Tue, 17 Apr 2007 8:47:00 PDT
HAMMOND, LA -- (MARKET WIRE) -- 04/17/2007 -- Fritz W. Anderson II, Chairman of FPB Financial
Corp. (
Net income for the three months ended March 31, 2007 was $284,000 ($1.06 per common share; $1.01 per diluted common share), up 52.7% from $186,000 ($0.71 per common share; $0.68 per diluted common share) for the 2006 comparable period. Earnings were positively affected by a 25.1% increase in net interest income and by an increase in non-interest income of 89.6% for the quarter ending March 31, 2007. The increase in non-interest income for the quarter was primarily due to an increase of $84,000, or 79.6% on service charges and fees on deposits and an increase of $77,000, or 94.5% in revenue from the mortgage banking department. Earnings were adversely affected by a 28.5% increase for the quarter in non-interest expenses, primarily compensation expense and professional fees. Provisions for loan losses increased by 114.3%, compared to the March 31, 2006 period.
FPB Financial Corp. reported the following compared to March 31, 2006:
-- Net Income increased $98,000, or 52.7%
-- Return on average stockholders equity increased to 13.2%
-- Non-Interest Income increased $237,000, or 89.4%
-- Dividends paid increased $6,000,or 22.2%
-- Total Deposits increased $16.0 million, or 18.0%
-- Non-Maturity Deposits increased $7.8 million, or 15.6%
-- Total Assets increased $16.3 million, or 13.3%
-- Net Loans increased $14.7 million, or 16.3%
-- Loan Loss Reserve increased $600,000, or 117.0%
FPB Financial Corp. is currently offering up to $100,000 shares of its
common stock in a private placement to accredited investors. The stock is
being offered at a price of $38.00 per share, and any subsequent sale or
transfer of the shares issued in the private placement will be restricted.
The private placement is expected to close around the end of April,
although there can be no assurances as to the number of shares that will be
sold.
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.
FPB Financial Corp.
March 31, Dec. 31, March 31,
Selected Balances (Unaudited) 2007 2006 2006
------------ ------------ ------------
Cash and Cash Equivalents 9,668,517 8,602,576 10,492,836
Investment and mortgage-backed
securities 16,931,762 14,793,689 15,994,699
Net Loans 104,998,630 105,895,525 90,317,834
Total Assets 138,644,306 135,499,073 122,368,893
Non-Interest Bearing Deposits 16,842,809 17,386,738 17,466,465
Interest Bearing Deposits 88,447,023 81,954,575 71,518,677
Non-Maturity Deposits (Included in
interest and non-interest bearing
deposits) 57,968,102 54,612,338 50,126,497
Brokered Deposits (Included in
interest-bearing deposits) 5,284,669 5,346,932 5,418,186
FHLB Advances 20,199,656 23,297,500 20,842,500
Subordinated Debentures/Trust
Preferred Securities 3,093,000 3,093,000 3,093,000
Stockholders’ Equity 8,811,227 8,480,592 7,780,939
Non-Performing Assets 0 181,502 487,981
Loan Loss Reserve 1,113,310 981,179 513,069
Book Value per Share 31.27 30.09 27.93
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
March 31, Dec. 31, March 31,
For the Three Months Ended 2007 2006 2006
----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME:
Mortgage loans and fees $ 1,584,849 $ 1,631,901 $ 1,245,911
Consumer Loans 117,901 113,520 79,554
Premium Finance Loans 151,750 139,560 0
Lines of credit and fees 92,923 96,484 62,219
Commercial Loans 67,446 68,674 38,480
Loans on deposits 30,380 25,440 23,929
FHLB stock and other
Investment securities 178,607 182,531 184,491
Demand deposits 69,273 58,421 72,983
Mortgage-backed securities 17,972 13,488 3,058
----------- ----------- -----------
