HAMMOND, LA--(Marketwire - Jan 25, 2012) - FPB Financial Corp. (
Earnings
Net income available to common shareholders for the fourth quarter of 2011 decreased to $350,000; ($0.99 per fully diluted common share) as compared to the 2010 fourth quarter net income available to common shareholders of $523,000 ($1.43 per fully diluted common share.)
Net income available to common shareholders for 2011 totaled $1.8 million; ($5.08 per fully diluted common share) down 5.4% from the 2010 available net income of $1.9 million ($5.27 per fully diluted common share.)
Items contributing to the Company's fourth quarter earnings when compared to the 2010 period were; a decrease of $400,000 in total non-interest income (primarily from a $228,000 decline in gain on sale of investments and a $217,000 decrease in mortgage banking fees); a $201,000 increase in foreclosed assets expense; and a $145,000 reduction in provision for loan losses. Net interest income increased $219,000 when compared to the 2010 period.
Asset Quality
Non-performing assets on December 31, 2011 increased $224,000, or 8.0%, to $3.0 million when compared to December 31, 2010. Non-performing assets on September 30, 2011 were $3.1 million.
Net loan charge-offs for the fourth quarter totaled ($94,000), down $316,000 from the 2010 fourth quarter total. Net loan charge-offs in the 2011 third quarter were $86,000. For the 2011 twelve month period, net loan charge-offs decreased to $254,000 from $553,000 in 2010.
Performing Troubled Debt Restructured (TDR's) as of December 31 totaled $3.6 million, or an increase of $374,000 from December 31, 2010. Performing TDR's on September 30, 2011 totaled $3.8 million.
The Company recorded a provision for loan losses in the 2011 fourth quarter of $150,000, a 49.3% decrease from the 2010 period. Provisions for 2011 totaled $656,000, down from $995,000 recorded in 2010. The Company's allowance for loan losses was $3.0 million on December, 31, 2011, or 2.5% of average net loans and 100.9% of non-performing assets. The allowance on December 31, 2010 was $2.6 million.
Balance Sheet and Capital
Total Assets on December 31, 2011 increased to $174.7 million, or 0.6% from $173.7 million on December 31, 2010. Total Assets on September 30, 2011 were $171.0 million. Net loans increased 5.9% to $126.3 million for the year ending December 31, 2011. Available for sale investment securities increased during the 2011 twelve month period 28.2% to $25.7 million. Trading securities decreased from $14.2 million on December 31, 2010 to $243,000 on December 31, 2011. Non-interest bearing deposits and total non-maturity deposits both increased in 2011, 9.6% and 4.5% respectively.
Common Stockholders' equity increased by a net of $1.2 million, or 8.1% to $16.1 million for the twelve month period ending December 31, 2011, primarily due to an increase of $1.5 million in retained earnings. Common Stockholders' equity rate of increase was reduced by an increase of $556,000 in treasury stock. The increase in treasury stock was due to the company completing the termination of its Employee Stock Ownership Plan (ESOP) and distributing the ESOP account balances to the ESOP participants during the second quarter of 2011.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 2011.
FPB Financial Corp. reported the following for the period ending December 31, 2011, and as compared to December 31, 2010:
- Total Assets increased to $174.9 million, or 0.6%
- Net interest margin increased to 5.12%
- Non-Interest Bearing deposits increased to $22.8 million, or 9.6%
- Non-maturity Deposits increased $3.8 million, or 4.5%
