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FPB Financial Corp. Announces 2012 Second Quarter Results and Declares Dividends


July 24, 2012 - Hammond, LA

FPB Financial Corp. (OTCQB: FPBF) (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced financial results for the second quarter ended June 30, 2012.

Earnings

Net income for the second quarter of 2012 totaled $526,000 an increase of 29.9% from $405,000 in the 2011 period. Net income per fully diluted common share for the quarter was $1.49 as compared to $1.13 in the 2011 second quarter. Return on common stockholders' equity (ROE) increased to 12.6% for the period.

Second quarter earnings, when compared to the 2011 period, were positively affected by an increase of $264,000 in net-Interest Income; a $234,000 increase in non-Interest Income, primarily due to a $221,000 gain on sale of investments and foreclosed assets; and from a decrease in Provision for Loan Losses of $210,000. Earnings were adversely affected by a $271,000, or 16.6% increase in non-interest expenses, primarily due to increased compensation and employee benefits to existing officers and staff and increased compensation expense associated with staffing our new branch in Amite, LA which opened November 1, 2011.

Asset Quality

Total non-performing assets at June 30, 2012 increased $925,000, or 29.0%, to $4.0 million when compared to June 30, 2011. Total non-performing assets on March 31, 2012 were $3.9 million. The Company's allowance for loan losses increased to $3.0 million, or 7.1% when compared to the Company's allowance of $2.8 million on June 30, 2011.

Net loan charge-offs for the second quarter totaled $160,000, down 28.9% from $225,000 in the 2011 second quarter and down 38.9% from $262,000 in the first quarter of 2012.

Performing troubled debt restructured (TDR's) as of June 30 totaled $3.1 million, or a decrease of $309,000 from June 30, 2011. Performing TDR's totaled $3.2 million on March 31, 2012.

Balance Sheet and Capital

Total Assets at June 30, 2012 increased to $188.2 million, or 7.5% when compared to June, 30, 2011. The increase in total assets was primarily attributed to an increase of $14.6 million in available-for-sale investment securities. Total Liabilities increased 7.1% to $171.3 million primarily due to an increase of $14.5 million in total deposits to $146.5 million on June 30, 2012. Federal Home Loan Bank advances decreased 13.3% in the twelve month period to $20.8 million. Both Non-interest bearing deposits and Non-maturity deposits increased in the twelve month period ending June 30, 2012.

Common Stockholders' Equity increased by a net of $1.7 million, or 11.2% to $16.9 million for the twelve month period ending June 30, 2012, primarily due to an increase of $1.6 million in retained earnings. Tangible Common Stockholders' equity increased to a total of $16.8 million at June 30, 2012.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of June 30, 2012.

FPB Financial Corp. reported the following for the period ending June 30, 2012, and as compared to June 30, 2011:

  • Total Assets increased to $188.2 million, or 7.5%

  • Net Income increased $102,000, or 11.6%

  • Net Interest Margin increased to 5.17%

  • Non-Interest Bearing deposits increased to $28.8 million, or 20.5%

  • Non-maturity Deposits increased $11.1 million, or 12.2%

  • Tangible Common Stockholders' Equity increased $1.7 million, or 11.1%

  • Tangible Common Book Value increased to $47.68, or 10.5%

  • Allowance for Loan Losses increased to $3.0 million, or 7.1%

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.


June 30, June 30, % March 31, %
Selected Balances 2012 2011 Change 2012 Change
------------ ------------ ------ ------------ ------
(Unaudited) (Unaudited) (Unaudited)

Cash and Cash
Equivalents
Including Interest
& Non-interest
earning deposits $ 8,637,795 $ 13,127,682 (34%) $ 18,557,941 (53%)

Net Loans 124,618,331 122,310,968 2 123,758,131 1

Foreclosed Assets 868,231 193,336 350 480,688 81

Non-Performing
Assets (Includes
Foreclosed Assets) 3,997,023 3,071,596 30 3,932,285 2

Allowance for Loan
Losses 3,018,703 2,829,188 7 3,036,477 (1)

Total Assets 188,202,135 175,118,317 7 188,079,694 0

Non-Interest
Bearing Deposits 28,822,902 23,864,037 21 28,765,949 0

Interest-Bearing
Deposits 117,659,092 108,124,732 9 120,742,097 (3)

Non-Maturity
Deposits (Included
in interest and
non-interest
bearing deposits) 102,034,162 90,861,158 12 102,830,753 (1)

Brokered Deposits
(Included in
interest- bearing
deposits) 6,809,798 7,128,026 (4) 6,834,596 0

