SOURCE: FPB Financial Corp.

January 27, 2016 11:07 ET

FPB FINANCIAL CORP. (OTCQB: FPBF), the Holding Company for Florida Parishes Bank, Announces 2015 Fourth Quarter/Full Year Results and Declares Dividends

HAMMOND, LA--(Marketwired - January 27, 2016) - FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the 2015 period ended December 31, 2015. 

Earnings

Net income in the 2015 fourth quarter increased 17.7% to $660,000 ($0.54 per fully diluted common share) as compared to the 2014 fourth quarter net income of $561,000 ($0.46 per fully diluted common share). Earnings per share increased by 14.9%. Return on Equity for the fourth quarter of 2015 was 10.1% (on an annualized basis). Net income for the year ended 2015 totaled $2.8 million ($2.31 per fully diluted common share) up 36.4% from the 2014 net income of $2.1 million ($1.72 per fully diluted common share). Return on Equity for the 2015 twelve month period was 11.4%. 

Items affecting and contributing to the Company's 2015 fourth quarter gain in net income when compared to the 2014 quarterly period:

  • Income before income taxes increased to $940,000 from $717,000 or 31.1%
  • Net Interest Income increased $219,000 or 9.4%
  • Total Non-Interest Income increased to $767,000 from $622,000, or 23.3%
  • Provisions for loan losses decreased by 49.4%

Other items and per share data of note this Year-To-Date (YTD) as of December 31, 2015, compared to December 31, 2014

  • Return on Equity (ROE) increased to 11.4% from 9.4%
  • Net-Interest Margin increased to 4.97% from 4.88%
  • The Company's Efficiency Ratio improved to 67.5% from 74.0%
  • Book Value per common share increased by 8.9% to $21.18
  • Total Common Stockholders' Equity increased to $26.2 million, or 12.6%
  • Dividends paid to common shareholders total $341,000 in 2015 and $337,000 in 2014
  • Non-Interest Bearing Deposits increased by 10.5% to $49.0 million
  • Non-Maturity deposits increased by 15.9% to $153.9 million
  • Total Assets increased by 6.2% to $240.7 million
  • Net Loans increased to $141.9 million or 3.9%
  • Net-Loan Charge-offs decreased by $316,000, or 93.8%
  • Foreclosed Assets decreased to $41,000, or 46.5%

Asset Quality

Total non-performing assets at December 31, 2015, increased by $606,000, or 40.1% to $2.1 million as compared to December 31, 2014. Non-performing assets at September 30, 2015 were $1.8 million. The Company's allowance for loan losses increased by 11.7% to $3.2 million for the 12 month period ending December 31, 2015 while decreasing to 153.1% of total non-performing assets. Total allowance for loan losses were $3.2 million at September 30, 2015.

Net loan charge-offs for the fourth quarter totaled $21,000, an improvement of 65.6% from $64,000 of net loan charge-offs in the 2014 fourth quarter. Net loan charge-offs were $19,000 in the 2015 third quarter. Troubled Debt Restructured (TDR's) performing as of December 31, 2015 totaled $2.0 million, or a decrease of $1.0 million from December 31, 2014. TDR's (Performing) on September 30, 2015 totaled $2.8 million.

Balance Sheet and Capital

Total assets at December 31, 2015 increased by 6.2% to $240.7 million as compared to $226.6 million at December 31, 2014. The increase in total assets was primarily attributed to an increase of $7.6 million in available-for-sale investment securities, $5.3 million in net loans and an increase of $2.6 million in cash and cash equivalents. These increases were primarily offset by a $1.2 million decrease in held-to-maturity investment securities. Total liabilities increased by 5.5% to $214.5 million primarily due to an increase of $17.5 million, or 9.9% in total deposits to $194.4 million. Federal Home Loan Bank advances decreased by $6.4 million or 28.5%.