- Dividends paid to common shareholders increased to $286,000, or 1.0%
- Common Stockholders' equity increased $1.2 million, or 8.1%
- Common Book Value per share increased to $45.89, or 11.6%
- Net loan charge-offs decreased $299,000, or 54.0%
- Foreclosed Assets decreased $393,000, or 25.7%
- Allowance for Loan Losses increased to $3.0 million, or 15.4%
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, 2011 |
Dec. 31, 2010 |
% Change |
Sept. 30, 2011 |
% Change |
||||||||||||
(Unaudited | ) | (Unaudited | ) | ||||||||||||||
Cash and Interest Earning Deposits | $ | 11,934,953 | $ | 9,240,645 | 29 | $ | 12,306,319 | (3 | ) | ||||||||
Net Loans | 126,309,459 | 119,226,316 | 6 | 121,970,199 | 4 | ||||||||||||
Foreclosed Assets | 1,133,388 | 1,526,432 | (26 | ) | 793,336 | 43 | |||||||||||
Non-Performing Assets (includes Foreclosed Assets) | 3,007,078 |
2,782,561 |
8 |
3,082,869 |
(2 |
) | |||||||||||
Allowance for Loan Losses | 3,033,282 | 2,574,346 | 18 | 2,789,714 | 9 | ||||||||||||
Total Assets | 174,719,552 | 173,719,654 | 1 | 170,985,880 | 2 | ||||||||||||
Non-Interest Bearing Deposits | 22,774,022 | 20,829,844 | 9 | 22,815,069 | 0 | ||||||||||||
Interest-Bearing Deposits | 106,561,531 | 109,378,780 | (3 | ) | 104,465,550 | 2 | |||||||||||
Non-Maturity Deposits (Included in interest and non-interest bearing deposits) | 88,806,587 |
84,975,598 |
5 |
88,472,290 |
0 |
||||||||||||
Brokered Deposits (Included in interest- bearing deposits) | 7,116,816 |
7,500,064 |
(5 |
) | 7,083,907 |
0 |
|||||||||||
FHLB Advances | 25,361,627 | 24,752,506 | 2 | 23,768,479 | 7 | ||||||||||||
Subordinated Debentures/Trust Preferred Securities | 3,093,000 |
3,093,000 |
0 |
3,093,000 |
0 |
||||||||||||
Tangible Common Stockholders' Equity | 15,918,488 |
14,882,061 |
7 |
15,644,775 |
2 |
||||||||||||
Total Common Stockholders' Equity | 16,132,126 | 14,947,648 | 8 | 15,963,597 | 1 |
CONSOLIDATED STATEMENTS OF EARNINGS |
|||||||||||||||||||||
For the Three Months | For the Twelve Months | ||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||
Dec 31, 2011 | Sept 30, 2011 | Dec 31, 2010 | Dec 31, 2011 | Dec 31, 2010 | |||||||||||||||||
(Unaudited | ) | (Unaudited | ) | (Unaudited | ) | ||||||||||||||||
INTEREST AND DIVIDED INCOME: | |||||||||||||||||||||
Mortgage Loans | $ | 2,061,602 | $ | 2,031,765 | $ | 2,065,824 | $ | 8,116,890 | $ | 8,398,969 | |||||||||||
Consumer Loans | 233,040 | 241,298 | 209,660 | 940,977 | 836,960 | ||||||||||||||||
Commercial Loans | 71,999 | 68,250 | 69,584 | 271,623 | 264,862 | ||||||||||||||||
Consumer & Commercial Lines of Credit |
42,284 |
43,638 |
36,435 |
168,541 |
150,240 |
||||||||||||||||
Investment Securities and Deposits | 156,553 | 145,397 | 117,919 | 530,099 | 473,243 | ||||||||||||||||
TOTAL INTEREST AND DIVIDEND INCOME | 2,565,478 |
2,530,348 |
2,499,422 |
10,028,130 |
10,124,274 |
||||||||||||||||
INTEREST EXPENSE: | |||||||||||||||||||||
Deposits | 209,009 | 220,881 | 346,421 | 977,990 | 1,472,691 | ||||||||||||||||
Federal Home Loan Bank Advances | 148,226 |
146,402 |
164,658 |
604,567 |
738,460 |
||||||||||||||||
Other | 27,037 | 26,452 | 26,525 | 106,813 | 107,913 | ||||||||||||||||
TOTAL INTEREST EXPENSE | 384,272 | 393,735 | 537,604 | 1,689,370 | 2,319,064 | ||||||||||||||||
NET INTEREST INCOME | 2,181,206 | 2,136,613 | 1,961,818 | 8,338,760 | 7,805,210 | ||||||||||||||||
Provisions for loan losses | 149,639 | 45,000 | 295,000 | 656,468 | 995,000 | ||||||||||||||||
NET INTEREST INCOMEAFTER PROVISION FORLOAN LOSSES | 2,031,567 |
2,091,613 |
1,666,818 |
7,682,292 |
6,810,210 |
||||||||||||||||