FHLB Advances 20,847,650 23,973,008 (13) 18,004,684 16

Subordinated
Debentures/Trust
Preferred
Securities 3,093,000 3,093,000 0 3,093,000 0

Tangible Common
Stockholders'
Equity 16,773,884 15,102,672 11 16,308,164 3

Total Common
Stockholders'
Equity 16,942,288 15,208,798 11 16,549,948 2



 CONSOLIDATED STATEMENTS OF EARNINGS For the Three Months For the Six Months Ended Ended June 30, March 31, June 30, June 30, June 30, 2012 2012 2011 2012 2011 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) INTEREST AND DIVIDEND INCOME: Mortgage Loans $2,057,109 $2,125,574 $2,042,430 $4,182,683 $4,023,523 Consumer Loans 219,407 222,352 237,244 441,759 466,639 Commercial Loans 59,619 72,810 66,333 132,429 131,374 Consumer & Commercial Lines of Credit 47,112 45,736 42,570 92,847 82,619 Investment Securities and Deposits 115,036 163,101 101,134 278,138 228,149 ---------- ---------- ---------- ---------- ---------- TOTAL INTEREST AND DIVIDEND INCOME 2,498,283 2,629,573 2,489,711 5,127,856 4,932,304 ---------- ---------- ---------- ---------- ---------- INTEREST EXPENSE: Deposits 240,670 223,954 250,193 464,624 548,101 Federal Home Loan Bank Advances 114,873 145,559 152,507 260,432 309,939 Other 28,248 28,784 26,942 57,031 53,323 ---------- ---------- ---------- ---------- ---------- TOTAL INTEREST EXPENSE 383,791 398,297 429,642 782,087 911,363 ---------- ---------- ---------- ---------- ---------- NET INTEREST INCOME 2,114,492 2,231,276 2,060,069 4,345,769 4,020,941 Provisions for loan losses 142,000 265,000 351,828 407,000 461,828 ---------- ---------- ---------- ---------- ---------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 1,972,492 1,966,276 1,708,241 3,938,769 3,559,113 ---------- ---------- ---------- ---------- ---------- NON-INTEREST INCOME: Service charge on deposits 178,249 176,947 188,381 355,196 353,613 Mortgage Banking Fees 177,774 186,060 163,606 363,834 330,320 Interchange Fees 107,070 101,902 90,473 208,973 176,797 Loan Fees and Charges 44,520 51,485 41,580 96,004 84,673 Gain/(Loss) on Sale of Investments and Foreclosed Assets 216,325 (27,991) (4,910) 188,334 2,806 Gain/(Loss) on Trading Accounts (22,330) 15,896 (15,720) (6,434) (24,412) Other 22,433 37,878 27,036 59,847 64,637 ---------- ---------- ---------- ---------- ---------- TOTAL NON- INTEREST INCOME 724,041 542,177 490,446 1,265,754 988,434 ---------- ---------- ---------- ---------- ---------- NON-INTEREST EXPENSE: Compensation and Employee Benefits 1,093,820 1,070,651 930,252 2,164,471 1,855,306 Occupancy, Property Taxes, and Equipment 209,432 208,596 200,905 418,028 399,897 Technology and Information Processing 150,121 137,263 135,529 287,384 271,094 Regulatory Fees 82,358 81,787 112,244 164,145 222,581 Professional Fees 80,987 53,530 40,588 135,517 103,477 Foreclosed Assets 15,437 31,013 10,545 46,450 20,340 Other 269,352 252,048 200,451 519,936 383,458 ---------- ---------- ---------- ---------- ---------- TOTAL NON- INTEREST EXPENSE 1,901,507 1,834,888 1,630,514 3,735,931 3,256,153 ---------- ---------- ---------- ---------- ---------- INCOME BEFORE INCOME TAXES 795,026 673,565 568,173 1,468,592 1,291,394 Income Tax Expense 269,497 214,441 162,820 483,939 408,715 ---------- ---------- ---------- ---------- ---------- NET INCOME 525,529 459,124 405,353 984,653 882,679 ========== ========== ========== ========== ========== PER COMMON SHARE DATA: Net Earnings $ 1.49 $ 1.31 $ 1.13 $ 2.80 $ 2.44 Diluted Net Earnings $ 1.49 $ 1.30 $ 1.13 $ 2.79 $ 2.42 Revenue (Net Interest Income and Non-Interest Income) $ 8.07 $ 7.89 $ 7.11 $ 15.96 $ 13.86 Dividends Paid $ 0.17 $ 0.16 $ 0.15 $ 0.33 $ 0.30 