of $3.1 million or 16.0% in Federal Home Loan Bank advances.

Common Stockholders' Equity increased by a net of $2.9 million, or 14.0%, to $23.3 million for the year ended December 31, 2014. Retained earnings increased by $1.7 million to $16.4 million for the 2014 period. Other comprehensive income increased by $1.1 million at December 31, 2014 when compared to December 31, 2013. Tangible common stockholders' equity increased to $23.3 million for the period. Book value per common share increased to $19.30 as total common shares of 1,206,947 were outstanding at December 31, 2014.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 2014.

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. 

This news release contains certain forward-looking statements, including statements about the financial condition, results of operations and earnings outlook for FPB Financial Corp. and its subsidiaries. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors, many of which are beyond the Company's control, could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. These factors include, among others, the following: general economic conditions, changes in interest rates, deposit flows, the cost of funds, changes in credit quality, interest rate risks associated with the Company's business and operations and the adequacy of our allowance for loan losses. Other factors include changes in our loan portfolio, changes in competition, fiscal and monetary policies and legislation and regulatory changes. We undertake no obligation to update any forward-looking statements.

   
FPB Financial Corp.  
   
Selected Balances   Dec. 31, 2014   Dec. 31, 2013   % Change     Sept. 30, 2014   % Change  
    (Unaudited)             (Unaudited)      
                         
Tangible Common Stockholders' Equity   23,291,053   20,430,688   14 %   22,411,468   4 %
                         
Net Loans   136,622,308   115,983,447   18     132,080,832   3  
                         
Foreclosed Assets   76,000   575,267   (87 )   68,000   12  
                         
Non-Performing Assets (Includes Foreclosed Assets)  
1,511,321
 
1,753,875
 
(14
)  
1,493,422
 
1
 
                         
Allowance for Loan Losses   2,901,887   3,003,947   (3 )   2,805,475   3  
                         
Total Assets   226,671,580   205,913,362   10     224,326,211   1  
                         
Non-Interest Bearing Deposits   44,399,159   36,775,928   21     43,224,862   3  
                         
Non-Maturity Deposits (Included in interest and non-interest bearing deposits)   132,844,713   122,406,800   9     132,844,713  
1
 
                         
Brokered Deposits (Included in interest- bearing deposits)  
1,549,540
 
2,453,461
 
(37
)  
1,549,540
 
(14
)
                         
FHLB Advances   22,673,000   19,391,500   28     22,673,000   11  
                         
                         
   
CONSOLIDATED STATEMENTS OF EARNINGS  
   
    For the Three Months     For the twelve Months  
    Ended     Ended  
    Dec. 31, 2014     Sept. 30, 2014     Dec. 30, 2013     Dec. 31, 2014     Dec. 31, 2013  
    (Unaudited)     (Unaudited)           (Unaudited)        
                                         
INTEREST AND DIVIDEND INCOME:                                        
                                         
  Mortgage Loans   $ 2,049,922     $ 2,017,494     $ 1,835,241     $ 7,728,171     $ 7,560,752  
                                         
  Consumer Loans     226,536       245,461       259,534       983,352       1,014,623  
                                         
  Commercial Loans     166,257       168,892       105,358       595,780       380,125  
                                         
  Investment Securities and Deposits    
305,830
     
292,941
     
293,948
     
1,178,989
     
886,116
 
                                         
TOTAL INTEREST AND DIVIDEND INCOME     2,748,545       2,724,788       2,494,081       10,486,292       9,841,616  
                                         
INTEREST EXPENSE:                                        
                                         
  Deposits     164,738       160,622       151,207       625,772       665,604  
                                         
Federal Home Loan Bank Advances    
61,277
     
68,715
     
76,594
     
268,833
     
313,128
 
                                         
Other     26,075       26,432       26,193       104,740       106,087  
                                         
TOTAL INTEREST EXPENSE     252,090       255,769       253,994       999,345       1,084,819  
                                         
NET INTEREST INCOME     2,496,455       2,469,019       2,240,087       9,486,947       8,756,797  
                                         
Provisions for loan losses     160,000       75,000       25,000       235,000       206,000  
                                         
