Back to FPB
FPB Financial Corp. Announces 2010 First Quarter Earnings and Declares Dividends

HAMMOND, LA -- (Marketwire) -- 04/22/10 -- FPB Financial Corp. (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced earnings for the quarter ended March 31, 2010.

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
                                    ------------ ------------ ------------
                                    (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
                                     -----------  -----------  -----------
                                     (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
                                     -----------  -----------  -----------

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
                                     -----------  -----------  -----------

TOTAL INTEREST EXPENSE                   593,703      672,822      885,008
                                     -----------  -----------  -----------

  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
                                     -----------  -----------  -----------

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
                                     -----------  -----------  -----------

TOTAL NON-INTEREST INCOME                615,960      578,644      559,460
                                     -----------  -----------  -----------

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
                                     -----------  -----------  -----------

TOTAL NON-INTEREST EXPENSE             1,498,937    1,523,564    1,606,438
                                     -----------  -----------  -----------


INCOME BEFORE INCOME TAXES               872,681      713,507      343,046

Income Tax Expense (Benefit)             265,620      193,257      171,895
                                     -----------  -----------  -----------

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
                                     -----------  -----------  -----------

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
                            --------------  --------------  --------------

   TOTAL ASSETS             $  169,623,231  $  164,992,978  $  179,592,302
                            ==============  ==============  ==============

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
                            --------------  --------------  --------------

   TOTAL LIABILITIES        $  153,305,800  $  149,182,827  $  164,706,392
                            ==============  ==============  ==============

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
                            --------------  --------------  --------------

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
                            --------------  --------------  --------------

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."

Back to FPB
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki