FPB FINANCIAL CORP. (OTCQB - FPBF), the Holding Company for Florida Parishes Bank, Announces 2015 Third Quarter Results and Declares Dividends
/EINPresswire.com/ -- HAMMOND, LA--(Marketwired - October 27, 2015) - FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the 2015 third quarter ended September 30, 2015.
Earnings
Net income in the 2015 third quarter increased 26.3% to $747,000 ($0.61 per fully diluted common share) as compared to the 2014 third quarter net income of $592,000 ($0.49 per fully diluted common share). Earnings per share increased by 24.5%. Return on Equity for the third quarter of 2015 was 11.9% on an annualized basis.
Items affecting and contributing to the Company's 2015 third quarter gain in net income when compared to the 2014 quarterly period:
- Total Non-Interest Income increased to $867,000 from $644,000, or 34.6%
- Mortgage Banking Fees totaled $313,000 up from $105,000 in 2014, or 197.3%
- Net Interest Income increased to $2.6 million from $2.5 million, or 6.4%
Other items and per share data of note this Year-To-Date (YTD) as of September 30, 2015, compared to September 30, 2014
- Return on Equity (ROE) increased to 11.8% from 9.3%
- Net-Interest Margin increased to 4.91% from 4.88%
- The Company's Efficiency Ratio improved to 66.7% from 74.8%
- Book Value per common share increased by 12.0% to $20.88 per share
- Total Common Stockholders' Equity increased to $25.4 million, or 13.4%
- Dividends paid to common shareholders total $255,000 in 2015 and $252,000 in 2014
- Non-Interest Bearing Deposits increased by 23.5% to $53.4 million
- Non-Maturity deposits increased by 12.5% to $149.5 million
- Net Loans increased to $138.0 million or 4.5%
- Total Assets increased by 4.5% to $234.5 million
- Net-Loan Charge-offs decreased by $274,000, or 100.3%
- Foreclosed Assets totaled $0.00 in 2015 and $68,000 in 2014
Asset Quality
Total non-performing assets at September 30, 2015, increased by $348,000, or 23.3% to $1.8 million as compared to September 30, 2014. Non-performing assets at June 30, 2015 were $1.3 million. The Company's allowance for loan losses increased by 13.4% to $3.2 million for the 12 month period ending September 30, 2015 while decreasing to 173.0% of total non-performing assets. Total allowance for loan losses were $3.1 million at June 30, 2015.
Net loan charge-offs for the third quarter totaled $19,000, an improvement of 80.9% from $100,000 of net loan charge-offs in the 2014 third quarter. Net loan recoveries were $5,000 in the 2015 second quarter. Performing Troubled Debt Restructured (TDR's) as of September 30, 2015 totaled $2.8 million, or a decrease of $60,000 from September 30, 2014. Performing TDR's on June 30, 2015 totaled $3.1 million.
Balance Sheet and Capital
Total assets at September 30, 2015 increased by 4.5% to $234.5 million as compared to $224.3 million at September 30, 2014. The increase in total assets was primarily attributed to an increase of $5.9 million in net loans, an increase of $2.9 million in cash and cash equivalents and an increase of $2.6 million in investment securities available-for-sale. These increases were primarily offset by a $1.2 million decrease in held-to-maturity investment securities. Total liabilities increased by 3.5% to $209.1 million primarily due to an increase of $19.5 million, or 11.1% in total deposits to $194.8 million offset by a decrease of $12.7 million or 55.8% in Federal Home Loan Bank advances.
Common Stockholders' Equity increased by a net of $3.0 million, or 13.4%, to $25.4 million for the twelve months ended September 30, 2015. Retained earnings increased by $2.4 million to $18.3 million for the twelve month period. Other comprehensive income increased by $468,000 at September 30, 2015 when compared to September 30, 2014. Tangible common stockholders' equity increased to $25.4 million for the period. Book value per common share increased to $20.88 as total common shares of 1,216,685 were outstanding at September 30, 2015. At the Subsidiary Bank level, Tier 1 Capital increased to $24.4 million at September 30, 2015.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of September 30, 2015.
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.
FPB Financial Corp.
