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FPB Financial Corp. Announces 2009 Second Quarter Earnings Increase 104% and Declares Dividends
Marketwire
Jul 20, 2009
HAMMOND, LA -- (Marketwire) -- 07/20/09 -- FPB Financial Corp. (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced earnings for the three months ended June 30, 2009.
Net income for the second quarter was $560,000; ($1.58 per diluted common share), up 104% from $274,000; ($0.77 per diluted common share) for the 2008 comparable period.
Earnings were positively affected by an improved net interest margin which resulted in a 10.9% increase in net interest income, a 52.6% increase in non-interest income and a 2.7% decrease in non-interest expense. Provisions for loan losses increased $20,000, or 25.0% in comparison to the 2008 period.
Net-interest income increased primarily due to 21.3% decrease in interest expense for the three month period. Non-interest income increased due to $145,000 gain on trading accounts/sale of investment securities and a $33,000 increase in mortgage banking revenue. Reductions in compensation, technology and other expenses offset increased costs for occupancy, Federal Deposit Insurance (FDIC) premiums and professional fees, resulting in the net reduction of non-interest expenses. Net charge-offs of loans decreased for the period.
Total stockholders' equity increased $3.0 million, or 24.7% to $15.3 million due to the January 23, 2009 issuance of $3.2 million of Series A and $162,000 of Series B Perpetual Preferred stock to the U.S. Treasury from the Treasury's Capital Purchase Program (CPP). Total tangible common equity decreased $200,000, or 1.6% to $12.1 million primarily due to the decline in value of the bank's investment in the AMF Ultra Short Mortgage Fund (ASARX). The fair value on June 30, 2009 of the Bank's AMF Investment was $4.3 million, as compared to the June 30, 2008 fair value of $5.4 million, and the December 31, 2008 AMF Fund fair value of $4.4 million.
Total assets increased 13.0% to $178.7 million as compared to the 2008 period, primarily due to a $13.4 million, or 152% increase to $22.3 million in cash and cash equivalents, an 8.4% increase to $132.4 million in net loans and a 24.5% increase to $9.0 million in net premises and equipment. Other real estate owned increased to $36,000. Total liabilities increased $17.5 million, or 12.0% with deposits increasing 13.6% to $134.6 million, non-interest bearing deposits increased 25.0% to $20.5 million. Allowance for loan losses increased $531,000, or 34.7% to $2.1 million in the period.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all Federal Banking Regulations and definitions as of June 30, 2009.
FPB Financial Corp. reported the following compared to June 30, 2008:
-- Net Income increased $286,000, or 104%
-- Net Interest Margin increased to 4.23% from 3.98%
-- Net Interest income increased $278,000, or 8.8%
-- Non-Interest Income increased $238,000, or 23.7%
-- Total Deposits increased $16.1 million, or 13.6%
-- Non-Interest bearing deposits increased $4.1 million, or 25.0%
-- Non-maturity deposits increased $11.2 million, or 17.5%
-- Total Assets increased $20.5 million, or 13.0%
-- Net Loans increased $10.3 million, or 8.4%
-- Allowance for Loan Losses increased $531,000, or 34.7%
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.
FPB Financial Corp.
