HAMMOND, LA--(Marketwired - Oct 23, 2014) - FPB Financial Corp. (
FPB Financial Corp. reported the following for the period ending September 30, 2014, and as compared to September 30, 2013:
Earnings
Net income for the third quarter of 2014 totaled $592,000, an increase of 23.3% from $480,000 in the third quarter of 2014. Net income in the 2014 second quarter totaled $446,000. The 2014 third quarter net income per fully diluted common share was $0.49, up from $0.45 per fully diluted common share in the third quarter of 2013. Earnings per share increased 8.9% primarily due to a 12.8% increase in net interest income and a 45.3% increase in total non-interest income which was offset by a 13.6% increase in non-interest expense and an increase in the average total common shares outstanding. Return on common stockholders' equity (ROE) was 10.6% on an annualized basis for the 2014 third quarter period.
Total non-interest expense increased by $261,000 in the third quarter when compared to the 2013 period, primarily due to a $162,000 increase in compensation and employee benefits, related to the hiring of new officers and staff for our recently opened branch and mortgage loan office located in Covington, LA and in Mandeville, LA., respectfully.
Provision for loan losses totaled $75,000 in the period as compared to -0- in the 2013 period.
The Company's effective tax rate decreased in the period due to the 2013 investment in BOLI and due to investments in municipal securities.
Asset Quality
Total non-performing assets at September 30, 2014 decreased $435,000 to $1.5 million when compared to September 30, 2013. Total non-performing assets on June 30, 2014 were $1.8 million. The Company's allowance for loan losses decreased to $2.8 million as compared to $3.2 million at September 30, 2013. Total allowance for loan losses were $2.8 million at June 30, 2014.
Net loan charge-offs in the third quarter totaled $100,000 up from $84,000 in the third quarter of 2013. In the second quarter of 2014, net loan charge-offs totaled $22,000.
Performing Troubled Debt Restructured (TDR's) as of September 30, 2014 totaled $2.9 million, or an increase of $488,000 from September 30, 2013. Performing TDR's totaled $2.9 million on June 30, 2014.
Balance Sheet and Capital
Total assets at September 30, 2014 increased to $224.3 million, or 10.8% as compared to September 30, 2013. Total assets on June 30, 2014 were $216.6 million. The increase in total assets was primarily attributed to an increase of $18.9 million in Net Loans and $4.1 million of BOLI. Total liabilities increased by 9.6% to $201.9 million primarily due to an increase of $14.7 million, or 9.2% in deposits to $175.3 million at September 30, 2014 compared to $160.6 million at September 30, 2013. Federal Home Loan Bank (FHLB) Advances increased by $5.0 million to $22.7 million at September 30, 2014 as compared to $17.7 million at September 30, 2013. Non-interest bearing deposits and total non-maturity deposits both increased in the twelve month period September 30, 2014.
Common Stockholders' Equity increased by a net of $4.3 million, or 23.5% to $22.4 million for the twelve month period ending September 30, 2014, primarily due to the October 11, 2013 sale of 129,075 shares of our common stock at a price of $16.00 per share in a private placement for the total net sale proceeds of $2.0 million. Retained earnings increased by $1.6 million in the twelve month period. Other comprehensive income increased by $603,000, or 82.6% at September 30, 2014 when compared to September 30, 2013. Book value per common share increased to $18.65 as total common shares of 1,201,557 were outstanding at September 30, 2014.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of September 30, 2014.
