Welcome!

News Feed Item

FPB Financial Corp. Announces 2014 First Quarter Results and Declares Dividends

HAMMOND, LA -- (Marketwired) -- 04/29/14 -- FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the 2014 first quarter ended March 31, 2014.

Earnings

Net income for the first quarter of 2014 totaled $466,000, a decrease of 13.7% from $539,000 in the first quarter of 2013. Net income in the 2013 fourth quarter totaled $468,000. 2014 Net income per fully diluted common share was $0.39, down from $0.51 per fully diluted common share in the first quarter of 2013. The 2013 results have been adjusted for a 3 for 1 stock split of our common shares completed on September 27, 2013. Earnings per share decreased 23.5% primarily due to a 15.5% increase in total non-interest expense and due to our completion of the sale of 129,075 shares of our common stock on October 11, 2013 in a private placement. Return on common stockholders' equity (ROE) was 9.0% on an annualized basis for the 2014 first quarter period.

Total non-interest expense increased by $294,000 in 2014 when compared to the 2013 period, primarily due to a $171,000 increase in compensation and employee benefits, primarily related to the hiring of new officers and staff for our recently opened branch office located in Covington, LA.

Although mortgage banking revenue declined by 52.9% to $88,000 in the first quarter, total non-interest income increased in the period primarily due to a net gain of $43,000 on sale of foreclosed assets and investments. Gain on bank owned life insurance totaled $36,000 in the period compared to $-0- in 2013.

Net interest income was unchanged at $2.2 million in the 2014 first quarter when compared to the first quarter of 2013 and down $20,000 from the 2013 fourth quarter.

First quarter earnings were positively affected by a $126,000 decrease in provision for loan losses when compared to the 2013 period.

The Company's effective income tax rate in the 2014 first quarter decreased to 29.2% compared to 33.6% in the 2013 period, primarily due to increased investment in municipal securities and due to the purchase of Bank Owned Life Insurance (BOLI).

Asset Quality

Total non-performing assets at March 31, 2014 decreased $1.0 million, or 35.0% to $1.9 million when compared to March 31, 2013. Total non-performing assets on December 31, 2013 were $1.8 million. The Company's allowance for loan losses decreased to $2.9 million when compared to $3.3 million at March 31, 2013. Total allowance for loan losses were $3.0 million at December 31, 2013. The March 31, 2014 allowance for loan losses represents 150.0% of non-performing assets and 2.4% of average period net loans.

Net loan charge-offs for the first quarter totaled $152,000 or 0.52% (on an annualized basis) of net loans up from $28,000 or 0.10% of net loans in the 2013 first quarter. In the 2013 fourth quarter the company's net loan charge-offs were $207,000 or 0.72% of net loans.

Performing Troubled Debt Restructured (TDRs) as of March 31 totaled $2.8 million, or a decrease of $260,000 from March 31, 2013. Performing TDRs increased by $222,000 when compared to December 31, 2013.

Balance Sheet and Capital

Total assets at March 31, 2014 increased to $208.8 million, or 5.5% as compared to $197.9 million on March 31, 2013. Total assets on December 31, 2013 were $205.9 million. The increase in total assets was primarily attributed to an increase of $10.0 million in available-for-sale investment securities, an increase of $4.2 million in net loans and the purchase of $4.0 million of Bank Owned Life Insurance (BOLI) in the 2013 third quarter. These increases were offset by a $5.3 million decrease in cash and cash equivalents, a decrease of $4.2 million in certificates of deposit and a $594,000 decrease in foreclosed assets. Total liabilities increased by 4.4% to $187.7 million primarily due to an increase of $5.4 million in total deposits to $167.4 million from $162.0 million at March 31, 2013 and an increase of 17.6% or $2.4 million in Federal Home Loan Bank advances to $16.2 million at March 31, 2014. Non interest bearing deposits and total non-maturity deposits both increased in the twelve month period ending March 31, 2014.

