FPB Financial Corp. Announces 2013 First Quarter Financial Results and Declares Dividends
(firmenpresse) - HAMMOND, LA -- (Marketwired) -- 04/23/13 -- FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the 2013 first quarter ended March 31, 2013.
Earnings
Net income for the first quarter of 2013 totaled $539,000, an increase of 17.5% from $459,000 in the first quarter of 2012. Net income per fully diluted common share was $1.52 in the 2013 first quarter, up from $1.30 per fully diluted common share earned in the first quarter of 2012. Return on common stockholders' equity (ROE) was 12.2% for the period.
First quarter earnings were positively affected by an increase of $75,000 in non interest income when compared to the first quarter of 2012 and by a $139,000 decrease in provision for loans losses. These items were offset by a $61,000 increase in non-interest expense, primarily from increased expense for occupancy, property taxes and equipment, technology and information processing and other miscellaneous expenses, and $58,000 increase in income tax expense.
In the 2013 first quarter, in excess of $1 million of non-accrual loans were collected/paid off; these non-accrual loan pay-offs resulted in the Company reporting an increase of approximately $110,000 of non-accrual pre-tax interest income in the period ending March 31, 2013. The Company does not expect to match this level of non-accrual interest recognition/collections in the second quarter or in subsequent quarters during 2013.
Asset Quality
Total non-performing assets at March 31, 2013 decreased $1.0 million, or 25.6% to $2.9 million when compared to March 31, 2012. Total non-performing assets on December 31, 2012 were $4.1 million. The Company's allowance for loan losses increased to $3.3 million when compared to $3.0 million at March 31, 2012. Total allowance for loan losses were $3.2 million at December 31, 2012.
Net loan charge-offs for the first quarter totaled $28,000, down from $234,000 in the 2012 first quarter. In the 2012 fourth quarter the company's net loan charge-offs were $67,000.
Performing Troubled Debt Restructured (TDR's) as of March 31 totaled $3.1 million, or a decrease of $93,000 from March 31, 2012. Performing TDR's decreased by $247,000 when compared to December 31, 2012.
Balance Sheet and Capital
Total assets at March 31, 2013 increased to $197.9 million, or 5.2% as compared to $188.1 million on March 31, 2012. Total assets on December 31, 2012 were $197.9 million. The increase in total assets was primarily attributed to an increase of $18.0 million in available-for-sale investment securities, an increase of $2.1 million in held-to-maturity investment securities, and an increase of $1.2 million in net premises and equipment. These increases were offset by a $7.9 million decrease in net loans and a $2.3 million decrease in cash and cash equivalents. Total liabilities increased by 4.8% to $179.8 million primarily due to an increase of $12.5 million in total deposits to $162.0 million from $149.5 million at March 31, 2012 which was offset by a 23.4% decrease in Federal Home Loan Bank advances to $13.8 million at March 31, 2013. Non interest bearing deposits and total non-maturity deposits both increased in the twelve month period ending March 31, 2013.
Common Stockholders' equity increased by a net of $1.5 million, or 9.2% to $18.1 million for the twelve month period ending March 31, 2013, primarily due to an increase of $1.6 million in retained earnings. Tangible common stockholders' equity totaled $18.0 million at March 31, 2013.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of March 31, 2013.
FPB Financial Corp. reported the following for the period ending March 31, 2013, and as compared to March 31, 2012:
Total Assets increased to $197.9 million, or 5.2%
Non-Interest Income increased to $618,000, or 13.9%
Non-Interest Bearing deposits increased to $40.1 million, or 39.2%
Non-maturity Deposits increased by $16.4 million, or 16.0%
Non-performing Assets decreased by $1.0 million, or 25.6%
Dividends paid to common shareholders increased to $64,000, or 14.2%
Common Stockholders' equity increased by $1.5 million, or 9.2%
Common Book Value per share increased to $51.03, or 8.5%
Allowance for Loan Losses increased to $3.3 million, or 10.0%
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 April 11, 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 June 25, 2013 to stockholders of record at the close of business on June 10, 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: 23.04.2013 - 09:40 Uhr
Sprache: Deutsch
News-ID 1219358
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