HAMMOND, LA--(Marketwire - January 27, 2011) - FPB Financial Corp. (
Net income available to common shareholders for the fourth quarter of 2010 increased 34.6% to $523,000; ($1.43 diluted available earnings per common share) as compared to the 2009 fourth quarter.
Net income available to common shareholders for 2010 totaled $1.9 million; ($5.27 diluted available earnings per common share) up 0.7% from 2009.
Principal items contributing to the Company's improved fourth quarter earnings were a $217,000 increase from gain on sale of investments, a $213,000 increase, or 117.0%, in mortgage banking revenue, and a $131,000 decrease in dividends paid/accretion of discount on preferred stock.
Fourth quarter non-interest expenses increased by $331,000, or 21.7% due to increases in other expenses and in compensation/employee benefits.
Asset Quality
Non-performing assets at December 31, 2010 decreased $599,000, or 17.7% to $2.8 million from $3.4 million as of September 30, 2010. Non-performing assets on December 31, 2009 totaled $1.7 million.
Net loan charge-offs for the 2010 fourth quarter totaled $222,000, or 0.72% (annualized) of average net loans, up from the $61,000 of net loan charge-offs in the third quarter of 2010. Total net loan charge-offs increased in 2010 to $553,000, or 0.43% of average net loans up from 2009 net loan charge-offs of $265,000.
FPB recorded a provision for loan losses for the 2010 fourth quarter of $295,000 and $995,000 for the year. The Company's allowance for loan losses was $2.6 million at December 31, 2010, or 2.07% of average net loans, $2.6 million at September 30, 2010, and $2.2 million as of December 31, 2009.
Balance Sheet and Capital
Total assets at December 31, 2010 increased to $173.7 million, or 5.3%, from $165.0 million on December 31, 2009, primarily due to a $19.2 million increase in investments and mortgage-backed securities. Total deposits increased $10.1 million to $130.2 million. Non-maturity demand/transaction/saving deposits increased $7.0 million, or 9.0% in 2010.
Total stockholders equity decreased $862,000, or 5.5% to $14.9 million for the twelve month period ending December 31, 2010, due to a $2.3 million redemption of Series A and Series B Preferred Stock which was partially offset by a $1.6 million increase in retained earnings. Total tangible common equity increased $1.4 million, or 10.6% to $14.9 million, due to the increase in retained earnings.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 2010.
FPB Financial Corp. reported the following for the period ending December 31, 2010, and as compared to December 31, 2009:
-- Average Net Interest Margin increased to 4.97% in 2010 from 4.50% in
2009
-- Net Interest income increased $548,000, or 7.6%
-- Non-Interest Bearing deposits increased to $20.8 million, or 1.6%
-- Non-maturity deposits increased $7.0 million, or 9.0%
-- Total Assets increased $8.7 million to $173.7 million, or 5.3%
-- Tangible Common Stockholders' Equity increased $1.4 million, or 10.4%
-- Tangible Common Book Value per share increased to $40.67, or 10.2%
-- Allowance for Loan Losses increased to $2.6 million
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.
This news release contains certain forward-looking statements, including statements about the financial condition, results of operations and earnings outlook for FPB Financial Corp. and its subsidiaries. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors, many of which are beyond the Company's control, could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. These factors include, among others, the following: general economic conditions, changes in interest rates, deposit flows, the cost of funds, changes in credit quality, interest rate risks associated with the Company's business and operations and the adequacy of our allowance for loan losses. Other factors include changes in our loan portfolio, changes in competition, fiscal and monetary policies and legislation and regulatory changes. We undertake no obligation to update any forward-looking statements.
FPB Financial Corp.
