HAMMOND, LA — (Marketwire) — 10/25/11 — FPB Financial Corp. (OTCQB: FPBF) (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced financial results for the third quarter ended September 30, 2011.
Earnings
Third quarter net income available to common shareholders increased to $586,000; fully diluted available earnings per common share were $1.66, an increase of 39.5% when compared to the $1.19 diluted available earnings per share recorded in the third quarter of 2010. The 2011 second quarter diluted available earnings per share were $1.13.
Items contributing to the company-s third quarter earnings when compared to the 2010 period were; a $315,000, or 87.5% decrease in provisions for loan losses; a $257,000, or 31.4% decrease in total non-interest income, primarily due to a $233,000, or 51.1% decrease in mortgage banking revenue, and a $60,000 decrease in trading income; and a $107,000, or 5.3% increase in net interest income.
Asset Quality
Non-performing assets on September 30, 2011 decreased $299,000 or 8.9% to $3.1 million when compared to September 30, 2010. Non-performing assets on June 30, 2011 were unchanged from the current period at $3.1 million.
Net loan charge-offs for the third quarter totaled $86,000, up from $61,000 in the 2010 third quarter and down from $241,000 in the 2011 second quarter.
Performing Troubled Debt Restructured (TDR-s) as of September 30 totaled $3.8 million, or an increase of $1.7 million from September 30, 2010. Performing TDR-s on June 30, 2011 totaled $3.4 million.
The Company recorded a provision for loan losses in the third quarter of $45,000, an 87.5% decrease from the 2010 period, primarily due to the reduced level of non-performing assets. The Company-s allowance for loan losses was $2.8 million on September 30, 2011, or 2.3% of average net loans, $2.6 million on September 30, 2010 and $2.8 million on June 30, 2011.
Balance Sheet and Capital
Total Assets on September 30 decreased to $171.0 million, or 1.6% from $173.8 million on September 30, 2010, primarily due to a $7.3 million, or 5.6% decrease in net loans. Total Assets on June 30, 2011 were $175.1 million.
Common Stockholders- Equity increased $1.3 million, or 8.8% to $16.0 million for the twelve month period ending September 30, 2011, primarily due to an increase of $1.7 million in retained earnings and due to 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.
Other
In November of this year our subsidiary, Florida Parishes Bank, plans to open our fourth banking center in Amite, Louisiana. Mr. Angelo Giardina has recently joined the Bank as a Senior Vice President/Commercial Lender, as well as Ms. Debra Purvis, Branch Manager/Consumer Lender and Assistant Vice President. They and staff members will open the new Amite office.
Our subsidiary, Florida Parishes Bank, is considered “well capitalized” by all applicable federal banking regulations and definitions as of September 30, 2011.
FPB Financial Corp. reported the following for the period ending September 30, 2011, and as compared to September 30, 2010:
Earning per share increased to $1.66, or 39.5%
Return on common equity increased to 14.9%
Non-Interest Bearing deposits increased to $22.8 million, or 10.1%
Non-maturity Deposits increased $4.3 million, or 4.9%
Net interest margin increased to 5.36%
Dividends paid to common shareholders increased to $0.15 per share, or 7.1%
Common Stockholders- equity increased $1.3 million, or 8.8%
Common Book Value per share increased to $45.55, or 12.4%
Non-performing Assets decreased $299,000, or 8.9%
Allowance for Loan Losses increased to $2.8 million, or 9.1%
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.
Fritz W. Anderson II, Chairman of the Board announced today that “On October 13, 2011, 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 $0.36 per share. This dividend rate is composed of a regular quarterly dividend rate of $0.15 per share and a special year-end dividend of $0.21 per share and will be paid on December 23, 2011 to stockholders of record at the close of business on December 9, 2011.”
For More Information Contact:
Fritz W. Anderson, II
President, Chief Executive Officer, And Chairman
FPB Financial Corp.
(985) 345-1880