FPB Financial Corp. (OTCQB: FPBF), the Holding Company for Florida Parishes Bank, Announces 2014 Third Quarter Results and Declares Dividends
(firmenpresse) - HAMMOND, LA -- (Marketwired) -- 10/23/14 -- FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the period ended September 30, 2014.
FPB Financial Corp. reported the following for the period ending September 30, 2014, and as compared to September 30, 2013:
Total Assets increased to $224.3 million or 10.8%
Net Loans increased by $18.9 million or 16.7%
Net Interest Income increased by $474,000, or 7.3%
Non-Interest Income Increased by $201,000, or 45.3%
Non-Interest bearing deposits increased to $43.2 million or 20.0%
Non-Maturity deposits increased by $11.2 million or 9.2%
Dividend paid to common shareholders increased to $252,000 or 31.7%
Non-performing Assets decreased to $1.5 million or 22.6%
Common Stockholders'' equity increased by $4.3 million or 23.5%
Common Book Value per share increased to $18.65, or 9.3%
Earnings
Net income for the third quarter of 2014 totaled $592,000, an increase of 23.3% from $480,000 in the third quarter of 2014. Net income in the 2014 second quarter totaled $446,000. The 2014 third quarter net income per fully diluted common share was $0.49, up from $0.45 per fully diluted common share in the third quarter of 2013. Earnings per share increased 8.9% primarily due to a 12.8% increase in net interest income and a 45.3% increase in total non-interest income which was offset by a 13.6% increase in non-interest expense and an increase in the average total common shares outstanding. Return on common stockholders'' equity (ROE) was 10.6% on an annualized basis for the 2014 third quarter period.
Total non-interest expense increased by $261,000 in the third quarter when compared to the 2013 period, primarily due to a $162,000 increase in compensation and employee benefits, related to the hiring of new officers and staff for our recently opened branch and mortgage loan office located in Covington, LA and in Mandeville, LA., respectfully.
Provision for loan losses totaled $75,000 in the period as compared to -0- in the 2013 period.
The Company''s effective tax rate decreased in the period due to the 2013 investment in BOLI and due to investments in municipal securities.
Asset Quality
Total non-performing assets at September 30, 2014 decreased $435,000 to $1.5 million when compared to September 30, 2013. Total non-performing assets on June 30, 2014 were $1.8 million. The Company''s allowance for loan losses decreased to $2.8 million as compared to $3.2 million at September 30, 2013. Total allowance for loan losses were $2.8 million at June 30, 2014.
Net loan charge-offs in the third quarter totaled $100,000 up from $84,000 in the third quarter of 2013. In the second quarter of 2014, net loan charge-offs totaled $22,000.
Performing Troubled Debt Restructured (TDR''s) as of September 30, 2014 totaled $2.9 million, or an increase of $488,000 from September 30, 2013. Performing TDR''s totaled $2.9 million on June 30, 2014.
Balance Sheet and Capital
Total assets at September 30, 2014 increased to $224.3 million, or 10.8% as compared to September 30, 2013. Total assets on June 30, 2014 were $216.6 million. The increase in total assets was primarily attributed to an increase of $18.9 million in Net Loans and $4.1 million of BOLI. Total liabilities increased by 9.6% to $201.9 million primarily due to an increase of $14.7 million, or 9.2% in deposits to $175.3 million at September 30, 2014 compared to $160.6 million at September 30, 2013. Federal Home Loan Bank (FHLB) Advances increased by $5.0 million to $22.7 million at September 30, 2014 as compared to $17.7 million at September 30, 2013. Non-interest bearing deposits and total non-maturity deposits both increased in the twelve month period September 30, 2014.
Common Stockholders'' Equity increased by a net of $4.3 million, or 23.5% to $22.4 million for the twelve month period ending September 30, 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 increased by $603,000, or 82.6% at September 30, 2014 when compared to September 30, 2013. Book value per common share increased to $18.65 as total common shares of 1,201,557 were outstanding at September 30, 2014.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of September 30, 2014.
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 9, 2014, the Board of Directors of FPB Financial Corp. declared a cash dividend on the common stock of the company. The dividend rate of $0.07 per share will be paid on December 26, 2014 to stockholders of record at the close of business on December 10, 2014."
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: 23.10.2014 - 06:30 Uhr
Sprache: Deutsch
News-ID 1312273
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