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FPB Financial Corp. Announces 2009 Earnings and Declares Dividends

HAMMOND, LA -- (Marketwire) -- 01/27/10 -- FPB Financial Corp. (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced earnings for the year and quarter ended December 31, 2009.

Net income available to common shareholders for the fourth quarter ended December 31, 2009 increased to $410,000 ($1.12 per diluted common share) compared to a loss of $1.6 million ($4.47 per diluted common share) in the 2008 period. Net income available to common shareholders for the year increased to $1.9 million ($5.27 per diluted common share) as compared to a loss of $658,000 ($1.86 per diluted common share) in 2008. If a pre-tax 2009 third quarter gain on sale of real estate of $514,000 was eliminated, net income available to common shareholders for 2009 would be revised to $1.6 million.

Earnings for the quarter were positively affected by an increase in non-interest income, an improved net-interest margin which resulted in a quarterly increase of $285,000 in net interest income and a $249,000 decrease in non-interest expense. Net income was adversely affected by a $30,000 increase in provision for loan losses compared to the 2008 quarterly period.

Non-interest income increased by $1.9 million in the December 2009 quarter, primarily due to no investment impairment charges this period and a reduced loss on investment trading accounts. Also having a positive effect on non-interest income was a net gain of $98,000 or 117.1% in mortgage banking revenue, and an $18,000 or 7.5% increase in deposit service charges as compared to the fourth quarter of 2008.

Net interest income increased by $285,000 or 17.5% for the quarter, primarily due to a $301,000 or 30.9% decrease in interest expense for the three month period.

Non-interest expense decreased 13.3% or $249,000 for the quarter, primarily due to decreased expense in technology and information processing, compensation and employee benefits and other expenses.

Net loan charge-offs increased 22.5% to $120,000 while provisions for loan losses increased 13.0% to $260,000 for the quarterly period as compared to 2008. Non-performing assets increased $297,000 or 21.6% to $1.7 million. Allowance for loan losses increased $460,000 or 26.6% to $2.2 million. Troubled debt restructured that is performing at December 31, 2009 totaled $2.4 million. The Company had no troubled debt restructured at December 31, 2008.

Total assets at year-end decreased 6.5% to $165.1 million as compared to December 31, 2008, primarily due to a $10.8 million decline in investment and mortgage-backed securities. Total deposits declined $12.9 million, primarily through a reduction in time deposit accounts. Non-maturity transaction/saving deposit accounts increased $6.3 million or 8.8%.

Total stockholders' equity increased $4.2 million or 36.7% to $15.7 million at December 31, 2009, when compared to December 31, 2008, primarily due 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). The Series A Perpetual Preferred Stock outstanding was reduced in December 2009 by $1.0 million from $3.2 million to a December 31, 2009 total of $2.2 million. Total tangible common equity increased $2.0 million or 17.3% to $13.5 million, primarily due to an increase in retained earnings of $1.6 million.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 2009.

FPB Financial Corp. reported the following for 2009, and as compared to December 31, 2008:

--  Net Income available to common shareholders increased to $1.9 million

--  Net Earnings per common share increased to $5.48

--  Net Interest Margin increased to 4.50% from 4.22%

--  Net Interest income increased $788,000, or 12.2%

--  Non-Interest income increased to $2.9 million

--  Non-Interest expense decreased $183,000, or 2.8%

--  Non-Interest bearing deposits increased $573,000,or 2.9%

--  Non-maturity deposits increased $6.3 million, or 8.9%

--  Total Stockholders' Equity increased $4.2 million, or 36.7%

--  Tangible Common Stockholders' Equity increased $2.0 million, or 17.3%

--  Tangible Common Book Value per share increased $4.44, or 13.7%

--  Allowance for Loan Losses increased to $2.2 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.

Selected Balances           Dec. 31, 2009   Sept. 30, 2009  Dec. 31, 2008
                            --------------  --------------  --------------
                             (Unaudited)     (Unaudited)    (Audited and
                                                             as restated)

Cash and Cash Equivalents   $    5,090,847  $    6,103,749  $    4,798,919

Investment and
 Mortgaged-backed Securities    18,127,207      17,866,826      28,948,432

Net Loans                      131,593,330     136,555,992     132,283,593

Other Real Estate Owned            156,828         118,800               0

Troubled Debt Restructured       2,356,258       1,854,591               0
 to Total Loans                       1.76%           1.34%              0%

