HAMMOND, LA--(Marketwired - January 27, 2016) - FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the 2015 period ended December 31, 2015. 

Earnings

Net income in the 2015 fourth quarter increased 17.7% to $660,000 ($0.54 per fully diluted common share) as compared to the 2014 fourth quarter net income of $561,000 ($0.46 per fully diluted common share). Earnings per share increased by 14.9%. Return on Equity for the fourth quarter of 2015 was 10.1% (on an annualized basis). Net income for the year ended 2015 totaled $2.8 million ($2.31 per fully diluted common share) up 36.4% from the 2014 net income of $2.1 million ($1.72 per fully diluted common share). Return on Equity for the 2015 twelve month period was 11.4%. 

Items affecting and contributing to the Company's 2015 fourth quarter gain in net income when compared to the 2014 quarterly period:

• Income before income taxes increased to $940,000 from $717,000 or 31.1%
• Net Interest Income increased $219,000 or 9.4%
• Total Non-Interest Income increased to $767,000 from $622,000, or 23.3%
• Provisions for loan losses decreased by 49.4%

Other items and per share data of note this Year-To-Date (YTD) as of December 31, 2015, compared to December 31, 2014

• Return on Equity (ROE) increased to 11.4% from 9.4%
• Net-Interest Margin increased to 4.97% from 4.88%
• The Company's Efficiency Ratio improved to 67.5% from 74.0%
• Book Value per common share increased by 8.9% to $21.18
• Total Common Stockholders' Equity increased to $26.2 million, or 12.6%
• Dividends paid to common shareholders total $341,000 in 2015 and $337,000 in 2014
• Non-Interest Bearing Deposits increased by 10.5% to $49.0 million
• Non-Maturity deposits increased by 15.9% to $153.9 million
• Total Assets increased by 6.2% to $240.7 million
• Net Loans increased to $141.9 million or 3.9%
• Net-Loan Charge-offs decreased by $316,000, or 93.8%
• Foreclosed Assets decreased to $41,000, or 46.5%

Asset Quality

Total non-performing assets at December 31, 2015, increased by $606,000, or 40.1% to $2.1 million as compared to December 31, 2014. Non-performing assets at September 30, 2015 were $1.8 million. The Company's allowance for loan losses increased by 11.7% to $3.2 million for the 12 month period ending December 31, 2015 while decreasing to 153.1% of total non-performing assets. Total allowance for loan losses were $3.2 million at September 30, 2015.

Net loan charge-offs for the fourth quarter totaled $21,000, an improvement of 65.6% from $64,000 of net loan charge-offs in the 2014 fourth quarter. Net loan charge-offs were $19,000 in the 2015 third quarter. Troubled Debt Restructured (TDR's) performing as of December 31, 2015 totaled $2.0 million, or a decrease of $1.0 million from December 31, 2014. TDR's (Performing) on September 30, 2015 totaled $2.8 million.

Balance Sheet and Capital

Total assets at December 31, 2015 increased by 6.2% to $240.7 million as compared to $226.6 million at December 31, 2014. The increase in total assets was primarily attributed to an increase of $7.6 million in available-for-sale investment securities, $5.3 million in net loans and an increase of $2.6 million in cash and cash equivalents. These increases were primarily offset by a $1.2 million decrease in held-to-maturity investment securities. Total liabilities increased by 5.5% to $214.5 million primarily due to an increase of $17.5 million, or 9.9% in total deposits to $194.4 million. Federal Home Loan Bank advances decreased by $6.4 million or 28.5%.

Common Stockholders' Equity increased by a net of $2.9 million, or 12.6%, to $26.2 million for the twelve months ended December 31, 2015. Retained earnings increased by $2.5 million to $18.9 million for the twelve month period. Tangible common stockholders' equity increased to $26.2 million for the period. Book value per common share increased to $21.18 as total common shares of 1,237,968 were outstanding at December 31, 2015. At the Subsidiary Bank level, Tier 1 Capital increased to $25.1 million at December 31, 2015.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 2015.

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.

Fritz W. Anderson II, Chairman of the Board, announced today that, "On January 14, 2016, 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 March 25, 2016 to stockholders of record at the close of business on March 10, 2016."