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FPB Financial Corp. Announces Record 2009 Third Quarter Earnings and Declares Dividends

HAMMOND, LA -- (Marketwire) -- 10/27/09 -- FPB Financial Corp. (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced earnings for the three months ended September 30, 2009.

Net income for the third quarter was $887,000; ($2.47 per diluted common share), up 259% from $247,000; ($0.70 per diluted common share) for the 2008 comparable period. If a pre-tax third quarter gain on sale of real estate of $514,000 was eliminated, net income for the quarter would be revised to $545,000; ($1.52 per diluted common share), up 121% as compared to the 2008 period and down 2.7% from $560,000; ($1.58 per diluted common share) when compared to the 2009 second quarter.

Earnings were positively affected by a 176% increase in non-interest income, an improved net-interest margin which resulted in a 13.4% increase in net-interest income and a 1.8% decrease in non-interest expense. Provisions for loan losses decreased 10.0%, or $10,000 in comparison to the 2008 period.

Non-interest income increased, primarily due to a $509,000 gain on sale of the Bank's former main office facility. Also, having a positive affect on non-interest income were a net gain of $99,000 on investment trading accounts, and a $78,000 increase in mortgage banking revenue.

Net-interest income increased, primarily due to a $224,000, or 22.9% decrease in interest expense for the three month period compared to 2008.

Although technology and information processing expense increased by $81,000, or 123%, total non-interest expense decreased for the period, primarily due to a $84,000, or 9.2% reduction in compensation expense. The Company does not anticipate future period decreases in total non-interest expenses.

Provisions for loan losses decreased 10% to $90,000. Net loan charge-offs increased 198% to $103,000, as compared to the 2008 three month period. The Company expects modest increases/decreases in net loan charge-offs over the next four quarters as compared to the current period.

Total assets increased 13.7% to $170.4 million as compared to September 30, 2008, primarily due to a 25.1% increase to $6.1 million in cash and cash equivalents, a 9.2% increase to $136.6 million in net loans, and an 8.5% increase to $8.6 million in net premises and equipment. Other real estate owned increased to $119,000. Total liabilities increased $9.6 million, or 6.7% with total deposits increasing 9.4% to $128.6 million, non-interest bearing deposits increased 41.0% to $20.6 million. Allowance for loan losses increased $452,000, or 28.3% to $2.1 million compared to September 30, 2008.

Total stockholders' equity increased $4.1 million, or 33.2% to $16.4 million, when compared to September 30, 2008, primarily 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 increased $847,000, or 6.9% to $13.2 million, primarily due to an increase of $1.1 million in accumulated other comprehensive income, and a $366,000 decrease in retained earnings, primarily in relation to the Bank's investment in the AMF Ultra Short Mortgage Fund (ASARX). The fair value on September 30, 2009 of the Bank's AMF Investment was $4.4 million, as compared to the September 30, 2008 fair value of $4.9 million. The June 30, 2009 AMF Fund fair value was $4.3 million.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all Federal Banking Regulations and definitions as of September 30, 2009.

FPB Financial Corp. reported the following compared to September 30, 2008:

--  Net Income increased $640,000, or 259%

--  Net Interest Margin increased to 4.76% from 4.52%

--  Net Interest income increased $223,000, or 13.4%

--  Non-Interest income increased $704,000, or 176.4%

--  Total Deposits increased $11.1 million, or 9.4%

--  Non-Interest bearing deposits increased $6.0 million, or 41.0%

--  Non-maturity deposits increased $17.4 million, or 29.7%

--  Total Stockholders' Equity increased $4.1 million, or 33.2%

--  Tangible Common Equity increased $847,000, or 6.9%

--  Total Assets increased $13.7 million, or 8.7%

--  Net Loans increased $11.5 million, or 9.2%

--  Non-Performing Assets decreased $276,000, or 24.6%
    


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.

