SOURCE: FPB Financial Corp.

July 28, 2015 11:23 ET

FPB FINANCIAL CORP. (OTCQB - FPBF), the Holding Company for Florida Parishes Bank, Announces 2015 Second Quarter Results and Declares Dividends

HAMMOND, LA--(Marketwired - July 28, 2015) - FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the 2015 second quarter ended June 30,2015.

Earnings

Net income in the 2015 second quarter increased 57.6% to $702,000 ($0.58 per fully diluted common share) as compared to the 2014 second quarter net income of $446,000 ($0.37 per fully diluted common share). Earnings per share increased by 56.8%. Return on Equity for the second quarter of 2015 was 11.6% on an annualized basis.

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

  • Net Interest Income increased to $2.6 million from $2.3 million, or 11.9%
  • Mortgage Banking Fees totaled $296,000 up from $104,000 in 2014, or 183.8%
  • Total Non-Interest Income increased to $781,000 from $562,000, or 38.9%

Other items and per share data of note this Year-To-Date (YTD) as of June 30, 2015, compared to June 30, 2014

  • Return on Equity (ROE) increased to 11.8% from 8.7%
  • Net-Interest Margin increased to 4.98% from 4.85%
  • The Company's Efficiency Ratio improved to 67.1% from 77.4%
  • Book Value per common share increased by 11.3% to $20.16 per share
  • Total Common Stockholders' Equity increased to $24.5 million, or 12.5%
  • Dividends paid to common shareholders total $169,000 in 2015 and $168,000 in 2014
  • Non-Interest Bearing Deposits increased by 16.0% to $49.3 million
  • Non-Maturity deposits increased by 8.5% to $143.2 million
  • Net Loans increased to $139.8 million or 11.2%
  • Total Assets increased by 7.2% to $232.2 million
  • Net-Loan Charge-offs decreased by $193,000, or 111.6%
  • Foreclosed Assets totaled $0.00 in both 2015 and 2014
  • Non-performing Assets decreased by $525,000 to $1.3 million, or 28.5%

Asset Quality

Total non-performing assets at June 30, 2015, decreased by $525,000, or 28.5% to $1.3 million as compared to June 30, 2014. Non-performing assets at March 31, 2015 were $1.8 million. The Company's allowance for loan losses increased by 9.0% to $3.1 million at June 30, 2015 while increasing to 234.0% of total non-performing assets. Total allowance for loan losses were $3.0 million at March 31, 2015.

Net loan recoveries for the second quarter totaled $5,000, an improvement of 124.2% from $21,000 of net loan charge-offs in the 2014 second quarter. Net loan recoveries were $15,000 in the 2015 first quarter. Performing Troubled Debt Restructured (TDR's) as of June 30, 2015 totaled $3.1 million, or an increase of $171,000 from June 30, 2014. Performing TDR's on March 31, 2015 totaled $3.0 million.

Balance Sheet and Capital

Total assets at June 30, 2015 increased by 7.2% to $232.2 million as compared to $216.6 at June 30, 2014. The increase in total assets was primarily attributed to an increase of $14.1 million in net loans, an increase of $4.3 million in cash and cash equivalents. These increases were primarily offset by a $2.6 million decrease in total investment securities. Total liabilities increased by 6.6% to $207.7 million primarily due to an increase of $16.2 million, or 9.5% in total deposits to $187.0 million offset by a decrease of $3.8 million or 18.7% in Federal Home Loan Bank advances.

Common Stockholders' Equity increased by a net of $2.7 million, or 12.5%, to $24.5 million for the twelve months ended June 30, 2015. Retained earnings increased by $2.2 million to $17.6 million for the twelve month period. Other comprehensive income increased by $367,000 at June 30, 2015 when compared to June 30, 2014. Tangible common stockholders' equity increased to $24.5 million for the period. Book value per common share increased to $20.16 as total common shares of 1,214,447 were outstanding at June 30, 2015. At the Subsidiary Bank level, Tier 1 Capital increased to $23.6 million at June 30, 2015.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of June 30, 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
 
June 30, 2015
(Unaudited)
 
June 30, 2014
(Unaudited)
 
%
Change
  
March 31, 2015
(Unaudited)
 
%
Change
 
                   
                   
Tangible Common Stockholders' Equity  24,479,484  21,764,077  12 % 24,127,005  1 %
                   
Net Loans  139,844,421  125,728,515  11   139,232,457  -  
                   
Foreclosed Assets  0  0  -   0  -  
                   
Non-Performing Assets (Includes Foreclosed Assets)  1,318,224  1,842,896  (28 ) 1,836,336  (28 )
                   