Selected Balances Dec 31, 2010 Sept 30, 2010 Dec 31, 2009
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(Unaudited) (Unaudited) (Audited)
Cash and Cash Equivalents $ 9,240,645 $ 14,905,312 $ 8,090,847
Investment and
Mortgaged-backed Securities 34,306,686 19,576,218 15,127,014
Net Loans 119,226,316 129,279,354 131,593,330
Other Real Estate Owned (OREO) 1,526,432 780,000 156,828
Non-Performing Assets
(Includes OREO) 2,782,561 3,382,282 1,668,415
Allowance for Loan Losses 2,574,346 2,557,660 2,190,038
Total Assets 173,746,584 173,846,280 164,992,978
Non-Interest Bearing Deposits 20,829,844 20,685,754 20,507,645
Interest-Bearing Deposits 109,378,780 109,092,755 99,630,720
Non-Maturity Deposits
(Included in interest and
non-interest bearing
deposits) 84,975,598 84,246,936 77,963,065
Brokered Deposits (Included in
interest-bearing deposits) 7,500,064 6,155,733 5,329,588
FHLB Advances 24,752,506 25,372,851 25,131,440
Subordinated Debentures/Trust
Preferred Securities 3,093,000 3,093,000 3,093,000
Tangible Common Stockholders'
Equity (Includes other
comprehensive income (OCI)) 14,947,649 14,730,768 13,510,822
CONSOLIDATED STATEMENTS OF EARNINGS
For the Three Months For the Twelve Months
Ended Ended
Dec 31, Sept 30, Dec 31, Dec 31, Dec 31,
2010 2010 2009 2010 2009
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
INTEREST
INCOME:
Mortgage Loans $2,065,824 $2,119,298 $1,995,744 $8,398,969 $7,854,686
Consumer Loans 209,660 210,359 286,052 836,759 1,225,358
Commercial
Loans 69,584 70,784 63,914 264,862 252,979
Consumer &
Commercial
Lines of Credit 36,435 39,812 111,184 150,240 403,278
FHLB stock and
other
Investment
Securities/
Deposits 70,109 60,333 51,656 250,284 215,657
Mortgage-backed
securities 47,810 50,053 82,699 222,956 457,985
---------- ---------- ---------- ---------- ----------
TOTAL INTEREST
INCOME 2,499,422 2,550,639 2,591,249 10,124,070 10,409,943
---------- ---------- ---------- ---------- ----------
INTEREST
EXPENSE:
Deposits 346,421 365,102 447,026 1,472,691 2,069,812
Federal Home
Loan Bank
Advances 164,683 174,642 199,347 738,460 958,080
Subordinated
Debentures/
Trust Preferred
Securities 26,500 28,749 26,451 107,913 125,237
---------- ---------- ---------- ---------- ----------
TOTAL INTEREST
EXPENSE 537,604 568,493 672,824 2,319,064 3,153,129
---------- ---------- ---------- ---------- ----------
NET INTEREST
INCOME 1,961,818 1,982,146 1,918,425 7,805,006 7,256,814
Provisions for
loan losses 295,000 360,000 260,000 995,000 725,000
---------- ---------- ---------- ---------- ----------
NET INTEREST
INCOME AFTER
PROVISION FOR
LOAN LOSSES 1,666,818 1,622,146 1,658,425 6,810,006 6,531,814
---------- ---------- ---------- ---------- ----------
NON-INTEREST
INCOME
Mortgage
Banking 394,581 456,356 181,809 1,228,188 731,456
Service charge
on deposits 225,137 248,839 251,854 940,398 923,197
Gain/(Loss) on
Sale of Real
Estate/
Investments 224,094 17,374 7,161 325,411 725,174
Interchange
Fees 85,723 83,121 71,791 317,454 279,593
Loan Fees and
Charges 32,646 35,189 38,798 125,621 138,258
Gain/(Loss) on
Investment
Trading
Accounts (23,637) (3,123) (7,959) 12,967 78,790
Investment
Impairment
Charge 0 0 0 0 (169,923)
Other 17,182 29,262 35,190 109,070 217,712
---------- ---------- ---------- ---------- ----------
TOTAL
NON-INTEREST
INCOME 955,726 867,018 578,644 3,059,109 2,924,257
---------- ---------- ---------- ---------- ----------
NON-INTEREST
EXPENSE
Compensation
and Employee
Benefits 1,036,301 1,016,409 878,997 3,797,819 3,457,440
Occupancy,
Property
Taxes, and
Equipment 190,185 199,114 233,639 755,659 773,108
Technology and
Information
Processing 151,626 143,940 142,238 566,401 461,387
Federal Deposit
Insurance,
Supervisory
Fees/Taxes 123,272 90,015 72,588 387,000 454,184
Professional
Fees 17,569 102,141 63,654 258,421 223,538
Other 334,988 308,448 131,758 1,078,477 851,549
---------- ---------- ---------- ---------- ----------
TOTAL
NON-INTEREST
EXPENSE 1,853,941 1,860,067 1,522,874 6,843,777 6,221,206
---------- ---------- ---------- ---------- ----------
INCOME BEFORE
INCOME
