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FPB Financial Corp. Announces Record Earnings, 2008 First Quarter Earnings and Declares Dividends HAMMOND, LA--(MARKET WIRE)--Apr 21, 2008 -- FPB Financial Corp. (Other OTC:FPBF.PK - News), the
holding company for Florida Parishes Bank, announced record
earnings for
the quarter ended March 31, 2008.
Net income for the three months ended March 31, 2008 was $408,000; ($1.15 per diluted common share), up 43.7% from $284,000; ($1.01 per diluted common share) for the 2007 comparable period. Earnings were positively affected by an increase of $361,000, or 30.2% in net interest income, a decrease of $120,000, or 80% in provisions for loan losses and a $55,000 increase, or 11.0% in non-interest income for the quarter ending March 31, 2008. The increased net interest income was due to increases in interest earning assets and an increase in net interest margin. The decrease in provisions for loan losses was primarily due to the Company exceeding our internal matrix calculation on allowance for loan losses. The increase in non-interest income for the quarter was due to a $30,000 gain on investment trading accounts, a 40% increase in Premium Finance revenue, and an increase of 30.4% on interchange fees. Earnings were adversely affected by a 31.3% increase for the quarter in non-interest expenses, primarily compensation and occupancy expenses. Stockholders equity increased 40.9%, compared to March 31, 2007, primarily due to the issuance of 69,530 shares of common stock at $38.00 per share in a private placement offering which closed April 30, 2007.
-- Net Income increased $124,000, or 43.7% -- Return on average tangible stockholders equity increased to 13.4% -- Tangible stockholders equity increased $3.6 million or 40.9% -- Tangible book value per share increased to $35.07 or 12.2% -- Non-Interest Income increased $55,000, or 11.0% -- Dividends paid to shareholders increased $16,000, or 48.5% -- Total Deposits increased $8.1 million, or 7.7% -- Non-interest bearing deposits increased $2.4 million, or 20.3% -- Non-Maturity Deposits increased $5.7 million, or 9.8% -- Total Assets increased $33.8 million, or 24.4% -- Net Loans increased $20.0 million, or 19.1% -- Allowance for Loan Losses increased $426,000, or 38.3% 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) 2008 2007 2007
------------ ------------ ------------
Cash and Cash Equivalents $ 6,446,740 $ 6,321,168 $ 9,668,517
Investment and mortgage-backed
securities 33,736,516 33,849,611 16,931,762
Net Loans 124,957,126 119,627,069 104,998,630
Total Assets 172,359,299 166,721,692 138,644,306
Non-Interest Bearing Deposits 14,182,920 14,165,105 11,837,927
Interest Bearing Deposits 100,045,216 104,415,131 93,451,905
Non-Maturity Deposits (Included in
interest and non-interest bearing
deposits) 63,669,896 71,885,098 57,968,102
Brokered Deposits (Included in
interest-bearing deposits) 6,414,120 5,719,089 5,284,669
FHLB Advances 42,812,066 32,183,198 20,199,656
Subordinated Debentures/Trust
Preferred Securities 3,093,000 3,093,000 3,093,000
Tangible Stockholders' Equity 12,450,397 12,079,239 8,811,227
Non-Performing Assets 675,078 596,629 0
Allowance for Loan Losses 1,538,528 1,512,295 1,113,310
Tangible Book Value per Share 35.07 34.33 31.27
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
March 31, Dec. 31, March 31,
For the Three Months Ended 2008 2007 2007
----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME:
Mortgage loans $ 1,917,595 $ 1,813,191 $ 1,584,849
Premium Finance Loans 171,066 186,636 151,750
Consumer Loans 146,266 135,607 117,901
Lines of credit 101,958 112,579 92,923
Commercial Loans 65,278 74,492 67,446
Loans on deposits 33,642 32,814 30,380
FHLB stock and other
Investment securities 354,460 218,001 178,607
Demand deposits 32,781 47,738 69,273
Mortgage-backed securities 18,058 19,829 17,972
----------- ----------- -----------
TOTAL INTEREST INCOME 2,841,104 2,640,887 2,311,101
INTEREST EXPENSE:
Deposits 877,259 844,376 834,279
Federal Home Loan Bank