Common Stockholders' equity increased by a net of $3.0 million, or 16.7% to $21.1 million for the twelve month period ending March 31, 2014, 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 the total net sale proceeds of $2.0 million. Retained earnings increased by $1.6 million in the twelve month period. Other comprehensive income decreased by $651,000 at March 31, 2014 when compared to March 31, 2013. Book value per common share increased to $17.56 as total common shares of 1,200,912 were outstanding at March 31, 2014.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of March 31, 2014.

FPB Financial Corp. reported the following for the period ending March 31, 2014, and as compared to March 31, 2013:

  • Total Assets increased to $208.8 million, or 5.5%

  • Net Loans increased by $4.2 million, or 3.6%

  • Non-Interest Income increased to $628,000, or 1.6%

  • Non-Interest Bearing deposits increased to $40.7 million, or 1.6%

  • Non-maturity Deposits increased by $8.3 million, or 7.0%

  • Non-performing Assets decreased by $1.0 million, or 35.0%

  • Dividends paid to common shareholders increased to $84,000, or 31.9%

  • Common Stockholders' equity increased by $3.0 million, or 16.7%

  • Common Book Value per share increased to $17.56, or 3.2%

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.


                        March 31,    March 31,     %      Dec. 31,      %
Selected Balances         2014         2013     Change      2013     Change
                      ------------ ------------ ------  ------------ ------
                       (Unaudited)  (Unaudited)

Tangible Common
 Stockholders' Equity $ 21,088,325 $ 18,072,555     17  $ 20,430,683      3

Net Loans              120,174,242  115,970,100      4   115,983,445      4

Foreclosed Assets          407,067      801,495    (49)      575,267    (29)

Non-Performing Assets
 (includes Foreclosed
 Assets)                 1,901,331    2,927,287    (35)    1,753,875      8

Allowance for Loan
 Losses                  2,852,379    3,306,836    (14)    3,003,948     (5)

Total Assets           208,828,057  197,856,444      6   205,913,362      1

Non-Interest Bearing
 Deposits               40,741,587   40,118,217      2    36,775,928     11

Non-Maturity Deposits
 (Included in
 interest and non-
 interest bearing
 deposits)             127,459,440  119,165,496      7   122,406,800      4

Brokered Deposits
 (Included in
 interest- bearing
 deposits)               1,799,202    6,548,866    (73)    2,453,461    (27)

FHLB Advances           16,218,000   13,791,500     18    19,391,500    (16)


                    CONSOLIDATED STATEMENTS OF EARNINGS

                                     For the Three Months Ended

                          March 31,   Dec. 31,      %     March 31,     %
                            2014        2013     Change     2013     Change
                         ----------  ----------  ------  ----------  ------
                         (Unaudited)                     (Unaudited)

INTEREST AND DIVIDEND
 INCOME:

  Mortgage Loans         $1,815,999  $1,835,241      (1) $2,018,946     (10)

  Consumer Loans            241,092     249,176      (3)    236,844       2

  Commercial Loans           62,925      56,905      11      44,087      43

  Consumer & Commercial
   Lines of Credit           61,264      58,812       4      49,489      24

  Investment Securities
   and Deposits             286,809     293,947      (2)    167,584      71
                         ----------  ----------  ------  ----------  ------

TOTAL INTEREST AND
 DIVIDEND INCOME          2,468,089   2,494,081      (1)  2,516,950      (2)
                         ----------  ----------  ------  ----------  ------

INTEREST EXPENSE:

  Deposits                  151,094     151,204       0     187,387     (19)

Federal Home Loan Bank
 Advances                    70,719      76,594      (8)     86,245     (18)

Other                        25,873      26,193      (1)     26,450      (2)
                         ----------  ----------  ------  ----------  ------

TOTAL INTEREST EXPENSE      247,686     253,991      (2)    300,082     (17)
                         ----------  ----------  ------  ----------  ------

