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FPB Financial Corp. Announces 2013 Fourth Quarter Results and Declares Dividends

By Market Wire,  January 27, 2014, 01:04:00 PM EDT


HAMMOND, LA -- (Marketwired) -- 01/27/14 -- FPB Financial Corp. (OTCQB:FPBF), the holding company for Florida Parishes Bank, announced financial results for the period ended December 31, 2013.

Earnings

Net income in the 2013 fourth quarter increased to $468,000 ($0.39 per fully diluted common share) as compared to the 2012 fourth quarter net income of $452,000 ($0.43 per fully diluted common share. The 2012 results have been adjusted for a 3-for-1 stock split of our common shares completed on September 27, 2013). Earnings per share decreased 9.3% in the fourth quarter primarily due to our completion of the sale of 129,075 shares of our common stock on October 11, 2013 in a private placement.

Net income for the year ended 2013 totaled $2.0 million ($1.81 per fully diluted common share) up 7.1% from the year ended 2012 net income of $1.9 million ($1.75 per fully diluted common share). 2013 earnings per share increase by 3.4%.

Items contributing to the Company's 2013 fourth quarter earnings when compared to the 2012 period primarily were a reduction in provisions for loan losses of $215,000, or 89.6%, and a reduction in income tax expense of $47,000 or 20.6%; service charges on deposits and interchange fees increased by 20.0% and 27.6% respectively; mortgage banking fees declined by 33.1%. Total non-interest expense increased $272,000, or 14.3%, primarily due to $176,000, or 16.8%, increase in compensation and employee benefits.

FPB Financial Corp. reported the following for the year ended December 31, 2013 and as compared to the year ended December 31, 2012:

  • Net Income increased 7.1% to $2.0 million
  • Diluted Net Income per share increased 3.4% to $1.81
  • Net Interest Income after provision for loan losses increased 9.5% to $8.6 million
  • Net Loan Charge-Offs decreased by $311,000, or 43.1%
  • Dividends paid to common shareholders increased 1.5% to $312,000

Other items and per share data of note as of December 31, 2013, compared to December 31, 2012

  • Non-performing Assets decreased by $2.3 million, or 57.2%
  • Total Assets increased 4.1% to $206.0 million
  • Non-Interest Bearing Deposits increased 1.9% to $36.8 million
  • Non-Maturity Deposits increased 4.0% to $122.4 million
  • Book Value per share increased 2.1% to $17.02

Asset Quality

Total Non-performing assets at December 31, 2013 decreased by 57.2% to $1.8 million as compared to December 31, 2012. Non-performing assets at September 30, 2013 were $1.9 million. The Company's allowance for loan losses decreased by 6.4% to $3.0 million at December 31, 2013 while increasing to 171.3% of total non-performing assets. Total allowance for loan losses was $3.2 million at September 30, 2013.

Net loan charge-offs for the fourth quarter totaled $207,000, up 209.9% from $67,000 in the 2012 fourth quarter. Net loan charge-offs were $84,000 in the 2013 third quarter. For the twelve months ended December 31, 2013 net loan charge-offs declined by $311,000, or 43.1%, to $411,000.

Performing Troubled Debt Restructured (TDR's) as of December 31, 2013 totaled $2.6 million, or a decrease of $729,000 from December 31, 2012. Performing TDR's on September 30, 2013 totaled $2.4 million.

Balance Sheet and Capital

Total assets at December 31, 2013 increased 4.1% to $ 206.0 million as compared to $197.9 at December 31, 2012. The increase in total assets was primarily attributed to an increase of $12.7 million in available-for-sale investment securities, the purchase of $4.0 million of Bank Owned Life Insurance (BOLI) and an increase of $3.5 million in held-to-maturity investment securities. These increases were offset by a $3.8 million decrease in net loans, a $4.3 million decrease in cash and cash equivalents and a $468,000 decrease in foreclosed assets. Total liabilities increased by 3.0% to $185.6 million primarily due to an increase of $3.8 million, or 24.4% in Federal Home Loan Bank advances to $19.4 million.

Common stockholders' equity increased by a net of $2.7 million, or 15.3%, to $20.4 million for the year ended December 31, 2013, 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 total net sales proceeds of $2.0 million. Retained earnings increased by $1.7 million to $14.7 million for the 2013 period. Other comprehensive income decreased by $1.0 million at December 31, 2013 when compared to December 31, 2012. Tangible common stockholders' equity increased to $20.4 million for the period. Book value per share increased to $17.02 as total common shares of 1,200,762 were outstanding at December 31, 2013.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 2013.

