HAMMOND, LA--(Marketwired - October 27, 2015) - FPB Financial Corp. (
Earnings
Net income in the 2015 third quarter increased 26.3% to $747,000 ($0.61 per fully diluted common share) as compared to the 2014 third quarter net income of $592,000 ($0.49 per fully diluted common share). Earnings per share increased by 24.5%. Return on Equity for the third quarter of 2015 was 11.9% on an annualized basis.
Items affecting and contributing to the Company's 2015 third quarter gain in net income when compared to the 2014 quarterly period:
- Total Non-Interest Income increased to $867,000 from $644,000, or 34.6%
- Mortgage Banking Fees totaled $313,000 up from $105,000 in 2014, or 197.3%
- Net Interest Income increased to $2.6 million from $2.5 million, or 6.4%
Other items and per share data of note this Year-To-Date (YTD) as of September 30, 2015, compared to September 30, 2014
- Return on Equity (ROE) increased to 11.8% from 9.3%
- Net-Interest Margin increased to 4.91% from 4.88%
- The Company's Efficiency Ratio improved to 66.7% from 74.8%
- Book Value per common share increased by 12.0% to $20.88 per share
- Total Common Stockholders' Equity increased to $25.4 million, or 13.4%
- Dividends paid to common shareholders total $255,000 in 2015 and $252,000 in 2014
- Non-Interest Bearing Deposits increased by 23.5% to $53.4 million
- Non-Maturity deposits increased by 12.5% to $149.5 million
- Net Loans increased to $138.0 million or 4.5%
- Total Assets increased by 4.5% to $234.5 million
- Net-Loan Charge-offs decreased by $274,000, or 100.3%
- Foreclosed Assets totaled $0.00 in 2015 and $68,000 in 2014
Asset Quality
Total non-performing assets at September 30, 2015, increased by $348,000, or 23.3% to $1.8 million as compared to September 30, 2014. Non-performing assets at June 30, 2015 were $1.3 million. The Company's allowance for loan losses increased by 13.4% to $3.2 million for the 12 month period ending September 30, 2015 while decreasing to 173.0% of total non-performing assets. Total allowance for loan losses were $3.1 million at June 30, 2015.
Net loan charge-offs for the third quarter totaled $19,000, an improvement of 80.9% from $100,000 of net loan charge-offs in the 2014 third quarter. Net loan recoveries were $5,000 in the 2015 second quarter. Performing Troubled Debt Restructured (TDR's) as of September 30, 2015 totaled $2.8 million, or a decrease of $60,000 from September 30, 2014. Performing TDR's on June 30, 2015 totaled $3.1 million.
Balance Sheet and Capital
Total assets at September 30, 2015 increased by 4.5% to $234.5 million as compared to $224.3 million at September 30, 2014. The increase in total assets was primarily attributed to an increase of $5.9 million in net loans, an increase of $2.9 million in cash and cash equivalents and an increase of $2.6 million in investment securities available-for-sale. These increases were primarily offset by a $1.2 million decrease in held-to-maturity investment securities. Total liabilities increased by 3.5% to $209.1 million primarily due to an increase of $19.5 million, or 11.1% in total deposits to $194.8 million offset by a decrease of $12.7 million or 55.8% in Federal Home Loan Bank advances.
Common Stockholders' Equity increased by a net of $3.0 million, or 13.4%, to $25.4 million for the twelve months ended September 30, 2015. Retained earnings increased by $2.4 million to $18.3 million for the twelve month period. Other comprehensive income increased by $468,000 at September 30, 2015 when compared to September 30, 2014. Tangible common stockholders' equity increased to $25.4 million for the period. Book value per common share increased to $20.88 as total common shares of 1,216,685 were outstanding at September 30, 2015. At the Subsidiary Bank level, Tier 1 Capital increased to $24.4 million at September 30, 2015.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of September 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.