TAXES 768,603 629,097 714,195 3,025,338 3,234,865
Income Tax
Expense
(Benefit) 245,121 190,109 193,945 927,190 1,096,498
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NET INCOME 523,482 438,988 520,250 2,098,148 2,138,367
Dividends Paid
to Preferred
Shareholders 0 0 48,451 74,190 147,532
Accretion of
Discount on
Preferred
Stock 0 0 82,955 102,671 82,955
---------- ---------- ---------- ---------- ----------
Net Income
Available to
Common
Shareholders $ 523,482 $ 438,988 $ 388,844 $1,921,287 $1,907,880
========== ========== ========== ========== ==========
PER COMMON
SHARE DATA:
Available
Earnings $ 1.44 $ 1.22 $ 1.08 $ 5.29 $ 5.42
Diluted
Available
Earnings $ 1.43 $ 1.20 $ 1.07 $ 5.27 $ 5.39
Dividends Paid $ 0.36 $ 0.14 $ 0.36 $ 0.78 $ 0.78
Tangible Book
Value (Period
End) $ 40.67 $ 40.11 $ 36.90 $ 40.67 $ 36.90
RATIOS:
Net Income to
Average
Assets
(Annualized) 1.19% 1.01% 1.21% 1.22% 1.22%
Net Income to
Average Total
Stockholders'
Equity
(Annualized) 13.94% 11.90% 12.63% 13.58% 13.95%
Net Interest
Margin
(Average) for
the period 4.85% 4.98% 4.92% 4.97% 4.50%
Non-Interest
Expense less
Non-Interest
Income to
Average Assets
(Annualized) 2.04% 2.27% 2.19% 2.21% 1.88%
Efficiency
Ratio 63.54% 65.28% 60.99% 62.99% 61.11%
Net Loan
Charge-Off/
(Recoveries) $ 221,713 $ 60,529 $ 120,090 $ 552,663 $ 264,631
to Average Net
Loans 0.18% 0.05% 0.09% 0.43% 0.20%
Troubled Debt
Restructured
(Performing) $3,257,876 $2,129,029 $2,363,557 $3,257,876 $2,363,557
to Average Net
Loans 2.62% 1.63% 1.75% 2.52% 1.77%
Non-Performing
Assets $2,782,561 $3,382,282 $1,668,415 $2,782,561 $1,668,415
to Average
Total Assets 1.59% 1.95% 0.98% 1.62% 0.95%
Allowance for
Loan Losses $2,574,346 $2,557,660 $2,190,038 $2,574,346 $2,190,038
to Average Net
Loans 2.07% 1.96% 1.63% 2.00% 1.64%
to Non-Performing
Assets 92.52% 75.62% 131.26% 92.52% 131.26%
CONSOLIDATED STATEMENTS OF CONDITION
Dec 31, 2010 Sept 30, 2010 Dec 31, 2009
(Unaudited) (Unaudited) (Audited)
ASSETS:
Cash and Cash Equivalents $ 9,240,645 $ 14,905,312 $ 8,090,847
Investment and
Mortgage-Backed Securities 34,306,686 19,576,218 15,127,014
Net Loans 119,226,316 129,279,354 131,593,330
Premises and Equipment, Net 7,645,628 7,696,355 8,695,535
Other Real Estate Owned 1,526,432 780,000 156,828
Other Assets 1,800,877 1,609,041 1,329,424
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TOTAL ASSETS $ 173,746,584 $ 173,846,280 $ 164,992,978
============== ============== ==============
LIABILITIES:
Deposits 130,208,374 129,778,509 120,138,365
Federal Home Loan Bank
Advances 24,752,506 25,372,851 25,131,440
Subordinated
debentures/trust preferred
securities 3,093,000 3,093,000 3,093,000
Other Liabilities 745,055 871,152 820,022
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TOTAL LIABILITIES $ 158,798,935 $ 159,115,512 $ 149,182,827
============== ============== ==============
STOCKHOLDERS' EQUITY:
Common Stock $ 4,284 $ 4,283 $ 4,271
Capital Surplus 6,258,068 6,244,738 6,228,300
Retained Earnings 9,892,612 9,500,098 8,255,116
Unearned Compensation (45,581) (57,978) (60,936)
Treasury Stock (1,227,321) (1,227,321) (1,227,321)
Other Comprehensive Income
(Loss) 65,587 266,948 311,392
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Total Tangible Common
Stockholders' Equity 14,947,649 14,730,768 13,510,822
Total Preferred
Stockholders' Equity 0 0 2,299,329
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Total Stockholders' Equity 14,947,649 14,730,768 15,810,151
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TOTAL LIABILITIES
AND STOCKHOLDERS'
EQUITY $ 173,746,584 $ 173,846,280 $ 164,992,978
============== ============== ==============
Fritz W. Anderson II, Chairman of the Board announced today that "On January 13, 2011, 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 $0.15 per share and will be paid on March 25, 2011 to stockholders of record at the close of business on March 10, 2011."
Contact Information: For More Information Contact: Fritz W. Anderson, II President, Chief Executive Officer, And Chairman FPB Financial Corp. (985) 345-1880