HAMMOND, LA -- (Marketwire) -- 04/21/09 -- FPB Financial Corp. (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced earnings for the quarter ended March 31, 2009.

Net income for the three months ended March 31, 2009 was $341,000; ($0.96 per diluted common share), down 16.4% from $408,000; ($1.15 per diluted common share) for the 2008 comparable period.

Earnings were affected by a 6.8% increase in net interest income, a 30.9% increase in non-interest income, a 9.1% increase in non-interest expense and an 816.7% increase in provisions for loan losses as compared to the three months ended March 31, 2008.

Non-interest income increased primarily due to a $115,000 gain on sale of an available-for-sale investment and a $55,000 increase in mortgage banking revenue. Non-interest expense increased due to increases in compensation, occupancy and FDIC insurance. Technology and information processing costs declined 42.9% due to credits received related to a computer software conversion completed in the 2008 fourth quarter. Provisions for loan losses increased by $245,000 due to a $845,000 increase in non-performing assets as compared to March 31, 2008. Net charged-off loans were $6,000 for the 2009 first quarter as compared to $4,000 in the 2008 first quarter and $98,000 in the 2008 fourth quarter. No other real estate was owned at March 31, 2009; December 31, 2008; and March 31, 2008.

Total stockholders' equity increased $2.9 million, or 23.4% to $15.4 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 $321,000 to $12.1 million primarily due to an accumulated other comprehensive loss on the subsidiary bank's $5.5 million investment in the AMF Ultra Short Mortgage Fund (ASARX). The fair value (market value) on March 31, 2009 of the company's AMF investment was $4.3 million. The AMF investment remains under impairment review, $500,000 of impairment charges were recorded on this investment in December 2008. The Company's other available-for-sale investment securities acquired at a cost value of $13.5 million are U.S. Government Agency issues of Fannie Mae, Freddie Mac, and Ginnie Mae which held a fair value of $13.8 million as of March 31, 2009. The Company owns no held-to-maturity investment securities and $ 444,000 of fair valued (market valued) trading securities at March 31, 2009.

Total assets increased 4.2% as compared to the 2008 period, primarily due to a 148.4% increase to $16.0 million in cash and cash equivalents, a 6.8% increase in net loans, a 44.0% increase to $9.1 million in net premises and equipment, and a 41.6% decrease to $19.7 million in investment securities. Total liabilities increase 2.7% with deposits increasing 18.1%, non-interest bearing deposits increased 23.2% to $17.5 million and advances from the Federal Home Loan Bank decreased $16.9 million to $26.9 million or 39.5%. Allowance for loan losses increased $460,000, or 29.9% to $2.0 million at March 31, 2009.

As of March 31, 2009 our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all Federal banking regulations and definitions.

FPB Financial Corp. reported the following compared to March 31, 2008:

--  Net Interest Margin increased to 4.12% from 3.94%

--  Non-Interest Income increased $172,000, or 30.9%

--  Net Interest Income increased $105,000, or 6.8%

--  Total Deposits increased $20.0 million, or 18.1%

--  Non-interest bearing deposits increased $3.3 million, or 23.2%

--  Non-Maturity Deposits increased $5.7 million, or 8.9%

--  Total Assets increased $7.2 million, or 4.2%

--  Net Loans increased $8.5 million, or 6.8%

--  Allowance for Loan Losses increased $460,000, or 29.9%
    

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.



                                    March 31,     Dec. 31,      March 31,
Selected Balances (Unaudited)         2009          2008          2008
                                  ------------  ------------  ------------
Cash and Cash Equivalents         $ 16,014,425  $  4,798,919  $  6,446,740

Investment Securities at Cost       20,627,655    29,747,158    33,880,117

Net Investment Securities at Fair
 Value                              19,693,208    28,948,432    33,736,516

Net Loans                          133,443,602   132,283,593   124,957,126

Total Assets                       179,596,782   176,456,883   172,359,299

Non-Interest Bearing Deposits       17,454,807    19,983,677    14,182,920

Interest Bearing Deposits          116,050,512   113,098,438   100,045,216

Non-Maturity Deposits (Included
 in interest and non-interest
 bearing deposits)                  69,400,978    71,676,664    63,669,896

Brokered Deposits (Included in
 interest- bearing deposits)        10,253,257    13,556,808     6,414,120

FHLB Advances                       26,894,790    27,369,724    42,812,066

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

Tangible Common Stockholders'
 Equity                             12,128,918    11,944,708    12,450,397

Tangible Common Book Value
 per Share                               34.17         33.65         35.07

Non-Performing Assets                1,519,945     1,371,741       675,078
   As a percentage of Total
    Assets                                0.85%         0.78%         0.39%

Allowance for Loan Losses            1,998,736     1,729,668     1,538,526
   As a percentage of Gross Loans         1.45%         1.27%         1.20%




                    CONSOLIDATED STATEMENTS OF EARNINGS
                                (UNAUDITED)



                                      March 31,     Dec. 31,    March 31,
For the Three Months Ended               2009         2008         2008
                                     -----------  -----------  -----------
                                     (Unaudited)  (Unaudited)  (Unaudited)
INTEREST INCOME:

  Mortgage loans                     $ 1,915,177  $ 1,886,019  $ 1,917,595

  Consumer Loans                         169,258      173,351      146,266

  Premium Finance Loans                   95,601      140,488      171,066

  Lines of credit                         89,118       95,370      101,958

  Commercial Loans                        57,437       75,159       65,278

  Loans on deposits                       29,606       35,254       33,642

  Mortgage-backed securities             139,316      116,542       18,058

  FHLB stock and other
   Investment securities                  54,017       81,715      354,460

  Demand deposits                            502        3,217       32,781
                                     -----------  -----------  -----------

