HAMMOND, LA--(Marketwire - Jan 25, 2013) - FPB Financial Corp. (
Earnings
Net income for the fourth quarter of 2012 increased to $452,000; ($1.28 per fully diluted common share) as compared to the 2011 fourth quarter net income of $420,000 ($1.19 per fully diluted common share.)
Net income for 2012 totaled $1.9 million; ($5.25 per fully diluted common share) up 2.1% from the 2011 net income of $1.8 million ($5.08 per fully diluted common share.)
Items contributing to the Company's fourth quarter earnings when compared to the 2011 period were; a decrease of $171,000 in total non-interest expense, primarily due to a $235,000 decrease in foreclosed assets expense; total non-interest income increase by $70,000, primarily due to a $23,000 increase in interchange fees. Provisions for loan losses adversely affected net income, increasing 60% to $240,000.
Asset Quality
Total Non-performing assets at December 31, 2012 increased $1.9 million, or 36.4%, to $4.1 million when compared to December 31, 2011. Non-performing assets on September 30, 2012 were $4.3 million.
Net loan charge-offs for the fourth quarter totaled $67,000, up $161,000 from the 2011 fourth quarter total of ($94,000.) Net loan charge-offs in the 2012 third quarter were $233,000. For the 2012 twelve month period, net loan charge-offs increased to $721,000 from $254,000 in 2011.
Performing Troubled Debt Restructured (TDR's) as of December 31 totaled $3.4 million, or a decrease of $200,000 from December 31, 2011. Performing TDR's on September 30, 2012 totaled $3.7 million.
The Company recorded a provision for loan losses in the 2012 fourth quarter of $240,000, a 60.4% increase from the 2011 period. Provisions for 2012 totaled $897,000, up from $656,000 recorded in 2011. The Company's allowance for loan losses was $3.2 million on December, 31, 2012, or 2.6% of average net loans and 78.2% of non-performing assets. The allowance on December 31, 2011 was $3.0 million, or 2.5% of average net loans and 99.0% of non-performing assets.
Balance Sheet and Capital
Total Assets on December 31, 2012 increased to $197.9 million, or 13.3% from $174.6 million on December 31, 2011. Total Assets on September 30, 2012 were $191.6 million. Available for sale investment securities increased during the 2012 twelve month period 88.2% to $48.4 million. Cash and cash equivalents including interest and non-interest deposits increased $4.7 million or 70.6% while net loans decreased to $120.0 million or 5.0%. Non-interest bearing deposits and total non-maturity deposits both increased in 2012, 58.4% and 32.6% respectively.
Common Stockholders' equity increased by a net of $1.6 million, or 9.8% to $17.7 million for the twelve month period ending December 31, 2012, primarily due to an increase of $1.5 million in retained earnings. Tangible Common Equity increased to a total of $17.5 million. Tangible Book Value per share increased to $49.47 at year-end.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 2012.
FPB Financial Corp. reported the following for the period ending December 31, 2012, and as compared to December 31, 2011:
- Net Income increased to $1.9 million, or 2.1%
- Tangible Common Stockholders' Equity increased $1.6 million, or 10.2%
- Tangible Common Book Value per share increased to $49.47, or 9.4%
- Common Dividends Paid to Shareholders increased to $307,000, or 7.2%