NON-INTEREST INCOME: | |||||||||||||||||||||
Service charges on deposits | 216,907 | 223,392 | 225,137 | 793,912 | 940,398 | ||||||||||||||||
Mortgage Banking Fees | 177,813 | 223,089 | 394,581 | 731,222 | 1,226,345 | ||||||||||||||||
Interchange Fees | 97,637 | 98,959 | 85,723 | 373,392 | 317,454 | ||||||||||||||||
Loan Fees and Charges | 47,376 | 46,558 | 32,646 | 178,607 | 125,621 | ||||||||||||||||
Gain/(Loss) on Sale of Investments/Foreclosed Assets | (4,296 |
) | 7,070 |
224,094 |
5,581 |
304,563 |
|||||||||||||||
Gain/(Loss) on Trading Accounts | (5,814 | ) | (62,850 | ) | (23,637 | ) | (93,076 | ) | 12,966 | ||||||||||||
Other | 26,406 | 26,573 | 17,182 | 117,615 | 125,566 | ||||||||||||||||
TOTAL NON-INTEREST INCOME |
556,029 |
562,791 |
955,726 |
2,107,253 |
3,052,913 |
||||||||||||||||
NON-INTEREST EXPENSE: | |||||||||||||||||||||
Compensation and Employee Benefits |
1,029,837 |
1,010,805 |
1,036,301 |
3,895,947 |
3,797,817 |
||||||||||||||||
Occupancy, Property Taxes, and Equipment | 215,863 | 212,374 | 190,185 | 828,134 | 755,660 | ||||||||||||||||
Technology and Information Processing | 163,791 | 147,138 | 151,626 | 582,023 | 566,401 | ||||||||||||||||
Regulatory Fees | 2,726 | 101,795 | 123,272 | 327,101 | 387,001 | ||||||||||||||||
Foreclosed Assets | 260,854 | 2,124 | 60,287 | 283,318 | 73,701 | ||||||||||||||||
Professional Fees | 73,608 | 65,393 | 17,569 | 242,478 | 258,420 | ||||||||||||||||
Other | 337,426 | 233,091 | 274,701 | 954,000 | 998,785 | ||||||||||||||||
TOTAL NON-INTEREST EXPENSE |
2,084,105 |
1,772,720 |
1,853,941 |
7,113,001 |
6,837,785 |
||||||||||||||||
INCOME BEFORE INCOME TAXES |
503,491 |
881,684 |
768,603 |
2,676,544 |
3,025,338 |
||||||||||||||||
Income Tax Expense | 153,940 | 295,646 | 245,121 | 858,301 | 927,191 | ||||||||||||||||
NET INCOME | 349,551 | 586,038 | 523,482 | 1,818,243 | 2,098,147 | ||||||||||||||||
Dividends Paid to Preferred Shareholders |
0 |
0 |
0 |
0 |
74,190 |
||||||||||||||||
Accretion of Discount on Preferred Stock | 0 | 0 | 0 | 0 | 102,671 | ||||||||||||||||
Net Income Available to Common Shareholders |
$ | 349,551 |
$ | 586,038 |
$ | 523,482 |
$ | 1,818,243 |
$ | 1,921,286 |
|||||||||||
PER COMMON SHARE DATA: | |||||||||||||||||||||
Available Earnings | $ | 1.00 | $ | 1.67 | $ | 1.44 | $ | 5.11 | $ | 5.29 | |||||||||||
Diluted Available Earnings | $ | 0.99 | $ | 1.66 | $ | 1.43 | $ | 5.08 | $ | 5.27 | |||||||||||
Dividends Paid | $ | 0.36 | $ | 0.15 | $ | 0.36 | $ | 0.81 | $ | 0.78 | |||||||||||
Revenue (Net Interest Income and Non-Interest Income) | $ | 7.81 |
$ | 7.70 |
$ | 8.02 |
$ | 29.35 |
$ | 29.91 |
|||||||||||
Book Value Period End | $ | 45.89 | $ | 45.55 | $ | 41.12 | $ | 45.89 | $ | 41.12 | |||||||||||
Tangible Book Value Period End | $ | 45.23 | $ | 44.65 | $ | 40.94 | $ | 45.23 | $ | 40.94 | |||||||||||
RATIOS: | |||||||||||||||||||||
Net Income to Average Period Assets (Annualized) |
0.80 |
% | 1.35 |
% | 1.19 |
% | 1.04 |
% | 1.22 |
% | |||||||||||
Net Income to Average Period Total Stockholders' Equity (Annualized) |
8.66 |
% | 14.94 |
% | 13.94 |
% | 11.70 |
% | 13.58 |
% | |||||||||||
Net Interest Margin (Average) for the period | 5.49 | % | 5.36 | % | 4.85 | % | 5.12 | % | 4.97 | % | |||||||||||
Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized) |
3.50 |
% | 2.78 |
% | 2.04 |
% | 2.86 |
% | 2.21 |
% | |||||||||||
Efficiency Ratio for the Period | 76.14 | % | 65.67 | % | 63.54 | % | 68.09 | % | 62.97 | % | |||||||||||
Net Loan Charge-Offs for the Period | $ | (93,929 | ) | $ | 85,881 | $ | 221,713 | $ | 254,132 | $ | 552,663 | ||||||||||
