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

HAMMOND, LA -- (Marketwire) -- 04/24/12 -- FPB Financial Corp. (OTCQB: FPBF) (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced financial results for the 2012 first quarter ended March 31, 2012.

Earnings

Net income for the first quarter of 2012 totaled $459,000 a decrease of 3.8% from $477,000 in the first quarter of 2011. Net income per fully diluted common share was $1.30 in the 2012 first quarter, no change from the $1.30 per fully diluted common share earned in the first quarter of 2011. Return on common stockholders' equity (ROE) was 11.2% for the period.

First quarter earnings were positively affected by an increase of $299,000 in net interest income when compared to the first quarter of 2011 and by a $31,000 decrease in income tax expense. These items were offset by a $209,000 increase in non-interest expense, primarily from increased expense for compensation and employee benefits and by a $155,000 or 140.9% increase in provision for loan losses. The provision expense for the quarter increased due to increases in total non-performing assets and due to increases in net loan charge-offs.

Asset Quality

Total non-performing assets at March 31, 2012 increased $1.1 million, or 40.1% to $3.9 million when compared to March 31, 2011. Total non-performing assets on December 31, 2011 were $3.0 million. The Company's allowance for loan losses was unchanged at $3.0 million when compared to December 31, 2011 and up $318,000 or 11.7% as compared to March 31, 2011.

Net loan charge-offs for the first quarter totaled $262,000, up $239,000 in the 2011 first quarter. In the 2011 fourth quarter the company recorded a $94,000 net recovery.

Performing Troubled Debt Restructured (TDR's) as of March 31 totaled $3.2 million, or an increase of $55,000 from March 31, 2011. Performing TDR's decreased by $231,000 when compared to December 31, 2011.

Balance Sheet and Capital

Total assets at March 31, 2012 increased to $188.1 million, or 4.8% as compared to $179.5 million on March 31, 2011. Total assets on December 31, 2011 were $174.6 million. The increase in total assets was primarily attributed to an increase of $13.5 million in cash and cash equivalents including earning and non-earning deposits to $22.5 million at March 31, 2012. The increase in cash and deposits was offset by a $7.6 million decrease in trading securities to $215,000. Total liabilities increased 4.5% to $171.5 million primarily due to an increase of $16.5 million in total deposits to $149.5 million from $133.0 million at March 31, 2011 which was offset by a 34.0% decrease in Federal Home Loan Bank advances to $18.0 million at March 31, 2012. Non-interest bearing deposits and total non-maturity deposits both increased in the twelve month period ending March 31, 2012.

Common Stockholders' equity increased by a net of $1.2 million, or 7.7% to $16.6 million for the twelve month period ending March 31, 2012, primarily due to an increase of $1.5 million in retained earnings. Common stockholders' equity rate of increase was reduced by an increase of $556,000 in treasury stock. The increase in treasury stock was due to the Company completing the termination of its Employee Stock Ownership Plan (ESOP) and distributing the ESOP account balances to the ESOP participants during the second quarter of 2011. Tangible common stockholders' equity totaled $16.3 million at March 31, 2012.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of March 31, 2012.

FPB Financial Corp. reported the following for the period ending March 31, 2012, and as compared to March 31, 2011:

  • Total Assets increased to $188.1 million, or 4.8%

  • Net Loans increased to $123.8 million, or 3.3%

  • Net interest margin increased to 5.44%

  • Net Interest Income increased $299,000, or 15. 5%

  • Non-Interest Income increased to $542,000, or 2.9%

  • Non-Interest Bearing deposits increased to $28.8 million, or 40.5%

  • Non-maturity Deposits increased $13.1 million, or 14.6%

  • Dividends paid to common shareholders increased to $56,000, or 2.9%

  • Common Stockholders' equity increased $1.2 million, or 7.7%

  • Common Book Value per share increased to $47.04, or 11.6%

  • Foreclosed Assets decreased $148,000, or 12.1%

  • Allowance for Loan Losses increased to $3.0 million, or 11.7%

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.

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,    March 31,     %      Dec. 31,      %
Selected Balances         2012         2011     Change      2011     Change
---------------------------------- ------------ ------  ------------ ------
                       (Unaudited)  (Unaudited)

Cash and Cash
 Equivalents including
 Interest & Non-
 Interest Earning
 Deposits             $ 22,543,941 $  9,009,941    150% $ 11,934,951     89%

Net Loans              123,758,131  119,766,770      3   126,309,461     (2)

Foreclosed Assets        1,080,688    1,229,058    (12)    1,133,388     (5)

Non-Performing Assets
 (includes Foreclosed
 Assets)                 3,932,285    2,806,704     40     3,007,078     31

