HAMMOND, LA--(Marketwire - October 20, 2010) - FPB Financial Corp. (
Net income available to common shareholders for the three month period ending September 30, 2010 decreased to $439,000; ($1.19 diluted available earnings per common share) compared to $843,000 ($2.34 diluted available earnings per common share) in the 2009 period.
Earnings for the quarter were affected by increases in net interest income of $95,000, provisions for loan losses of $270,000, non-interest expense of $296,000, and a decrease in total non-interest income of $236,000, as compared to the third quarter of 2009.
Net interest income in the quarter increased 5.0% primarily due to our net interest margin increasing to 4.98% from 4.76%.
Provisions for loan losses increased 300.0% to $360,000 due to an increase in non-performing assets and other regional economic factors. Non-performing assets increased to $3.4 million, or 1.95% of average total assets compared to $1.1 million, or 0.61% of average total assets at September 30, 2009. Net loan charge-offs totaled $61,000 for the three month period compared to $230,000 in the second quarter of 2010 and $103,000 in the three months ending September 30, 2009. Allowance for loan losses increased in the twelve month period ending September 30, 2010 to $2.6 million, or 75.6% of non-performing assets.
Non-interest expenses increased 18.9% due to increases in compensation, professional fees, and other expenses.
Non-interest income decreased $236,000 or 21.4% primarily due to a $497,000 decline in gain on sale of real estate/investments. Mortgage banking income increased $288,000, or 171.3% due to an increase in mortgage refinancing volume.
Total assets increased 2.0% to $173.8 million as compared to September 30, 2009, primarily due to an $8.8 million increase in cash and cash equivalents offset by a $7.3 million decrease in net loans. Total deposits increased $1.2 million. Non-maturity demand/transaction/saving deposits increased $8.5 million, or 11.2%.
Net premises & equipment decreased $1.1 million or 12.5% as compared to September 30, 2009, primarily due to the 2009 sale of the bank's former main office facility and the 2010 transfer of $780,000 from net premises and equipment to other real estate owned (OREO). This transfer at the lower of cost or appraised value of two real estate parcels previously held in net premises and equipment for future branch development are, at September 30, 2010, now held as OREO and listed for sale at market value.
Total stockholders equity decreased $1.7 million, or 10.4% to $14.7 million for the twelve month period ending September 30, 2010, due to a $3.4 million, redemption of Series A and Series B Preferred Stock which was partially offset by a $1.9 million increase in retained earnings. Total tangible common equity increased $1.6 million, or 12.0% to $14.7 million, primarily due to the increase in retained earnings.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of September 30, 2010.
FPB Financial Corp. reported the following for September 30, 2010, and as compared to September 30, 2009:
-- Net Interest Margin increased to 5.01% from 4.43% -- Net Interest income increased $95,000, or 5.0% -- Non-maturity deposits increased $8.5 million, or 11.2% -- Total Assets increased $3.5 million, or 2.0% -- Tangible Common Stockholders' Equity increased $1.6 million, or 12.0% -- Tangible Common Book Value per share increased to $40.11, or 9.7% -- Allowance for Loan Losses increased to $2.6 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.