Sept. 30, Sept. 30, June 30,
2015 2014 % 2015 %
Selected Balances (Unaudited) (Unaudited) Change (Unaudited) Change
-------------------- ------------ ------------ ------- ------------ -------
Tangible Common
Stockholders'
Equity 25,408,493 22,411,468 13% 24,479,484 4%
Total Assets 234,462,670 224,326,211 5 232,160,472 1
Net Loans 138,001,407 132,080,832 4 139,844,421 (1)
Non-Interest Bearing
Deposits 53,371,851 43,224,862 23 49,325,889 8
Non-Maturity
Deposits (Included
in interest and
non-interest
bearing deposits) 149,507,469 132,844,713 13 143,171,989 4
Brokered Deposits
(Included in
interest- bearing
deposits) 1,549,022 1,549,540 - 1,549,029 -
FHLB Advances 10,013,000 22,673,000 (56) 16,591,000 (40)
Foreclosed Assets 0 68,000 - 0 -
Non-Performing
Assets (includes
Foreclosed Assets) 1,841,454 1,493,422 23 1,318,224 40
Allowance for Loan
Losses 3,181,841 2,805,475 13 3,084,940 3
CONSOLIDATED STATEMENTS OF EARNINGS
For the Three Months For the six Months
Ended Ended
Sept. 30, June 30, Sept. 30, Sept. 30, Sept. 30,
2015 2015 2014 2015 2014
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
---------- ---------- ---------- ---------- ----------
INTEREST AND
DIVIDEND
INCOME:
Mortgage Loans$ 2,117,137 $ 2,100,708 $ 2,017,494 $ 6,292,041 $ 5,678,249
Consumer Loans 225,265 230,796 245,461 678,734 756,815
Commercial
Loans 186,602 172,149 168,892 522,697 429,524
Investment
Securities
and Deposits 328,895 309,361 292,941 939,596 873,159
---------- ---------- ---------- ---------- ----------
TOTAL INTEREST
AND DIVIDEND
INCOME 2,857,899 2,813,014 2,724,788 8,433,068 7,737,747
---------- ---------- ---------- ---------- ----------
INTEREST
EXPENSE:
Deposits 169,202 166,109 160,622 499,229 461,034
Federal Home
Loan Bank
Advances 34,663 44,526 68,715 133,433 207,556
Other 26,804 26,633 26,432 79,376 78,665
---------- ---------- ---------- ---------- ----------
TOTAL INTEREST
EXPENSE 230,669 237,268 255,769 712,038 747,255
---------- ---------- ---------- ---------- ----------
NET INTEREST
INCOME 2,627,230 2,575,746 2,469,019 7,721,030 6,990,492
Provisions for
loan losses 116,000 88,000 75,000 279,000 75,000
---------- ---------- ---------- ---------- ----------
NET INTEREST
INCOME AFTER
PROVISION FOR
LOAN LOSSES 2,511,230 2,487,746 2,394,019 7,442,030 6,915,492
---------- ---------- ---------- ---------- ----------
NON-INTEREST
INCOME:
Mortgage
Banking Fees 312,757 296,064 105,206 938,341 297,622
Service Charge
on deposits 191,075 189,599 187,106 581,289 618,924
Interchange
Fees 150,916 149,580 119,300 441,860 335,244
Loan Fees and
Charges 56,713 75,895 108,884 193,046 235,480
Gain on bank
owned life
insurance 32,005 31,345 37,278 94,043 109,841
Gain/(Loss) on
Sale of
Investments
and Foreclosed
Assets 81,087 (38,059) 33,100 58,876 69,680
Gain/(Loss) on
Trading
Accounts (11,652) 9,663 (4,463) (11,269) (30,173)
Other 53,723 66,859 57,502 182,801 196,933
---------- ---------- ---------- ---------- ----------
TOTAL NON-
INTEREST
INCOME 866,624 780,946 643,913 2,478,987 1,833,551
---------- ---------- ---------- ---------- ----------
NON-INTEREST
EXPENSE:
Compensation
and Employee
Benefits 1,331,567 1,299,591 1,244,628 3,969,959 3,737,218
Occupancy,
local and
state taxes,
and equipment 330,382 326,989 315,539 1,013,971 865,999
Technology and
Information
Processing 175,707 194,811 192,460 539,514 601,734
Professional
Fees 96,184 88,863 65,867 240,956 217,571
Regulatory Fees 50,360 52,087 50,966 152,724 150,337
Foreclosed
Assets 1,051 (56) 5,946 1,583 44,309
Other 319,451 286,436 304,107 882,749 982,747
---------- ---------- ---------- ---------- ----------
TOTAL NON-
INTEREST
EXPENSE 2,304,702 2,248,721 2,179,513 6,801,456 6,599,915
---------- ---------- ---------- ---------- ----------
INCOME BEFORE
INCOME TAXES 1,073,152 1,019,971 858,419 3,119,561 2,149,128
Income Tax
Expense 326,238 317,527 266,895 966,113 646,507
---------- ---------- ---------- ---------- ----------
NET INCOME 746,914 702,444 591,524 2,153,448 1,502,621
========== ========== ========== ========== ==========
PER COMMON
SHARE DATA:
---------------
Net Earnings $ 0.61 $ 0.58 $ 0.49 $ 1.78 $ 1.25
Diluted Net