  NET INTEREST INCOME     2,220,403   2,240,090      (1)  2,216,868       0

Provisions for loan
 losses                           0      25,000    (100)    126,000    (100)
                         ----------  ----------  ------  ----------  ------

NET INTEREST INCOME
 AFTER PROVISION FOR
 LOAN LOSSES              2,220,403   2,215,090       0   2,090,868       6
                         ----------  ----------  ------  ----------  ------

NON-INTEREST INCOME:

Service charges on
 deposits                   232,144     236,641      (2)    213,645       9

Interchange Fees            108,382     119,560      (9)    100,149       8

Mortgage Banking Fees        88,208     131,502     (33)    187,127     (53)

Loan Fees and Charges        61,160      44,216      38      42,330      44

Gain on bank owned life
 insurance                   35,748      11,118     222           0       -

Gain/(Loss) on Sale of
 Foreclosed Assets and
 Investments                 28,433       5,723     397     (14,627)      -

Gain/(Loss) on Trading
 Accounts                   (14,913)      7,454       -       1,764       -

Other                        88,470      56,926      55      87,175       1
                         ----------  ----------  ------  ----------  ------

TOTAL NON-INTEREST
 INCOME                     627,632     613,140       2     617,563       2
                         ----------  ----------  ------  ----------  ------

NON-INTEREST EXPENSE:

Compensation and
 Employee Benefits        1,248,776   1,225,106       2   1,077,839      16

Occupancy, Local and
 State Taxes, and
 Equipment                  263,238     244,476       8     263,944       0

Technology and
 Information Processing     194,401     248,308     (22)    159,249      22

Professional Fees            75,052      69,604       8      42,225      78

Regulatory Fees              48,500      31,469      54      67,655     (28)

Foreclosed Assets            33,568      35,334      (5)     23,361      44

Other                       327,146     325,058       1     267,107      25
                         ----------  ----------  ------  ----------  ------

TOTAL NON-INTEREST
 EXPENSE                  2,190,681   2,179,355       1   1,896,380      16
                         ----------  ----------  ------  ----------  ------

INCOME BEFORE INCOME
 TAXES                      657,354     648,875       1     812,051     (19)

Income Tax Expense          191,834     180,749       6     272,706     (27)
                         ----------  ----------  ------  ----------  ------

NET INCOME                  465,520     468,126      (1)    539,345     (14)
                         ==========  ==========  ======  ==========  ======

PER COMMON SHARE DATA:
 Adjusted for 3 for 1
 Stock Split)

Net Earnings             $     0.39  $     0.40      (3) $     0.51     (24)

Diluted Net Earnings     $     0.39  $     0.39       0  $     0.51     (24)

Dividends Paid           $     0.07  $     0.10     (30) $     0.06      17

Revenue (Net Interest
 Income and Non-Interest
 Income)                 $     2.37  $     2.41      (2) $     2.67     (11)

Book Value Period End    $    17.56  $    17.02       3  $    17.01       3

Book value adjusted for
 other comprehensive
 income at period end    $    18.04  $    17.72       2  $    16.94       6

RATIOS:

ROA (Annualized Net
 Income to Average
 Period Assets)                0.91%       0.91%               1.11%

ROE (Annualized Net
 Income to Average
 Period Total
 Stockholders' Equity)         9.04%       9.24%              12.21%

Net Interest Margin
 (Average) for the
 period                        4.83%       4.80%               4.98%

Non-Interest Expense
 less Non-Interest
 Income to Average
 Period Total Assets
 (Annualized)                  3.04%       3.03%               2.62%

Efficiency Ratio for the
 Period                       76.92%      76.38%              66.91%

Net Loan Charge-
 Offs/(Recoveries) for
 the Period to Average
 Period Net Loans          $151,809    $207,067     (27)    $27,979     443
 (Annualized)                  0.52%       0.72%               0.10%

TDRs (Performing) at
 Period End to Average   $2,843,939  $2,621,929       8  $3,104,363      (8)
 Period Net Loans              2.40%       2.29%               2.63%