Allowance for Loan Losses  3,084,940  2,830,652  9   2,991,929  3  
                   
Total Assets  232,160,472  216,622,073  7   229,531,566  1  
                   
Non-Interest Bearing Deposits  49,325,889  42,539,401  16   47,733,994  3  
                   
Non-Maturity Deposits (Included in interest and non-interest bearing deposits)  143,171,989  131,935,775  9   149,609,597  (4 )
                   
Brokered Deposits (Included in interest- bearing deposits)  1,549,029  1,798,280  (14 ) 1,549,037  -  
                   
FHLB Advances  16,591,000  20,418,000  (19 ) 12,893,000  29  
             
             
                   
CONSOLIDATED STATEMENTS OF EARNINGS 
  
  For the Three Months  For the six Months  
  Ended  Ended  
  June 30, 2015  March 31, 2015  June 30, 2014  June 30, 2015  June 30, 2014  
  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  
                      
INTEREST AND DIVIDEND INCOME:                     
                      
 Mortgage Loans $2,100,708  $2,074,196  $1,844,756  $4,174,904  $3,660,755  
                       
 Consumer Loans  230,796   222,673   258,377   453,469   511,354  
                       
 Commercial Loans  172,149   163,946   148,328   336,095   260,632  
                       
 Investment Securities and Deposits  309,361   301,340   293,409   610,701   580,218  
                      
TOTAL INTEREST AND DIVIDEND INCOME  2,813,014   2,762,155   2,544,870   5,575,169   5,012,959  
                      
INTEREST EXPENSE:                     
                      
 Deposits  166,109   163,918   149,318   330,027   300,412  
                      
Federal Home Loan Bank Advances  
44,526
  
54,244
  
68,122
  
98,770
  
138,841
 
                      
Other  26,633   25,939   26,361   52,572   52,234  
                      
TOTAL INTEREST EXPENSE  237,268   244,101   243,801   481,369   491,487  
                      
NET INTEREST INCOME  2,575,746   2,518,054   2,301,069   5,093,800   4,521,472  
                      
Provisions for loan losses  88,000   75,000   0   163,000   0  
                      
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES  2,487,746   2,443,054   2,301,069   4,930,800   4,521,472  
                      
NON-INTEREST INCOME:                     
                      
Mortgage Banking Fees  296,064   329,520   104,326   625,584   192,416  
Service Charge on deposits  
189,599
  
200,615
  
199,674
  
390,214
  
431,818
 
Interchange Fees  
149,580
  
141,364
  
107,562
  
290,944
  
215,944
 
                      
Loan Fees and Charges  75,895   60,438   65,319   136,333   126,596  
                      
Gain on bank owned life insurance  31,345   30,692   36,815   62,038   72,563  
                      
Gain/(Loss) on Sale of Investments and Foreclosed Assets  (38,059 ) 15,849   8,147   (22,211 ) 36,580  
                      
Gain/(Loss) on Trading Accounts  9,663   (9,280 ) (10,798 ) 383   (25,711 )
                      
Other  66,859   62,219   51,020   129,078   139,432  
                      
TOTAL NON-INTEREST INCOME  780,946   831,417   562,065   1,612,363   1,189,638  
                      
NON-INTEREST EXPENSE:                     
                      
Compensation and Employee Benefits  1,299,591   1,338,801   1,243,814   2,638,392   2,492,590  
                      
Occupancy, local and state taxes, and equipment  326,989   356,600   287,222   683,589   550,460  
                      
Technology and Information Processing  194,811   168,996   214,874   363,807   409,275  
                      
Professional Fees  88,863   55,909   76,732   144,772   151,705  
                      
Regulatory Fees  52,087   50,277   50,870   102,364   99,370  
                      
Foreclosed Assets  (56 ) 588   4,795   532   38,363  
                      
Other  286,436   276,862   351,472   563,298   678,638  
                      
TOTAL NON-INTEREST EXPENSE  2,248,721   2,248,033   2,229,779   4,496,754   4,420,401  
                      
INCOME BEFORE INCOME TAXES  1,019,971   1,026,438   633,355   2,046,409   1,290,709  
                      
Income Tax Expense  317,527   322,348   187,778   639,875   379,612  
                      
NET INCOME  702,444   704,090   445,577   1,406,534   911,097  
                      
PER COMMON SHARE DATA:                     
                      
Net Earnings $0.58  $0.58  $0.37  $1.16  $0.76  
                      
Diluted Net Earnings $0.58  $0.58  $0.37  $1.16  $0.76  
                      
Revenue (Net Interest Income and Non-Interest Income) $
2.78
 $
2.78
 $
2.38
 $
5.55
 $
4.76
 