- Non-Interest Income increased to $2.5 million, or 20.6%
- Net Interest Income increased to $8.7 million, or 4.4%
- Revenue per share increased to $31.93, or 8.9%
- Total Assets increased to $197.9 million, or 13.3%
- Non-Interest Bearing deposits increased to $36.1 million, or 58.4%
- Non-maturity Deposits increased by $28.9 million, or 32.6%
- Allowance for Loan Losses increased to $3.2 million, or 7.8%
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, 2012 | Dec 31, 2011 | % Change | Sept 30, 2012 | % Change | ||||||||||
(Unaudited) | |||||||||||||||
Tangible Common Stockholders' Equity | $ | 17,517,532 | $ | 15,900,488 | 10 | % | $ | 17,135,803 | 2 | % | |||||
Total Common Stockholders' Equity | 17,712,573 | 16,132,126 | 10 | 17,332,526 | 2 | ||||||||||
Non-Interest Bearing Deposits | 36,086,737 | 22,776,068 | 58 | 31,328,579 | 15 | ||||||||||
Non-Maturity Deposits (Included in interest and non-interest bearing deposits) | 117,728,693 | 88,806,588 | 33 | 107,330,746 | 10 | ||||||||||
Total Assets | 197,854,896 | 174,599,780 | 13 | 191,593,859 | 3 | ||||||||||
Net Loans | 119,757,079 | 126,309,461 | (5 | ) | 121,581,212 | (2 | ) | ||||||||
Allowance for Loan Losses | 3,208,815 | 2,976,683 | 8 | 3,035,642 | 6 | ||||||||||
Foreclosed Assets | 1,043,322 | 1,133,388 | (8 | ) | 1,056,127 | (1 | ) | ||||||||
Non-Performing Assets (Includes Foreclosed Assets) | 4,101,905 | 3,007,078 | 36 | 4,322,086 | (5 | ) | |||||||||
Brokered Deposits (Included in interest- bearing deposits) | 6,555,092 | 7,116,816 | (8 | ) | 6,549,958 | 0 | |||||||||
FHLB Advances | 15,591,803 | 25,361,627 | (39 | ) | 19,990,524 | (22 | ) |
CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||||||
For the Three Months | For the Twelve Months | ||||||||||||||||
Ended | Ended | ||||||||||||||||
Dec 31, 2012 | Sept 30, 2012 | Dec 31, 2011 | Dec 31, 2012 | Dec 31, 2011 | |||||||||||||
(Unaudited) | |||||||||||||||||
INTEREST AND DIVIDEND INCOME: | |||||||||||||||||
Mortgage Loans | $ | 1,993,949 | $ | 2,029,301 | $ | 2,061,602 | $ | 8,205,934 | $ | 8,116,890 | |||||||
Consumer Loans | 227,645 | 233,079 | 233,039 | 902,482 | 940,976 | ||||||||||||
Commercial Loans | 50,971 | 54,302 | 71,999 | 237,702 | 271,623 | ||||||||||||
Consumer & Commercial Lines of Credit | 49,010 | 49,500 | 42,284 | 191,358 | 168,541 | ||||||||||||
Investment Securities and Deposits | 244,108 | 158,817 | 156,553 | 681,064 | 530,099 | ||||||||||||
TOTAL INTEREST AND DIVIDEND INCOME | 2,565,683 | 2,524,999 | 2,565,477 | 10,218,540 | 10,028,129 | ||||||||||||
INTEREST EXPENSE: | |||||||||||||||||
Deposits | 218,433 | 232,213 | 209,010 | 915,270 | 977,992 | ||||||||||||
Federal Home Loan Bank Advances | 113,901 | 112,893 | 148,157 | 487,226 | 604,567 | ||||||||||||
Other | 27,108 | 28,152 | 27,106 | 112,292 | 106,812 | ||||||||||||
TOTAL INTEREST EXPENSE | 359,442 | 373,258 | 384,273 | 1,514,788 | 1,689,371 | ||||||||||||
NET INTEREST INCOME | 2,206,241 | 2,151,741 | 2,181,204 | 8,703,752 | 8,338,758 | ||||||||||||
Provisions for loan losses | 240,000 | 250,000 | 149,640 | 897,000 | 656,468 | ||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 1,966,241 | 1,901,741 | 2,031,564 | 7,806,752 | 7,682,290 | ||||||||||||
NON-INTEREST INCOME: | |||||||||||||||||
Mortgage Banking Fees | 196,512 | 193,839 | 177,812 | 754,185 | 731,221 | ||||||||||||