Common Stockholders' Equity increased by a net of $2.9 million, or 12.6%, to $26.2 million for the twelve months ended December 31, 2015. Retained earnings increased by $2.5 million to $18.9 million for the twelve month period. Tangible common stockholders' equity increased to $26.2 million for the period. Book value per common share increased to $21.18 as total common shares of 1,237,968 were outstanding at December 31, 2015. At the Subsidiary Bank level, Tier 1 Capital increased to $25.1 million at December 31, 2015.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 2015.

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, 2015 (Unaudited)
 
Dec. 31, 2014
 
% Change
   
Sept. 30, 2015 (Unaudited)
 
% Change
 
                         
                         
Tangible Common Stockholders' Equity   26,219,600   23,291,063   13 %   25,408,493   3 %
Total Assets  
240,716,234
 
226,628,078
 
6
   
234,462,670
 
3
 
Net Loans  
141,897,400
 
136,622,308
 
4
   
138,001,407
 
3
 
Non-Interest Bearing Deposits  
49,044,811
 
44,399,159
 
10
   
53,371,851
 
(8
)
Non-Maturity Deposits (Included in interest and non-interest bearing deposits)  
153,930,249
 
132,844,713
 
16
   
149,507,469
 
3
 
Brokered Deposits (Included in interest- bearing deposits)  
1,549,096
 
1,549,540
 
-
   
1,549,022
 
-
 
FHLB Advances  
16,078,000
 
22,501,000
 
(29
)  
10,013,000
 
61
 
                         
Foreclosed Assets   40,680   76,000   (46 )   0   100  
                         
Non-Performing Assets (includes Foreclosed Assets)   2,117,168   1,511,321   40     1,841,454   15  
                         
Allowance for Loan Losses   3,240,950   2,901,887   12     3,181,841   2  
                         
                         
CONSOLIDATED STATEMENTS OF EARNINGS  
   
  For the Three Months   For the Twelve Months  
  Ended   Ended  
  Dec. 31, 2015   Sept. 30, 2015   Dec. 31, 2014   Dec. 31, 2015   Dec. 31, 2014  
  (Unaudited)   (Unaudited)       (Unaudited)      
                               
INTEREST AND DIVIDEND INCOME:                              
                               
  Mortgage Loans $ 2,068,209   $ 2,117,137   $ 2,049,920   $ 8,360,250   $ 7,728,169  
                                 
  Consumer Loans   224,386     225,265     226,537     903,120     983,352  
                                 
  Commercial Loans   206,727     186,602     166,256     729,424     595,780  
                                 
  Investment Securities and Deposits   378,287
   
328,895
   
305,829
   
1,317,883
   
1,178,988
 
                               
TOTAL INTEREST AND DIVIDEND INCOME   2,877,609     2,857,899
    2,748,542     11,310,677     10,486,289  
                               
INTEREST EXPENSE:                              
                               
  Deposits   182,670     169,202     164,738     681,899     625,772  
                               
Federal Home Loan Bank Advances  
31,405
   
34,663
   
61,277
   
164,838
   
268,833
 
                               
Other   26,789     26,804     26,075     106,165     104,740  
                               
TOTAL INTEREST EXPENSE   240,864     230,669     252,090     952,902     999,345  
                               
  NET INTEREST INCOME   2,636,745     2,627,230     2,496,452     10,357,775     9,486,944  
                               
Provisions for loan losses   81,000     116,000     160,000     360,000     235,000  
                               
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES  

2,555,745
   

2,511,230
   

2,336,452
   

9,997,775
   

9,251,944
 
                               
NON-INTEREST INCOME:                              
                               
Mortgage Banking Fees   260,007     312,757     234,905     1,198,348     532,527  
  Service Charge on deposits  
204,966
   
191,075
   
192,603
   
786,255
   
811,527
 
  Interchange Fees  
157,021
   
150,916
   
140,394
   
598,881
   
475,638
 
                               
Loan Fees and Charges   48,269     56,713     (209 )   241,315     235,271  
                               
Gain on bank owned life insurance   29,647     32,005     35,018     123,690     144,859  
                               