                      
Dividends Paid $0.07  $0.07  $0.07  $0.14  $0.14  
                      
Book Value (Period End) $20.16  $19.99  $18.12  $20.16  $18.12  
                      
Book Value adjusted Net of Other comprehensive income (Period Ended) $
20.07
 $
19.63
 $
18.34
 $
20.07
 $
18.34
 
                      
RATIOS:                     
                      
ROA (Annualized Net Income to Average Period Assets)  
1.22
% 
1.25
% 
0.84
% 
1.24
% 
0.88
%
                      
ROE (Annualized Net Income to Average Period Total Stockholders' Equity)  
11.57
% 
12.03
% 
8.30
% 
11.80
% 
8.66
%
                      
Net Interest Margin (Average) for the period  5.00 % 4.96 % 4.86 % 4.98 % 4.85 %
                      
Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized)  2.56 % 2.51 % 3.16 % 2.53 % 3.10 %
                      
Efficiency Ratio for the Period  66.99 % 67.12 % 77.88 % 67.05 % 77.40 %
           
Net Loan Charge-Offs (Recoveries) for the Period$(5,012)$(15,041)$21,487 $(20,053)$173,296 
to Average Period Net Loans (Annualized) (0.02)% (0.04)% 0.07% (0.03)% 0.29%
                
TDRs (Performing) at Period End$3,075,826 $2,956,807 $2,905,005 $3,075,826 $2,905,005 
 to Average Period Net Loans 2.21% 2.14% 2.39% 2.22% 2.42%
                
Non-Performing Assets at Period End$1,318,224 $1,836,336 $1,842,896 $1,318,224 $1,842,896 
 to Average Period Total Assets 0.57% 0.80% 0.87% 0.58% 0.88%
                
Allowance for Loan Losses at Period End$3,084,940 $2,991,929 $2,830,652 $3,084,940 $2,830,652 
 to Average Period Net Loans 2.22% 2.16% 2.33% 2.22% 2.36%
 to Non-Performing Assets at Period End 234.02% 162.93% 153.60% 234.02% 153.60%
  
  
  
CONSOLIDATED STATEMENTS OF CONDITION 
  
   June 30, 2015   June 30, 2014  % Change   March 31, 2015   % Change  
   (Unaudited)   (Unaudited)      (Unaudited)      
                        
ASSETS:                       
                        
Cash and Cash Equivalents (including Interest and Non-Interest Earning Deposits)  $13,741,724   $9,444,417  46   $12,513,633   10  
                        
Securities - Held to Maturity   3,984,099    5,698,479  (30 )  4,193,670   (5 )
                        
Securities - Available for Sale   59,089,007    59,981,455  (1 )  58,207,593   2  
                        
Trading Securities   150,292    167,969  (11 )  140,629   7  
                        
Bank Owned Life Insurance   4,217,986    4,084,581  3    4,186,670   1  
                        
Net Loans   139,844,421    125,728,515  11    139,232,457   -  
                        
Accrued Interest Receivable   927,834    880,523  5    831,843   12  
                        
Premises and Equipment, Net   9,035,878    9,325,698  (3 )  9,151,825   (1 )
                        
Foreclosed Assets   0    0  -    0   -  
                        
Other Assets   1,169,231    1,310,436  (11 )  1,073,246   9  
                        
 TOTAL ASSETS  $232,160,472   $216,622,073  7   $229,531,566   1  
                        
LIABILITIES:                       
                        
Deposits   186,973,118    170,751,521  10    188,341,795   (1 )
                        
Federal Home Loan Bank Advances   16,591,000    20,418,000  (19 )  12,893,000   29  
                        
Subordinated debentures/trust preferred securities   3,093,000    3,093,000  -    3,093,000   -  
                        
Other Liabilities   1,023,870    595,475  72    1,076,766   (5 )
                        
 TOTAL LIABILITIES  $207,680,988   $194,857,996  7   $205,404,561   1  
                        
STOCKHOLDERS' EQUITY:                       
                        
Common Stock  $13,202   $13,127  1   $13,127   1  
                        
Capital Surplus   8,529,946    8,404,758  1    8,470,021   1  
                        
Retained Earnings   17,615,780    15,395,118  14    16,998,349   4  
                        
Unearned Compensation   (4,341 )  (6,902 )37    (4,341 ) -  
                        
Treasury Stock   (1,783,468 )  (1,783,468 )-    (1,783,468 ) -  
                        
Other Comprehensive Income (Loss)   108,365    (258,556 )-    433,317   (75 )
                        
Total Stockholders' Equity   24,479,484    21,764,077  12    24,127,005   1  
                        
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $232,160,472   $216,622,073  7 % $229,531,566   1 %
                        

Fritz W. Anderson II, Chairman of the Board, announced today that, "On July 9, 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 September 25, 2015 to stockholders of record at the close of business on September 10, 2015."

Contact Information

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