TOTAL INTEREST INCOME 2,311,101 2,330,119 1,717,625
INTEREST EXPENSE:
Deposits 834,279 793,236 490,123
Federal Home Loan Bank
Advances 235,590 241,059 228,062
Subordinated Debentures/
Trust Preferred Securities 42,915 42,917 41,625
----------- ----------- -----------
TOTAL INTEREST EXPENSE 1,112,784 1,077,212 759,810
----------- ----------- -----------
NET INTEREST INCOME 1,198,317 1,252,907 957,815
Provisions for loan losses 150,000 183,500 70,000
----------- ----------- -----------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 1,048,317 1,069,407 887,815
----------- ----------- -----------
NON-INTEREST INCOME
Service charges and fees on deposits 191,342 172,004 106,590
Mortgage Banking 158,987 172,351 81,740
Interchange Fees 41,061 39,935 29,622
Premium Finance 35,258 31,120 0
Profit on sale of Investments 0 1,883 0
-----------
Other 75,137 66,804 46,709
----------- ----------- -----------
TOTAL NON-INTEREST
INCOME 501,785 484,097 264,661
----------- ----------- -----------
NON-INTEREST EXPENSE
Compensation and Employee
Benefits 661,673 668,289 479,644
Technology and Information
Processing 81,183 93,293 115,504
Occupancy and Equipment 91,122 113,904 86,393
Professional Fees 53,165 61,563 30,054
Stationary, Printing, & Supplies 33,303 29,720 22,198
Advertising 19,274 16,711 13,159
Federal Insurance Expense 2,921 2,779 2,190
Other 179,643 150,249 124,308
----------- ----------- -----------
TOTAL NON-INTEREST
EXPENSE 1,122,284 1,136,508 873,450
----------- ----------- -----------
INCOME BEFORE INCOME
TAXES 427,818 416,996 279,026
Income Tax Expense (Benefit) 143,400 135,295 93,495
----------- ----------- -----------
NET INCOME $ 284,418 $ 281,701 $ 185,531
=========== =========== ===========
Earnings Per Share $ 1.06 $ 1.06 $ 0.71
Diluted Earnings Per Share $ 1.01 $ 1.01 $ 0.68
Dividend Paid per Share $ 0.12 $ 0.28 $ 0.10
Return on Average Assets 0.83% 0.85% 0.63%
Return on Average Equity 13.17% 13.50% 9.63%
Net Charge-Off (Recoveries) to
Average Loans 0.02% 0.00% 0.00%
CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
March 31,2007 Dec. 31, 2006 March 31, 2006
ASSETS:
Cash and Cash Equivalents 9,668,617 8,602,576 10,492,836
Investment Securities 16,931,762 14,793,689 15,994,699
Net Loans 104,998,630 105,895,525 90,317,834
Premises and Equipment, Net 5,962,688 5,502,497 4,361,803
Other Assets 1,082,609 704,786 1,201,721
-------------- -------------- --------------
TOTAL ASSETS $ 138,644,306 $ 135,499,073 $ 122,368,893
============== ============== ==============
LIABILITIES:
Deposits 104,983,881 99,341,313 88,985,142
Federal Home Loan Bank
Advances 20,199,656 23,297,500 20,842,500
Other Liabilities 1,556,542 1,286,668 1,667,312
Shares subject to mandatory
redemption 3,093,000 3,093,000 3,093,000
-------------- -------------- --------------
TOTAL LIABILITIES $ 129,833,079 $ 127,018,481 $ 114,587,954
============== ============== ==============
STOCKHOLDERS’ EQUITY:
Common Stock $ 3,428 $ 3,427 $ 3,396
Capital Surplus 3,264,829 3,251,845 3,175,004
Retained Earnings 6,901,149 6,649,964 6,044,474
Unearned Compensation (152,407) (157,505) (177,689)
Treasury Stock (1,227,321) (1,227,321) (1,227,321)
Accumulated Other
Comprehensive Income 21,549 (39,818) (36,925)
-------------- -------------- --------------
Total Stockholders’ Equity 8,811,227 8,480,592 7,780,939
-------------- -------------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY $ 138,644,306 $ 135,499,073 $ 122,368,893
============== ============== ==============
For More Information Contact: Fritz W. Anderson, II President, Chief Executive Officer, and Chairman FPB Financial Corp. (985) 345-1880
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