HAMMOND, LA--(Marketwire - April 22, 2010) - FPB Financial Corp. (
Net income available to common shareholders for the three month period ending March 31, 2010 increased 234.2% to $536,000; ($1.46 diluted available earnings per common share) compared to $160,000 ($0.45 diluted available earnings per common share) in the 2009 period.
Earnings for the quarter were positively affected by an increase in net interest income of $256,000, provisions for loan losses declined by $110,000, a decrease in total non-interest expenses of $108,000, and an increase in non-interest income of $57,000 as compared to the first quarter of 2009.
Net interest income in the quarter increased 15.4% primarily due to our net interest margin increasing to 5.12% from 4.12%.
Provisions for loan losses decreased 40% to $165,000 due to a decline in non-performing assets and a decline in total loans.
Non-interest expenses declined 6.7% due to reductions in compensation and other expense.
Non-interest income increased 10.1% primarily due to no investment impairment charges recorded in the quarter; a $170,000 investment impairment charge was recognized in the 2009 period.
Non-performing assets declined to $1.4 million, or 0.87% of average total assets and as compared to $1.7 million, or 0.98% of avg. Total assets at December 31, 2009 and as to $1.5 million or 1.14% of average total assets at March 31, 2009. Net loan charge-offs totaled $41,000 for the period compared to $120,000 in the 2009 fourth quarter and $6,000 in the first quarter of 2009. Allowance for loan losses increased to $2.3 million, or 159.7% of non-performing assets at March 31, 2010.
Total assets decreased 5.6% to $169.6 million as compared to March 31, 2009, primarily due to a $7.1 million decrease in investment and mortgage-backed securities. Total deposits declined $10.2 million, due to a reduction in time deposit accounts. Non-maturity demand/transaction/saving deposit accounts increased $9.8 million, or 14.2%.
Total stockholders equity increased $1.4 million, or 9.6% to $16.3 million for the twelve month period ending March 31, 2010, primarily due to a 30.2% increase in retained earnings to $8.7 million. Total tangible common equity increased $2.3 million, or 20.0% to $14.0 million, also due to the noted increase in retained earnings
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of March 31, 2010.
FPB Financial Corp. reported the following for March 31, 2010, and as compared to March 31, 2009:
-- Net Income available to common shareholders increased $376,000, or 234.2% -- Net Diluted Earnings per common share increased to $1.46 -- Net Interest Margin increased to 5.12% from 4.12% -- Net Interest income increased $256,000, or 15.4% -- Non-Interest income increased to $616,000 -- Non-Interest expense decreased $108,000, or 6.7% -- Non-Interest bearing deposits increased $2.3 million, or 13.2% -- Non-maturity deposits increased $9.8 million, or 14.2% -- Total Stockholders' Equity increased $1.4 million, or 9.6% -- Tangible Common Stockholders' Equity increased $2.3 million, or 20.0% -- Tangible Common Book Value per share increased to $38.06, or 16.0% -- Allowance for Loan Losses increased to $2.3 million
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.
March 31, Dec. 31, March 31,
Selected Balances 2010 2009 2009
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(Unaudited) (Audited) (Unaudited)
Cash and Cash Equivalents $ 14,624,235 $ 8,090,847 $ 16,014,425
Investment and Mortgaged-backed
Securities 12,601,735 15,127,014 19,693,208
Net Loans 132,275,591 131,593,330 133,443,602
Other Real Estate Owned 156,828 156,828 0
Non-Performing Assets 1,448,247 1,668,415 1,519,945
Allowance for Loan Losses 2,313,376 2,190,038 1,998,736
Total Assets 169,623,231 164,992,978 179,592,302
Non-Interest Bearing Deposits 19,743,132 20,507,645 17,454,807
Interest-Bearing Deposits 103,537,881 99,630,720 116,050,512
Non-Maturity Deposits (Included in
interest and non-interest bearing
deposits) 79,240,662 77,963,065 69,400,978
Brokered Deposits (Included in
interest- bearing deposits) 5,403,266 5,329,588 10,253,257
FHLB Advances 25,935,660 25,131,440 26,894,790
Subordinated Debentures/Trust
Preferred Securities 3,093,000 3,093,000 3,093,000
Tangible Common Stockholders' Equity 13,978,579 13,510,822 11,645,910
Tangible Common Book Value per
Share $ 38.06 $ 36.89 $ 32.81
CONSOLIDATED STATEMENTS OF EARNINGS
March 31, Dec. 31, March 31,
For the Three Months Ended 2010 2009 2009
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(Unaudited) (Audited) (Unaudited)
----------- ----------- -----------
INTEREST INCOME:
Mortgage Loans $ 2,091,469 $ 2,148,081 $ 1,969,984
Consumer Loans 206,137 210,628 294,465
Commercial Loans 58,440 63,914 57,437
Consumer & Commercial
Lines of
Credit 35,120 34,271 34,311
Mortgage-backed securities 67,121 82,699 139,316
FHLB stock and other
Investment
Securities/Deposits 56,074 51,656 54,519
----------- ----------- -----------
TOTAL INTEREST INCOME 2,514,361 2,591,249 2,550,032
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INTEREST EXPENSE:
Deposits 364,286 447,024 576,893
Federal Home Loan Bank