Non-Performing Assets to         1,668,415         842,811       1,371,741
 Total Assets                         1.01%           0.50%           0.78%

Allowance for Loan Losses        2,190,038       2,050,127       1,729,668
 to Total Loans                       1.64%           1.48%           1.29%
 to Non-Performing Assets           131.26%         243.25%         126.09%

Total Assets                   165,050,555     170,376,487     176,436,348

Non-Interest Bearing
 Deposits                       20,556,448      20,645,329      19,983,677

Interest-Bearing Deposits       99,581,917     107,932,788     113,098,438

Non-Maturity Deposits (Included
 in interest and non-interest
 bearing deposits)              78,014,624      75,738,011      71,676,664

Brokered Deposits (Included
 in interest-bearing
 deposits)                       5,329,588       5,438,889      13,556,808

FHLB Advances                   25,131,440      20,905,639      27,369,724

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

Tangible Common
 Stockholders' Equity           13,507,767      13,151,351      11,518,838

Tangible Common Book Value
 per Share                  $        36.89  $        36.55  $        32.45





                          CONSOLIDATED STATEMENTS OF EARNINGS


                For the Three Months Ended     For the Twelve Months Ended
                Dec. 31, 2009  Dec. 31, 2008  Dec. 31, 2009  Dec. 31, 2008
                 (Unaudited)   (Audited and    (Unaudited)   (Audited and
                                as restated)                 as restated)
INTEREST INCOME:

Mortgage Loans $   1,995,744  $   1,886,019  $   7,854,686  $   7,574,061

Consumer Loans       286,052        349,093      1,225,358      1,411,924

Consumer &
 Commercial
 Lines of Credit     111,184         95,370        403,278        400,854

Commercial Loans      63,914         75,159        252,979        274,064

Mortgage-backed
 securities           82,699        116,542        457,985        301,172

FHLB stock and
 other Investment
 Securities/
 Deposits             51,656         84,932        215,657        809,861
               -------------  -------------  -------------  -------------
TOTAL INTEREST
 INCOME            2,591,249      2,607,115     10,409,943     10,771,936
               -------------  -------------  -------------  -------------

INTEREST
 EXPENSE:
Deposits             447,026        669,377      2,069,812      2,941,882

Federal Home
 Loan Bank
 Advances            199,347        253,305        958,080      1,177,409

Subordinated
 Debentures/
 Trust Preferred
 Securities           26,451         51,415        125,237        183,956
               -------------  -------------  -------------  -------------
TOTAL INTEREST
 EXPENSE             672,824        974,097      3,153,129      4,303,247
               -------------  -------------  -------------  -------------
NET INTEREST
 INCOME            1,918,425      1,633,018      7,256,814      6,468,689

Provisions for
 loan losses         260,000        230,000        725,000        440,000
               -------------  -------------  -------------  -------------
NET INTEREST
 INCOME AFTER
 PROVISION
 FOR LOAN
 LOSSES            1,658,425      1,403,018      6,531,814      6,028,689
               -------------  -------------  -------------  -------------

NON-INTEREST
 INCOME

Service charge
 on deposits         251,854        234,339        923,197        831,196

Mortgage Banking     181,809         83,738        731,456        518,170

Interchange Fees      71,791         66,018        279,593        242,188

Loan Fees and
 Charges              38,798         40,717        138,258        171,870

Gain/(Loss) on
 Sale of Real
 Estate/
 Investments           7,161        (17,109)       725,174        (17,109)

Gain/(Loss) on
 Investment
 Trading
 Accounts             (7,959)      (190,059)        78,790       (298,108)

Investment
 Impairment
 Charge                    0     (1,569,894)      (169,923)    (1,569,894)

Other                 35,153         67,000        217,673        240,362
               -------------  -------------  -------------  -------------
TOTAL
 NON-INTEREST
 INCOME              578,607     (1,285,250)     2,924,218        118,675
               -------------  -------------  -------------  -------------
NON-INTEREST
 EXPENSE

Compensation
 and Employee
 Benefits            878,997        896,229      3,457,440      3,603,189

Occupancy,
 Property
 Taxes, and
 Equipment           216,160        202,165        755,628        663,093

Technology and
 Information
 Processing          142,238        220,409        461,387        610,150

Federal Deposit
 Insurance,
 Supervisory
 Fees/Taxes           65,144         63,502        446,740        233,553

Professional
 Fees                 71,100         60,394        230,982        196,921

