FPB Financial Corp. Announces 2012 Second Quarter Results and Declares Dividends
(firmenpresse) - HAMMOND, LA -- (Marketwire) -- 07/24/12 -- FPB Financial Corp. (OTCQB: FPBF) (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced financial results for the second quarter ended June 30, 2012.
Earnings
Net income for the second quarter of 2012 totaled $526,000 an increase of 29.9% from $405,000 in the 2011 period. Net income per fully diluted common share for the quarter was $1.49 as compared to $1.13 in the 2011 second quarter. Return on common stockholders' equity (ROE) increased to 12.6% for the period.
Second quarter earnings, when compared to the 2011 period, were positively affected by an increase of $264,000 in net-Interest Income; a $234,000 increase in non-Interest Income, primarily due to a $221,000 gain on sale of investments and foreclosed assets; and from a decrease in Provision for Loan Losses of $210,000. Earnings were adversely affected by a $271,000, or 16.6% increase in non-interest expenses, primarily due to increased compensation and employee benefits to existing officers and staff and increased compensation expense associated with staffing our new branch in Amite, LA which opened November 1, 2011.
Asset Quality
Total non-performing assets at June 30, 2012 increased $925,000, or 29.0%, to $4.0 million when compared to June 30, 2011. Total non-performing assets on March 31, 2012 were $3.9 million. The Company's allowance for loan losses increased to $3.0 million, or 7.1% when compared to the Company's allowance of $2.8 million on June 30, 2011.
Net loan charge-offs for the second quarter totaled $160,000, down 28.9% from $225,000 in the 2011 second quarter and down 38.9% from $262,000 in the first quarter of 2012.
Performing troubled debt restructured (TDR's) as of June 30 totaled $3.1 million, or a decrease of $309,000 from June 30, 2011. Performing TDR's totaled $3.2 million on March 31, 2012.
Balance Sheet and Capital
Total Assets at June 30, 2012 increased to $188.2 million, or 7.5% when compared to June, 30, 2011. The increase in total assets was primarily attributed to an increase of $14.6 million in available-for-sale investment securities. Total Liabilities increased 7.1% to $171.3 million primarily due to an increase of $14.5 million in total deposits to $146.5 million on June 30, 2012. Federal Home Loan Bank advances decreased 13.3% in the twelve month period to $20.8 million. Both Non-interest bearing deposits and Non-maturity deposits increased in the twelve month period ending June 30, 2012.
Common Stockholders' Equity increased by a net of $1.7 million, or 11.2% to $16.9 million for the twelve month period ending June 30, 2012, primarily due to an increase of $1.6 million in retained earnings. Tangible Common Stockholders' equity increased to a total of $16.8 million at June 30, 2012.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of June 30, 2012.
FPB Financial Corp. reported the following for the period ending June 30, 2012, and as compared to June 30, 2011:
Total Assets increased to $188.2 million, or 7.5%
Net Income increased $102,000, or 11.6%
Net Interest Margin increased to 5.17%
Non-Interest Bearing deposits increased to $28.8 million, or 20.5%
Non-maturity Deposits increased $11.1 million, or 12.2%
Tangible Common Stockholders' Equity increased $1.7 million, or 11.1%
Tangible Common Book Value increased to $47.68, or 10.5%
Allowance for Loan Losses increased to $3.0 million, or 7.1%
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.
Fritz W. Anderson II, Chairman of the Board announced today that "On July 12, 2012, 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 $0.18 per share and will be paid on September 25, 2012 to stockholders of record at the close of business on September 10, 2012."
For More Information Contact:
Fritz W. Anderson, II
President, Chief Executive Officer
And Chairman
FPB Financial Corp.
(985) 345-1880
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 24.07.2012 - 09:25 Uhr
Sprache: Deutsch
News-ID 1135949
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
HAMMOND, LA
Phone:
Kategorie:
Retail Banking
Anmerkungen:
Diese Pressemitteilung wurde bisher 153 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"FPB Financial Corp. Announces 2012 Second Quarter Results and Declares Dividends
"
steht unter der journalistisch-redaktionellen Verantwortung von
FPB Financial Corp. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