Allowance for Loan
 Losses                  3,036,477    2,718,214     12     3,033,282      0

Total Assets           188,079,694  179,483,840      5   174,599,782      8

Non-Interest Bearing
 Deposits               28,765,949   20,480,043     40    22,774,022     26

Interest-Bearing
 Deposits              120,742,097  112,507,012      7   106,561,531     13

Non-Maturity Deposits
 (Included in interest
 and non-interest
 bearing deposits)     102,830,753   89,702,708     15    88,806,587     16

Brokered Deposits
 (Included in
 interest- bearing
 deposits)               6,834,596    7,194,851     (5)    7,116,816     (4)

FHLB Advances           18,004,684   27,279,702    (34)   25,361,627    (29)

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

Tangible Common
 Stockholders' Equity   16,308,164   15,305,950      7    15,918,488      2

Total Common
 Stockholders' Equity   16,549,948   15,369,469      8    16,132,126      3



                    CONSOLIDATED STATEMENTS OF EARNINGS

                                   For the Three Months Ended

                      March 31,     Dec. 31,       %     March 31,      %
                         2012         2011      Change      2011     Change
                     -----------  -----------   ------  -----------  ------
                     (Unaudited)                        (Unaudited)

INTEREST AND
 DIVIDEND INCOME:

  Mortgage Loans     $ 2,125,574  $ 2,061,602        3% $ 1,981,093       7%

  Consumer Loans         222,352      233,040       (5)     200,325      11

  Commercial Loans        72,810       71,999        1       65,042      12

  Consumer &
   Commercial Lines
   of Credit              45,736       42,284        8       40,049      14

  Investment
   Securities and
   Deposits              163,101      156,553        4      127,015      28

TOTAL INTEREST AND
 DIVIDEND INCOME       2,629,573    2,565,478        2    2,413,524       9
                     -----------  -----------   ------  -----------  ------

INTEREST EXPENSE:

  Deposits               223,954      209,009        7      297,908     (25)

Federal Home Loan
 Bank Advances           145,559      148,226       (2)     157,501      (8)

Other                     28,784       27,037        6       26,312       9

TOTAL INTEREST
 EXPENSE                 398,297      384,272        4      481,721     (17)
                     -----------  -----------   ------  -----------  ------

  NET INTEREST
   INCOME              2,231,276    2,181,206        2    1,931,803      16

Provisions for loan
 losses                  265,000      149,639       77      110,000     141
                     -----------  -----------   ------  -----------  ------

NET INTEREST INCOME
 AFTER PROVISION FOR
 LOAN LOSSES           1,966,276    2,031,567       (3)   1,821,803       8
                     -----------  -----------   ------  -----------  ------

NON-INTEREST INCOME:

Mortgage Banking
 Fees                    186,060      177,813        5      166,714      12

Service charges on
 deposits                176,947      216,907      (18)     194,301      (9)

Interchange Fees         101,902       97,637        4       86,323      18

Loan Fees and
 Charges                  51,485       47,376        9       43,094      19

Gain/(Loss) on
 Trading Accounts         15,896       (5,814)       -       (8,693)      -

Gain/(Loss) on Sale
 of Investments and
 Foreclosed Assets       (27,991)      (4,296)       -        7,716       -

Other                     37,878       26,406       43       37,602       1
                     -----------  -----------   ------  -----------  ------

TOTAL NON-INTEREST
 INCOME                  542,177      556,029       (2)     527,057       3
                     -----------  -----------   ------  -----------  ------

NON-INTEREST
 EXPENSE:

Compensation and
 Employee Benefits     1,070,651    1,029,837        4      925,054      16

Occupancy, Property
 Taxes, and
 Equipment               208,596      215,863       (3)     198,992       5

Technology and
 Information
 Processing              137,263      163,791      (16)     135,565       1

Regulatory Fees           81,787        2,726    2,900      110,337     (26)

Foreclosed Assets         31,013      260,854      (88)      10,545     194

Professional Fees         53,530       73,608      (27)      62,889     (15)

Other                    252,048      337,426      (25)     182,257      38
                     -----------  -----------   ------  -----------  ------

TOTAL NON-INTEREST
 EXPENSE               1,834,888    2,084,105      (12)   1,625,639      13
                     -----------  -----------   ------  -----------  ------

INCOME BEFORE INCOME
 TAXES                   673,565      503,491       38      723,221      (7)

Income Tax Expense       214,441      153,940       39      245,895     (13)
                     -----------  -----------   ------  -----------  ------

NET INCOME               459,124      349,551       31      477,326      (4)

PER COMMON SHARE
 DATA:

