FPB Financial Corp. Announces 2012 Fourth Quarter Results and Declares Dividends
(firmenpresse) - HAMMOND, LA -- (Marketwire) -- 01/25/13 -- FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the fourth quarter ended December 31, 2012.
Earnings
Net income for the fourth quarter of 2012 increased to $452,000; ($1.28 per fully diluted common share) as compared to the 2011 fourth quarter net income of $420,000 ($1.19 per fully diluted common share.)
Net income for 2012 totaled $1.9 million; ($5.25 per fully diluted common share) up 2.1% from the 2011 net income of $1.8 million ($5.08 per fully diluted common share.)
Items contributing to the Company's fourth quarter earnings when compared to the 2011 period were; a decrease of $171,000 in total non-interest expense, primarily due to a $235,000 decrease in foreclosed assets expense; total non-interest income increase by $70,000, primarily due to a $23,000 increase in interchange fees. Provisions for loan losses adversely affected net income, increasing 60% to $240,000.
Asset Quality
Total Non-performing assets at December 31, 2012 increased $1.9 million, or 36.4%, to $4.1 million when compared to December 31, 2011. Non-performing assets on September 30, 2012 were $4.3 million.
Net loan charge-offs for the fourth quarter totaled $67,000, up $161,000 from the 2011 fourth quarter total of ($94,000.) Net loan charge-offs in the 2012 third quarter were $233,000. For the 2012 twelve month period, net loan charge-offs increased to $721,000 from $254,000 in 2011.
Performing Troubled Debt Restructured (TDR's) as of December 31 totaled $3.4 million, or a decrease of $200,000 from December 31, 2011. Performing TDR's on September 30, 2012 totaled $3.7 million.
The Company recorded a provision for loan losses in the 2012 fourth quarter of $240,000, a 60.4% increase from the 2011 period. Provisions for 2012 totaled $897,000, up from $656,000 recorded in 2011. The Company's allowance for loan losses was $3.2 million on December, 31, 2012, or 2.6% of average net loans and 78.2% of non-performing assets. The allowance on December 31, 2011 was $3.0 million, or 2.5% of average net loans and 99.0% of non-performing assets.
Balance Sheet and Capital
Total Assets on December 31, 2012 increased to $197.9 million, or 13.3% from $174.6 million on December 31, 2011. Total Assets on September 30, 2012 were $191.6 million. Available for sale investment securities increased during the 2012 twelve month period 88.2% to $48.4 million. Cash and cash equivalents including interest and non-interest deposits increased $4.7 million or 70.6% while net loans decreased to $120.0 million or 5.0%. Non-interest bearing deposits and total non-maturity deposits both increased in 2012, 58.4% and 32.6% respectively.
Common Stockholders' equity increased by a net of $1.6 million, or 9.8% to $17.7 million for the twelve month period ending December 31, 2012, primarily due to an increase of $1.5 million in retained earnings. Tangible Common Equity increased to a total of $17.5 million. Tangible Book Value per share increased to $49.47 at year-end.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 2012.
FPB Financial Corp. reported the following for the period ending December 31, 2012, and as compared to December 31, 2011:
Net Income increased to $1.9 million, or 2.1%
Tangible Common Stockholders' Equity increased $1.6 million, or 10.2%
Tangible Common Book Value per share increased to $49.47, or 9.4%
Common Dividends Paid to Shareholders increased to $307,000, or 7.2%
Non-Interest Income increased to $2.5 million, or 20.6%
Net Interest Income increased to $8.7 million, or 4.4%
Revenue per share increased to $31.93, or 8.9%
Total Assets increased to $197.9 million, or 13.3%
Non-Interest Bearing deposits increased to $36.1 million, or 58.4%
Non-maturity Deposits increased by $28.9 million, or 32.6%
Allowance for Loan Losses increased to $3.2 million, or 7.8%
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 January 10, 2013, 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 of $0.18 per share and will be paid on March 25, 2013 to stockholders of record at the close of business on March 8, 2013."
For More Information Contact:
Fritz W. Anderson, II
President, Chief Executive Officer
And Chairman
FPB Financial Corp.
(985) 345-1880
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Datum: 25.01.2013 - 09:55 Uhr
Sprache: Deutsch
News-ID 1190664
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