FPB Financial Corp. Announces 2013 Third Quarter Results and Declares Dividends

ID: 1278236
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(businesspress24) - HAMMOND, LA -- (Marketwired) -- 10/31/13 -- FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the period ended September 30, 2013.

FPB Financial Corp. reported the following for the nine months ended September 30, 2013, and as compared to the nine months ended September 30, 2012:

Net Income increased to $1.5 million or 8.3%

Diluted Net Income per share increased to $0.45 or 12.5%

Net Interest Income after provision for loan losses increased to $6.3 million or 8.5%

Net Loan Charge-Offs decreased to $204,000 or 68.9%

Dividend paid to common shareholders increased to $191,000 or 6.7%

Other items and per share data of note as of September 30, 2013, compared to September 30, 2012:

Non-performing Assets decreased to $1.9 million or 55.4%

Book Value per share increased to $17.02 or 4.9%

Total Assets increased to $202.4 million or 5.6%

Non-Interest Bearing Deposits increased to $36.0 million or 15.0%

Non-Maturity Deposits increased to $121.6 million or 13.3%

Allowance for Loan Losses increased to $3.2 million or 5.0%


Net income for the third quarter of 2013 totaled $480,000, an increase of 14.2% from $420,000 in the third quarter of 2012. Net income per fully diluted common share was $0.45 up from $0.40 per fully diluted common share earned in the third quarter of 2012. Return on common stockholders' equity (ROE) increased to 10.6% for the period.

Third quarter earnings when compared to the third quarter of 2012 were positively affected by a $250,000 decrease in provision for loan losses. This was offset by a $208,000 decrease in non-interest income due primarily to a loss on sale of investment securities and foreclosed assets and a decline of $88,000 in mortgage banking revenue. Income tax expense increased to $233,000 in the 2013 period.

Asset Quality

Total non-performing assets at September 30, 2013 decreased $2.4 million, or 55.4% to $1.9 million when compared to September 30, 2012. Total non-performing assets at June 30, 2013 were $1.9 million. The Company's allowance for loan losses increased by $150,000 to $3.2 million compared to September 30, 2012. Total allowance for loan losses was $3.3 million at June 30, 2013.

Net loan charge-offs for the third quarter totaled $84,000, down from $233,000 in the 2012 third quarter. In the 2013 second quarter the Company's net loan charge-offs were $92,000.

Performing Troubled Debt Restructured (TDR's) as of September 30, 2013 totaled $2.4 million, or a decrease of 36.2% from September 30, 2012. Performing TDR's decreased by $2,000 when compared to June 30, 2013.

Balance Sheet and Capital

Total assets at September 30, 2013 increased to $202.4 million, or 5.6% as compared to $191.6 million at September 30, 2012. The increase in total assets was primarily attributed to an increase of $15.0 million in available-for-sale investment securities, an increase of $4.6 million in held-to-maturity investment securities, and an increase of $665,000 in net premises and equipment and an increase in other assets of $1.5 million due to $1.4 million proceeds held in a stock offering escrow account. These increases were offset by an $8.4 million decrease in net loans, a $2.0 million decrease in cash and cash equivalents and a $695,000 decrease in foreclosed assets. Total liabilities increased by 5.7% to $184.2 million primarily due to an increase of $10.2 million in total deposits to $160.6 million from $150.4 million at September 30, 2012 which was offset by an 11.4% decrease in Federal Home Bank advances to $17.7 million at September 30, 2013. Non-interest bearing deposits and total non-maturity deposits increased by 15.0% and 13.3%, respectively, in the twelve month period ended September 30, 2013.

Common stockholders' equity increased by a net of $814,000, or 4.7% to $18.1 million for the twelve month period ended September 30, 2013, primarily due to an increase of $1.7 million in retained earnings. Other comprehensive income decreased by $927,000 at September 30, 2013 when compared to September 30, 2012. Tangible common stockholders' equity increased to $18.1 million this period.

Other Matters

On September 27, 2013, we paid a 3-for-1 stock split on our common stock, pursuant to which each stockholder of the Company received two additional shares of common stock for each one share of common stock held as of the close of business on the September 11, 2013 record date. As a result of the stock split, our total shares issued increased to 1,183,013 shares at September 30, 2013, and our net number of shares issued and outstanding after subtracting unearned RRP shares and treasury shares increased to 1,066,137 shares. In addition, our per share stock price currently reflects the stock split.

On October 11, 2013, we completed the sale of 129,075 shares of our common stock at a price of $16.00 per share in a private placement, for total gross proceeds of $2.1 million. The net sales proceeds are approximately $2.0 million. The sale of the shares in the private placement further increased our stockholders' equity, and the additional capital will be used to fund growth opportunities.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of September 30, 2013.

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 October 10, 2013, the Board of Directors of FPB Financial Corp. declared a cash dividend of $0.10 per share on the common stock of the company. The dividend rate is composed of a regular quarterly dividend rate of $0.06 per share and a special year-end dividend of $0.04 per share and will be paid on December 24, 2013 to stockholders of record at the close of business on December 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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Date: 10/31/2013 - 11:49
Language: English
News-ID 1278236
Character count: 0
Firma: FPB Financial Corp.
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