SOURCE: FPB Financial Corp.

October 23, 2014 08:30 ET

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

HAMMOND, LA--(Marketwired - Oct 23, 2014) - FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the period ended September 30, 2014. 

FPB Financial Corp. reported the following for the period ending September 30, 2014, and as compared to September 30, 2013:

  • Total Assets increased to $224.3 million or 10.8%

  • Net Loans increased by $18.9 million or 16.7%

  • Net Interest Income increased by $474,000, or 7.3%

  • Non-Interest Income Increased by $201,000, or 45.3%

  • Non-Interest bearing deposits increased to $43.2 million or 20.0%

  • Non-Maturity deposits increased by $11.2 million or 9.2%

  • Dividend paid to common shareholders increased to $252,000 or 31.7%

  • Non-performing Assets decreased to $1.5 million or 22.6%

  • Common Stockholders' equity increased by $4.3 million or 23.5%

  • Common Book Value per share increased to $18.65, or 9.3%

Earnings

Net income for the third quarter of 2014 totaled $592,000, an increase of 23.3% from $480,000 in the third quarter of 2014. Net income in the 2014 second quarter totaled $446,000. The 2014 third quarter net income per fully diluted common share was $0.49, up from $0.45 per fully diluted common share in the third quarter of 2013. Earnings per share increased 8.9% primarily due to a 12.8% increase in net interest income and a 45.3% increase in total non-interest income which was offset by a 13.6% increase in non-interest expense and an increase in the average total common shares outstanding. Return on common stockholders' equity (ROE) was 10.6% on an annualized basis for the 2014 third quarter period.

Total non-interest expense increased by $261,000 in the third quarter when compared to the 2013 period, primarily due to a $162,000 increase in compensation and employee benefits, related to the hiring of new officers and staff for our recently opened branch and mortgage loan office located in Covington, LA and in Mandeville, LA., respectfully.

Provision for loan losses totaled $75,000 in the period as compared to -0- in the 2013 period.

The Company's effective tax rate decreased in the period due to the 2013 investment in BOLI and due to investments in municipal securities.

Asset Quality

Total non-performing assets at September 30, 2014 decreased $435,000 to $1.5 million when compared to September 30, 2013. Total non-performing assets on June 30, 2014 were $1.8 million. The Company's allowance for loan losses decreased to $2.8 million as compared to $3.2 million at September 30, 2013. Total allowance for loan losses were $2.8 million at June 30, 2014.

Net loan charge-offs in the third quarter totaled $100,000 up from $84,000 in the third quarter of 2013. In the second quarter of 2014, net loan charge-offs totaled $22,000.

Performing Troubled Debt Restructured (TDR's) as of September 30, 2014 totaled $2.9 million, or an increase of $488,000 from September 30, 2013. Performing TDR's totaled $2.9 million on June 30, 2014.

Balance Sheet and Capital

Total assets at September 30, 2014 increased to $224.3 million, or 10.8% as compared to September 30, 2013. Total assets on June 30, 2014 were $216.6 million. The increase in total assets was primarily attributed to an increase of $18.9 million in Net Loans and $4.1 million of BOLI. Total liabilities increased by 9.6% to $201.9 million primarily due to an increase of $14.7 million, or 9.2% in deposits to $175.3 million at September 30, 2014 compared to $160.6 million at September 30, 2013. Federal Home Loan Bank (FHLB) Advances increased by $5.0 million to $22.7 million at September 30, 2014 as compared to $17.7 million at September 30, 2013. Non-interest bearing deposits and total non-maturity deposits both increased in the twelve month period September 30, 2014.

Common Stockholders' Equity increased by a net of $4.3 million, or 23.5% to $22.4 million for the twelve month period ending September 30, 2014, primarily due to the October 11, 2013 sale of 129,075 shares of our common stock at a price of $16.00 per share in a private placement for the total net sale proceeds of $2.0 million. Retained earnings increased by $1.6 million in the twelve month period. Other comprehensive income increased by $603,000, or 82.6% at September 30, 2014 when compared to September 30, 2013. Book value per common share increased to $18.65 as total common shares of 1,201,557 were outstanding at September 30, 2014.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of September 30, 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   Sept. 30,
2014
  Sept. 30,
2013
  % Change     June 30,
2014
  % Change  
    (Unaudited)   (Unaudited)         (Unaudited)      
                         
Tangible Common Stockholders' Equity   22,411,468   18,146,908   24 %   21,764,077   3 %
                         
Net Loans   132,080,832   113,165,148   17     125,728,515   5  
                         
Foreclosed Assets   68,000   361,067   (81 )   0   -  
                         
Non-Performing Assets (Includes Foreclosed Assets)   1,493,422   1,928,701   (23 )   1,842,896   (19 )
                         
Allowance for Loan Losses   2,805,475   3,186,015   (12 )   2,830,652   (1 )
                         