| Sept. 30, 2015 | Sept. 30, 2014 | % | June 30, 2015 | % | |||||||
| Selected Balances | (Unaudited) | (Unaudited) | Change | (Unaudited) | Change | ||||||
| Tangible Common Stockholders' Equity | 25,408,493 | 22,411,468 | 13 | % | 24,479,484 | 4 | % | ||||
| Total Assets | 234,462,670 | 224,326,211 | 5 | 232,160,472 | 1 | ||||||
| Net Loans | 138,001,407 | 132,080,832 | 4 | 139,844,421 | (1 | ) | |||||
| Non-Interest Bearing Deposits | 53,371,851 | 43,224,862 | 23 | 49,325,889 | 8 | ||||||
| Non-Maturity Deposits (Included in interest and non-interest bearing deposits) | 149,507,469 | 132,844,713 | 13 | 143,171,989 | 4 | ||||||
| Brokered Deposits (Included in interest- bearing deposits) | 1,549,022 | 1,549,540 | - | 1,549,029 | - | ||||||
| FHLB Advances | 10,013,000 | 22,673,000 | (56 | ) | 16,591,000 | (40 | ) | ||||
| Foreclosed Assets | 0 | 68,000 | - | 0 | - | ||||||
| Non-Performing Assets (includes Foreclosed Assets) | 1,841,454 | 1,493,422 | 23 | 1,318,224 | 40 | ||||||
| Allowance for Loan Losses | 3,181,841 | 2,805,475 | 13 | 3,084,940 | 3 | ||||||
CONSOLIDATED STATEMENTS OF EARNINGS
| For the Three Months | For the six Months | |||||||||||||||
| Ended | Ended | |||||||||||||||
| Sept. 30, 2015 | June 30, 2015 | Sept. 30, 2014 | Sept. 30, 2015 | Sept. 30, 2014 | ||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
| INTEREST AND DIVIDEND INCOME: | ||||||||||||||||
| Mortgage Loans | $ | 2,117,137 | $ | 2,100,708 | $ | 2,017,494 | $ | 6,292,041 | $ | 5,678,249 | ||||||
| Consumer Loans | 225,265 | 230,796 | 245,461 | 678,734 | 756,815 | |||||||||||
| Commercial Loans | 186,602 | 172,149 | 168,892 | 522,697 | 429,524 | |||||||||||
| Investment Securities and Deposits | 328,895 |
309,361 |
292,941 | 939,596 |
873,159 | |||||||||||
| TOTAL INTEREST AND DIVIDEND INCOME | 2,857,899 | 2,813,014 |
2,724,788 | 8,433,068 | 7,737,747 | |||||||||||
| INTEREST EXPENSE: | ||||||||||||||||
| Deposits | 169,202 | 166,109 | 160,622 | 499,229 | 461,034 | |||||||||||
| Federal Home Loan Bank Advances | 34,663 | 44,526 |
68,715 | 133,433 | 207,556 | |||||||||||
| Other | 26,804 | 26,633 | 26,432 | 79,376 | 78,665 | |||||||||||
| TOTAL INTEREST EXPENSE | 230,669 | 237,268 | 255,769 | 712,038 | 747,255 | |||||||||||
| NET INTEREST INCOME | 2,627,230 | 2,575,746 | 2,469,019 | 7,721,030 | 6,990,492 | |||||||||||
| Provisions for loan losses | 116,000 | 88,000 | 75,000 | 279,000 | 75,000 | |||||||||||
| NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 2,511,230 | 2,487,746 | 2,394,019 | 7,442,030 | 6,915,492 | |||||||||||
| NON-INTEREST INCOME: | ||||||||||||||||
| Mortgage Banking Fees | 312,757 | 296,064 | 105,206 | 938,341 | 297,622 | |||||||||||
| Service Charge on deposits | 191,075 | 189,599 | 187,106 | 581,289 | 618,924 | |||||||||||
| Interchange Fees | 150,916 | 149,580 | 119,300 | 441,860 | 335,244 | |||||||||||
| Loan Fees and Charges | 56,713 | 75,895 | 108,884 | 193,046 | 235,480 | |||||||||||
| Gain on bank owned life insurance | 32,005 | 31,345 | 37,278 | 94,043 | 109,841 | |||||||||||
| Gain/(Loss) on Sale of Investments and Foreclosed Assets | 81,087 | (38,059 | ) | 33,100 | 58,876 | 69,680 | ||||||||||
| Gain/(Loss) on Trading Accounts | (11,652 | ) | 9,663 | (4,463 | ) | (11,269 | ) | (30,173 | ) | |||||||