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES    
2,336,455
     
2,394,019
     
2,215,087
     
9,251,947
     
8,550,797
 
                                         
NON-INTEREST INCOME:                                        
                                         
Service charge on deposits     192,562       187,106       237,058       811,486       906,885  
                                         
Interchange Fees     140,394       119,300       119,560       475,638       441,997  
                                         
Mortgage Banking Fees     234,904       105,206       131,503       532,527       628,752  
                                         
Loan Fees and Charges     (209 )     108,884       44,216       235,271       159,508  
                                         
Gain on bank owned life insurance     35,019       37,278       11,118       144,859       11,118  
                                         
Gain/(Loss) on Sale of Investments and Foreclosed Assets    
3,740
     
33,100
     
5,722
     
73,421
     
(79,852
)
                                         
Gain/(Loss) on Trading Accounts     (13,597 )     (4,463 )     7,454       (43,770 )     24,523  
                                         
Other     29,422       57,502       56,010       226,354       233,769  
                                         
TOTAL NON-INTEREST INCOME     622,235       643,913       612,641       2,455,786       2,326,700  
                                         
NON-INTEREST EXPENSE:                                        
                                         
Compensation and Employee Benefits    
1,298,297
     
1,244,628
     
1,225,107
     
5,035,514
     
4,478,346
 
                                         
Occupancy, local and state taxes, and equipment     326,992       315,539       214,014       1,192,991       1,000,79  
                                         
Technology and Information Processing     199,862       192,460       248,309       801,596       770,411  
                                         
Professional Fees     44,089       65,867       69,603       261,660       278,567  
                                         
Regulatory Fees     51,730       50,966       46,701       202,067       205,894  
                                         
Foreclosed Assets     4,219       5,946       35,334       48,528       112,284  
                                         
Other     316,917       304,107       339,800       1,299,665       1,106,741  
                                         
TOTAL NON-INTEREST EXPENSE     2,242,106       2,179,513       2,178,868       8,842,021       7,953,012  
                                         
INCOME BEFORE INCOME TAXES     716,584       858,419       648,860       2,865,712       2,924,485  
                                         
Income Tax Expense     155,887       266,895       180,744       802,394       935,273  
                                         
NET INCOME     560,697       591,524       468,116       2,063,318       1,989,212  
                                         
PER COMMON SHARE DATA:                                        
                                         
Net Earnings   $ 0.47     $ 0.49     $ 0.40     $ 1.72     $ 1.82  
                                         
Diluted Net Earnings   $ 0.46     $ 0.49     $ 0.39     $ 1.71     $ 1.81  
                                         
Revenue (Net Interest Income and Non-Interest Income)   $
2.60
    $
2.59
    $
2.41
    $
9.94
    $
10.14
 
                                         
Dividends Paid   $ 0.07     $ 0.07     $ 0.10     $ 0.28     $ 0.28  
                                         
Book Value (Period End)   $ 19.30     $ 18.65     $ 17.02     $ 19.30     $ 17.02  
                                         
Book Value adjusted for Other comprehensive income (Period Ended)   $
19.12
    $
18.76
    $
17.72
    $
19.12
    $
17.72
 
                                         
RATIOS:                                        
                                         
ROA (Annualized Net Income to Average Period Assets)    
0.99
%    
1.07
%    
0.91
%    
0.95
%    
0.99
%
                                         
ROE (Annualized Net Income to Average Period Total Stockholders' Equity)    
9.72
%    
10.60
%    
9.24
%    
9.44
%    
10.73
%
                                         
Net Interest Margin (Average) for the period     4.87 %     4.95 %     4.80 %     4.88 %     4.80 %
                                         
Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized)    

2.85
%    

2.76
%    

3.03
%    

2.95
%    

2.80
%
                                         
Efficiency Ratio for the Period     71.89 %     70.02 %     76.38 %     74.04 %     71.76 %
                                         
Net Loan Charge-Offs (Recoveries) for the Period to Average Period Net Loans   $ 63,589     $ 100,176     $ 207,067     $ 337,061     $ 410,867  
(Annualized)     0.17 %     0.31 %     0.72 %     0.27 %     0.36 %
                                         