Net Earnings         $      1.31  $      1.00       31  $      1.31     -0-

Diluted Net Earnings $      1.30  $      0.99       31  $      1.30     -0-

Dividends Paid       $      0.16  $      0.36      (56) $      0.15       7

Revenue (Net
 Interest Income and
 Non-Interest
 Income)             $      7.89  $      7.81        1  $      6.74      17

Book Value Period
 End                 $     47.04  $     45.89        3  $     42.15      12

Tangible Book Value
 Period End          $     46.35  $     45.23        2  $     41.97      10

RATIOS:

ROA (Annualized Net
 Income to Average
 Period Assets)             1.02%        0.80%                 1.10%

ROE (Annualized Net
 Income to Average
 Period Total
 Stockholders'
 Equity)                   11.22%        8.66%                12.75%

Net Interest Margin
 (Average) for the
 period                     5.44%        5.49%                 4.86%

Non-Interest Expense
 less Non-Interest
 Income to Average
 Period Total Assets
 (Annualized)               2.88%        3.50%                 2.52%

Efficiency Ratio for
 the Period                66.16%       76.14%                66.11%

Net Loan Charge-
 Offs/(Recoveries)
 for                 $   261,805  $   (93,929)          $    22,733
the Period to
 Average Period Net
 Loans
(Annualized)                0.84%       (0.30%)                0.08%

TDRs (Performing) at
 Period End          $ 3,197,794    3,428,911           $ 3,142,668
to Average Period
 Net Loans                  2.55%        2.94%                 2.63%

Non-Performing
 Assets at Period    $ 3,932,285  $ 3,007,078           $ 2,806,704
End to Average
 Period Total Assets        2.18%        1.74%                 1.59%

Allowance for Loan
 Losses at Period    $ 3,036,477  $ 3,033,282           $ 2,718,214
End to Average
 Period Net Loans           2.42%        2.46%                 2.28%
to Non-Performing
 Assets at Period
 End                       77.22%      100.87%                96.85%



                    CONSOLIDATED STATEMENTS OF CONDITION

                     March 31,     March 31,      %      Dec. 31,       %
                       2012          2011      Change      2011      Change
                    (Unaudited)   (Unaudited)

ASSETS:

Cash and Cash
 Equivalents
 including
 Interest & Non-
 Interest Earnings
 Deposits          $ 22,543,941  $  9,009,941     150% $ 11,934,951      89%

Securities-
 Available for
 Sale                31,392,136    32,575,315      (4)   25,735,921      22

Trading Securities      215,069     7,815,294     (97)      243,069     (12)

Net Loans           123,758,131   119,766,770       3   126,309,461      (2)

Accrued Interest
 Receivable             580,089       531,643       9       622,775      (7)

Premises and
 Equipment, Net       7,788,911     7,754,061       0     7,870,052      (1)

Foreclosed Assets     1,080,688     1,229,058     (12)    1,133,388      (5)

Other Assets            720,729       801,758     (10)      750,165      (4)
                   ------------  ------------  ------  ------------  ------

  TOTAL ASSETS     $188,079,694  $179,483,840       5  $174,599,782       8
                   ============  ============  ======  ============  ======

LIABILITIES:

Deposits            149,508,046   132,987,055      12   129,335,554      16

Federal Home Loan
 Bank Advances       18,004,684    27,279,702     (34)   25,361,627     (29)

Subordinated
 debentures/trust
 preferred
 securities           3,093,000     3,093,000       0     3,093,000       0

Other Liabilities       924,016       754,614      22       677,476      36
                   ------------  ------------  ------  ------------  ------

  TOTAL
   LIABILITIES     $171,529,746  $164,114,371       5  $158,467,657       8
                   ============  ============  ======  ============  ======

STOCKHOLDERS'
 EQUITY:

Common Stock       $      4,433  $      4,284       3  $      4,431       0

Capital Surplus       6,279,173     6,258,751       0     6,274,941       0

Retained Earnings    11,827,431    10,315,248      15    11,424,557       4

Unearned
 Compensation           (19,405)      (45,012)     57       (19,974)      3

Treasury Stock       (1,783,468)   (1,227,321)    (45)   (1,783,468)      0

Other
 Comprehensive
 Income (Loss)          241,784        63,519     281       231,638       4
                   ------------  ------------  ------  ------------  ------

Total
 Stockholders'
 Equity              16,549,948    15,369,469       8    16,132,125       3
                   ------------  ------------  ------  ------------  ------

  TOTAL
   LIABILITIES AND
   STOCKHOLDERS'
   EQUITY          $188,079,694  $179,483,840       5% $174,599,782       8%
                   ============  ============  ======  ============  ======


Fritz W. Anderson II, Chairman of the Board announced today that "On March 29, 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 $0.17 per share and will be paid on June 25, 2012 to stockholders of record at the close of business on June 8, 2012."

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