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FPB Financial Corp. Announces 2008 Third Quarter Earnings and Declares Dividends HAMMOND, LA--(MARKET WIRE)--Oct 22, 2008 -- FPB Financial Corp., (Other OTC:FPBF.PK - News), the
holding company for Florida Parishes Bank, announced earnings
for the
quarter ended September 30, 2008.
Net income for the three months ended September 30, 2008 was $247,000 ($0.70 per diluted common share), down 27.1% from $339,000 ($0.96 per diluted common share), for the 2007 comparable period. Net income for the nine months ended September 30, 2008, was $929,000 ($2.62 per diluted common share), up 0.4% from $925,000 ($2.89 per diluted common share), for the 2007 comparable period. Earnings for the quarter were affected by an increase of $293,000, or 21.4% in net interest income, an increase of $297,000 or 22.9% in non-interest expense, a decrease of $186,000, or 31.8% in non-interest income, and provisions for loan losses decreased $50,000, or 33.3% as compared to the 2007 quarter. The improvement in net interest income was due to an increase in our net interest margin to 4.52%. Non-interest expenses increased primarily due to compensation, occupancy, technology and FDIC premiums. A loss of $82,000 on investment trading accounts and a 45.7% decrease in mortgage banking revenue, compared to the 2007 period, were responsible for the decreased non-interest income. Provisions for loan losses decreased to $100,000 due to modest net loan charge-offs and a reduction of $597,000 in non-performing assets, compared to June 30, 2008. On May 6, 2008 Florida Parishes Bank was notified by the Asset Management Fund (AMF) that the AMF Ultra Short Mortgage Fund (ASARX) Redemption-In-Kind Provision was activated. A review is now in process to determine if the Bank's available-for-sale investment in this fund is other than temporarily impaired. If this investment had been declared impaired as of September 30, 2008, the Bank would have recognized an after tax charge to earnings of $704,000 ($1.98 per diluted common share). FPB Financial Corporation can give no assurance if, when, or the outcome of the impairment review now being conducted on the AMF Investment. Net Loans, Total Deposits, Allowance for Loan Losses, and Shareholder dividends all showed increases of 12% and above, as compared to September 30, 2007. Tangible Stockholders' Equity increased by $328,000, but was affected by a $704,000 decline in accumulated other comprehensive income related to investments in the national mortgage-backed securities market. As of September 30, 2008 our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all federal banking regulations and definitions. FPB Financial Corp. reported the following compared to September 30, 2007: -- Tangible stockholders equity increased $328,000, or 2.7% -- Tangible book value per share increased to $34.66, or 1.8% -- Dividends paid to shareholders increased $31,000, or 26.7% -- Total Deposits increased $13.0 million, or 12.5% -- Non-interest bearing deposits increased $536,000, or 3.8% -- Total Assets increased $12.0 million, or 8.3% -- Net Loans increased $13.9 million, or 12.5% -- Allowance for Loan Losses increased $193,000, or 13.7% 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) 2008 2008 2007
----------- ----------- -----------
Cash and Cash Equivalents $ 4,878,905 $ 8,850,068 $ 9,724,324
Investment and mortgage-backed
securities 17,576,663 19,030,464 16,148,075
Net Loans 125,087,715 122,113,116 111,247,708
Total Assets 156,712,216 158,063,204 144,750,803
Non-Interest Bearing Deposits 14,637,635 16,427,361 14,101,700
Interest Bearing Deposits 102,869,440 102,080,661 90,390,785
Non-Maturity Deposits (Included in
interest and non-interest bearing
deposits) 58,379,150 63,874,645 58,038,501
Brokered Deposits (Included in
interest-bearing deposits) 9,744,545 6,533,453 5,347,310
FHLB Advances 23,075,580 23,626,361 23,961,911
Subordinated Debentures/Trust
Preferred Securities 3,093,000 3,093,000 3,093,000
Tangible Stockholders’ Equity 12,304,127 12,292,251 11,975,504
Non-Performing Assets 1,118,329 1,715,459 5,436
As a percentage of Total Assets 0.71% 1.09% 0.01%
Allowance for Loan Losses 1,597,536 1,532,050 1,405,411
As a percentage of Gross Loans 1.26% 1.24% 1.25%
Tangible Book Value per Share 34.66 34.63 34.04
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
For the Three Months For the Nine Months
Ended Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2008 2007 2008 2007
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME:
Mortgage loans $ 1,900,614 $ 1,683,927 $ 5,688,042 $ 4,931,914
Premium Finance Loans 150,512 187,017 493,514 508,718
Consumer Loans 166,369 134,464 469,837 378,282
Lines of credit 106,254 111,329 305,484 298,771
