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

HAMMOND, LA -- (Marketwire) -- 07/20/10 -- FPB Financial Corp. (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced earnings for the quarter ended June 30, 2010.

Net income available to common shareholders for the three month period ending June 30, 2010 decreased 18.4% to $422,000; ($1.15 diluted available earnings per common share) compared to $516,000 ($1.45 diluted available earnings per common share) in the 2009 period.

Earnings for the quarter were affected by increases in net interest income of $155,000, provisions for loan losses of $75,000, non-interest expense of $106,000, and a decrease in total non-interest income of $62,000, as compared to the second quarter of 2009.

Net interest income in the quarter increased 8.7% primarily due to our net interest margin increasing to 4.95% from 4.34%.

Provisions for loan losses increased 75% to $175,000 due to an increase in non-performing assets. Non-performing assets increased to $3.3 million, or 1.91% of average total assets compared to $1.3 million, or 0.71% of average total assets at June 30, 2009. Net loan charge-offs totaled $230,000 for the three month period compared to $40,000 in the first quarter of 2010 and $36,000 in the three months ending June 30, 2009. Allowance for loan losses increased in the twelve month period ending June 30, 2010 to $2.3 million, or 69.7% of non-performing assets.

Non-interest expenses increased 6.9% due to increases in compensation, technology and information processing, and other expense.

Non-interest income decreased $62,000 or 9.1% due to a $71,000 decline in gain on sale of real estate/investments, and a $57,000 decline on investment trading accounts.

Total assets decreased 8.6% to $170.1 million as compared to June 30, 2009, primarily due to a $7.6 million decrease in cash and cash equivalents and a $1.7 million decrease in net loans. Total deposits declined $8.1 million, due to a reduction in time deposits. Non-maturity demand/transaction/saving deposits increased $5.3 million, or 7.1%.

Net premises & equipment decreased $1.2 million or 12.8% as compared to June 30, 2009, primarily due to the 2009 sale of the bank's former main office facility and the 2010 transfer of $649,000 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 June 30, 2010, now held as OREO and listed for sale at market value.

Total stockholders equity decreased $931,000, or 6.1% to $14.4 million for the twelve month period ending June 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 $2.3 million, or 19.1% to $14.4 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 June 30, 2010.

FPB Financial Corp. reported the following for June 30, 2010, and as compared to June 30, 2009:

-- Net Interest Margin increased to 4.95% from 4.34%

-- Net Interest income increased $155,000, or 8.7%

-- Non-maturity deposits increased $5.3 million, or 7.1%

-- Tangible Common Stockholders' Equity increased $2.3 million, or 19.1%

-- Tangible Common Book Value per share increased to $39.23, or 15.1%

-- 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.

                                       June 30,    March 31,     June 30,
 Selected Balances                       2010         2010         2009
                                     ------------ ------------ ------------
                                     (Unaudited)  (Unaudited)  (Unaudited)

Cash and Cash Equivalents            $ 14,650,738 $ 14,624,235 $ 22,269,570

Investment and Mortgaged-backed
 Securities                            14,783,997   12,601,735   14,001,157

Net Loans                             130,665,499  132,275,591  132,411,716

Other Real Estate Owned (OREO)            649,491      156,828       36,000

Non-Performing Assets (Includes
 OREO)                                  3,270,674    1,448,247    1,265,943

Allowance for Loan Losses               2,258,188    2,313,376    2,062,997

Total Assets                          170,099,652  169,623,231  178,737,896

Non-Interest Bearing Deposits          20,123,747   19,743,132   20,534,338

Interest-Bearing Deposits             106,357,036  103,537,881  114,049,772

Non-Maturity Deposits (Included in
 interest and non-interest bearing
 deposits)                             80,377,355   79,240,662   75,037,212

Brokered Deposits (Included in
 interest-bearing deposits)             6,152,947    5,403,266    7,991,332

FHLB Advances                          25,379,298   25,935,660   24,161,756

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

Tangible Common Stockholders' Equity
 (Includes other comprehensive
 income (OCI))                         14,410,112   13,978,579   12,100,569

Tangible Common Book Value per Share
 (Includes OCI)                      $      39.23 $      38.06 $      34.09





