FPB Financial Corp. (OTCQB: FPBF), the Holding Company for Florida Parishes Bank, Announces 2014 Fourth Quarter Results and Declares Dividends
(firmenpresse) - HAMMOND, LA -- (Marketwired) -- 01/29/15 -- FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the period ended December 31, 2014.
Earnings
Net income in the 2014 fourth quarter increased to $561,000 ($0.46 per fully diluted common share) or 19.9% as compared to the 2013 fourth quarter net income of $468,000 (0.39 per fully diluted common share). Earnings per share increased by 17.9%. Return on Equity for the fourth quarter was 9.7%. Net income for the year ended 2014 totaled $2.1 million ($1.71 per fully diluted common share) up 3.7% from the year ended 2013 net income of $2.0 million ($1.81 per fully diluted common share). 2014 Earnings per Share decreased by 5.5% due to an increase in the average common shares outstanding to 1,205,263. Return on Equity for 2014 was 9.4%.
Items affecting and contributing to the Company''s 2014 fourth quarter gain in net income when compared to the 2013 quarterly period:
Net Interest Income increased to $2.5 million from $2.2 million, or 11.4%
Mortgage Banking Fees totaled $235,000 up from $132,000 in 2013, or 78.6%
Gain on Bank Owned Life Insurance increased by 214.9% to $35,000
Income tax expense decreased 13.8% to $156,000
Provisions for loan losses increased to $160,000 from $25,000, or 540.0%
Return on Equity (ROE) increased to 9.7% from 9.2%
FPB Financial Corp. reported the following which affected net income for the year ended December 31, 2014, as compared to the year ended December 31, 2013.
Net Interest Income increased to $9.5 million from $8.8 million, or 8.3%
Net Interest Margin increased to 4.88% from 4.80%
Non-Interest Income increased by $129,000, or 5.5%
Income tax expense decreased 14.2% to $802,000
Provisions for loan losses increased to $235,000 from $206,000, or 14.1%
Other items and per share data of note as of December 31, 2014, compared to December 31, 2013
Foreclosed Assets decreased by $502,000, or 86.9%
Non-performing Assets decreased by $243,000 to $1.5 million, or 13.8%
Net Loan Charge-offs decreased by $74,000, or 18.0%
Total Assets increased by 10.1% to $226.7 million
Net Loans increased to $136.6 million or 17.8%
Non-Interest Bearing Deposits increased by 20.7% to $44.4 million
Non-Maturity deposits increased by 9.2% to $133.7 million
Total Common Stockholders'' Equity increased to $23.3 million, or 14.0%
Book Value per share increased by 13.4% to $19.30 per share
Dividends paid to common shareholders increased by 8.1% to $337,000
Asset Quality
Total non-performing assets at December 31, 2014 decreased by 13.8% to $1.5 million as compared to December 31, 2013. Non-performing assets at September 30, 2014 were $1.5 million. The Company''s allowance for loan losses decreased by 3.4% to $2.9 million at December 31, 2014 while increasing to 192.0% of total non-performing assets. Total allowance for loan losses was $2.8 million at September 30, 2014
Net loan charge-offs for the fourth quarter totaled $64,000, down 69.3% from $207,000 in the 2013 fourth quarter. Net loan charge-offs were $100,000 in the 2014 third quarter. For the twelve months ended December 31, 2014 net loan charge-offs declined by $74,000, or 18.0%, to $337,000.
Performing Troubled Debt Restructured (TDR''s) as of December 31, 2014 totaled $3.0 million, or an increase of $375,000 from December 31, 2013. Performing TDR''s on September 30, 2014 totaled $2.9 million.
Balance Sheet and Capital
Total assets at December 31, 2014 increased by 10.1% to $226.7 million as compared to $205.9 at December 31, 2013. The increase in total assets was primarily attributed to an increase of $20.6 million in net loans, an increase of $2.4 million in cash and cash equivalents, an increase of $1.1 million in held-to-maturity investment securities, and an increase of $145,000 in Bank Owned Life Insurance (BOLI), and an increase of $132,000 in other miscellaneous assets. These increases were offset by a $3.3 million decrease in available for sale securities and a $502,000 decrease in foreclosed assets. Total liabilities increased by 9.7% to $203.4 million primarily due to an increase of $14.5 million, or 9.0% in total deposits to $176.9 and an increase of $3.1 million or 16.0% in Federal Home Loan Bank advances.
Common Stockholders'' Equity increased by a net of $2.9 million, or 14.0%, to $23.3 million for the year ended December 31, 2014. Retained earnings increased by $1.7 million to $16.4 million for the 2014 period. Other comprehensive income increased by $1.1 million at December 31, 2014 when compared to December 31, 2013. Tangible common stockholders'' equity increased to $23.3 million for the period. Book value per common share increased to $19.30 as total common shares of 1,206,947 were outstanding at December 31, 2014.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 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 January 8, 2015, 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 March 25, 2015 to stockholders of record at the close of business on March 10, 2015."
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: 29.01.2015 - 10:18 Uhr
Sprache: Deutsch
News-ID 1333623
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
HAMMOND, LA
Phone:
Kategorie:
Retail Banking
Anmerkungen:
Diese Pressemitteilung wurde bisher 220 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"FPB Financial Corp. (OTCQB: FPBF), the Holding Company for Florida Parishes Bank, Announces 2014 Fourth 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).