June 30, March 31, June 30,
Selected Balances (Unaudited) 2009 2009 2008
------------ ------------ ------------
Cash and Cash Equivalents $ 22,269,570 $ 16,014,425 $ 8,850,068
Investment Securities at Cost 13,785,762 18,246,637 18,217,306
Net Investment Securities at Fair
Value 14,022,819 18,488,238 17,352,237
Net Loans 132,411,716 133,443,602 122,113,116
Other Real Estate Owned 36,000 0 0
Total Assets 178,737,896 179,592,274 158,153,204
Non-Interest Bearing Deposits 20,534,338 17,454,807 16,427,361
Interest Bearing Deposits 114,049,772 116,050,512 102,080,661
Non-Maturity Deposits (Included
in interest and non-interest
bearing deposits) 75,037,212 69,400,978 63,874,645
Brokered Deposits (Included in
interest-bearing deposits) 7,991,332 10,253,257 6,533,453
FHLB Advances 24,161,756 26,894,790 23,626,361
Subordinated Debentures/Trust
Preferred Securities 3,093,000 3,093,000 3,093,000
Tangible Common Stockholders'
Equity 12,092,316 11,645,883 12,292,251
Tangible Common Book Value per
Share $ 34.06 $ 32.84 $ 34.63
Non-Performing Assets 1,265,943 1,519,945 1,425,143
As a percentage of Total Assets 0.71% 0.85% 0.90%
Allowance for Loan Losses 2,062,997 1,998,736 1,532,050
As a percentage of Gross Loans 1.50% 1.45% 1.22%
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
For the Three Months For the Six Months
Ended Ended
June 30, June 30, June 30, June 30,
2009 2008 2009 2008
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME:
Mortgage Loans $ 1,935,001 $ 1,869,833 $ 3,850,178 $ 3,787,428
Consumer Loans 200,647 157,202 369,907 303,468
Lines of Credit 96,965 97,272 186,083 199,230
Premium Finance Loans 93,387 171,936 188,988 343,002
Commercial Loans 69,582 68,588 127,019 133,866
Loans on deposits 32,508 33,898 62,114 67,540
Mortgage-backed
securities 143,651 48,104 282,967 66,162
FHLB stock and other
Investment securities 49,216 210,418 103,235 564,878
Interest-earning
deposits 6,428 24,360 6,930 57,141
----------- ----------- ----------- -----------
TOTAL INTEREST INCOME 2,627,385 2,681,611 5,177,421 5,522,715
INTEREST EXPENSE:
Deposits 543,512 712,739 1,120,405 1,589,996
Federal Home Loan
Bank Advances 263,458 312,828 536,263 674,183
Subordinated Debentures/
Trust Preferred
Securities 34,196 42,915 69,506 85,831
----------- ----------- ----------- -----------
TOTAL INTEREST EXPENSE 841,166 1,068,482 1,726,174 2,350,010
----------- ----------- ----------- -----------
NET INTEREST INCOME 1,786,219 1,613,129 3,451,247 3,172,705
Provisions for loan
losses 100,000 80,000 375,000 110,000
----------- ----------- ----------- -----------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 1,686,219 1,533,129 3,076,247 3,062,705
----------- ----------- ----------- -----------
NON-INTEREST INCOME
Service charge on
deposits 213,054 183,031 418,661 379,278
Mortgage Banking 185,774 152,666 381,434 293,652
Interchange Fees 71,241 57,966 135,898 111,520
Loan Fees and Charges 20,264 40,916 62,267 86,870
Premium Finance 25,634 41,376 57,537 89,884
Gain/(Loss) on sale of
Investments 88,156 0 203,449 0
Gain/(Loss) on investment
Trading Accounts 56,484 (55,666) 70,033 (25,968)
Investment Impairment
Charge 0 0 (169,923) 0
Other 22,924 27,638 83,635 69,724
----------- ----------- ----------- -----------
TOTAL NON-INTEREST INCOME 683,531 447,927 1,242,991 1,004,960
----------- ----------- ----------- -----------
NON-INTEREST EXPENSE
Compensation and
Employee Benefits 824,036 909,105 1,750,036 1,794,571
Occupancy, Property
Taxes, and Equipment 190,812 158,474 371,030 293,595
Federal Deposit Insurance,