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 | Sept. 30, 2014 |
Sept. 30, 2013 |
% Change | June 30, 2014 |
% Change | |||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
Tangible Common Stockholders' Equity | 22,411,468 | 18,146,908 | 24 | % | 21,764,077 | 3 | % | |||||
Net Loans | 132,080,832 | 113,165,148 | 17 | 125,728,515 | 5 | |||||||
Foreclosed Assets | 68,000 | 361,067 | (81 | ) | 0 | - | ||||||
Non-Performing Assets (Includes Foreclosed Assets) | 1,493,422 | 1,928,701 | (23 | ) | 1,842,896 | (19 | ) | |||||
Allowance for Loan Losses | 2,805,475 | 3,186,015 | (12 | ) | 2,830,652 | (1 | ) | |||||
Total Assets | 224,326,211 | 202,384,931 | 11 | 216,622,073 | 4 | |||||||
Non-Interest Bearing Deposits | 43,224,862 | 36,033,709 | 20 | 42,539,401 | 2 | |||||||
Non-Maturity Deposits (Included in interest and non-interest bearing deposits) | 132,844,713 | 121,619,702 | 9 | 131,935,775 | 1 | |||||||
Brokered Deposits (Included in interest-bearing deposits) | 1,549,540 | 2,459,461 | (37 | ) | 1,798,280 | (14 | ) | |||||
FHLB Advances | 22,673,000 | 17,716,500 | 28 | 20,418,000 | 11 | |||||||
CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||
Ended | Ended | ||||||||||||||||
Sept. 30, 2014 | June 30, 2014 | Sept. 30, 2013 | Sept. 30, 2014 | Sept. 30, 2013 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
INTEREST AND DIVIDEND INCOME: | |||||||||||||||||
Mortgage Loans | $ | 2,017,494 | $ | 1,844,756 | $ | 1,856,595 | $ | 5,678,249 | $ | 5,725,511 | |||||||
Consumer Loans | 245,461 | 258,377 | 259,697 | 756,815 | 755,089 | ||||||||||||
Commercial Loans | 168,892 | 148,328 | 97,639 | 429,524 | 274,767 | ||||||||||||
Investment Securities and Deposits | 292,941 | 293,409 | 229,430 | 873,159 | 592,168 | ||||||||||||
TOTAL INTEREST AND DIVIDEND INCOME | 2,724,788 | 2,544,870 | 2,443,361 | 7,737,747 | 7,347,535 | ||||||||||||
INTEREST EXPENSE: | |||||||||||||||||
Deposits | 160,622 | 149,318 | 151,947 | 461,034 | 514,397 | ||||||||||||
Federal Home Loan Bank Advances | 68,715 | 68,122 | 75,461 | 207,556 | 236,534 | ||||||||||||
Other | 26,432 | 26,361 | 26,691 | 78,665 | 79,894 | ||||||||||||
TOTAL INTEREST EXPENSE | 255,769 | 243,801 | 254,099 | 747,255 | 830,825 | ||||||||||||
NET INTEREST INCOME | 2,469,019 | 2,301,069 | 2,189,262 | 6,990,492 | 6,516,710 | ||||||||||||
Provisions for loan losses | 75,000 | 0 | 0 | 75,000 | 181,000 | ||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 2,394,019 | 2,301,069 | 2,189,262 | 6,915,492 | 6,335,710 | ||||||||||||
NON-INTEREST INCOME: | |||||||||||||||||
Service charge on deposits | 187,106 | 199,674 | 235,077 | 618,924 | 669,827 | ||||||||||||
Interchange Fees | 119,300 | 107,562 | 110,700 | 335,244 | 322,437 | ||||||||||||
Mortgage Banking Fees | 105,206 | 104,208 | 106,198 | 297,622 | 497,249 | ||||||||||||
Loan Fees and Charges | 108,884 | 65,436 | 32,057 | 235,480 | 115,292 | ||||||||||||
Gain on bank owned life insurance | 37,278 | 36,815 | 0 | 109,841 | 0 | ||||||||||||
Gain/(Loss) on Sale of Investments and Foreclosed Assets | 33,100 | 8,147 | (88,008 | ) | 69,680 | (85,574 | ) | ||||||||||
Gain/(Loss) on Trading Accounts | (4,463 | ) | (10,798 | ) | 648 | (30,173 | ) | 17,069 | |||||||||
Other | 57,502 | 50.962 | 46,506 | 196,933 | 177,759 | ||||||||||||