TOTAL INTEREST INCOME                  2,550,032    2,607,115    2,841,104

INTEREST EXPENSE:
  Deposits                               576,893      669,377      877,259

  Federal Home Loan Bank
   Advances                              272,805      253,305      361,355

Subordinated Debentures/
 Trust Preferred Securities               35,310       51,415       42,915
                                     -----------  -----------  -----------

TOTAL INTEREST EXPENSE                   885,008      974,097    1,281,529
                                     -----------  -----------  -----------

  NET INTEREST INCOME                  1,665,024    1,633,018    1,559,575

Provisions for loan losses               275,000      230,000       30,000
                                     -----------  -----------  -----------

NET INTEREST INCOME
 AFTER PROVISION FOR LOAN LOSSES       1,390,024    1,403,018    1,529,575
                                     -----------  -----------  -----------

NON-INTEREST INCOME


Service charge on deposits               205,607      234,339      196,247

Mortgage Banking                         195,660       83,738      140,986

Interchange Fees                          64,657       66,018       53,554

Loan Fees and Charges                     42,003       40,717       45,954

Premium Finance                           31,903       31,632       48,508

Gain/(Loss) on sale of investments       115,293      (17,109)           0

Gain/(Loss) on Investment
 Trading Accounts                         13,549     (190,059)      29,698

Investment Impairment Charge                   0     (500,000)           0

Other                                     60,366       35,368       42,073
                                     -----------  -----------  -----------

TOTAL NON-INTEREST INCOME                 729,038     (215,356)     557,020
                                      -----------  -----------  -----------

NON-INTEREST EXPENSE

Compensation and Employee
Benefits                                 926,000      896,229      885,466

Occupancy, Property Taxes, and
 Equipment                               180,218      202,165      135,121

Federal Deposit Insurance,
 Supervisory Fees/Taxes                  120,454       63,502       48,152

Technology and Information
 Processing                               65,261      220,409      114,409

Professional Fees                         40,691       60,394       44,025

Other                                    273,814      422,627      245,700
                                     -----------  -----------  -----------

TOTAL NON-INTEREST EXPENSE             1,606,438    1,865,326    1,472,873
                                     -----------  -----------  -----------

INCOME BEFORE INCOME TAXES               512,624     (677,664)     613,722

Income Tax Expense (Benefit)             171,550     (223,521)     205,525
                                     -----------  -----------  -----------

NET INCOME                           $   341,074  ($  454,143) $   408,197
                                     ===========  ===========  ===========

Dividends Paid to Preferred
 Shareholders                        $    10,791            0            0

Net Income Available to Common
 Shareholders                        $   330,283  ($  454,143) $   408,197

Earnings Per Common Share            $      0.98  ($     1.31) $      1.19

Earnings Per Share Available to
 Common Shareholders                 $      0.95  ($     1.31) $      1.19

Diluted Earnings Per Common
Share                                $      0.96  ($     1.28) $      1.15

Diluted Earnings Per Share
 Available to Common
 Shareholders                        $      0.93  ($     1.28) $      1.15

Dividend Paid per Common Share       $      0.14   $     0.36  $      0.14

Return on Average Assets                    0.78%       (1.11%)       0.98%

Return on Average Tangible
 Common Equity                             11.67%      (14.97%)      13.36%

Net Interest Margin                         4.12%        4.35%        3.94%

Net Charge-Off/(Recoveries) as a     $     5,932  $    98,000  $     3,768
  Percentage Average Total Loans            0.01%        0.08%        0.01%

Allowance for Loan Losses to
  Average Total Loans                       1.50%        1.36%        1.22%

Non-Performing Loans to Total Loans         1.14%        1.08%        0.53%



                   CONSOLIDATED STATEMENTS OF CONDITION
                                (UNAUDITED)


                                 March  31,     Dec. 31,       March 31,
                                   2009           2008           2008
                               -------------  -------------  -------------
ASSETS:

Cash and Cash Equivalents         16,014,425      4,798,919      6,446,740

Net Investment Securities         19,693,208     28,948,432     33,736,516

Net Loans                        133,443,602    132,283,593    124,957,126

Premises and Equipment, Net        9,063,763      9,052,880      6,292,861

Other Assets                       1,381,784      1,373,059        926,056
                               -------------  -------------  -------------

   TOTAL ASSETS                $ 179,596,782  $ 176,456,883  $ 172,359,299
                               =============  =============  =============

LIABILITIES:

Deposits                         133,505,319    133,082,115    113,085,846

Federal Home Loan Bank
 Advances                         26,894,790     27,369,724     42,812,066

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

Other Liabilities                    734,755        967,336        917,990
                               -------------  -------------  -------------

   TOTAL LIABILITIES           $ 164,227,864  $ 164,512,175  $ 159,908,902
                               =============  =============  =============

STOCKHOLDERS' EQUITY:

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

Capital Surplus                    6,056,979      6,047,672      5,976,100

Retained Earnings                  8,015,636      7,758,277      7,916,125

Unearned Compensation               (103,800)      (110,920)      (123,890)

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

Accumulated Other
 Comprehensive Income               (616,735)      (527,159)       (94,776)

Total Tangible Common
 Stockholders' Equity             12,128,918     11,944,708     12,450,397
                               -------------  -------------  -------------

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

Total Stockholders' Equity        15,368,918     11,944,708     12,450,397
                               -------------  -------------  -------------

  TOTAL LIABILITIES AND
   STOCKHOLDERS EQUITY         $ 179,596,782  $ 176,456,883  $ 172,359,299
                               =============  =============  =============

Fritz W. Anderson II, Chairman of the Board, announced today that "On April 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 June 25, 2009 (Payable Date) to stockholders of record June 10, 2009. (Record Date)."