TDRs (Performing) at Period End   $ 2,996,505     $ 2,878,020     $ 2,621,929     $ 2,996,505     $ 2,621,929  
to Average Period Net Loans     2.21 %     2.23 %     2.29 %     2.38 %     2.28 %
                                         
Non-Performing Assets at Period   $ 1,511,321     $ 1,493,422     $ 1,753,875     $ 1,511,321     $ 1,753,875  
End to Average Period Total Assets     0.67 %     0.68 %     0.86 %     0.70 %     0.87 %
                                         
Allowance for Loan Losses at Period End   $ 2,901,887     $ 2,805,475     $ 3,003,947     $ 2,901,887     $ 3,003,947  
to Average Period Net Loans     2.14 %     2.18 %     2.62 %     2.30 %     2.61 %
to Non-Performing Assets at Period End     192.01 %     187.86 %     171.28 %     192.01 %     171.28 %
                                         
   
CONSOLIDATED STATEMENTS OF CONDITION  
   
    Dec. 31, 2014     Dec. 31, 2013     % Change     Sept 30, 2014     % Change  
    (Unaudited)                 (Unaudited)        
                                     
ASSETS:                                    
                                     
Cash and Cash Equivalents including Interest and Non-Interest Earning Deposits   $ 10,576,401     $ 7,385,834     43     $ 10,729,294     (1 )
                                     
Certificates of Deposit     0       747,000     -       0     -  
                                     
Securities - Held to Maturity     5,689,478       4,556,671     25       5,694,069     0  
                                     
Securities - Available for Sale     57,835,117       61,120,450     (5 )     60,015,549     (4 )
                                     
Trading Securities     149,909       193,680     (23 )     163,506     (8 )
                                     
Bank Owned Life Insurance     4,155,978       4,011,118     4       4,120,959     1  
                                     
Net Loans     136,622,308       115,983,447     18       132,080,832     3  
                                     
Accrued Interest Receivable     888,513       878,523     1       825,267     8  
                                     
Premises and Equipment, Net     9,159,312       9,072,061     1       9,347,985     (2 )
                                     
Foreclosed Assets     76,000       578,068     (87 )     68,000     12  
                                     
Other Assets     1,518,564       1,386,510     10       1,280,750     19  
                                     
  TOTAL ASSETS   $ 226,671,580     $ 205,913,362     10     $ 224,326,211     1  
                                     
LIABILITIES:                                    
                                     
Deposits     176,887,045       162,368,052     9       175,306,273     1  
                                     
Federal Home Loan Bank Advances     22,501,000       19,391,500     16       22,673,000     (1 )
                                     
Subordinated debentures/trust preferred securities    
3,093,000
     
3,093,000
   
0
     
3,093,000
   
0
 
                                     
Other Liabilities     899,482       630,122     43       842,470     8  
                                     
  TOTAL LIABILITIES   $ 203,380,527     $ 185,482,674     10     $ 201,914,743     1  
                                     
STOCKHOLDERS' EQUITY:                                    
                                     
Common Stock   $ 13,127     $ 13,127     0     $ 13,127     0  
                                     
Capital Surplus     8,470,021       8,404,084     1       8,413,084     1  
                                     
Retained Earnings     16,378,745       14,652,139     12       15,902,533     3  
                                     
Unearned Compensation     (4,341 )     (7,481 )   42       (6,900 )   37  
                                     
Treasury Stock     (1,783,468 )     (1,783,468 )   0       (1,783,468 )   0  
                                     
Other Comprehensive Income (Loss)     216,969       (847,713 )   -       (126,908 )   -  
                                     
Total Stockholders' Equity     23,291,053       20,430,688     14       22,411,468     4  
                                     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 226,671,580     $ 205,913,362     10 %   $ 224,326,211     1 %
                                     
                                     

Fritz W. Anderson II, Chairman of the Board, announced today that, "On January 8, 2015, the Board of Directors of FPB Financial Corp. declared a cash dividend on the common stock of the company. The dividend rate of $0.07 per share will be paid on March 25, 2015 to stockholders of record at the close of business on March 10, 2015."

Contact Information

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