                                   Sept.  30,     June 30,      Sept. 30,
Selected Balances (Unaudited)         2009          2009          2008
                                  ------------  ------------  ------------

Cash and Cash Equivalents         $  6,103,749  $ 22,269,570  $  4,878,905

Investment Securities at Cost       17,401,993    13,785,762    18,850,582

Investment Securities at Fair
 Value                              17,866,826    14,001,157    17,576,663

Net Loans                          136,555,992   132,411,716   125,087,715

Other Real Estate Owned                118,800        36,000             0

Non-Performing Assets                  842,811     1,265,943     1,118,329
 to Total Assets                          0.50%         0.71%         0.71%

Allowance for Loan Losses            2,050,127     2,062,997     1,597,536
 to Gross Loans                           1.45%         1.50%         1.26%
 to Non-Performing Assets               243.25%       162.96%       142.85%

Total Assets                       170,376,487   178,737,896   156,712,216

Non-Interest Bearing Deposits       20,645,329    20,534,338    14,637,635

Interest Bearing Deposits          107,932,788   114,049,772   102,869,440

Non-Maturity Deposits (Included
 in interest and non-interest
 bearing deposits)                  75,738,011    75,037,212    58,379,150

Brokered Deposits (Included in
 interest-bearing deposits)          5,438,889     7,991,332     9,744,545

FHLB Advances                       20,905,639    24,161,756    23,075,580

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

Tangible Common Stockholders'
 Equity                             13,151,351    12,092,316    12,304,127

Tangible Common Book Value
 per Share                        $      36.55  $      34.06  $      34.66




                    CONSOLIDATED STATEMENTS OF EARNINGS
                                (UNAUDITED)



                          For the Three Months      For the Nine Months
                                  Ended                     Ended
                         Sept. 30,    Sept. 30,    Sept. 30,    Sept. 30,
                            2009         2008         2009         2008
                        (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)

INTEREST INCOME:

  Mortgage Loans        $ 2,008,764  $ 1,900,614  $ 5,858,942    5,688,042

  Consumer Loans            243,857      166,369      613,764      469,837

  Lines of Credit           106,011      106,254      292,094      305,484

  Commercial Loans           62,046       65,039      189,065      198,905

  Premium Finance Loans      38,323      150,512      227,311      493,514

  Loans on deposits          36,117       31,891       98,231       99,431

  Mortgage-backed
   securities                92,319      118,468      375,286      184,630

  FHLB stock and
   other Investment
   securities                48,189       84,784      151,370      649,662

  Interest-earning
   deposits                   5,647       18,125       12,631       75,266
                        -----------  -----------  -----------  -----------

TOTAL INTEREST INCOME     2,641,273    2,642,056    7,818,694    8,164,771

INTEREST EXPENSE:
  Deposits                  502,498      681,909    1,622,904    2,271,906

  Federal Home Loan
   Bank Advances            222,354      249,923      758,617      924,106

Subordinated
 Debentures/
 Trust Preferred
 Securities                  29,280       46,700       98,786      132,530
                        -----------  -----------  -----------  -----------

TOTAL INTEREST EXPENSE      754,132      978,532    2,480,307    3,328,542
                        -----------  -----------  -----------  -----------

  NET INTEREST INCOME     1,887,141    1,663,524    5,338,387    4,836,229

Provisions for loan
 losses                      90,000      100,000      465,000      210,000
                        -----------  -----------  -----------  -----------

NET INTEREST
 INCOME AFTER PROVISION
 FOR LOAN LOSSES          1,797,141    1,563,524    4,873,387    4,626,229
                        -----------  -----------  -----------  -----------

NON-INTEREST INCOME

Service charge on
 deposits                   252,682      217,579      671,343      596,857

Mortgage Banking            168,213       90,629      549,647      384,281

Interchange Fees             71,904       64,650      207,802      176,170

Loan Fees and Charges        37,193       44,283       99,460      131,153

Premium Finance              16,208       37,272       73,745      127,156

Gain on Sale of Real
 Estate                     514,566            0      514,566            0

Gain/(Loss) on
 Investments Trading
 Accounts                    16,716      (82,081)      86,749     (108,049)

Gain on Sale of
 Investments                      0            0      203,449            0

Investment Impairment
 Charge                           0            0     (169,923)           0

Other                        25,140       26,791      108,775       96,515
                        -----------  -----------  -----------  -----------

TOTAL NON-INTEREST
 INCOME                   1,102,622      399,123    2,345,613    1,404,083
                        -----------  -----------  -----------  -----------

NON-INTEREST EXPENSE

Compensation and
 Employee Benefits          828,407      912,389    2,578,443    2,706,960

Occupancy, Property
 Taxes, and Equipment       166,434      166,616      537,435      460,211

Federal Deposit Insurance,
 Supervisory Fees/Taxes     128,559      139,872      381,596      170,051

Technology and
 Information Processing     147,258       65,988      319,149      389,740

Professional Fees            49,770       49,400      159,884      136,509

Other                       243,737      257,750      721,135      770,621
                        -----------  -----------  -----------  -----------