                   CONSOLIDATED STATEMENTS OF EARNINGS

                   For the Three Months Ended      For the Six Months Ended
                 June 30,   March 31,    June 30,    June 30,    June 30,
                   2010        2010        2009        2010        2009
                (Unaudited) (Unaudited)(Unaudited) (Unaudited) (Unaudited)

INTEREST
 INCOME:

  Mortgage
   Loans        $2,122,376  $2,091,469  $2,000,381  $4,213,845  $3,973,507

  Consumer Loans   210,801     206,137     326,542     416,938     621,009

  Commercial
   Loans            66,054      58,440      69,582     124,494     127,019

  Consumer &
   Commercial
   Lines of
   Credit           38,877      35,120      31,585      73,994      62,754

  FHLB stock and
   other
   Investment
   Securities/
   Deposits         63,771      56,074      55,644     119,845     110,165

Mortgage-backed
 securities         57,971      67,121     143,651     125,092     282,967
                ----------  ----------  ----------  ----------  ----------

TOTAL INTEREST
 INCOME          2,559,847   2,514,361   2,627,385   5,074,208   5,177,421
                ----------  ----------  ----------  ----------  ----------

INTEREST
 EXPENSE:
Deposits           396,882     364,286     543,512     761,168   1,120,405

Federal Home
 Loan Bank
 Advances          195,627     203,508     263,458     399,135     536,263

Subordinated
 Debentures/
Trust Preferred
 Securities         26,756      25,909      34,196      52,665      69,506
                ----------  ----------  ----------  ----------  ----------

TOTAL INTEREST
 EXPENSE           619,265     593,703     841,166   1,212,968   1,726,174
                ----------  ----------  ----------  ----------  ----------

NET INTEREST
 INCOME          1,940,582   1,920,658   1,786,219   3,861,240   3,451,247

Provisions for
 loan losses       175,000     165,000     100,000     340,000     375,000
                ----------  ----------  ----------  ----------  ----------

NET INTEREST
 INCOME AFTER
 PROVISION FOR
 LOAN LOSSES     1,765,582   1,755,658   1,686,219   3,521,240   3,076,247
                ----------  ----------  ----------  ----------  ----------

NON-INTEREST
 INCOME
Service charge
 on deposits       236,080     230,342     213,054     466,422     418,661

Mortgage
 Banking           235,255     141,995     185,774     377,250     381,434

Interchange
 Fees               76,195      72,415      71,241     148,610     135,898

Loan Fees and
 Charges            25,246      32,540      20,264      57,786      62,267

Gain/(Loss) on
 Sale of Real
 Estate/
 Investments        16,712      67,232      88,156      83,944     203,449

Gain/(Loss) on
 Investment
 Trading
 Accounts             (104)     39,831      56,484      39,727      70,033

Investment
 Impairment
 Charge                  0           0           0           0    (169,923)

Other               32,246      30,085      48,558      62,331     141,172
                ----------  ----------  ----------  ----------  ----------

TOTAL
 NON-INTEREST
 INCOME            621,630     614,440     683,531   1,236,070   1,242,991
                ----------  ----------  ----------  ----------  ----------

NON-INTEREST
 EXPENSE

Compensation
 and Employee
 Benefits          900,242     844,867     824,036   1,745,109   1,750,036

Occupancy,
 Property
 Taxes, and
 Equipment         183,246     183,114     190,812     366,360     371,030

Technology and
 Information
 Processing        143,438     127,397     106,630     270,835     171,891

Federal Deposit
 Insurance,
 Supervisory
 Fees/Taxes         85,285      88,428     132,583     173,713     253,037

Professional
 Fees               71,433      67,278      69,423     138,711     110,114

Other              249,346     185,941     203,580     435,287     477,396
                ----------  ----------  ----------  ----------  ----------

TOTAL NON-INTEREST
 EXPENSE         1,632,990   1,497,025   1,527,064   3,130,015   3,133,504
                ----------  ----------  ----------  ----------  ----------

INCOME BEFORE
 INCOME TAXES      754,222     873,073     842,686   1,627,295   1,185,734

Income Tax
 Expense
 (Benefit)         226,341     265,620     282,450     491,961     454,347
                ----------  ----------  ----------  ----------  ----------

NET INCOME         527,881     607,453     560,236   1,135,334     731,387

Dividends Paid
 to Preferred
 Shareholders       42,545      31,645      44,145      74,190      54,936