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,

2013


Dec. 31,

2012


%

Change


Sept. 30,

2013


%

Change
(Unaudited) (Unaudited)
Total Common Stockholders' Equity 20,430,683 17,712,572 15 18,146,908 13
Net Loans 115,983,445 119,757,079 (3 ) 113,165,148 2
Foreclosed Assets 575,267 1,043,322 (45 ) 361,067 59
Non-Performing Assets (Includes Foreclosed Assets)

1,753,875


4,101,905


(57
)

1,928,701


(9
)
Allowance for Loan Losses 3,003,948 3,208,815 (6 ) 3,186,015 (6 )
Total Assets 206,015,687 197,854,896 4 202,384,931 2
Non-Interest Bearing Deposits 36,775,928 36,086,737 2 36,033,709 2
Non-Maturity Deposits (Includes interest and non-interest bearing deposits)



122,406,800




117,728,693




4




121,619,702




1
Brokered Deposits (Included in interest-bearing deposits)

2,453,461


6,555,092


(63
)

2,459,461


0
FHLB Advances 19,391,500 15,591,803 24 17,716,500 9
CONSOLIDATED STATEMENTS OF EARNINGS
For the Three Months For the Year
Ended Ended
Dec. 31,

2013
Sept. 30,

2013
Dec. 31,

2012
Dec. 31,

2013
Dec. 31,

2012
(Unaudited) (Unaudited) (Unaudited)
INTEREST AND DIVIDEND INCOME:
Mortgage Loans $ 1,835,241 $ 1,856,595 $ 1,993,949 $ 7,560,752 $ 8,205,934
Consumer Loans 249,176 249,210 227,645 975,342 902,482
Consumer & Commercial Lines of Credit

58,812


54,931


49,010


213,203


191,358
Commercial Loans 56,905 53,195 50,971 206,204 237,702
Investment Securities and Deposits

293,947


229,430


244,108


886,115


681,064
TOTAL INTEREST AND DIVIDEND INCOME

2,494,081


2,443,361


2,565,683


9,841,616


10,218,540
INTEREST EXPENSE:
Deposits 151,204 151,947 218,433 665,601 915,270
Federal Home Loan Bank Advances

76,594


75,461


113,901


313,128


487,226
Other 26,193 26,691 27,108 106,087 112,292
TOTAL INTEREST EXPENSE 253,991 254,099 359,442 1,084,816 1,514,788
NET INTEREST INCOME 2,240,090 2,189,262 2,206,241 8,756,800 8,703,752
Provisions for loan losses 25,000 0 240,000 206,000 897,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES



2,215,090




2,189,262




1,966,241




8,550,800




7,806,752
NON-INTEREST INCOME:
Service charge on deposits 236,641 235,077 197,283 906,468 735,137
Interchange Fees 153,725 143,591 120,516 570,297 445,148
Mortgage Banking Fees 131,502 106,198 196,512 628,752 754,185
Loan Fees and Charges 44,216 32,057 59,307 159,508 204,725
Gain on Bank Owned Life Insurance 11,118 0 0 11,118 0
Gain/(Loss) on Sale of Investments and Foreclosed Assets

5,723


(88,008
)

15,626


(79,852
)

229,443
Gain/(Loss) on Trading Accounts 7,454 648 840 24,523 (8,686 )
Other 22,761 13,687 29,955 105,885 174,450
TOTAL NON-INTEREST INCOME

613,140


443,178


620,039


2,326,699


2,534,402
NON-INTEREST EXPENSE:
Compensation and Employee Benefits

1,225,106


1,082,659


1,049,168


4,478,346


4,306,195
Occupancy, Property Taxes, and Equipment 229,245 226,150 219,263 912,500 844,084
Technology and Information Processing 248,308 203,584 174,374 770,410 599,143
Professional Fees 69,604 92,107 77,627 278,567 302,972
Regulatory Fees 46,700 48,320 76,290 205,893 327,912
Foreclosed Assets 35,334 8,440 26,186 112,284 93,998
Other 325,058 257,740 284,237 1,194,999 1,082,024
TOTAL NON-INTEREST EXPENSE

2,179,355


1,919,000


1,907,145


7,952,999


7,556,328
INCOME BEFORE INCOME TAXES

648,875


713,440


679,135


2,924,500


2,784,826
Income Tax Expense 180,749 233,446 227,504 935,278 928,042
NET INCOME 468,126 479,994 451,631 1,989,222 1,856,784
PER COMMON SHARE DATA (ADJUSTED FOR 3 FOR 1 STOCK SPLIT):
Net Earnings $ 0.40 $ 0.45 $ 0.43 $ 1.82 $ 1.76
Diluted Net Earnings $ 0.39 $ 0.45 $ 0.43 $ 1.81 $ 1.75
Revenue (Net Interest Income and Non-Interest Income) $

2.41
$

2.47
$

2.67
$

10.14
$

10.64
Dividends Paid $ 0.10 $ 0.06 $ 0.12 $ 0.28 $ 0.29
Book Value Period End $ 17.02 $ 17.02 $ 16.67 $ 17.02 $ 16.67
Book value adjusted for other comprehensive income at period end $