Total Assets   224,326,211   202,384,931   11     216,622,073   4  
                         
Non-Interest Bearing Deposits   43,224,862   36,033,709   20     42,539,401   2  
                         
Non-Maturity Deposits (Included in interest and non-interest bearing deposits)   132,844,713   121,619,702   9     131,935,775   1  
                         
Brokered Deposits (Included in interest-bearing deposits)   1,549,540   2,459,461   (37 )   1,798,280   (14 )
                         
FHLB Advances   22,673,000   17,716,500   28     20,418,000   11  
                         
                         
                         
CONSOLIDATED STATEMENTS OF EARNINGS  
   
    For the Three Months   For the Nine Months  
    Ended   Ended  
    Sept. 30, 2014   June 30, 2014   Sept. 30, 2013   Sept. 30, 2014   Sept. 30, 2013  
    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)  
                                 
INTEREST AND DIVIDEND INCOME:                                
                                 
  Mortgage Loans   $ 2,017,494   $ 1,844,756   $ 1,856,595   $ 5,678,249   $ 5,725,511  
                                   
  Consumer Loans     245,461     258,377     259,697     756,815     755,089  
                                   
  Commercial Loans     168,892     148,328     97,639     429,524     274,767  
                                   
  Investment Securities and Deposits     292,941     293,409     229,430     873,159     592,168  
                                 
TOTAL INTEREST AND DIVIDEND INCOME     2,724,788     2,544,870     2,443,361     7,737,747     7,347,535  
                                 
INTEREST EXPENSE:                                
                                 
  Deposits     160,622     149,318     151,947     461,034     514,397  
                                 
Federal Home Loan Bank Advances     68,715     68,122     75,461     207,556     236,534  
                                 
Other     26,432     26,361     26,691     78,665     79,894  
                                 
TOTAL INTEREST EXPENSE     255,769     243,801     254,099     747,255     830,825  
                                 
  NET INTEREST INCOME     2,469,019     2,301,069     2,189,262     6,990,492     6,516,710  
                                 
Provisions for loan losses     75,000     0     0     75,000     181,000  
                                 
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES     2,394,019     2,301,069     2,189,262     6,915,492     6,335,710  
                                 
NON-INTEREST INCOME:                                
                                 
Service charge on deposits     187,106     199,674     235,077     618,924     669,827  
                                 
Interchange Fees     119,300     107,562     110,700     335,244     322,437  
                                 
Mortgage Banking Fees     105,206     104,208     106,198     297,622     497,249  
                                 
Loan Fees and Charges     108,884     65,436     32,057     235,480     115,292  
                                 
Gain on bank owned life insurance     37,278     36,815     0     109,841     0  
                                 
Gain/(Loss) on Sale of Investments and Foreclosed Assets     33,100     8,147     (88,008 )   69,680     (85,574 )
                                 
Gain/(Loss) on Trading Accounts     (4,463 )   (10,798 )   648     (30,173 )   17,069  
                                 
Other     57,502     50.962     46,506     196,933     177,759  
                                 
TOTAL NON-INTEREST INCOME     643,913     562,006     443,178     1,833,551     1,714,059  
                                 
NON-INTEREST EXPENSE:                                
                                 
Compensation and Employee Benefits     1,244,628     1,243,814     1,082,659     3,737,218     3,253,239  
                                 
Occupancy, local and state taxes, and equipment     315,539     287,222     260,650     865,999     786,755  
                                 
Technology and Information Processing     192,460     214,874     203,584     601,734     522,102  
                                 
Professional Fees     65,867     76,653     92,107     217,571     208,964  
                                 
Regulatory Fees     50,966     50,870     48,320     150,337     159,193  
                                 
Foreclosed Assets     5,946     4,795     8,440     44,309     76,950  
                                 
Other     304,107     351,492     223,240     982,747     766,941  
                                 
TOTAL NON-INTEREST EXPENSE     2,179,513     2,229,720     1,919,000     6,599,915     5,774,144  
                                 
INCOME BEFORE INCOME TAXES     858,419     633,355     713,440     2,149,128     2,275,625  
                                 
Income Tax Expense     266,895     187,778     233,446     646,507     754,529  
                                 
NET INCOME     591,524     445,577     479,994     1,502,621     1,521,096  
                                 
PER COMMON SHARE DATA:                                
(Adjusted for 3 for 1 stock split)                                
                                 
Net Earnings   $ 0.49   $ 0.37   $ 0.45   $ 1.25   $ 1.43  
                                 
Diluted Net Earnings   $ 0.49   $ 0.37   $ 0.45   $ 1.25   $ 1.42  
                                 
Revenue (Net Interest Income and Non-Interest Income)   $ 2.59   $ 2.38   $ 2.47   $ 7.35   $ 7.74  
                                 
Dividends Paid   $ 0.07   $ 0.07   $ 0.06   $ 0.21   $ 0.18  
                                 
Book Value (Period End)   $ 18.65   $ 18.12   $ 17.02   $ 18.65   $ 17.02  
                                 
Book Value adjusted for Other comprehensive income (Period Ended)   $
18.76
  $
18.34
  $
17.71
  $
18.76
  $
17.71
 