Advances 361,355 311,317 235,590
Subordinated Debentures/
Trust Preferred Securities 42,915 42,915 42,915
----------- ----------- -----------
TOTAL INTEREST EXPENSE 1,281,529 1,198,608 1,112,784
----------- ----------- -----------
NET INTEREST INCOME 1,559,575 1,442,279 1,198,317
Provisions for loan losses 30,000 150,000 150,000
----------- ----------- -----------
NET INTEREST INCOME
AFTER PROVISION
FOR LOAN LOSSES 1,529,575 1,292,279 1,048,317
----------- ----------- -----------
NON-INTEREST INCOME
Service charge on deposits 196,247 198,766 191,342
Mortgage Banking 140,986 133,649 158,987
Interchange Fees 53,554 58,990 41,061
Premium Finance 48,508 44,583 35,258
Loan Fees and Charges 45,954 45,890 36,421
Gain/(Loss) on Investment
Trading Accounts 29,698 (31,363) 0
Profit on sale of Investments 0 17,257 0
Other 42,073 22,852 38,716
----------- ----------- -----------
TOTAL NON-INTEREST
INCOME 557,020 490,624 501,785
----------- ----------- -----------
NON-INTEREST EXPENSE
Compensation and Employee
Benefits 885,466 773,267 661,673
Occupancy, Property Taxes, and
Equipment 135,121 139,253 100,940
Technology and Information
Processing 114,409 122,883 81,183
Federal Deposit Insurance,
Supervisory Fees/Taxes 48,152 44,448 36,579
Professional Fees 44,025 33,827 35,133
Other 245,700 309,584 206,776
----------- ----------- -----------
TOTAL NON-INTEREST
EXPENSE 1,472,873 1,423,262 1,122,284
----------- ----------- -----------
INCOME BEFORE INCOME
TAXES 613,722 359,641 427,818
Income Tax Expense (Benefit) 205,525 136,829 143,400
----------- ----------- -----------
NET INCOME $ 408,197 $ 222,812 $ 284,418
=========== =========== ===========
Earnings Per Share $ 1.19 $ 0.66 $ 1.06
Diluted Earnings Per Share $ 1.15 $ 0.63 $ 1.01
Dividend Paid per Share $ 0.14 $ 0.36 $ 0.12
Return on Average Assets 0.98% 0.60% 0.85%
Return on Average Tangible Equity 13.36% 7.34% 13.35%
Net Interest Margin 3.94% 4.02% 3.83%
Net Charge-Off/(Recoveries) to
Average Loans 0.01% 0.04% 0.02%
Allowance for Loan Losses to Total
Loans 1.22% 1.25% 1.05%
Non-Performing Loans to Total Loans 0.53% 0.49% 0.00%
CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
March 31, Dec. 31, March 31,
2008 2007 2007
ASSETS:
Cash and Cash Equivalents 6,446,740 6,321,168 9,668,617
Investment and
Mortgage-Backed Securities 33,736,516 33,849,611 16,931,762
Net Loans 124,957,126 119,627,069 104,998,630
Premises and Equipment, Net 6,292,861 5,920,041 5,962,688
Other Assets 926,056 1,003,803 1,082,609
-------------- -------------- --------------
TOTAL ASSETS $ 172,359,299 $ 166,721,692 $ 138,644,306
============== ============== ==============
LIABILITIES:
Deposits 113,085,846 118,580,236 104,983,881
Federal Home Loan Bank
Advances 42,812,066 32,183,198 20,199,656
Other Liabilities 917,990 786,019 1,556,542
Shares subject to mandatory
redemption 3,093,000 3,093,000 3,093,000
-------------- -------------- --------------
TOTAL LIABILITIES $ 159,908,902 $ 154,642,453 $ 129,833,079
============== ============== ==============
STOCKHOLDERS' EQUITY:
Common Stock $ 4,159 $ 4,128 $ 3,428
Capital Surplus 5,976,100 5,920,889 3,264,829
Retained Earnings 7,916,125 7,556,773 6,901,149
Unearned Compensation (123,890) (132,337) (152,407)
Treasury Stock (1,227,321) (1,227,321) (1,227,321)
Accumulated Other
Comprehensive Income (94,776) (42,893) 21,549
-------------- -------------- --------------
Total Stockholders' Equity 12,450,397 12,079,239 8,811,227
-------------- -------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY $ 172,359,299 $ 166,721,692 $ 138,644,306
============== ============== ==============Fritz W. Anderson II, Chairman of the Board, announced today that "On April 10, 2008 (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, 2008 (Payable Date) to stockholders of record June 10, 2008. (Record Date)." Contact: For More Information Contact:
Fritz W. Anderson, II
President, Chief Executive Officer
and Chairman
FPB Financial Corp.
(985) 345-1880
Source: FPB Financial Corp.
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