HAMMOND, LA — (Marketwire) — 07/21/11 — FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the second quarter ended June 30, 2011.
Earnings
Net income available to common shareholders was $405,000 with fully diluted available earnings per common share of $1.13. The 2011 second quarter diluted available earnings decreased slightly when compared to $1.15 for the same quarter a year ago and to $1.30 in the 2011 first quarter.
Items contributing to the Company-s first quarter earnings when compared to the 2010 period were; a $177,000, or 101% increase in provisions for loan losses; a $106,000 decrease in dividends paid/accretion of discount on preferred stock; a $72,000, or 30.5% decrease in mortgage banking revenue; and a $64,000, or 28% decrease in income tax expense.
Second quarter total non-interest expenses decreased slightly when compared to the 2010 second quarter.
Asset Quality
Non-performing assets (including troubled debt restructured) on June 30, 2011 decreased $199,000, or 6.1% to $3.1 million when compared to June 30, 2010. Non-performing assets on March 31, 2011 totaled $2.8 million.
Net loan charge-offs for the second quarter totaled $225,000, down from $230,000 in the 2010 second quarter. Included in the quarter-s loan charge-offs was a $223,000 charge-off of a previously noted real estate owned property involved in a parish zoning dispute. This property as of June 30 has a carrying value of $27,000 as compared to a carrying value of $250,000 on March 31, 2011.
Performing Troubled Debt Restructured (TDR-s) as of June 30 totaled $3.4 million, or an increase of $1.6 million when compared to June 30, 2010. Performing TDR-s on March 31, 2011 totaled $3.1 million.
The Company recorded a provision for loan losses in the second quarter of $352,000, a 101% increase over the 2010 period, primarily due to a discussed second quarter charge-off of an individual real estate owned parcel. The company-s allowance for loan losses was $2.8 million on June 30, 2011, or 2.3% of average net loans, $2.3 million on June 30, 2010 and $2.7 million on March 31, 2011.
Balance Sheet and Capital
Total Assets on June 30, 2011 increased to $175.1 million, or 3.0% from $170.1 million on June 30, 2010, primarily due to a $14.1 million increase in investment, trading and mortgage-backed securities. Net loans decreased 6.4% to $122.3 million. Total deposits increased 4.4% to $132.0 million.
Tangible Common Stockholders- Equity increased $799,000, or 5.5% to $15.2 million for the twelve month period ending June 20, 2011, due to an increase of $1.6 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.
Our subsidiary, Florida Parishes Bank, is considered “well capitalized” by all applicable federal banking regulations and definitions as of June 30, 2011.
FPB Financial Corp. reported the following for the period ending June 30, 2011, and as compared to June 30, 2010:
Total Assets increased $5.0 million to $175.1 million, or 2.9%
Non-Interest Bearing deposits increased to $23.9 million, or 18.9%
Non-maturity Deposits increased $10.5 million, or 13.1%
Dividends paid to common shareholders increased to $0.80 per share, or 2.6%
Tangible Common Stockholders- Equity increased $800,000, or 5.5%
Tangible Common Book Value per share increased to $43.11, or 9.9%
Non-performing Assets decreased $199,000, or 6.1%
Net Loan Charge-off decreased $23,000, or 8.6%
Allowance for Loan Losses increased to $2.8 million
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 July 14, 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 $0.15 per share and will be paid on September 26, 2011 to stockholders of record at the close of business on September 9, 2011.”
For More Information Contact:
Fritz W. Anderson, II
President, Chief Executive Officer, And Chairman
FPB Financial Corp.
(985) 345-1880