HAMMOND, LA--(Marketwire - July 17, 2007) - Fritz W. Anderson, II, Chairman of FPB
Financial Corp. (
Net income for the three months ended June 30, 2007 was $302,000 ($0.96 per common share; $0.92 per diluted common share), up 34.8% from $224,000 ($0.85 per common share; $0.81 per diluted common share), for the 2006 comparable period. Net income for the six months ended June 30, 2007, was $586,000 ($2.01 per common share; $1.92 per diluted common share), up 43.2% from $409,000 ($1.56 per common share; $1.49 per diluted common share), for the 2006 comparable period.
Earnings for the three and six months ended June 30, 2007 were positively affected by a $177,000 or 15.4% increase in net interest income for the quarter and an $419,000 or 19.9% increase for the six month period. Non-interest income increased by 48.4% to $506,000 for the quarter and by 66.0% to $1,007,000 for the six month period compared to the 2006 results. The increased non-interest income for the quarter and six months were primarily due to $187,000 and $377,000 respectively from service charges and fees together with $176,000 and $335,000 respectively of mortgage banking revenue. Earnings were affected by a 22.5% increase for the quarter and a 25.3% increase for the six months in non-interest expenses, primarily compensation expense, professional fees, other expenses, and a 36.4% increase in provisions for loan losses.
Stockholders equity increased by 47.1% 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. reported the following compared to June 30, 2006:
-- Net Income increased $177,000, or 43.2%
-- Stockholders equity increased $3.8 million or 47.1%
-- Return on average stockholders equity increased to 12.3%
-- Book value per share increased to $33.39 or 16.7%
-- Non-Interest Income increased $401,000, or 66.0%
-- Dividends paid increased $20,000,or 36.8%
-- Total Deposits increased $13.5 million, or 14.4%
-- Non-Maturity Deposits increased $7.5 million, or 13.9%
-- Total Assets increased $15.2 million, or 11.9%
-- Net Loans increased $5.9 million, or 6.0%
-- Loan Loss Reserve increased $614,000, or 93.9%
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.
June 30, March 31, June 30,
Selected Balances (Unaudited) 2007 2007 2006
------------ ------------ ------------
Cash and Cash Equivalents 13,821,525 9,668,517 5,706,012
Investment and mortgage-backed
securities 16,640,174 16,931,762 17,076,064
Net Loans 105,535,609 104,998,630 99,605,875
Total Assets 142,758,252 138,644,306 127,527,522
Non-Interest Bearing Deposits 21,327,643 16,842,809 18,250,928
Interest Bearing Deposits 88,047,642 88,447,023 75,542,650
Non-Maturity Deposits (Included in
interest and non-interest bearing
deposits) 61,589,507 57,968,102 54,067,120
Brokered Deposits (Included in
interest- bearing deposits) 5,515,692 5,284,669 4,972,080
FHLB Advances 19,567,421 20,199,656 21,192,500
Subordinated Debentures/Trust
Preferred Securities 3,093,000 3,093,000 3,093,000
Stockholders' Equity 11,730,574 8,811,227 7,972,802
Non-Performing Assets 0 0 143,377
Loan Loss Reserve 1,267,082 1,113,310 653,479
Book Value per Share 33.39 31.27 28.61
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
For the Three Months For the Six Months
Ended Ended
June 30, June 30, June 30, June 30,
2007 2006 2007 2006
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME:
Mortgage loans and
fees $ 1,663,138 $ 1,404,600 $ 3,247,987 $ 2,650,513
Premium Finance Loans 169,952 70,205 321,701 70,205
Consumer Loans 125,915 92,735 243,816 172,289
Lines of credit and
fees 94,519 77,292 187,442 146,511
Commercial Loans 64,891 44,825 132,336 83,305
Loans on deposits 31,732 26,892 62,112 50,821
FHLB stock and other
Investment
securities 179,546 193,589 358,153 378,080
Demand deposits 125,679 56,105 194,955 129,088
Mortgage-backed
securities 23,885 10,975 41,856 14,033
----------- ----------- ----------- -----------
TOTAL INTEREST INCOME 2,479,257 1,977,218 4,790,358 3,694,845
INTEREST EXPENSE:
Deposits 891,743 569,420 1,726,022 1,059,543
Federal Home Loan
Bank Advances 218,212 215,528 453,801 443,590
----------- ----------- ----------- -----------
