HAMMOND, LA--(Marketwire - January 24, 2008) - FPB Financial Corp. (
Net income for the twelve months ended December 31, 2007 was $1,148,000 ($3.64 per common share; $3.49 per diluted common share), up 23.6% from $929,000 ($3.53 per common share; $3.35 per diluted common share), for the 2006 comparable period. Net income for the three months ended December 31, 2007 was $223,000 ($0.66 per common share; $0.63 per diluted common share), down 20.9% from $282,000 ($1.06 per common share; $1.01 per diluted common share), for the 2006 comparable period.
Earnings for the three and twelve months ended December 31, 2007 were positively affected by a $189,000 or 15.1% increase in net interest income for the quarter and a $791,000 or 17.4% increase for the twelve month period. Non-interest income increased by 1.5% to $491,000 for the quarter and by 40.3% to $2,073,000 for the twelve month period compared to the 2006 results. The increased non-interest income for the twelve months was primarily due to increased revenue from deposit service charges and fees, mortgage banking, interchange fees, and gains on sale of investments. Non-interest income was reduced for the fourth quarter and twelve month period by a loss on trading accounts, primarily from a mutual fund investment in high yield corporate debt securities and a 22.5% decrease for the quarter in mortgage banking income. Earnings were affected by a 25.3% increase for the quarter and a 24.0% increase for the twelve months in non-interest expenses, primarily compensation expense, occupancy and equipment, and other expense. Provisions for loan losses decreased by 18.2% for the quarter and increased by 8.4% for the year, compared to the 2006 periods.
Stockholders equity increased by 42.4% 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.
FPB Financial Corp. announced on October 18, 2007 the execution of a definitive agreement to sell on or before January 10, 2008 a parcel of real estate and recognize an after tax gain of approximately $450,000. As of this date, the proposed sale has not been completed and no assurance can be given as to when or if this proposed sale will be completed.
FPB Financial Corp. reported the following compared to December 31, 2006:
-- Net Income increased $220,000, or 23.6% -- Tangible stockholders equity increased $3.6 million, or 42.4% -- Tangible book value per share increased to $34.33, or 14.1% -- Non-Interest Income increased $595,000, or 40.3% -- Dividends paid to shareholders increased $76,000, or 46.1% -- Total Deposits increased $19.2 million, or 19.3% -- Non-interest bearing deposits increased $2.1 million, or 17.7% -- Non-Maturity Deposits increased $17.3 million, or 31.7% -- Total Assets increased $31.2 million, or 23.0% -- Net Loans increased $13.7 million, or 12.9% -- Loan Loss Reserve increased $531,000, or 54.1%
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. Selected Balances (Unaudited) Dec. 31, 2007 Sept. 30, 2007 Dec. 31, 2006 -------------- -------------- -------------- Cash and Cash Equivalents $ 6,321,168 $ 9,724,324 $ 8,602,576 Investment and mortgage-backed securities 33,849,611 16,148,075 14,793,689 Net Loans 119,627,069 111,247,708 105,895,525 Total Assets 166,721,692 144,750,803 135,499,073 Non-Interest Bearing Deposits 14,165,105 14,101,700 12,036,172 Interest Bearing Deposits 104,415,131 90,390,785 87,305,141 Non-Maturity Deposits (Included in interest and non-interest bearing deposits) 71,885,098 58,038,501 54,612,338 Brokered Deposits (Included in interest bearing deposits) 5,719,089 5,347,310 5,346,932 FHLB Advances 32,183,198 23,961,911 23,297,500 Subordinated Debentures/Trust Preferred Securities 3,093,000 3,093,000 3,093,000 Stockholders' Equity 12,079,239 11,975,504 8,480,592 Non-Performing Assets 486,134 5,436 181,502 Loan Loss Reserve 1,512,295 1,405,411 981,179 Tangible Book Value per Share 34.33 34.04 30.09 CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) For the Three Months For the Twelve Months Ended Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2007 2006 2007 2006 (Unaudited) (Unaudited) (Unaudited) (Unaudited) INTEREST INCOME: Mortgage loans $ 1,813,191 $ 1,631,901 $ 6,745,109 $ 5,805,007 Premium Finance Loans 186,636 139,560 695,354 333,181 Consumer Loans 135,607 113,520 513,885 390,384 Lines of credit 112,579 96,484 411,350 329,751 Commercial Loans 74,492 68,674 270,653 205,873 Loans on deposits 32,814 25,440 125,334 102,588 FHLB stock and other Investment securities 218,001 182,531 761,892 739,724 Demand