                                 
RATIOS:                                
                                 
ROA (Annualized Net Income to Average Period Assets)    
1.07
%  
0.84
%  
0.95
%  
0.94
%  
1.02
%
                                 
ROE (Annualized Net Income to Average Period Total Stockholders' Equity)    
10.60
%  
8.30
%  
10.63
%  
9.33
%  
11.28
%
                                 
Net Interest Margin (Average) for the period     4.95 %   4.86 %   4.77 %   4.88 %   4.81 %
                                 
Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized)     2.76 %   3.16 %   2.92 %   2.98 %   2.73 %
                                 
Efficiency Ratio for the Period     70.02 %   77.88 %   72.90 %   74.80 %   70.15 %
                                 
Net Loan Charge-Offs (Recoveries) for the Period to Average Period Net Loans   $ 100,176   $ 21,487     83,507   $ 273,472   $ 203,799  
(Annualized)     0.31 %   0.07 %   0.29 %   0.30 %   0.24 %
                                 
TDRs (Performing) at Period End   $ 2,878,020   $ 2,905,005   $ 2,390,264   $ 2,878,020   $ 2,390,264  
  to Average Period Net Loans     2.23 %   2.39 %   2.11 %   2.34 %   2.08 %
                                 
Non-Performing Assets at Period   $ 1,493,422   $ 1,842,896   $ 1,928,701   $ 1,493,422   $ 1,928,701  
  End to Average Period Total Assets     0.68 %   0.87 %   0.96 %   0.70 %   0.97 %
                                 
Allowance for Loan Losses at Period End   $ 2,805,475   $ 2,830,652   $ 3,186,015   $ 2,805,475   $ 3,186,015  
  to Average Period Net Loans     2.18 %   2.33 %   2.81 %   2.28 %   2.77 %
  to Non-Performing Assets at Period End     187.86 %   153.60 %   165.19 %   187.86 %   165.19 %
                                 
                                 
                                 
CONSOLIDATED STATEMENTS OF CONDITION  
   
    Sept. 30,
2014
    Sept. 30,
2013
    % Change     June 30,
2014
    % Change  
    (Unaudited)     (Unaudited)           (Unaudited)        
                                     
ASSETS:                                    
                                     
Cash and Cash Equivalents including Interest and Non-Interest Earning Deposits   $ 10,729,294     $ 9,737,748     10     $ 9,444,417     14  
                                     
Certificates of Deposit     0       1,994,000     -       0     -  
                                     
Securities - Held to Maturity     5,694,069       4,563,195     25       5,698,479     0  
                                     
Securities - Available for Sale     60,015,549       59,450,958     1       59,981,455     0  
                                     
Trading Securities     163,506       186,226     (12 )     167,969     (3 )
                                     
Bank Owned Life Insurance     4,120,959       0     -       4,084,581     1  
                                     
Net Loans     132,080,832       113,165,148     17       125,728,515     5  
                                     
Accrued Interest Receivable     825,267       762,599     8       880,523     (6 )
                                     
Premises and Equipment, Net     9,347,985       9,111,881     3       9,325,698     0  
                                     
Foreclosed Assets     68,000       361,109     (81 )     0     -  
                                     
Other Assets     1,280,750       3,052,109     (58 )     1,310,436     (2 )
                                     
  TOTAL ASSETS   $ 224,326,211     $ 202,384,931     11     $ 216,622,073     4  
                                     
LIABILITIES:                                    
                                     
Deposits     175,306,273       160,592,502     9       170,751,521     3  
                                     
Federal Home Loan Bank Advances     22,673,000       17,716,500     28       20,418,000     11  
                                     
Subordinated debentures/trust preferred securities     3,093,000       3,093,000     0       3,093,000     0  
                                     
Other Liabilities     842,470       2,836,021     (70 )     595,475     41  
                                     
  TOTAL LIABILITIES   $ 201,914,743     $ 184,238,023     7     $ 194,857,996     4  
                                     
STOCKHOLDERS' EQUITY:                                    
                                     
Common Stock   $ 13,127     $ 4,448     195     $ 13,127     0  
                                     
Capital Surplus     8,413,084       6,364,018     32       8,404,758     0  
                                     
Retained Earnings     15,902,533       14,304,084     11       15,395,118     3  
                                     
Unearned Compensation     (6,900 )     (12,339 )   44       (6,902 )   0  
                                     
Treasury Stock     (1,783,468 )     (1,783,468 )   0       (1,783,468 )   0  
                                     
Other Comprehensive Income (Loss)     (126,908 )     (729,835 )   83       (258,556 )   51  
                                     
Total Stockholders' Equity     22,411,468       18,146,909     24       21,764,077     3  
                                     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 224,326,211     $ 202,384,931     11 %   $ 216,622,073     4 %
                                     
                                     

Fritz W. Anderson II, Chairman of the Board, announced today that, "On October 9, 2014, 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 December 26, 2014 to stockholders of record at the close of business on December 10, 2014."

Contact Information

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