Sept 30, June 30, Sept 30,
Selected Balances 2010 2010 2009
------------ ------------ ------------
(Unaudited) (Unaudited) (Unaudited)
Cash and Cash Equivalents $ 14,905,312 $ 14,650,738 $ 6,103,749
Investment and Mortgaged-backed
Securities 19,576,218 14,783,997 17,866,826
Net Loans 129,279,354 130,665,499 136,555,992
Other Real Estate Owned (OREO) 780,000 780,000 118,800
Non-Performing Assets (Includes
OREO) 3,382,282 3,270,674 1,006,400
Allowance for Loan Losses 2,557,660 2,258,188 2,050,127
Total Assets 173,846,280 170,099,652 170,376,487
Non-Interest Bearing Deposits 20,685,754 20,123,747 20,645,329
Interest-Bearing Deposits 109,092,755 106,357,036 107,932,788
Non-Maturity Deposits (Included in
interest and non-interest bearing
deposits) 84,246,936 80,377,355 75,738,011
Brokered Deposits (Included in
interest-bearing deposits) 6,155,733 6,152,947 5,438,889
FHLB Advances 25,372,851 25,379,298 20,905,639
Subordinated Debentures/Trust
Preferred Securities 3,093,000 3,093,000 3,093,000
Tangible Common Stockholders' Equity
(Includes other comprehensive
income (OCI)) 14,730,768 14,410,112 13,151,351
Tangible Common Book Value per Share
(Includes OCI) $ 40.11 $ 39.23 $ 36.55
CONSOLIDATED STATEMENTS OF EARNINGS
For the Three Months For the Nine Months
Ended Ended
Sept 30, June 30, Sept 30, Sept 30, Sept 30,
2010 2010 2009 2010 2009
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME:
Mortgage Loans $2,119,298 $2,122,376 $2,008,764 $6,333,143 $5,858,942
Consumer Loans 210,359 210,800 318,297 627,297 939,306
Commercial Loans 70,784 66,054 62,046 195,278 189,065
Consumer &
Commercial Lines
of Credit 39,812 38,877 106,011 113,806 292,094
FHLB stock and
other Investment
Securities/
Deposits 60,333 63,770 53,836 180,178 164,001
Mortgage-backed
securities 50,053 57,970 92,319 175,145 375,286
---------- ---------- ---------- ---------- ----------
TOTAL INTEREST
INCOME 2,550,639 2,559,847 2,641,273 7,624,847 7,818,694
---------- ---------- ---------- ---------- ----------
INTEREST EXPENSE:
Deposits 365,102 396,882 502,498 1,126,270 1,622,904
Federal Home
Loan Bank
Advances 174,642 195,627 222,354 573,777 758,617
Subordinated
Debentures/
Trust Preferred
Securities 28,749 26,756 29,280 81,414 98,786
---------- ---------- ---------- ---------- ----------
TOTAL INTEREST
EXPENSE 568,493 619,265 754,132 1,781,461 2,480,307
---------- ---------- ---------- ---------- ----------
NET INTEREST
INCOME 1,982,146 1,940,582 1,887,141 5,843,386 5,338,387
Provisions for
loan losses 360,000 175,000 90,000 700,000 465,000
---------- ---------- ---------- ---------- ----------
NET INTEREST
INCOME AFTER
PROVISION FOR
LOAN LOSSES 1,622,146 1,765,582 1,797,141 5,143,386 4,873,387
---------- ---------- ---------- ---------- ----------
NON-INTEREST
INCOME
Mortgage Banking 456,356 235,255 168,213 833,606 549,647
Service charge
on deposits 248,839 236,080 252,682 715,261 671,343
Interchange
Fees 83,121 76,195 71,904 231,731 207,802
Loan Fees and
Charges 35,189 25,246 37,193 92,975 99,460
Gain/(Loss) on
Sale of Real
Estate/
Investments 17,374 16,712 514,566 101,318 718,015
Gain/(Loss) on
Investment
Trading
Accounts (3,123) (104) 16,716 36,604 86,749
Investment
Impairment
Charge 0 0 0 0 (169,923)
Other 29,262 32,246 41,348 91,694 182,520
---------- ---------- ---------- ---------- ----------
TOTAL
NON-INTEREST
INCOME 867,018 621,630 1,102,622 2,103,189 2,345,613
---------- ---------- ---------- ---------- ----------
NON-INTEREST
EXPENSE
Compensation
and Employee
Benefits 1,016,409 900,242 828,407 2,761,518 2,578,443
Occupancy,
Property
Taxes, and
Equipment 199,114 183,246 166,434 565,474 537,435
Technology and
Information
Processing 143,940 143,438 147,258 414,775 319,149
Federal Deposit
Insurance,
Supervisory
Fees/Taxes 90,015 85,285 128,559 263,728 381,596
Professional
Fees 102,141 71,433 49,770 240,852 159,884
Other 308,448 249,346 243,737 743,742 721,135
---------- ---------- ---------- ---------- ----------
