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
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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