Gain/(Loss) on Sale of Investments and Foreclosed Assets  
9,578
   
81,087
   
3,741
   
68,454
   
73,421
 
                               
Gain/(Loss) on Trading Accounts   2,601     (11,652 )   (13,597 )   (8,668 )   (43,770 )
                               
Other   54,836     53,723     29,379     237,637     226,312  
                               
TOTAL NON-INTEREST INCOME  
766,925
   
866,624
   
622,234
   
3,245,912
   
2,455,785
 
                               
NON-INTEREST EXPENSE:                              
                               
Compensation and Employee Benefits  
1,396,784
   
1,331,567
   
1,298,297
   
5,366,743
   
5,035,515
 
                               
Occupancy, local and state taxes, and equipment  
334,512
   
330,382
   
326,992
   
1,348,483
   
1,192,991
 
                               
Technology and Information Processing   204,632     175,707     199,862     744,146     801,596  
                               
Professional Fees   70,704     96,184     44,089     311,660     261,660  
                               
Regulatory Fees   52,304     50,360     51,730     205,028     202,067  
                               
Foreclosed Assets   (16,804 )   1,051     4,219     (15,221 )   48,528  
                               
Other   340,767     319,451     316,907     1,223,516     1,299,654  
                               
TOTAL NON-INTEREST EXPENSE  
2,382,899
   
2,304,702
   
2,242,096
   
9,184,355
   
8,842,011
 
                               
INCOME BEFORE INCOME TAXES  
939,771
   
1,073,152
   
716,590
   
4,059,332
   
2,865,718
 
                               
Income Tax Expense   279,829     326,238     155,883     1,245,942     802,390  
                               
NET INCOME   659,942     746,914     560,707     2,813,390     2,063,328  
                               
PER COMMON SHARE DATA:                              
                               
Net Earnings $ 0.54   $ 0.61   $ 0.47   $ 2.32   $ 1.72  
                               
Diluted Net Earnings $ 0.54   $ 0.61   $ 0.46   $ 2.31   $ 1.71  
                               
Revenue (Net Interest Income and Non-Interest Income) $
2.78
  $
2.87
  $
2.60
  $
11.21
  $
9.94
 
                               
Dividends Paid $ 0.07   $ 0.07   $ 0.07   $ 0.28   $ 0.28  
                               
Book Value (Period End) $ 21.18   $ 20.88   $ 19.30   $ 21.18   $ 19.30  
                               
Book Value adjusted Net of Other comprehensive income (Period Ended) $
21.00
  $
20.60
  $
19.12
  $
21.00
  $
19.12
 
                               
RATIOS:                              
                               
ROA (Annualized Net Income to Average Period Assets)  
1.10
%  
1.27
%  
0.99
%  
1.21
%  
0.95
%
                               
ROE (Annualized Net Income to Average Period Total Stockholders' Equity)  
10.14
%  
11.85
%  
9.72
%  
11.38
%  
9.44
%
                               
Net Interest Margin (Average) for the period   4.94 %   4.99 %   4.87 %   4.97 %   4.88 %
                               
Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized)  

2.72
%  

2.44
%  

2.85
%  

2.56
%  

2.95
%
                               
Efficiency Ratio for the Period   70.01 %   65.97 %   71.89 %   67.51 %   74.04 %
                               
Net Loan Charge-Offs (Recoveries) for the Period $
21,891
  $
19,099
  $
63,589
  $
20,937
  $
337,061
 
to Average Period Net Loans (Annualized)   0.06 %   0.06 %   0.17 %   0.02 %   0.27 %
                               
TDRs (Performing) at Period End $ 1,978,299   $ 2,818,040   $ 2,996,505   $ 1,978,299   $ 2,996,505  
  to Average Period Net Loans   1.43 %   2.02 %   2.21 %   1.43 %   2.38 %
                               
Non-Performing Assets at Period End $ 2,117,168   $ 1,841,454   $ 1,511,321   $ 2,117,168   $ 1,511,321  
  to Average Period Total Assets   0.90 %   0.79 %   0.67 %   0.91 %   0.70 %
                               