Subordinated
Debentures/
Trust Preferred
Securities 42,915 42,915 85,831 85,830
----------- ----------- ----------- -----------
TOTAL INTEREST EXPENSE 1,152,870 827,863 2,265,654 1,588,963
----------- ----------- ----------- -----------
NET INTEREST INCOME 1,326,387 1,149,355 2,524,704 2,105,882
Provisions for loan
losses 150,000 150,000 300,000 220,000
----------- ----------- ----------- -----------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 1,176,387 999,355 2,224,704 1,885,882
----------- ----------- ----------- -----------
NON-INTEREST INCOME
Service charge on
deposits 186,843 129,206 376,849 234,982
Mortgage Banking 176,181 106,612 335,169 188,352
Interchange Fees 41,217 31,768 75,222 61,390
Premium Finance 33,515 7,577 68,773 7,577
Profit on sale of
Investments 0 18,491 0 18,491
Other 67,838 47,096 151,367 95,910
----------- ----------- ----------- -----------
TOTAL NON-INTEREST
INCOME 505,594 340,750 1,007,380 606,702
----------- ----------- ----------- -----------
NON-INTEREST EXPENSE
Compensation and
Employee Benefits 722,556 562,894 1,384,227 1,042,538
Occupancy and Equipment 97,705 90,204 199,917 176,597
Technology and
Information Processing 94,496 96,161 175,679 211,665
Professional Fees 59,417 30,871 112,582 60,925
Stationary, Printing, &
Supplies 31,076 35,788 64,378 57,986
Advertising 13,741 12,510 33,015 25,669
Federal Insurance
Expense 2,935 2,553 5,856 4,743
Other 206,495 172,134 375,050 296,445
----------- ----------- ----------- -----------
TOTAL NON-INTEREST
EXPENSE 1,228,421 1,003,115 2,350,704 1,876,568
----------- ----------- ----------- -----------
INCOME BEFORE INCOME
TAXES 453,560 336,990 881,380 616,016
Income Tax Expense
(Benefit) 151,850 113,195 295,250 206,690
----------- ----------- ----------- -----------
NET INCOME $ 301,710 $ 223,795 $ 586,130 $ 409,326
=========== =========== =========== ===========
Earnings Per Share $ 0.96 $ 0.85 $ 2.01 $ 1.56
Diluted Earnings Per
Share $ 0.92 $ 0.81 $ 1.92 $ 1.49
Dividend Paid per Share $ 0.12 $ 0.10 $ 0.24 $ 0.20
Return on Average
Assets 0.86% 0.72% 0.85% 0.67%
Return on Average
Equity 11.76% 11.35% 12.29% 10.49%
Net Charge-Off
(Recoveries) to
Average Loans 0.018% 0.110% 0.011% 0.014%
CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
June 30, 2007 March 31, 2007 June 30, 2006
ASSETS:
Cash and Cash Equivalents 13,821,525 9,668,617 5,706,012
Investment Securities 16,640,174 16,931,762 17,076,064
Net Loans 105,535,609 104,998,630 99,605,875
Premises and Equipment, Net 5,930,061 5,962,688 4,429,182
Other Assets 830,883 1,082,609 710,389
-------------- -------------- --------------
TOTAL ASSETS $ 142,758,252 $ 133,644,306 $ 127,527,522
============== ============== ==============
LIABILITIES:
Deposits 107,298,390 104,983,881 93,793,578
Federal Home Loan Bank
Advances 19,567,421 20,199,656 21,192,500
Other Liabilities 1,068,867 1,556,542 1,475,642
Shares subject to mandatory
redemption 3,093,000 3,093,000 3,093,000
-------------- -------------- --------------
TOTAL LIABILITIES $ 131,027,678 $ 129,833,079 $ 119,554,720
============== ============== ==============
STOCKHOLDERS' EQUITY:
Common Stock $ 4,124 $ 3,428 $ 3,396
Capital Surplus 5,886,580 3,264,829 3,188,232
Retained Earnings 7,161,257 6,901,149 6,240,912
Unearned Compensation (144,807) (152,407) (169,975)
Treasury Stock (1,227,321) (1,227,321) (1,227,321)
Accumulated Other
Comprehensive Income 50,741 21,549 (62,442)
-------------- -------------- --------------
Total Stockholders' Equity 11,730,574 8,811,227 7,972,802
-------------- -------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY $ 142,758,252 $ 138,644,306 $ 127,527,522
============== ============== ==============
Fritz W. Anderson II, Chairman of the Board announced today that "On July 17, 2007 (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 $0.120 per share and will be paid on September 25, 2007 (Payable Date) to stockholders of record September 10, 2007. (Record Date)."
Contact Information: For More Information Contact: Fritz W. Anderson, II President, Chief Executive Officer, and Chairman FPB Financial Corp. (985) 345-1880