Non-Performing Assets at
 Period End to Average   $1,901,331  $1,753,875       8  $2,927,287     (35)
 Period Total Assets           0.91%       0.86%               1.48%

Allowance for Loan
 Losses at Period End to
 Average Period Net      $2,852,379  $3,003,948      (5) $3,306,836     (14)
 Loans to Non-Performing       2.41%       2.62%               2.80%
 Assets at Period End        150.02%     171.28%             113.00%


                    CONSOLIDATED STATEMENTS OF CONDITION

                        March 31,    March 31,     %      Dec. 31,      %
                          2014          2013    Change      2013     Change
                       (Unaudited)  (Unaudited)

ASSETS:

Cash and Cash
 Equivalents including
 Interest & Non-
 Interest Earnings
 Deposits             $  8,942,553 $ 14,221,475    (37) $  7,385,835     21

Certificates of
 Deposit                         0    4,235,000   (100)      747,000   (100)

Securities- Held to
 Maturity                4,550,255    2,074,811    119     4,556,671      0

Securities- Available
 for Sale               59,382,158   49,377,969     20    61,120,450     (3)

Trading Securities         178,767      191,701     (8)      193,679     (8)

Net Loans              120,174,242  115,970,100      4   115,983,445      4

Accrued Interest
 Receivable                793,097      708,656     12       878,520    (10)

Bank owned life
 insurance               4,046,866            0      -     4,011,118      1

Premises and
 Equipment, Net          9,132,962    8,953,607      2     9,072,060      1

Foreclosed Assets          407,067      801,495    (49)      575,267    (29)

Other Assets             1,220,090    1,321,630     (8)    1,389,312    (12)
                      ------------ ------------ ------  ------------ ------

  TOTAL ASSETS        $208,828,057 $197,856,444      6  $205,913,357      1
                      ============ ============ ======  ============ ======

LIABILITIES:

Deposits              $167,411,314 $162,036,238      3  $162,384,981      3

Federal Home Loan Bank
 Advances               16,218,000   13,791,500     18    19,391,500    (16)

Subordinated
 debentures/trust
 preferred securities    3,093,000    3,093,000      0     3,093,000      0

Other Liabilities        1,017,418      863,151     18       613,188     66
                      ------------ ------------ ------  ------------ ------

  TOTAL LIABILITIES   $187,739,732 $179,783,889      4  $185,482,669      1
                      ============ ============ ======  ============ ======

STOCKHOLDERS' EQUITY:

Common Stock          $     13,127 $      4,437    196  $     13,127      0

Capital Surplus          8,404,758    6,335,706     33     8,404,084      0

Retained Earnings       15,033,604   13,450,044     12    14,652,138      3

Unearned Compensation       (6,902)     (12,340)    44        (7,480)     8

Treasury Stock          (1,783,468)  (1,783,468)     0    (1,783,468)     0

Other Comprehensive
 Income (Loss)            (572,794)      78,176      -      (847,713)    32
                      ------------ ------------ ------  ------------ ------

Total Stockholders'
 Equity                 21,088,325   18,072,555     17    20,430,688      3
                      ------------ ------------ ------  ------------ ------

  TOTAL LIABILITIES
   AND STOCKHOLDERS'
   EQUITY             $208,828,057 $197,856,444      6  $205,913,357      1
                      ============ ============ ======  ============ ======

Fritz W. Anderson II, Chairman of the Board announced today that "On April 10, 2014, 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 $0.07 per share and will be paid on June 25, 2014 to stockholders of record at the close of business on June 10, 2014."

For More Information Contact:
Fritz W. Anderson, II
President, Chief Executive Officer,
And Chairman
FPB Financial Corp.
(985) 345-1880

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are a leader in the market space called network visibility solutions - it enables monitoring tools and Big Data analysis to access the data and be able to see the performance," explained Shay Morag, VP of Sales and Marketing at Niagara Networks, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...