Service charge on deposits | 197,283 | 182,657 | 216,906 | 735,137 | 793,911 | ||||||||||||
Interchange Fees | 120,516 | 115,659 | 97,636 | 445,148 | 373,392 | ||||||||||||
Loan Fees and Charges | 59,307 | 49,413 | 47,375 | 204,725 | 178,607 | ||||||||||||
Gain/(Loss) on Sale of Investments and Foreclosed Assets | 15,626 | 89,760 | (4,295 | ) | 293,720 | 5,581 | |||||||||||
Gain/(Loss) on Trading Accounts | 840 | (3,092 | ) | (5,814 | ) | (8,686 | ) | (93,076 | ) | ||||||||
Other | 29,955 | 22,872 | 20,409 | 110,173 | 111,617 | ||||||||||||
TOTAL NON-INTEREST INCOME | 620,039 | 651,108 | 550,029 | 2,534,402 | 2,101,253 | ||||||||||||
NON-INTEREST EXPENSE: | |||||||||||||||||
Compensation and Employee Benefits | 1,049,168 | 1,092,555 | 1,029,834 | 4,306,195 | 3,895,945 | ||||||||||||
Occupancy and Equipment | 219,263 | 206,792 | 215,862 | 844,083 | 828,133 | ||||||||||||
Technology and Information Processing | 174,374 | 137,384 | 145,890 | 599,143 | 564,122 | ||||||||||||
Regulatory Fees | 76,290 | 87,492 | 2,726 | 327,912 | 327,102 | ||||||||||||
Professional Fees | 77,627 | 90,828 | 73,609 | 302,972 | 242,479 | ||||||||||||
Foreclosed Assets | 26,186 | 21,361 | 260,854 | 93,998 | 283,318 | ||||||||||||
Other | 284,237 | 279,343 | 349,368 | 1,082,025 | 965,916 | ||||||||||||
TOTAL NON-INTEREST EXPENSE | 1,907,145 | 1,915,755 | 2,078,143 | 7,556,328 | 7,107,015 | ||||||||||||
INCOME BEFORE INCOME TAXES | 679,135 | 637,094 | 503,450 | 2,784,826 | 2,676,528 | ||||||||||||
Income Tax Expense | 227,504 | 216,612 | 153,927 | 928,042 | 858,287 | ||||||||||||
NET INCOME | 451,631 | 420,482 | 349,523 | 1,856,784 | 1,818,241 | ||||||||||||
PER COMMON SHARE DATA: | |||||||||||||||||
Net Earnings | $ | 1.28 | $ | 1.19 | $ | 1.00 | $ | 5.27 | $ | 5.11 | |||||||
Diluted Net Earnings | $ | 1.28 | $ | 1.19 | $ | 0.99 | $ | 5.25 | $ | 5.08 | |||||||
Revenue (Net Interest Income and Non-Interest Income) | $ | 8.02 | $ | 7.96 | $ | 7.81 | $ | 31.93 | $ | 29.33 | |||||||
Dividends Paid | $ | 0.36 | $ | 0.18 | $ | 0.36 | $ | 0.87 | $ | 0.81 | |||||||
Book Value Period End | $ | 50.02 | $ | 49.24 | $ | 45.89 | $ | 50.02 | $ | 45.89 | |||||||
Tangible Book Value Period End | $ | 49.47 | $ | 48.68 | $ | 45.23 | $ | 49.47 | $ | 45.23 | |||||||
RATIOS: | |||||||||||||||||
ROA (Annualized Net Income to Average Period Assets) | 0.88 | % | 0.89 | % | 0.80 | % | 0.98 | % | 1.04 | % | |||||||
ROE (Annualized Net Income to Average Period Total Stockholders' Equity) | 10.19 | % | 9.71 | % | 8.66 | % | 10.91 | % | 11.70 | % | |||||||
Net Interest Margin (Average) for the period | 4.74 | % | 4.96 | % | 5.49 | % | 5.00 | % | 5.12 | % | |||||||
Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized) | 2.52 | % | 2.66 | % | 3.50 | % | 2.64 | % | 2.86 | % | |||||||
Efficiency Ratio for the Period | 67.48 | % | 68.35 | % | 76.14 | % | 67.24 | % | 68.07 | % | |||||||
Net Loan Charge-Offs (Recoveries) for the | $ | 66,827 | $ | 233,062 | (93,929 | ) | $ | 721,468 | $ | 254,132 | |||||||
Period to Average Period Net Loans (Annualized) | 0.22 | % | 0.75 | % | (0.30 | %) | 0.59 | % | 0.21 | % | |||||||
TDRs (Performing) at Period End | $ | 3,351,121 | $ | 3,747,371 | $ | 3,632,371 | $ | 3,351,121 | $ | 3,632,371 | |||||||
to Average Period Net Loans | 2.78 | % | 3.05 | % | 2.94 | % | 2.72 | % | 2.98 | % | |||||||
Non-Performing Assets at Period | $ | 4,101,905 | $ | 4,322,086 | $ | 3,007,078 | $ | 4,101,905 | $ | 3,007,078 | |||||||