Earnings $ 0.61 $ 0.58 $ 0.49 $ 1.78 $ 1.25
Revenue (Net
Interest
Income and
Non-Interest
Income) $ 2.87 $ 2.78 $ 2.59 $ 8.42 $ 7.35
Dividends Paid $ 0.07 $ 0.07 $ 0.07 $ 0.21 $ 0.21
Book Value
(Period End) $ 20.88 $ 20.16 $ 18.65 $ 20.88 $ 18.65
Book Value
adjusted Net
of Other
comprehensive
income (Period
Ended) $ 20.60 $ 20.07 $ 18.76 $ 20.60 $ 18.76
RATIOS:
---------------
ROA (Annualized
Net Income to
Average Period
Assets) 1.27% 1.22% 1.07% 1.25% 0.94%
ROE (Annualized
Net Income to
Average Period
Total
Stockholders'
Equity) 11.85% 11.57% 10.60% 11.82% 9.33%
Net Interest
Margin
(Average) for
the period 4.99% 5.00% 4.95% 4.91% 4.88%
Non-Interest
Expense less
Non-Interest
Income to
Average Period
Total Assets
(Annualized) 2.44% 2.56% 2.76% 2.50% 2.98%
Efficiency
Ratio for the
Period 65.97% 66.99% 70.02% 66.68% 74.80%
Net Loan
Charge-Offs
(Recoveries)
for the Period$ 19,099 $ (5,012) $ 100,176 $ (954)$ 273,472
to Average
Period Net
Loans
(Annualized) 0.06% (0.02)% 0.31% - 0.30%
TDRs
(Performing)
at Period End $ 2,818,040 $ 3,075,826 $ 2,878,020 $ 2,818,040 $ 2,878,020
to Average
Period Net 2.02% 2.21% 2.23% 2.03% 2.34%
Loans
Non-Performing
Assets at
Period End $ 1,841,454 $ 1,318,224 $ 1,493,422 $ 1,841,454 $ 1,493,422
to Average
Period Total
Assets 0.79% 0.57% 0.68% 0.80% 0.70%
Allowance for
Loan Losses at
Period End $ 3,181,841 $ 3,084,940 $ 2,805,475 $ 3,181,841 $ 2,805,475
to Average
Period Net
Loans 2.29% 2.22% 2.18% 2.29% 2.28%
to Non-
Performing
Assets at
Period End 172.79% 234.02% 187.86% 172.79% 187.66%
CONSOLIDATED STATEMENTS OF CONDITION
Sept. 30, Sept. 30, June 30,
2015 2014 % 2015 %
(Unaudited) (Unaudited) Change (Unaudited) Change
ASSETS:
-----------------
Cash and Cash
Equivalents
(including
Interest and
Non-Interest
Earning
Deposits) $ 13,678,437 $ 10,729,294 27 $ 13,741,724 0
Securities - Held
to Maturity 4,462,428 5,694,069 (22) 3,984,099 12
Securities -
Available for
Sale 62,651,766 60,015,549 4 59,089,007 6
Trading
Securities 138,641 163,506 (15) 150,292 (8)
Bank Owned Life
Insurance 4,249,991 4,120,959 3 4,217,986 1
Net Loans 138,001,407 132,080,832 4 139,844,421 (1)
Accrued Interest
Receivable 903,230 825,267 9 927,834 (3)
Premises and
Equipment, Net 8,943,315 9,347,985 (4) 9,035,878 (1)
Foreclosed Assets 0 68,000 - 0 -
Other Assets 1,433,455 1,280,750 12 1,169,231 23
------------ ------------ ------- ------------ ------
TOTAL ASSETS $ 234,462,670 $ 224,326,211 5 $ 232,160,472 1
============ ============ ======= ============ ======
LIABILITIES:
-----------------
Deposits 194,799,380 175,306,273 11 186,973,118 4
Federal Home Loan
Bank Advances 10,013,000 22,673,000 (56) 16,591,000 (40)
Subordinated
debentures/trust
preferred
securities 3,093,000 3,093,000 - 3,093,000 -
Other Liabilities 1,148,797 842,470 36 1,023,870 12
------------ ------------ ------- ------------ ------
TOTAL
LIABILITIES $ 209,054,177 $ 201,914,743 4 $ 207,680,988 1
============ ============ ======= ============ ======
STOCKHOLDERS'
EQUITY:
-----------------
Common Stock $ 13,202 $ 13,127 1 $ 13,202 -
Capital Surplus 8,564,201 8,413,084 2 8,529,946 -
Retained Earnings 18,277,525 15,902,533 15 17,615,780 4
Unearned
Compensation (4,333) (6,900) 37 (4,341) -
Treasury Stock (1,783,468) (1,783,468) - (1,783,468) -
Other
Comprehensive
Income (Loss) 341,366 (126,908) - 108,365 215
------------ ------------ ------- ------------ ------
Total
Stockholders'
Equity 25,408,493 22,411,468 13 24,479,484 4
------------ ------------ ------- ------------ ------
TOTAL LIABILITIES
AND
STOCKHOLDERS'
EQUITY $ 234,462,670 $ 224,326,211 5%$ 232,160,472 1%
============ ============ ======= ============ ======
Fritz W. Anderson II, Chairman of the Board, announced today that, "On October 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 December 24, 2015 to stockholders of record at the close of business on December 10, 2015."
For More Information Contact:
Fritz W. Anderson, II
President, Chief Executive Officer,
and Chairman, FPB Financial Corp.
(985) 345-1880
Derek Shants
Chief Financial Officer
FPB Financial Corp. and Florida Parishes Bank
(985) 345-1880
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