Advances 203,508 199,347 272,805
Subordinated Debentures/
Trust Preferred Securities 25,909 26,451 35,310
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TOTAL INTEREST EXPENSE 593,703 672,822 885,008
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NET INTEREST INCOME 1,920,658 1,918,427 1,665,024
Provisions for loan losses 165,000 260,000 275,000
----------- ----------- -----------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES 1,755,658 1,658,427 1,390,024
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NON-INTEREST INCOME
Service charge on deposits 230,342 251,854 205,607
Mortgage Banking 141,995 181,809 195,660
Interchange Fees 72,415 71,791 64,657
Gain/(Loss) on Sale of Real
Estate/Investments 68,753 7,159 115,293
Gain/(Loss) on Investment Trading
Accounts 39,830 (7,959) 13,549
Loan Fees and Charges 32,540 38,798 42,003
Investment Impairment Charge 0 0 (169,923)
Other 30,085 35,192 92,614
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TOTAL NON-INTEREST INCOME 615,960 578,644 559,460
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NON-INTEREST EXPENSE
Compensation and Employee Benefits 844,867 878,997 926,000
Occupancy, Property Taxes, and
Equipment 183,114 235,673 180,218
Technology and Information
Processing 127,397 142,238 65,261
Federal Deposit Insurance,
Supervisory Fees/Taxes 88,428 65,144 120,454
Professional Fees 67,278 71,100 40,691
Other 187,853 130,412 273,814
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TOTAL NON-INTEREST EXPENSE 1,498,937 1,523,564 1,606,438
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INCOME BEFORE INCOME TAXES 872,681 713,507 343,046
Income Tax Expense (Benefit) 265,620 193,257 171,895
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NET INCOME 607,061 520,250 171,151
Dividends Paid to Preferred
Shareholders 31,645 48,451 10,791
Accretion of Discount on Preferred
Stock 39,522 82,955 0
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Net Income Available to Common
Shareholders $ 535,894 $ 388,844 $ 160,360
=========== =========== ===========
Available Earnings Per Common Share $ 1.48 $ 1.08 $ 0.46
Diluted Available Earnings Per
Common Share $ 1.46 $ 1.06 $ 0.45
Dividends Paid per Common Share $ 0.14 $ 0.36 $ 0.14
Net Income to Average Assets
(Annualized) 1.49% 1.21% 0.39%
Net Income to Average Total
Stockholders' Equity (Annualized) 15.32% 12.63% 4.96%
Net Interest Margin 5.12% 4.92% 4.12%
Efficiency Ratio 59.09% 61.01% 72.22%
Net Charge-Off/(Recoveries) $ 40,633 $ 120,090 $ 5,932
to Average Total Loans 0.03% 0.09% 0.01%
Non-Performing Assets 1,448,247 1,668,415 1,519,945
to Average Total Assets 0.87% 0.98% 1.14%
Allowance for Loan Losses 2,313,376 2,190,038 1,998,736
to Average Total Loans 1.75% 1.63% 1.50%
to Non-Performing Assets 159.74% 131.26% 131.50%
CONSOLIDATED STATEMENTS OF CONDITION
March 31, 2010 Dec. 31, 2010 March 31, 2009
(Unaudited) (Audited) (Unaudited)
ASSETS:
Cash and Cash Equivalents $ 14,624,235 $ 8,090,847 $ 16,014,425
Investment and
Mortgage-Backed Securities 12,601,735 15,127,014 19,693,208
Net Loans 132,275,591 131,593,330 133,443,602
Premises and Equipment, Net 8,601,175 8,695,535 9,063,763
Other Real Estate Owned 156,828 156,828 0
Other Assets 1,363,667 1,329,424 1,377,304
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TOTAL ASSETS $ 169,623,231 $ 164,992,978 $ 179,592,302
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LIABILITIES:
Deposits 123,281,013 120,138,365 133,505,319
Federal Home Loan Bank
Advances 25,935,660 25,131,440 26,894,790
Subordinated
debentures/trust preferred
securities 3,093,000 3,093,000 3,093,000
Other Liabilities 996,127 820,022 1,213,283
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TOTAL LIABILITIES $ 153,305,800 $ 149,182,827 $ 164,706,392
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STOCKHOLDERS' EQUITY:
Common Stock $ 4,283 $ 4,271 $ 4,159
Capital Surplus 6,241,972 6,228,300 6,056,979
Retained Earnings 8,740,227 8,255,116 6,712,822
Unearned Compensation (60,367) (60,936) (103,800)
Treasury Stock (1,227,321) (1,227,321) (1,227,321)
Accumulated Other
Comprehensive Income 279,785 311,392 203,071
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Total Tangible Common
Stockholders' Equity 13,978,579 13,510,822 11,645,910
Total Preferred
Stockholders' Equity 2,338,852 2,299,329 3,240,000
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Total Stockholders' Equity 16,317,431 15,810,151 14,885,910
-------------- -------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 169,623,231 $ 164,992,978 $ 179,592,302
============== ============== ==============
Fritz W. Anderson II, Chairman of the Board announced today that "On April 8, 2010, the Board of Directors of FPB Financial Corp. declared a cash dividend on the common stock of the Company bearing Cusip #302549 10 0. The dividend rate will be $0.14 per share and will be paid on June 25, 2010 to stockholders of record at the close of business on June 10, 2010."
Contact Information: For More Information Contact: Fritz W. Anderson, II President, Chief Executive Officer, And Chairman FPB Financial Corp. (985) 345-1880