End to Average Period Total Assets | 2.02 | % | 2.29 | % | 1.74 | % | 2.15 | % | 1.72 | % | |||||||
Allowance for Loan Losses at Period End | $ | 3,208,815 | $ | 3,035,642 | $ | 2,976,683 | $ | 3,208,815 | $ | 2,976,683 | |||||||
to Average Period Net Loans | 2.66 | % | 2.47 | % | 2.41 | % | 2.60 | % | 2.46 | % | |||||||
to Non-Performing Assets at Period End | 78.23 | % | 70.24 | % | 98.99 | % | 78.23 | % | 98.99 | % |
CONSOLIDATED STATEMENTS OF CONDITION | |||||||||||||||||||
Dec 31, 2012 | Dec 31, 2011 | % Change | Sept 30, 2012 |
% Change | |||||||||||||||
(Unaudited) | |||||||||||||||||||
ASSETS: | |||||||||||||||||||
Cash and Cash Equivalents including Interest and Non-Interest Earning Deposits | $ | 11,674,524 | $ | 6,695,951 | 74 | % | $ | 9,522,606 | 23 | % | |||||||||
Certificates of Deposit | 4,235,000 | 5,239,000 | (19 | ) | 4,235,000 | 0 | |||||||||||||
Securities- Held to Maturity | 1,081,508 | 0 | - | 0 | - | ||||||||||||||
Securities - Available for Sale | 48,444,962 | 25,735,921 | 88 | 44,471,396 | 9 | ||||||||||||||
Trading Securities | 189,937 | 243,069 | (22 | ) | 189,098 | 0 | |||||||||||||
Net Loans | 119,757,079 | 126,309,461 | (5 | ) | 121,581,212 | (2 | ) | ||||||||||||
Accrued Interest Receivable | 796,447 | 622,775 | 28 | 574,456 | 39 | ||||||||||||||
Premises and Equipment, Net | 9,052,566 | 7,870,052 | 15 | 8,447,000 | 7 | ||||||||||||||
Foreclosed Assets | 1,043,322 | 1,133,388 | (8 | ) | 1,056,127 | (1 | ) | ||||||||||||
Other Assets | 1,579,551 | 750,163 | 111 | 1,516,964 | 4 | ||||||||||||||
TOTAL ASSETS | $ | 197,854,896 | $ | 174,599,780 | 13 | $ | 191,593,859 | 3 | |||||||||||
LIABILITIES: | |||||||||||||||||||
Deposits | 160,663,155 | 129,335,554 | 24 | 150,411,580 | 7 | ||||||||||||||
Federal Home Loan Bank Advances | 15,591,803 | 25,361,627 | (39 | ) | 19,990,524 | (22 | ) | ||||||||||||
Subordinated debentures/trust preferred securities | 3,093,000 | 3,093,000 | 0 | 3,093,000 | 0 | ||||||||||||||
Other Liabilities | 794,365 | 677,476 | 17 | 766,229 | 4 | ||||||||||||||
TOTAL LIABILITIES | $ | 180,142,323 | $ | 158,467,657 | 14 | $ | 174,261,333 | 3 | |||||||||||
STOCKHOLDERS' EQUITY: | |||||||||||||||||||
Common Stock | $ | 4,437 | $ | 4,431 | 0 | $ | 4,433 | 0 | |||||||||||
Capital Surplus | 6,335,022 | 6,274,941 | 1 | 6,283,971 | 1 | ||||||||||||||
Retained Earnings | 12,974,449 | 11,424,555 | 14 | 12,650,272 | 3 | ||||||||||||||
Unearned Compensation | (12,908 | ) | (19,974 | ) | 35 | (19,405 | ) | 33 | |||||||||||
Treasury Stock | (1,783,468 | ) | (1,783,468 | ) | 0 | (1,783,468 | ) | 0 | |||||||||||
Other Comprehensive Income (Loss) | 195,041 | 231,638 | (16 | ) | 196,723 | (1 | ) | ||||||||||||
Total Stockholders' Equity | 17,712,573 | 16,132,123 | 10 | 17,332,526 | 2 | ||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 197,854,896 | $ | 174,599,780 | 13 | % | $ | 191,593,859 | 3 | % | |||||||||
Fritz W. Anderson II, Chairman of the Board announced today that "On January 10, 2013, 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 of $0.18 per share and will be paid on March 25, 2013 to stockholders of record at the close of business on March 8, 2013."
Contact Information:
For More Information Contact:
Fritz W. Anderson, II
President, Chief Executive Officer
And Chairman
FPB Financial Corp.
(985) 345-1880