deposits 47,738 58,521 316,113 236,879 Mortgage-backed securities 19,829 13,488 82,937 45,298 ----------- ----------- ----------- ----------- TOTAL INTEREST INCOME 2,640,887 2,330,119 9,922,627 8,188,685 INTEREST EXPENSE: Deposits 844,376 793,236 3,420,330 2,564,891 Federal Home Loan Bank Advances 311,317 241,059 993,516 906,145 Subordinated Debentures/ Trust Preferred Securities 42,915 42,917 171,662 171,662 ----------- ----------- ----------- ----------- TOTAL INTEREST EXPENSE 1,198,608 1,077,212 4,585,508 3,642,698 ----------- ----------- ----------- ----------- NET INTEREST INCOME 1,442,279 1,252,907 5,337,119 4,545,987 Provisions for loan losses 150,000 183,500 600,000 553,500 ----------- ----------- ----------- ----------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 1,292,279 1,069,407 4,737,119 3,992,487 ----------- ----------- ----------- ----------- NON-INTEREST INCOME Service charge on deposits 198,766 171,653 776,878 543,252 Mortgage Banking 133,649 172,351 651,857 485,754 Interchange Fees 58,990 39,935 200,592 136,507 Loan Fees and Charges 45,890 28,719 138,580 100,870 Premium Finance 44,583 31,120 152,862 62,095 Profit on sale of Investments 17,257 1,883 67,132 20,374 Gain/(Loss) on Investment Trading Accounts (31,363) 0 (34,589) 0 Other 22,852 38,436 119,398 128,528 ----------- ----------- ----------- ----------- TOTAL NON-INTEREST INCOME 490,624 484,097 2,072,710 1,477,380 ----------- ----------- ----------- ----------- NON-INTEREST EXPENSE Compensation and Employee Benefits 773,267 668,289 2,910,025 2,315,953 Occupancy, Property taxes, and Equipment 139,253 113,904 460,987 385,425 Technology and Information Processing 122,883 92,293 407,172 387,901 Federal Deposit Insurance, Supervisory Fees/Taxes 44,448 23,410 156,043 130,176 Professional Fees 33,827 51,437 179,683 135,885 Other 309,584 187,175 944,895 723,892 ----------- ----------- ----------- ----------- TOTAL NON-INTEREST EXPENSE 1,423,262 1,136,508 5,058,805 4,079,232 ----------- ----------- ----------- ----------- INCOME BEFORE INCOME TAXES 359,641 416,996 1,751,024 1,390,635 Income Tax Expense/ (Benefit) 136,829 135,295 602,729 461,852 ----------- ----------- ----------- ----------- NET INCOME $ 222,812 $ 281,701 $ 1,148,295 $ 928,783 =========== =========== =========== =========== Earnings Per Share $ 0.66 $ 1.06 $ 3.64 $ 3.53 Diluted Earnings Per Share $ 0.63 $ 1.01 $ 3.49 $ 3.35 Dividend Paid per Share $ 0.36 $ 0.28 $ 0.72 $ 0.60 Return on Average Assets 0.60% 0.85% 0.81% 0.73% Return on Average Equity 7.40% 13.50% 10.75% 11.56% Net Charge-Off (Recoveries) to Average Loans 0.04% 0.00% 0.06% 0.02% CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED) Dec. 30, 2007 Sept. 30, 2007 Dec. 30, 2006 ASSETS: Cash and Cash Equivalents $ 6,321,168 $ 9,724,324 $ 8,602,576 Investment and Mortgage-Backed Securities 33,849,611 16,148,075 14,793,689 Net Loans 119,627,069 111,247,708 105,895,525 Premises and Equipment, Net 5,920,041 5,930,160 5,502,497 Other Assets 1,003,803 1,700,536 704,786 -------------- -------------- -------------- TOTAL ASSETS $ 166,721,692 $ 144,750,803 $ 135,499,073 ============== ============== ============== LIABILITIES: Deposits 118,580,236 104,492,484 99,341,313 Federal Home Loan Bank Advances 32,183,198 23,961,911 23,297,500 Other Liabilities 786,019 1,227,904 1,286,668 Shares subject to mandatory redemption 3,093,000 3,093,000 3,093,000 -------------- -------------- -------------- TOTAL LIABILITIES $ 154,642,453 $ 132,775,299 $ 127,018,481 ============== ============== ============== STOCKHOLDERS' EQUITY: Common Stock $ 4,128 $ 4,128 $ 3,427 Capital Surplus 5,920,889 5,905,541 3,251,845 Retained Earnings 7,556,773 7,458,948 6,649,964 Unearned Compensation (132,337) (139,709) (157,505) Treasury Stock (1,227,321) (1,227,321) (1,227,321) Accumulated Other Comprehensive Income (42,893) (26,083) (39,818) -------------- -------------- -------------- Total Stockholders' Equity 12,079,239 11,975,504 8,480,592 -------------- -------------- -------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 166,721,692 $ 144,750,803 $ 135,499,073 ============== ============== ==============
Fritz W. Anderson II, Chairman of the Board, announced today that "On
January 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 March 25, 2008 (Payable Date) to stockholders of record March 10,
2008. (Record Date)."
Contact Information: For More Information Contact: Fritz W. Anderson, II President, Chief Executive Officer, and Chairman FPB Financial Corp. (985) 345-1880