Commercial Loans 65,039 63,825 198,905 196,161
Loans on deposits 31,891 30,408 99,431 92,520
FHLB stock and other
Investment securities 84,784 185,737 649,662 543,890
Mortgage-backed
securities 118,468 21,252 184,630 63,108
Demand deposits 18,125 73,423 75,266 268,376
----------- ----------- ----------- -----------
TOTAL INTEREST INCOME 2,642,056 2,491,382 8,164,771 7,281,740
INTEREST EXPENSE:
Deposits 681,909 849,934 2,271,906 2,575,956
Federal Home Loan
Bank Advances 249,923 228,396 924,106 682,198
Subordinated Debentures/
Trust Preferred
Securities 46,700 42,915 132,530 128,746
----------- ----------- ----------- -----------
TOTAL INTEREST EXPENSE 978,532 1,121,245 3,328,542 3,386,900
----------- ----------- ----------- -----------
NET INTEREST INCOME 1,663,524 1,370,137 4,836,229 3,894,840
Provisions for loan
losses 100,000 150,000 210,000 450,000
----------- ----------- ----------- -----------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 1,563,524 1,220,137 4,626,229 3,444,840
----------- ----------- ----------- -----------
NON-INTEREST INCOME
Service charge on
deposits 217,579 201,263 596,857 578,112
Mortgage Banking 90,629 167,011 384,281 482,310
Interchange Fees 64,650 49,135 176,170 141,602
Loan Fees and Charges 44,283 25,990 131,153 92,690
Premium Finance 37,272 39,506 127,156 108,279
Gain/(Loss) on
Investment Trading
Accounts (82,081) 0 (108,049) 0
Profit on sale of
Investments 0 49,875 0 49,875
Other 26,791 52,295 96,515 139,582
----------- ----------- ----------- -----------
TOTAL NON-INTEREST
INCOME 399,123 585,075 1,404,083 1,592,450
----------- ----------- ----------- -----------
NON-INTEREST EXPENSE
Compensation and
Employee Benefits 912,389 752,532 2,706,960 2,136,758
Occupancy, Property
Taxes, and Equipment 166,616 119,886 460,211 317,260
Technology and
Information Processing 139,872 108,610 389,740 284,289
Federal Deposit Insurance,
Supervisory Fees/Taxes 65,988 38,422 170,051 111,595
Professional Fees 49,400 47,717 136,509 121,136
Other 257,750 228,042 770,621 674,869
----------- ----------- ----------- -----------
TOTAL NON-INTEREST
EXPENSE 1,592,015 1,295,209 4,634,092 3,645,907
----------- ----------- ----------- -----------
INCOME BEFORE INCOME
TAXES 370,632 510,003 1,396,220 1,391,383
Income Tax Expense
(Benefit) 123,925 170,650 467,460 465,900
----------- ----------- ----------- -----------
NET INCOME $ 246,707 $ 339,353 $ 928,760 $ 925,483
=========== =========== =========== ===========
Earnings Per Share $ 0.71 $ 1.00 $ 2.70 $ 3.01
Diluted Earnings Per
Share $ 0.70 $ 0.96 $ 2.62 $ 2.89
Dividend Paid per Share $ 0.14 $ 0.12 $ 0.42 $ 0.36
Return on Average
Assets 0.62% 0.97% 0.76% 0.89%
Return on Average
Tangible Equity 8.00% 11.43% 10.07% 11.70%
Net Interest Margin 4.52% 4.14% 4.20% 4.02%
Net Charge-Off
(Recoveries) to
Average Total Loans 0.03% 0.01% 0.10% 0.02%
Allowance for Loan
Losses to Average
Total Loans 1.29% 1.31% 1.30% 1.32%
Non-Performing Loans to
Average Total Loans 0.90% 0.01% 0.91% 0.01%
CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
Sept. 30, 2008 June 30, 2008 Sept. 30, 2007
ASSETS:
Cash and Cash Equivalents 4,878,905 8,850,068 9,724,324
Investment Securities 17,576,663 19,030,464 16,148,075
Net Loans 125,087,715 122,113,116 111,247,708
Premises and Equipment, Net 7,916,038 7,240,364 5,930,160
Other Assets 1,252,895 829,192 1,700,536
-------------- -------------- --------------
TOTAL ASSETS $ 156,712,216 $ 158,063,204 $ 144,750,803
============== ============== ==============
LIABILITIES:
Deposits 117,507,075 118,508,022 104,492,484
Federal Home Loan Bank
Advances 23,075,580 23,626,361 23,961,911
Shares subject to mandatory
redemption 3,093,000 3,093,000 3,093,000
Other Liabilities 732,434 543,570 1,227,904
-------------- -------------- --------------
TOTAL LIABILITIES $ 144,408,089 $ 145,770,953 $ 132,775,299
============== ============== ==============
STOCKHOLDERS’ EQUITY:
Common Stock $ 4,159 $ 4,159 $ 4,128
Capital Surplus 6,023,134 6,000,973 5,905,541
Retained Earnings 8,338,326 8,140,876 7,458,948
Unearned Compensation (103,714) (112,837) (139,709)
Treasury Stock (1,227,321) (1,227,321) (1,227,321)
Accumulated Other
Comprehensive Income (730,457) (513,599) (26,083)
-------------- -------------- --------------
Total Stockholders’ Equity 12,304,127 12,292,251 11,975,504
-------------- -------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 156,712,216 $ 158,063,204 $ 144,750,803
============== ============== ==============Fritz W. Anderson II, Chairman of the Board announced today that "On October 9, 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 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, 2008 (Payable Date) to stockholders of record December 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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