TOTAL NON-INTEREST
 EXPENSE                  1,564,165    1,592,015    4,697,642    4,634,092
                        -----------  -----------  -----------  -----------

INCOME BEFORE INCOME
 TAXES                    1,335,598      370,632    2,521,358    1,396,220

Income Tax Expense
 (Benefit)                  448,896      123,925      903,241      467,460
                        -----------  -----------  -----------  -----------

NET INCOME              $   886,702  $   246,707  $ 1,618,117  $   928,760
                        ===========  ===========  ===========  ===========

Dividends Paid to
 Preferred Shareholders      44,145            0       99,081            0

Net Income Available to
 Common Shareholders        842,557      246,707    1,519,036      928,760

Earnings Per Share      $      2.52  $      0.71  $      4.64  $      2.70

Earning Per Share
 Available to Common
 Shareholders           $      2.39  $      0.71  $      4.35  $      2.70

Diluted Earnings Per
 Common Share           $      2.47  $      0.70  $      4.50  $      2.62

Diluted Earnings Per
 Share Available to
 Common Shareholders    $      2.34  $      0.70  $      4.22  $      2.62

Dividend Paid Common
 per Share              $      0.14  $      0.14  $      0.42  $      0.42

Return on Average
 Assets                        2.02%        0.62%        1.23%        0.76%

Return on Average
 Total  Stockholders'
 Equity                       22.02%        8.00%       14.41%       10.07%

Net Interest Margin            4.76%        4.52%        4.43%        4.20%

Net Charge-Off/
 (Recoveries)
 to Average Total       $   102,870  $    34,514  $   144,541  $   124,760
 Loans                         0.08%        0.03%        0.11%        0.10%

Allowance for Loan Losses 2,050,127    1,597,536    2,050,127    1,597,536
 to Average Total Loans        1.52%        1.29%        1.54%        1.30%

Non-Performing Assets       842,811    1,118,329      842,811    1,118,329
 to Average Total Assets       0.49%        0.71%        0.48%        0.68%







                   CONSOLIDATED STATEMENTS OF CONDITION
                                (UNAUDITED)



                            Sept. 30, 2009  June 30, 2009   Sept. 30, 2008
ASSETS:

Cash and Cash Equivalents   $    6,103,749  $   22,269,570  $    4,878,905

Investment and
 Mortgage-Backed Securities     17,866,826      14,001,157      17,576,663

Net Loans                      136,555,992     132,411,716     125,087,715

Premises and Equipment, Net      8,779,567       9,014,290       7,916,038

Other Real Estate Owned            118,800          36,000               0

Other Assets                       951,553       1,005,163       1,252,895
                            --------------  --------------  --------------

   TOTAL ASSETS             $  170,376,487  $  178,737,896  $  156,712,216
                            ==============  ==============  ==============

LIABILITIES:

Deposits                       128,578,117     134,584,110     117,507,075

Federal Home Loan Bank
 Advances                       20,905,639      24,161,756      23,075,580

Shares subject to mandatory
 redemption                      3,093,000       3,093,000       3,093,000

Other Liabilities                1,408,380       1,566,714         732,434
                            --------------  --------------  --------------

   TOTAL LIABILITIES        $  153,985,136  $  163,405,580  $  144,408,089
                            ==============  ==============  ==============

STOCKHOLDERS' EQUITY:

Common Stock                $        4,207  $        4,159  $        4,159

Capital Surplus                  6,128,276       6,067,599       6,023,134

Retained Earnings                7,972,182       7,179,973       8,338,326

Unearned Compensation              (85,980)        (95,007)       (103,714)

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

Accumulated Other
 Comprehensive Income              359,987         162,913        (730,457)

Total Tangible Common
 Stockholders' Equity           13,151,351      12,092,316      12,304,127
                            --------------  --------------  --------------

Total Preferred
 Stockholders' Equity            3,240,000       3,240,000               0
                            --------------  --------------  --------------

Total Stockholders' Equity      16,391,351      15,332,316      12,304,127
                            --------------  --------------  --------------

   TOTAL LIABILITIES
    AND STOCKHOLDERS EQUITY $  170,376,487  $  178,737,896  $  156,712,216
                            ==============  ==============  ==============

Fritz W. Anderson II, Chairman of the Board announced today that "On October 8, 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 increased to $0.36 per share. This dividend rate is composed of a regular quarterly dividend rate of $0.14 per share and a special year-end dividend of $0.22 per share and will be paid on December 24, 2009. (Payable Date) to stockholders of record December 10, 2009. (Record Date)."

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