Allowance for Loan Losses at Period End $ 3,240,950   $ 3,181,841   $ 2,901,886   $ 3,240,950   $ 2,901,886  
  to Average Period Net Loans   2.34 %   2.29 %   2.14 %   2.33 %   2.30 %
  to Non-Performing Assets at Period End   153.08 %   172.79 %   192.01 %   153.08 %   192.01 %
                               
                               
CONSOLIDATED STATEMENTS OF CONDITION  
   
    Dec. 31, 2015     Dec. 31, 2014     % Change     Sept. 30, 2015     % Change  
    (Unaudited)                 (Unaudited)        
                                     
ASSETS:                                    
                                     
Cash and Cash Equivalents (including Interest and Non-Interest Earning Deposits)   $ 13,176,198     $ 10,576,401     25     $ 13,678,437     (4 )
                                     
Securities - Held to Maturity     4,456,490       5,689,478     (22 )     4,462,428     0  
                                     
Securities - Available for Sale     65,484,984       57,835,117     13       62,651,766     5  
                                     
Trading Securities     138,816       149,909     (7 )     138,641     0  
                                     
Bank Owned Life Insurance     4,279,608       4,155,978     3       4,249,991     1  
                                     
Net Loans     141,897,400       136,622,308     4       138,001,407     3  
                                     
Accrued Interest Receivable     989,036       888,513     11       903,230     10  
                                     
Premises and Equipment, Net     8,818,958       9,254,094     (5 )     8,943,315     (1 )
                                     
Foreclosed Assets     40,680       76,000     (46 )     0     -  
                                     
Other Assets     1,434,064       1,380,280     4       1,433,455     0  
                                     
  TOTAL ASSETS   $ 240,716,234     $ 226,628,078     6     $ 234,462,670     3  
                                     
LIABILITIES:                                    
                                     
Deposits     194,415,452       176,887,045     10       194,799,380     0  
                                     
Federal Home Loan Bank Advances     16,078,000       22,501,000     (29 )     10,013,000
    61
 
                                     
Subordinated debentures/trust preferred securities     3,093,000       3,093,000     0       3,093,000     0  
                                     
Other Liabilities     910,182       855,970     6       1,148,797     (21 )
                                     
  TOTAL LIABILITIES   $ 214,496,634     $ 203,337,015     5     $ 209,054,177     3  
                                     
STOCKHOLDERS' EQUITY:                                    
                                     
Common Stock   $ 13,202     $ 13,127     1     $ 13,202     -  
                                     
Capital Surplus     8,911,140       8,470,021     5       8,564,201     4  
                                     
Retained Earnings     18,850,811       16,378,755     15       18,277,525     3  
                                     
Unearned Compensation     (4,262 )     (4,341 )   2       (4,333 )   2  
                                     
Treasury Stock     (1,783,468 )     (1,783,468 )   -       (1,783,468 )   -  
                                     
Other Comprehensive Income (Loss)     232,177       216,969
    7
      341,366     (32
)
                                     
Total Stockholders' Equity     26,219,600       23,291,063     13       25,408,493     3  
                                     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $
240,716,234
    $
226,628,078
   
6
%   $
234,462,670
   
3
%
                                     

Fritz W. Anderson II, Chairman of the Board, announced today that, "On January 14, 2016, 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, 2016 to stockholders of record at the close of business on March 10, 2016."

Contact Information

  • For More Information Contact:

    Fritz W. Anderson, II
    Chief Executive Officer, and Chairman
    FPB Financial Corp.
    (985) 345-1880

    Ronnie Fugarino
    President and Chief Executive Officer
    Florida Parishes Bank
    (985) 345-1880

    David Anderson
    President, FPB Financial Corp.
    and Executive Vice President and Development Officer
    Florida Parishes Bank
    (985) 345-1880

    Derek Shants
    Chief Financial Officer 
    and Chief Operations Officer
    FPB Financial Corp. and Florida Parishes Bank
    (985) 345-1880

    Joe Omner
    Executive Vice President,
    Chief Operating Officer and Chief Lending Officer
    Florida Parishes Bank
    (985) 345-1880