Accretion of
 Discount on
 Preferred
 Stock              63,150      39,522           0     102,672           0
                ----------  ----------  ----------  ----------  ----------

Net Income
 Available to
 Common
 Shareholders   $  422,186  $  536,286  $  516,091  $  958,472  $  676,451
                ==========  ==========  ==========  ==========  ==========

Available
 Earnings Per
 Common Share   $     1.16  $     1.48  $     1.48  $     2.64  $     1.95

Diluted
 Available
 Earnings Per
 Common Share   $     1.15  $     1.46  $     1.45  $     2.61  $     1.91

Dividends Paid
 per Common
 Share          $     0.14  $     0.14  $     0.14  $     0.28  $     0.28

Net Income to
 Average Assets
 (Annualized)         1.23%       1.49%       1.25%       1.36%       0.83%

Net Income to
 Average Total
 Stockholders'
 Equity
 (Annualized)        13.25%      15.32%      17.45%      14.32%      11.63%

Net Interest
 Margin               4.95%       5.12%       4.34%       5.04%       4.23%

Efficiency
 Ratio               63.73%      59.05%      61.83%      61.41%      66.75%

Net Loan
 Charge-Off/
 (Recoveries)   $  230,187  $   40,633  $   35,739  $  270,421  $   41,671
 to Average Net
 Loans                0.17%       0.03%       0.03%       0.21%       0.04%

Non-Performing
 Assets          3,270,674   1,448,247   1,265,943   3,270,674   1,265,943
 to Average
 Total Assets         1.91%       0.87%       0.71%       1.94%       0.71%

Allowance for
 Loan Losses     2,258,188   2,313,376   2,062,997   2,258,188   2,062,997
 to Average Net
 Loans                1.71%       1.75%       1.56%       1.71%       1.55%
 to Non-Performing
 Assets              69.04%     159.74%     162.96%      69.04%     162.96%





                   CONSOLIDATED STATEMENTS OF CONDITION

                                                March 31,
                               June 30, 2010      2010       June 30, 2009
                                (Unaudited)    (Unaudited)    (Unaudited)

ASSETS:

Cash and Cash Equivalents      $  14,650,738  $  14,624,235  $  22,269,570

Investment and Mortgage-Backed
 Securities                       14,783,997     12,601,735     14,001,157

Net Loans                        130,665,499    132,275,591    132,411,716

Premises and Equipment, Net        7,861,743      8,601,175      9,014,290

Other Real Estate Owned              649,491        156,828         36,000

Other Assets                       1,488,184      1,363,667      1,005,163
                               -------------  -------------  -------------

   TOTAL ASSETS                $ 170,099,652  $ 169,623,231  $ 178,737,896
                               =============  =============  =============

LIABILITIES:

Deposits                         126,480,783    123,281,013    134,584,110

Federal Home Loan Bank
 Advances                         25,379,298     25,935,660     24,161,756

Subordinated debentures/trust
 preferred securities              3,093,000      3,093,000      3,093,000

Other Liabilities                    736,459        996,127      1,558,461
                               -------------  -------------  -------------

   TOTAL LIABILITIES           $ 155,689,540  $ 153,305,800  $ 163,397,327
                               =============  =============  =============

STOCKHOLDERS' EQUITY:

Common Stock                   $       4,283  $       4,283  $       4,159

Capital Surplus                    6,244,738      6,241,972      6,067,599

Retained Earnings                  9,111,912      8,740,227      7,179,973

Unearned Compensation                (57,978)       (60,367)       (95,007)

Treasury Stock                    (1,227,321)    (1,227,321)    (1,227,321)

Other Comprehensive Income
 (Loss)                              334,478        279,785        171,166
                               -------------  -------------  -------------

Total Tangible Common
 Stockholders' Equity             14,410,112     13,978,579     12,100,569

Total Preferred Stockholders'
 Equity                                    0      2,338,852      3,240,000
                               -------------  -------------  -------------

Total Stockholders' Equity        14,410,112     16,317,431     15,340,569
                               -------------  -------------  -------------

   TOTAL LIABILITIES AND
    STOCKHOLDERS' EQUITY       $ 170,099,652  $ 169,623,231  $ 178,737,896
                               =============  =============  =============

Fritz W. Anderson II, Chairman of the Board announced today that "On July 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 September 24, 2010 to stockholders of record at the close of business on September 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