| Other | 53,723 | 66,859 | 57,502 | 182,801 | 196,933 | |||||||||||
| TOTAL NON-INTEREST INCOME | 866,624 | 780,946 | 643,913 | 2,478,987 | 1,833,551 | |||||||||||
| NON-INTEREST EXPENSE: | ||||||||||||||||
| Compensation and Employee Benefits | 1,331,567 | 1,299,591 | 1,244,628 | 3,969,959 | 3,737,218 | |||||||||||
| Occupancy, local and state taxes, and equipment | 330,382 | 326,989 | 315,539 | 1,013,971 | 865,999 | |||||||||||
| Technology and Information Processing | 175,707 | 194,811 | 192,460 | 539,514 | 601,734 | |||||||||||
| Professional Fees | 96,184 | 88,863 | 65,867 | 240,956 | 217,571 | |||||||||||
| Regulatory Fees | 50,360 | 52,087 | 50,966 | 152,724 | 150,337 | |||||||||||
| Foreclosed Assets | 1,051 | (56 | ) | 5,946 | 1,583 | 44,309 | ||||||||||
| Other | 319,451 | 286,436 | 304,107 | 882,749 | 982,747 | |||||||||||
| TOTAL NON-INTEREST EXPENSE | 2,304,702 | 2,248,721 | 2,179,513 | 6,801,456 | 6,599,915 | |||||||||||
| INCOME BEFORE INCOME TAXES | 1,073,152 | 1,019,971 | 858,419 | 3,119,561 | 2,149,128 | |||||||||||
| Income Tax Expense | 326,238 | 317,527 | 266,895 | 966,113 | 646,507 | |||||||||||
| NET INCOME | 746,914 | 702,444 | 591,524 | 2,153,448 | 1,502,621 | |||||||||||
| PER COMMON SHARE DATA: | ||||||||||||||||
| Net Earnings | $ | 0.61 | $ | 0.58 | $ | 0.49 | $ | 1.78 | $ | 1.25 | ||||||
| Diluted Net Earnings | $ | 0.61 | $ | 0.58 | $ | 0.49 | $ | 1.78 | $ | 1.25 | ||||||
| Revenue (Net Interest Income and Non-Interest Income) | $ | 2.87 | $ | 2.78 | $ | 2.59 | $ | 8.42 | $ | 7.35 | ||||||
| Dividends Paid | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.21 | $ | 0.21 | ||||||
| Book Value (Period End) | $ | 20.88 | $ | 20.16 | $ | 18.65 | $ | 20.88 | $ | 18.65 | ||||||
| Book Value adjusted Net of Other comprehensive income (Period Ended) | $ | 20.60 | $ | 20.07 | $ | 18.76 | $ | 20.60 | $ | 18.76 | ||||||
| RATIOS: | ||||||||||||||||
| ROA (Annualized Net Income to Average Period Assets) | 1.27 | % | 1.22 | % | 1.07 | % | 1.25 | % | 0.94 | % | ||||||
| ROE (Annualized Net Income to Average Period Total Stockholders' Equity) | 11.85 | % | 11.57 | % | 10.60 | % | 11.82 | % | 9.33 | % | ||||||
| Net Interest Margin (Average) for the period | 4.99 | % | 5.00 | % | 4.95 | % | 4.91 | % | 4.88 | % | ||||||
| Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized) | 2.44 | % | 2.56 | % | 2.76 | % | 2.50 | % | 2.98 | % | ||||||
| Efficiency Ratio for the Period | 65.97 | % | 66.99 | % | 70.02 | % | 66.68 | % | 74.80 | % | ||||||
| Net Loan Charge-Offs (Recoveries) for the Period | $ | 19,099 | $ | (5,012 | ) | $ | 100,176 | $ | (954 | ) | $ | 273,472 | ||||
| to Average Period Net Loans (Annualized) | 0.06 | % | (0.02 | )% | 0.31 | % | - | 0.30 | % | |||||||
| TDRs (Performing) at Period End | $ | 2,818,040 | $ | 3,075,826 | $ | 2,878,020 | $ | 2,818,040 | $ | 2,878,020 | ||||||
| to Average Period Net Loans | 2.02 | % | 2.21 | % | 2.23 | % | 2.03 | % | 2.34 | % | ||||||
| Non-Performing Assets at Period End | $ | 1,841,454 | $ | 1,318,224 | $ | 1,493,422 | $ | 1,841,454 | $ | 1,493,422 | ||||||
| to Average Period Total Assets | 0.79 | % | 0.57 | % | 0.68 | % | 0.80 | % | 0.70 | % | ||||||
| Allowance for Loan Losses at Period End | $ | 3,181,841 | $ | 3,084,940 | $ | 2,805,475 | $ | 3,181,841 | $ | 2,805,475 | ||||||
| to Average Period Net Loans | 2.29 |
% | 2.22 |
% | 2.18 | % | 2.29 |
% | 2.28 |
% | ||||||
| to Non-Performing Assets at Period End | 172.79 |
% | 234.02 |
% | 187.86 |
% | 172.79 |
% | 187.66 |
% | ||||||
CONSOLIDATED STATEMENTS OF CONDITION
| Sept. 30, 2015 | Sept. 30, 2014 | % | June 30, 2015 | % | ||||||||||||
| (Unaudited) | (Unaudited) | Change | (Unaudited) | Change | ||||||||||||
| ASSETS: | ||||||||||||||||
| Cash and Cash Equivalents (including Interest and Non-Interest Earning Deposits) | $ | 13,678,437 | $ | 10,729,294 | 27 | $ | 13,741,724 | 0 | ||||||||
| Securities - Held to Maturity | 4,462,428 | 5,694,069 | (22 | ) | 3,984,099 | 12 | ||||||||||
| Securities - Available for Sale | 62,651,766 | 60,015,549 | 4 | 59,089,007 | 6 | |||||||||||
| Trading Securities | 138,641 | 163,506 | (15 | ) | 150,292 | (8 | ) | |||||||||
| Bank Owned Life Insurance | 4,249,991 | 4,120,959 | 3 | 4,217,986 | 1 | |||||||||||
| Net Loans | 138,001,407 | 132,080,832 | 4 | 139,844,421 | (1 | ) | ||||||||||
| Accrued Interest Receivable | 903,230 | 825,267 | 9 | 927,834 | (3 | ) | ||||||||||
| Premises and Equipment, Net | 8,943,315 | 9,347,985 | (4 | ) | 9,035,878 | (1 | ) | |||||||||
| Foreclosed Assets | 0 | 68,000 | - | 0 | - | |||||||||||
| Other Assets | 1,433,455 | 1,280,750 | 12 | 1,169,231 | 23 | |||||||||||
| TOTAL ASSETS | $ | 234,462,670 | $ | 224,326,211 | 5 | $ | 232,160,472 | 1 | ||||||||
| LIABILITIES: | ||||||||||||||||
| Deposits | 194,799,380 | 175,306,273 | 11 | 186,973,118 | 4 | |||||||||||
| Federal Home Loan Bank Advances | 10,013,000 | 22,673,000 | (56 | ) | 16,591,000 |
(40 |
) | |||||||||
| Subordinated debentures/trust preferred securities | 3,093,000 | 3,093,000 | - | 3,093,000 | - | |||||||||||
| Other Liabilities | 1,148,797 | 842,470 | 36 | 1,023,870 | 12 | |||||||||||
| TOTAL LIABILITIES | $ | 209,054,177 | $ | 201,914,743 | 4 | $ | 207,680,988 | 1 | ||||||||
| STOCKHOLDERS' EQUITY: | ||||||||||||||||
| Common Stock | $ | 13,202 | $ | 13,127 | 1 | $ | 13,202 | - | ||||||||
| Capital Surplus | 8,564,201 | 8,413,084 | 2 | 8,529,946 | - | |||||||||||
| Retained Earnings | 18,277,525 | 15,902,533 | 15 | 17,615,780 | 4 | |||||||||||
| Unearned Compensation | (4,333 | ) | (6,900 | ) | 37 | (4,341 | ) | - | ||||||||
| Treasury Stock | (1,783,468 | ) | (1,783,468 | ) | - | (1,783,468 | ) | - | ||||||||
| Other Comprehensive Income (Loss) | 341,366 | (126,908 |
) | - |
108,365 | 215 |
||||||||||
| Total Stockholders' Equity | 25,408,493 | 22,411,468 | 13 | 24,479,484 | 4 | |||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 234,462,670 | $ | 224,326,211 | 5 | % | $ | 232,160,472 | 1 |
% | ||||||
Fritz W. Anderson II, Chairman of the Board, announced today that, "On October 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 December 24, 2015 to stockholders of record at the close of business on December 10, 2015."
Contact Information:
For More Information Contact:
Fritz W. Anderson, II
President, Chief Executive Officer,
and Chairman, FPB Financial Corp.
(985) 345-1880
Derek Shants
Chief Financial Officer
FPB Financial Corp. and Florida Parishes Bank
(985) 345-1880