TOTAL NON-INTEREST INCOME | 643,913 | 562,006 | 443,178 | 1,833,551 | 1,714,059 | ||||||||||||
NON-INTEREST EXPENSE: | |||||||||||||||||
Compensation and Employee Benefits | 1,244,628 | 1,243,814 | 1,082,659 | 3,737,218 | 3,253,239 | ||||||||||||
Occupancy, local and state taxes, and equipment | 315,539 | 287,222 | 260,650 | 865,999 | 786,755 | ||||||||||||
Technology and Information Processing | 192,460 | 214,874 | 203,584 | 601,734 | 522,102 | ||||||||||||
Professional Fees | 65,867 | 76,653 | 92,107 | 217,571 | 208,964 | ||||||||||||
Regulatory Fees | 50,966 | 50,870 | 48,320 | 150,337 | 159,193 | ||||||||||||
Foreclosed Assets | 5,946 | 4,795 | 8,440 | 44,309 | 76,950 | ||||||||||||
Other | 304,107 | 351,492 | 223,240 | 982,747 | 766,941 | ||||||||||||
TOTAL NON-INTEREST EXPENSE | 2,179,513 | 2,229,720 | 1,919,000 | 6,599,915 | 5,774,144 | ||||||||||||
INCOME BEFORE INCOME TAXES | 858,419 | 633,355 | 713,440 | 2,149,128 | 2,275,625 | ||||||||||||
Income Tax Expense | 266,895 | 187,778 | 233,446 | 646,507 | 754,529 | ||||||||||||
NET INCOME | 591,524 | 445,577 | 479,994 | 1,502,621 | 1,521,096 | ||||||||||||
PER COMMON SHARE DATA: | |||||||||||||||||
(Adjusted for 3 for 1 stock split) | |||||||||||||||||
Net Earnings | $ | 0.49 | $ | 0.37 | $ | 0.45 | $ | 1.25 | $ | 1.43 | |||||||
Diluted Net Earnings | $ | 0.49 | $ | 0.37 | $ | 0.45 | $ | 1.25 | $ | 1.42 | |||||||
Revenue (Net Interest Income and Non-Interest Income) | $ | 2.59 | $ | 2.38 | $ | 2.47 | $ | 7.35 | $ | 7.74 | |||||||
Dividends Paid | $ | 0.07 | $ | 0.07 | $ | 0.06 | $ | 0.21 | $ | 0.18 | |||||||
Book Value (Period End) | $ | 18.65 | $ | 18.12 | $ | 17.02 | $ | 18.65 | $ | 17.02 | |||||||
Book Value adjusted for Other comprehensive income (Period Ended) | $ | 18.76 |
$ | 18.34 |
$ | 17.71 |
$ | 18.76 |
$ | 17.71 |
|||||||
RATIOS: | |||||||||||||||||
ROA (Annualized Net Income to Average Period Assets) | 1.07 |
% | 0.84 |
% | 0.95 |
% | 0.94 |
% | 1.02 |
% | |||||||
ROE (Annualized Net Income to Average Period Total Stockholders' Equity) | 10.60 |
% | 8.30 |
% | 10.63 |
% | 9.33 |
% | 11.28 |
% | |||||||
Net Interest Margin (Average) for the period | 4.95 | % | 4.86 | % | 4.77 | % | 4.88 | % | 4.81 | % | |||||||
Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized) | 2.76 | % | 3.16 | % | 2.92 | % | 2.98 | % | 2.73 | % | |||||||
Efficiency Ratio for the Period | 70.02 | % | 77.88 | % | 72.90 | % | 74.80 | % | 70.15 | % | |||||||
Net Loan Charge-Offs (Recoveries) for the Period to Average Period Net Loans | $ | 100,176 | $ | 21,487 | 83,507 | $ | 273,472 | $ | 203,799 | ||||||||
(Annualized) | 0.31 | % | 0.07 | % | 0.29 | % | 0.30 | % | 0.24 | % | |||||||
TDRs (Performing) at Period End | $ | 2,878,020 | $ | 2,905,005 | $ | 2,390,264 | $ | 2,878,020 | $ | 2,390,264 | |||||||
to Average Period Net Loans | 2.23 | % | 2.39 | % | 2.11 | % | 2.34 | % | 2.08 | % | |||||||
Non-Performing Assets at Period | $ | 1,493,422 | $ | 1,842,896 | $ | 1,928,701 | $ | 1,493,422 | $ | 1,928,701 | |||||||
End to Average Period Total Assets | 0.68 | % | 0.87 | % | 0.96 | % | 0.70 | % | 0.97 | % | |||||||
Allowance for Loan Losses at Period End | $ | 2,805,475 | $ | 2,830,652 | $ | 3,186,015 | $ | 2,805,475 | $ | 3,186,015 | |||||||