Other                242,878        422,628        964,015      1,191,797
               -------------  -------------  -------------  -------------
TOTAL NON-INTEREST
 EXPENSE           1,616,517      1,865,327      6,316,192      6,498,703
               -------------  -------------  -------------  -------------
INCOME BEFORE
 INCOME
 TAXES               620,515     (1,747,559)     3,139,840       (351,339)

Income Tax
 Expense
 (Benefit)           161,817       (160,521)     1,064,372        306,939
               -------------  -------------  -------------  -------------


NET INCOME           458,698     (1,587,038)     2,075,468       (658,278)

Dividends Paid
 to Preferred
 Shareholders         48,451              0        147,532              0
               -------------  -------------  -------------  -------------

Net Income
 Available to
 Common
 Shareholders  $     410,247  ($  1,587,038) $   1,927,936  ($    658,278)
               =============  =============  =============  =============

Earnings Per
 Common Share  $        1.27  ($       4.58) $        5.90  ($       1.92)

Diluted
 Earnings Per
 Common Share  $        1.25  $       (4.47) $        5.67  ($       1.86)

Available
 Earnings Per
 Common Share  $        1.14  ($       4.58) $        5.48  ($       1.92)

Diluted
 Available
 Earnings Per
 Common Share  $        1.12  ($       4.47) $        5.27  ($       1.86)

Dividends Paid
 per Common
 Share         $        0.36  $        0.36  $        0.78  $        0.78

Net Income to
 Average Assets         1.06%         (3.87%)         1.18%         (0.40%)

Net Income to
 Average  Total
 Stockholders'
 Equity                11.14%        (52.23%)        13.54%         (5.39%)

Net Interest
 Margin                 4.92%          4.34%          4.50%          4.22%

Net Charge-Off/
 (Recoveries)
 to Average    $     120,090  $      98,000  $     264,631  $     223,000
 Total Loans            0.09%          0.08%          0.20%          0.17%

Allowance for
 Loan Losses to
 Average Total     2,190,038      1,729,668      2,190,038      1,729,668
 Loans                  1.63%          1.36%          1.64%          1.39%

Non-Performing
 Assets to
 Average Total     1,668,415      1,371,741      1,668,415      1,371,741
 Assets                 0.98%          0.84%          0.95%          0.84%





                         CONSOLIDATED STATEMENTS OF CONDITION


                            Dec. 31, 2009   Sept. 30, 2009  Dec. 31, 2008
                             (Unaudited)    (Unaudited)     (Audited and
                                                             as restated)

ASSETS:

Cash and Cash Equivalents   $    5,090,847  $    6,103,749  $    4,798,919

Investment and
 Mortgage-Backed Securities     18,127,207      17,866,826      28,948,432

Net Loans                      131,593,330     136,555,992     132,283,593

Premises and Equipment, Net      8,695,535       8,779,567       9,052,880

Other Real Estate Owned            156,828         118,800               0

Other Assets                     1,386,808         951,553       1,352,524
                            --------------  --------------  --------------

   TOTAL ASSETS             $  165,050,555  $  170,376,487  $  176,436,348
                            ==============  ==============  ==============

LIABILITIES:

Deposits                       120,138,365     128,578,117     133,082,115

Federal Home Loan Bank
 Advances                       25,131,440      20,905,639      27,369,724

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

Other Liabilities                  939,983       1,408,380       1,372,671
                            --------------  --------------  --------------

   TOTAL LIABILITIES        $  149,302,788  $  153,985,136  $  164,917,510
                            ==============  ==============  ==============

STOCKHOLDERS' EQUITY:

Common Stock                $        4,271  $        4,207  $        4,159

Capital Surplus                  6,228,299       6,128,276       6,047,672

Retained Earnings                8,252,062       7,972,182       6,625,207

Unearned Compensation              (60,936)        (85,980)       (110,920)

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

Accumulated Other
 Comprehensive Income              311,392         359,987         180,041
                            --------------  --------------  --------------

Total Tangible Common
 Stockholders' Equity           13,507,767      13,151,351      11,518,838

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

Total Stockholders' Equity      15,747,767      16,391,351      11,518,838
                            --------------  --------------  --------------

   TOTAL LIABILITIES AND
    STOCKHOLDERS' EQUITY    $  165,050,555  $  170,376,487  $  176,436,348
                            ==============  ==============  ==============

Fritz W. Anderson II, Chairman of the Board announced today that "On January 14, 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 March 25, 2010 to stockholders of record at the close of business on March 10, 2010."

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