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

HAMMOND, LA -- (Marketwire) -- 07/24/12 -- 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."

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