to Average Period Net Loans | 2.18 | % | 2.33 | % | 2.81 | % | 2.28 | % | 2.77 | % | |||||||
to Non-Performing Assets at Period End | 187.86 | % | 153.60 | % | 165.19 | % | 187.86 | % | 165.19 | % | |||||||
CONSOLIDATED STATEMENTS OF CONDITION | |||||||||||||||||||
Sept. 30, 2014 |
Sept. 30, 2013 |
% Change | June 30, 2014 |
% Change | |||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||
ASSETS: | |||||||||||||||||||
Cash and Cash Equivalents including Interest and Non-Interest Earning Deposits | $ | 10,729,294 | $ | 9,737,748 | 10 | $ | 9,444,417 | 14 | |||||||||||
Certificates of Deposit | 0 | 1,994,000 | - | 0 | - | ||||||||||||||
Securities - Held to Maturity | 5,694,069 | 4,563,195 | 25 | 5,698,479 | 0 | ||||||||||||||
Securities - Available for Sale | 60,015,549 | 59,450,958 | 1 | 59,981,455 | 0 | ||||||||||||||
Trading Securities | 163,506 | 186,226 | (12 | ) | 167,969 | (3 | ) | ||||||||||||
Bank Owned Life Insurance | 4,120,959 | 0 | - | 4,084,581 | 1 | ||||||||||||||
Net Loans | 132,080,832 | 113,165,148 | 17 | 125,728,515 | 5 | ||||||||||||||
Accrued Interest Receivable | 825,267 | 762,599 | 8 | 880,523 | (6 | ) | |||||||||||||
Premises and Equipment, Net | 9,347,985 | 9,111,881 | 3 | 9,325,698 | 0 | ||||||||||||||
Foreclosed Assets | 68,000 | 361,109 | (81 | ) | 0 | - | |||||||||||||
Other Assets | 1,280,750 | 3,052,109 | (58 | ) | 1,310,436 | (2 | ) | ||||||||||||
TOTAL ASSETS | $ | 224,326,211 | $ | 202,384,931 | 11 | $ | 216,622,073 | 4 | |||||||||||
LIABILITIES: | |||||||||||||||||||
Deposits | 175,306,273 | 160,592,502 | 9 | 170,751,521 | 3 | ||||||||||||||
Federal Home Loan Bank Advances | 22,673,000 | 17,716,500 | 28 | 20,418,000 | 11 | ||||||||||||||
Subordinated debentures/trust preferred securities | 3,093,000 | 3,093,000 | 0 | 3,093,000 | 0 | ||||||||||||||
Other Liabilities | 842,470 | 2,836,021 | (70 | ) | 595,475 | 41 | |||||||||||||
TOTAL LIABILITIES | $ | 201,914,743 | $ | 184,238,023 | 7 | $ | 194,857,996 | 4 | |||||||||||
STOCKHOLDERS' EQUITY: | |||||||||||||||||||
Common Stock | $ | 13,127 | $ | 4,448 | 195 | $ | 13,127 | 0 | |||||||||||
Capital Surplus | 8,413,084 | 6,364,018 | 32 | 8,404,758 | 0 | ||||||||||||||
Retained Earnings | 15,902,533 | 14,304,084 | 11 | 15,395,118 | 3 | ||||||||||||||
Unearned Compensation | (6,900 | ) | (12,339 | ) | 44 | (6,902 | ) | 0 | |||||||||||
Treasury Stock | (1,783,468 | ) | (1,783,468 | ) | 0 | (1,783,468 | ) | 0 | |||||||||||
Other Comprehensive Income (Loss) | (126,908 | ) | (729,835 | ) | 83 | (258,556 | ) | 51 | |||||||||||
Total Stockholders' Equity | 22,411,468 | 18,146,909 | 24 | 21,764,077 | 3 | ||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 224,326,211 | $ | 202,384,931 | 11 | % | $ | 216,622,073 | 4 | % | |||||||||
Fritz W. Anderson II, Chairman of the Board, announced today that, "On October 9, 2014, the Board of Directors of FPB Financial Corp. declared a cash dividend on the common stock of the company. The dividend rate of $0.07 per share will be paid on December 26, 2014 to stockholders of record at the close of business on December 10, 2014."
Contact Information:
For More Information Contact:
Fritz W. Anderson, II
President, Chief Executive Officer, And Chairman
FPB Financial Corp.
(985) 345-1880