17.72
$

17.71
$

16.49
$

17.72
$

16.49
RATIOS:
ROA (Annualized Net Income to Average Period Assets)

0.91
%

0.95
%

0.88
%

0.99
%

0.98
%
ROE (Annualized Net Income to Average Period Total Stockholders' Equity)

9.24
%

10.63
%

10.19
%

10.73
%

10.91
%
Net Interest Margin (Average) for the period 4.80 % 4.77 % 4.74 % 4.80 % 5.00 %
Non-Interest Expense less Non-Interest Income to Average Period Total Assets (Annualized)



3.03
%



2.92
%



2.52
%



2.80
%



2.64
%
Efficiency Ratio for the Period 76.38 % 72.90 % 67.48 % 71.76 % 67.24 %
Net Loan Charge-Offs (Recoveries) for the $

207,067
$

83,507
$

66,827
$

410,867
$

721,468
Period to Average Period Net Loans (Annualized) 0.72 % 0.29 % 0.22 % 0.36 % 0.59 %
TDRs (Performing) at Period End $ 2,621,929 $ 2,390,264 $ 3,351,121 $ 2,621,929 $ 3,351,121
to Average Period Net Loans 2.29 % 2.11 % 2.78 % 2.28 % 2.72 %
Non-Performing Assets at Period $ 1,753,875 $ 1,928,701 $ 4,101,905 $ 1,753,875 $ 4,101,905
End to Average Period Total Assets 0.86 % 0.96 % 2.02 % 0.87 % 2.15 %
Allowance for Loan Losses at Period End $ 3,003,948 $ 3,186,015 $ 3,208,815 $ 3,003,948 $ 3,208,815
to Average Period Net Loans 2.62 % 2.81 % 2.66 % 2.61 % 2.60 %
to Non-Performing Assets at Period End 171.28 % 165.19 % 78.23 % 171.28 % 78.23 %
CONSOLIDATED STATEMENTS OF CONDITION
Dec. 31,

2013
Dec. 31,

2012
%

Change
Sept. 30,

2013
%

Change
(Unaudited (Unaudited)
ASSETS:
Cash and Cash Equivalents including Interest and Non-Interest Earning Deposits $



7,385,835
$



11,674,524




(37
) $



9,737,748




(24
)
Certificates of Deposit 747,000 4,235,000 (82 ) 1,994,000 (63 )
Securities - Held to Maturity 4,556,671 1,081,508 321 4,563,195 0
Securities - Available for Sale 61,120,450 48,444,962 26 59,450,958 3
Trading Securities 193,679 189,937 2 186,226 4
Net Loans 115,983,445 119,757,079 (3 ) 113,165,148 2
Accrued Interest Receivable 878,520 796,447 10 762,599 15
Bank Owned Life Insurance 4,011,118 0 0 0 0
Premises and Equipment, Net 9,068,013 9,052,566 0 9,111,881 0
Foreclosed Assets 575,267 1,043,322 (45 ) 361,067 59
Other Assets 1,495,689 1,579,551 (5 ) 3,052,109 (51 )
TOTAL ASSETS $ 206,015,687 $ 197,854,896 4 $ 202,384,931 2
LIABILITIES:
Deposits 162,384,981 160,663,155 1 160,592,502 1
Federal Home Loan Bank Advances

19,391,500


15,591,803


24


17,716,500


9
Subordinated debentures/trust preferred securities

3,093,000


3,093,000


0


3,093,000


0
Other Liabilities 715,523 794,366 (10 ) 2,836,021 (75 )
TOTAL LIABILITIES $ 185,585,004 $ 180,142,324 3 $ 184,238,023 1
STOCKHOLDERS' EQUITY:
Common Stock $ 13,127 $ 4,437 196 $ 4,448 195
Capital Surplus 8,404,060 6,335,022 33 6,364,018 32
Retained Earnings 14,652,133 12,974,449 13 14,304,084 2
Unearned Compensation (7,456 ) (12,909 ) 42 (12,339 ) 40
Treasury Stock (1,783,468 ) (1,783,468 ) 0 (1,783,468 ) 0
Other Comprehensive Income (Loss)

(847,713
)

195,041


-


(729,835
)

(16
)
Total Stockholders' Equity 20,430,683 17,712,572 15 18,146,908 13
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $

206,015,687
$

197,854,896


4
% $

202,384,931


2
%

Fritz W. Anderson II, Chairman of the Board announced today that "On January 9, 2014, the Board of Directors of FPB Financial Corp. declared a cash dividend of $0.07 per share on the common stock of the company. The dividend will be paid on March 25, 2014 to stockholders of record at the close of business on March 10, 2014."

For More Information Contact:

Fritz W. Anderson, II

President, Chief Executive Officer And Chairman

FPB Financial Corp.

(985) 345-1880

Source: FPB Financial Corp.



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