Supervisory Fees/Taxes 132,583 55,911 253,037 104,063
Technology and
Information Processing 106,630 135,459 171,891 249,868
Professional Fees 69,423 43,084 110,114 87,109
Other 203,580 267,157 477,396 512,871
----------- ----------- ----------- -----------
TOTAL NON-INTEREST
EXPENSE 1,527,064 1,569,190 3,133,504 3,042,077
----------- ----------- ----------- -----------
INCOME BEFORE INCOME
TAXES 842,686 411,866 1,185,734 1,025,588
Income Tax Expense
(Benefit) 282,450 138,010 454,347 343,535
----------- ----------- ----------- -----------
NET INCOME $ 560,236 $ 273,856 $ 731,387 $ 682,053
=========== =========== =========== ===========
Dividends Paid to
Preferred Shareholders $ 44,145 0 $ 54,936 0
Net Income Available to
Common Shareholders $ 516,091 $ 273,856 $ 676,451 $ 682,053
Earnings Per Share $ 1.61 $ 0.79 $ 2.11 $ 1.99
Earning Per Share
Available to Common
Shareholders $ 1.48 $ 0.79 $ 1.95 $ 1.99
Diluted Earnings Per
Common Share $ 1.58 $ 0.77 $ 2.06 $ 1.92
Diluted Earnings Per
Share Available to
Common Shareholders $ 1.45 $ 0.77 $ 1.91 $ 1.92
Dividend Paid Common
per Share $ 0.14 $ 0.14 $ 0.28 $ 0.28
Return on Average
Assets 1.25% 0.67% 0.83% 0.83%
Return on Average
Tangible Common Equity 17.45% 8.88% 11.63% 11.12%
Net Interest Margin 4.34% 4.05% 4.23% 3.98%
Net Charge-Off/
(Recoveries) as a
Percentage Average
Total Loans 0.031% 0.070% 0.035% 0.074%
Allowance for Loan
Losses to 2,062,997 1,532,050 2,062,997 1,532,050
Average Total Loans 1.56% 1.24% 1.55% 1.26%
Non-Performing
Assets to 1,265,943 1,425,143 1,265,943 1,425,143
Average Total Assets 0.71% 0.86% 0.71% 0.85%
CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
June 30, 2009 March 31, 2009 June 30, 2008
ASSETS:
Cash and Cash Equivalents 22,269,570 16,014,425 8,850,068
Investment Securities 14,001,157 19,693,208 19,030,464
Net Loans 132,411,716 133,443,602 122,113,116
Premises and Equipment, Net 9,014,290 9,063,763 7,240,364
Other Real Estate Owned 36,000 0 0
Other Assets 1,005,163 1,377,276 919,192
------------- -------------- -------------
TOTAL ASSETS $ 178,737,896 $ 179,592,274 $ 158,153,204
============= ============== =============
LIABILITIES:
Deposits 134,584,110 133,505,319 118,508,022
Federal Home Loan Bank Advances 24,161,756 26,894,790 23,626,361
Shares subject to mandatory
redemption 3,093,000 3,093,000 3,093,000
Other Liabilities 1,566,714 1,213,282 633,570
------------- -------------- -------------
TOTAL LIABILITIES $ 163,405,580 $ 164,706,391 $ 145,860,953
============= ============== =============
STOCKHOLDERS' EQUITY:
Common Stock $ 4,159 $ 4,159 $ 4,159
Capital Surplus 6,067,599 6,056,979 6,000,973
Retained Earnings 7,179,973 6,712,795 8,140,876
Unearned Compensation (95,007) (103,800) (112,837)
Treasury Stock (1,227,321) (1,227,321) (1,227,321)
Accumulated Other
Comprehensive Income 162,913 203,071 (513,599)
Total Tangible Common
Stockholders' Equity 12,092,316 11,645,883 12,292,251
------------- -------------- -------------
Total Preferred Stockholders'
Equity 3,240,000 3,240,000 0
------------- -------------- -------------
Total Stockholders' Equity 15,332,316 14,885,883 12,292,251
------------- -------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY $ 178,737,896 $ 179,592,274 $ 158,153,204
============= ============== =============
Fritz W. Anderson II, Chairman of the Board announced today that "On July 9, 2009 (Declaration Date) 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 25, 2009 (Payable Date) to stockholders of record September 10, 2009. (Record Date)."
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