Book Value Period End $ 48.16 $ 47.04 $ 43.46 $ 48.16 $ 43.46 Tangible Book Value Period End $ 47.68 $ 46.35 $ 43.16 $ 47.68 $ 43.16 RATIOS: ROA (Annualized Net Income to Average Period Assets) 1.12% 1.02% 0.91% 1.07% 1.00% ROE (Annualized Net Income to Average Period Total Stockholders' Equity) 12.58% 11.22% 10.59% 11.91% 11.66% Net Interest Margin (Average) for the period 4.92% 5.44% 5.07% 5.17% 5.00% Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized) 2.51% 2.88% 2.56% 2.69% 2.58% Efficiency Ratio for the Period 66.99% 66.16% 63.93% 66.58% 65.00% Net Loan Charge- Offs (Recoveries) for the Period to Average Period Net Loans $ 159,774 $ 261,805 $ 224,526 $ 421,579 $ 247,259 (Annualized) 0.52% 0.84% 0.74% 0.68% 0.41% TDRs (Performing) at Period End to Average Period $3,124,881 $3,197,794 $3,433,778 $3,124,881 $3,433,778 Net Loans 2.51% 2.55% 2.84% 2.50% 2.86% Non-Performing Assets at Period End to Average Period Total $3,997,023 $3,932,285 $3,071.596 $3,997,023 $3,071,596 Assets 2.12% 2.18% 1.72% 2.16% 1.73% Allowance for Loan Losses at Period End to Average Period Net Loans to Non-Performing $3,018,703 $3,036,477 $2,829,188 $3,018,703 $2,829,188 Assets at Period 2.43% 2.42% 2.34% 2.42% 2.35% End 75.52% 77.22% 92.11% 75.52% 92.11% CONSOLIDATED STATEMENTS OF CONDITION June 30, June 30, % March 31, % 2012 2011 Change 2012 Change (Unaudited) (Unaudited) (Unaudited) ASSETS: Cash and Cash Equivalents including Interest and Non-Interest Earning Deposits $ 8,637,795 $ 13,127,682 (34%) $ 18,557,941 (53%) Certificates of Deposit 2,986,000 1,000,000 199 3,986,000 (25) Securities - Available for Sale 41,175,614 26,561,690 55 31,392,136 31 Trading Securities 192,189 2,310,974 (92) 215,069 (11) Net Loans 124,618,331 122,310,968 2 123,758,131 1 Accrued Interest Receivable 539,249 532,223 1 580,089 (7) Premises and Equipment, Net 7,710,379 7,673,113 0 7,788,911 (1) Foreclosed Assets 868,231 193,336 350 480,688 81 Other Assets 1,474,347 1,408,331 5 1,320,729 12 ------------ ------------ ------ ------------ ------ TOTAL ASSETS $188,202,135 $175,118,317 7 $188,079,694 0 ============ ============ ====== ============ ====== LIABILITIES: Deposits 146,481,994 131,988,769 11 149,508,046 (2) Federal Home Loan Bank Advances 20,847,650 23,973,008 (13) 18,004,684 16 Subordinated debentures/trust preferred securities 3,093,000 3,093,000 0 3,093,000 0 Other Liabilities 837,203 854,742 (2) 924,016 (9) ------------ ------------ ------ ------------ ------ TOTAL LIABILITIES $171,259,847 $159,909,519 7 $171,529,746 0 ============ ============ ====== ============ ====== STOCKHOLDERS' EQUITY: Common Stock $ 4,433 $ 4,285 3 $ 4,433 0 Capital Surplus 6,279,173 6,258,751 0 6,279,173 0 Retained Earnings 12,293,151 10,668,116 15 11,827,431 4 Unearned Compensation (19,405) (45,012) 57 (19,405) 0 Treasury Stock (1,783,468) (1,783,468) 0 (1,783,468) 0 Other Comprehensive Income (Loss) 168,404 106,126 59 241,784 (30) ------------ ------------ ------ ------------ ------ Total Stockholders' Equity 16,942,288 15,208,798 11 16,549,948 2 ------------ ------------ ------ ------------ ------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $188,202,135 $175,118,317 7% $188,079,694 0% ============ ============ ====== ============ ====== 

Fritz W. Anderson II, Chairman of the Board announced today that "On July 12, 2012, 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 $0.18 per share and will be paid on September 25, 2012 to stockholders of record at the close of business on September 10, 2012."

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

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