TOTAL
NON-INTEREST
EXPENSE 1,860,067 1,632,990 1,564,165 4,990,089 4,697,642
---------- ---------- ---------- ---------- ----------
INCOME BEFORE
INCOME TAXES 629,097 754,222 1,335,598 2,256,486 2,521,358
Income Tax
Expense
(Benefit) 190,109 226,341 448,896 682,070 903,241
---------- ---------- ---------- ---------- ----------
NET INCOME 438,988 527,881 886,702 1,574,416 1,618,117
Dividends Paid
to Preferred
Shareholders 0 42,545 44,145 74,190 99,081
Accretion of
Discount on
Preferred
Stock 0 63,150 0 102,672 0
---------- ---------- ---------- ---------- ----------
Net Income
Available to
Common
Shareholders $ 438,988 $ 422,186 $ 842,557 $1,397,554 $1,519,036
========== ========== ========== ========== ==========
Available
Earnings Per
Common Share $ 1.21 $ 1.16 $ 2.39 $ 3.85 $ 4.35
Diluted
Available
Earnings Per
Common Share $ 1.19 $ 1.15 $ 2.34 $ 3.80 $ 4.22
Dividends Paid
per Common
Share $ 0.14 $ 0.14 $ 0.14 $ 0.42 $ 0.42
Net Income to
Average Assets
(Annualized) 1.01% 1.23% 2.02% 1.24% 1.23%
Net Income to
Average Total
Stockholders'
Equity
(Annualized) 11.90% 13.25% 22.02% 13.49% 14.41%
Net Interest
Margin 4.98% 4.95% 4.76% 5.01% 4.43%
Efficiency
Ratio 65.28% 63.73% 52.32% 62.80% 61.14%
Net Loan
Charge-Off/
(Recoveries) $ 60,529 $ 230,187 $ 102,870 $ 330,949 $ 144,541
to Average Net
Loans 0.05% 0.17% 0.08% 0.25% 0.11%
Non-Performing
Assets 3,382,282 3,270,674 1,066,400 3,382,282 1,066,400
to Average Total
Assets 1.95% 1.91% 0.61% 1.99% 0.60%
Allowance for
Loan Losses 2,557,660 2,258,188 2,050,127 2,557,660 2,050,127
to Average Net
Loans 1.96% 1.71% 1.52% 1.95% 1.54%
to Non-Performing
Assets 75.62% 69.04% 192.23% 75.62% 192.23%
CONSOLIDATED STATEMENTS OF CONDITION
Sept 30, 2010 June 30, 2010 Sept 30, 2009
(Unaudited) (Unaudited) (Unaudited)
ASSETS:
Cash and Cash Equivalents $ 14,905,312 $ 14,650,738 $ 6,103,749
Investment and Mortgage-Backed
Securities 19,576,218 14,783,997 17,866,826
Net Loans 129,279,354 130,665,499 136,555,992
Premises and Equipment, Net 7,696,355 7,731,234 8,779,567
Other Real Estate Owned 780,000 780,000 118,800
Other Assets 1,609,041 1,488,184 951,553
------------- ------------- -------------
TOTAL ASSETS $ 173,846,280 $ 170,099,652 $ 170,376,487
============= ============= =============
LIABILITIES:
Deposits 129,778,509 126,480,783 128,578,117
Federal Home Loan Bank
Advances 25,372,851 25,379,298 20,905,639
Subordinated debentures/trust
preferred securities 3,093,000 3,093,000 3,093,000
Other Liabilities 871,152 736,459 1,408,380
------------- ------------- -------------
TOTAL LIABILITIES $ 159,115,512 $ 155,689,540 $ 153,985,136
============= ============= =============
STOCKHOLDERS' EQUITY:
Common Stock $ 4,283 $ 4,283 $ 4,207
Capital Surplus 6,244,738 6,244,738 6,128,276
Retained Earnings 9,500,098 9,111,912 7,972,182
Unearned Compensation (57,978) (57,978) (85,980)
Treasury Stock (1,227,321) (1,227,321) (1,227,321)
Other Comprehensive Income
(Loss) 266,948 334,478 359,987
------------- ------------- -------------
Total Tangible Common
Stockholders' Equity 14,730,768 14,410,112 13,151,351
Total Preferred Stockholders'
Equity 0 0 3,240,000
------------- ------------- -------------
Total Stockholders' Equity 14,730,768 14,410,112 16,391,351
------------- ------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 173,846,280 $ 170,099,652 $ 170,376,487
============= ============= =============
Fritz W. Anderson II, Chairman of the Board announced today that "On October 14, 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 increased to $0.36 per share. This dividend rate is composed of a regular quarterly dividend rate of $0.14 per share and a special year-end dividend of $0.22 per share and will be paid on December 24, 2010 to stockholders of record at the close of business on December 10, 2010."
Contact Information: For More Information Contact: Fritz W. Anderson, II President, Chief Executive Officer, And Chairman FPB Financial Corp. (985) 345-1880