to Average Period Net Loans (Annualized) | (0.30 | %) | 0.28 | % | 0.71 | % | 0.21 | % | 0.43 | % | |||||||||||
TDRs (Performing) at Period End | $ | 3,632,371 | $ | 3,822,451 | $ | 3,257,876 | $ | 3,632,371 | $ | 3,257,876 | |||||||||||
to Average Period Net Loans | 2.94 | % | 3.11 | % | 2.62 | % | 2.98 | % | 2.52 | % | |||||||||||
Non-Performing Assets at Period | $ | 3,007,078 | $ | 3,082,869 | $ | 2,782,561 | $ | 3,007,078 | $ | 2,782,561 | |||||||||||
End to Average Period Total Assets | 1.74 | % | 1.78 | % | 1.59 | % | 1.72 | % | 1.62 | % | |||||||||||
Allowance for Loan Losses at Period End | $ | 3,033,282 | $ | 2,789,714 | $ | 2,574,346 | $ | 3,033,282 | $ | 2,574,346 | |||||||||||
to Average Period Net Loans | 2.46 | % | 2.27 | % | 2.07 | % | 2.47 | % | 2.00 | % | |||||||||||
to Non-Performing Assets at Period End | 100.87 | % | 96.02 | % | 92.52 | % | 100.87 | % | 95.52 | % | |||||||||||
CONSOLIDATED STATEMENTS OF CONDITION |
||||||||||||||||||
Dec 31, 2011 | Dec 31, 2010 |
% Change | Sept 30, 2011 | % Change | ||||||||||||||
(Unaudited | ) | (Unaudited | ) | |||||||||||||||
ASSETS: | ||||||||||||||||||
Cash and Cash Equivalents | $ | 4,848,445 | $ | 3,747,116 | 29 | $ | 4,682,734 | 4 | ||||||||||
Interest Earning Deposits | 7,086,508 | 5,493,529 | 29 | 7,623,585 | (7 | ) | ||||||||||||
Securities- Available for Sale | 25,735,921 | 20,067,250 | 28 | 25,027,946 | 3 | |||||||||||||
Trading Securities | 243,069 | 14,239,436 | (98 | ) | 2,265,249 | (89 | ) | |||||||||||
Net Loans | 126,309,459 | 119,226,313 | 6 | 121,970,199 | 4 | |||||||||||||
Accrued Interest Receivable | 622,776 | 543,470 | 15 | 544,304 | 14 | |||||||||||||
Premises and Equipment, Net | 7,870,050 | 7,645,630 | 3 | 7,585,748 | 4 | |||||||||||||
Foreclosed Assets | 1,133,388 | 1,526,432 | (26 | ) | 793,336 | 43 | ||||||||||||
Other Assets | 869,936 | 1,230,478 | (29 | ) | 492,779 | 77 | ||||||||||||
TOTAL ASSETS | $ | 174,719,552 | $ | 173,719,654 | 1 | $ | 170,985,880 | 2 | ||||||||||
LIABILITIES: | ||||||||||||||||||
Deposits | 129,335,553 | 130,208,376 | (1 | ) | 127,280,619 | 2 | ||||||||||||
Federal Home Loan Bank Advances | 25,361,627 |
24,752,506 |
2 |
23,768,479 |
7 |
|||||||||||||
Subordinated debentures/trust preferred securities | 3,093,000 |
3,093,000 |
0 |
3,093,000 |
0 |
|||||||||||||
Other Liabilities | 797,246 | 718,124 | 11 | 880,185 | (9 | ) | ||||||||||||
TOTAL LIABILITIES | $ | 158,587,426 | $ | 158,772,006 | 0 | $ | 155,022,283 | 2 | ||||||||||
STOCKHOLDERS' EQUITY: | ||||||||||||||||||
Common Stock | $ | 4,431 | $ | 4,285 | 3 | $ | 4,289 | 3 | ||||||||||
Capital Surplus | 6,274,941 | 6,258,067 | 0 | 6,264,367 | 0 | |||||||||||||
Retained Earnings | 11,424,558 | 9,892,611 | 15 | 11,201,594 | 2 | |||||||||||||
Unearned Compensation | (19,974 | ) | (45,581 | ) | 56 | (42,007 | ) | 52 | ||||||||||
Treasury Stock | (1,783,468 | ) | (1,227,321 | ) | (45 | ) | (1,783,468 | ) | 0 | |||||||||
Other Comprehensive Income (Loss) | 231,638 |
65,587 |
253 |
318,822 |
(27 |
) | ||||||||||||
Total Stockholders' Equity | 16,132,126 | 14,947,648 | 8 | 15,963,597 | 1 | |||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 174,719,552 |
$ | 173,719,654 |
1 |
% | $ | 170,985,880 |
2 |
% | ||||||||
Fritz W. Anderson II, Chairman of the Board announced today that "On January 12, 2012, 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 $0.16 per share and will be paid on March 26, 2012 to stockholders of record at the close of business on March 9, 2012."
Contact Information:
For More Information Contact:
Fritz W. Anderson, II
President, Chief Executive Officer,
And Chairman
FPB Financial Corp.
(985) 345-1880