FPB FINANCIAL CORP. (OTCQB: FPBF), the Holding Company for Florida Parishes Bank, Announces 2016 Second Quarter Year Results and Declares Dividends
/EINPresswire.com/ -- HAMMOND, LA--(Marketwired - July 26, 2016) - FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the 2016 period ended June 30, 2016.
Earnings
Net income in the 2016 second quarter decreased 17.9% to $637,000 ($0.34 per fully diluted common share) as compared to the 2015 second quarter net income of $702,000 ($0.39 per fully diluted common share). Earnings per share decreased by 12.8%. Return on Equity for the second quarter of 2016 was 9.3% (on an annualized basis). The Company's revenue increased $180,000 in the 2016 second quarter as compared to the 2015 quarter, net income declined primarily due to a $190,000 increase in compensation expense and a $62,000 increase in other non-interest expenses. Also net income was affected by a decline in provisions for loan losses by $49,000, or 55.1% this quarter.
Items affecting and contributing to the Company's 2016 second quarter change in net income when compared to the 2015 quarterly period:
- Net Interest Income increased to $2.7 million from $2.6 million in 2015, or 4.1%
- Interest income on investment securities and deposits totaled $392,000 up from $309,000 in 2015, or 26.9%
- Total Non-Interest Income increased to $855,000 from $781,000 in 2015, or 9.5%
- Mortgage banking fees increased to $350,000 from $296,000 in 2015, or 18.2%
- Total non-interest expenses increased to $2.6 million in 2016 from $2.2 million in 2015, or 14.8%
- Compensation and employee benefits increased to $1.5 million from $1.3 million in 2015, or 14.6%
Other items and per share data of note this Year-To-Date (YTD) as of June 30, 2016, compared to June 30, 2015
- Total Revenue (Net interest income and Non-interest income) increased to $7.1 million or 5.3%
- Net Interest income increased to $5.3 million or 3.9%
- Non-Interest income increased to $1.8 million or 9.5%
- Book Value per common share increased by 15.1% to $15.09
- Total Common Stockholders' Equity increased to $28.2 million, or 15.0%
- Cash Dividends paid to common shareholders total $180,000 in 2016 and $169,000 in 2015
- Non-Interest Bearing Deposits increased by 18.1% to $58.3 million
- Non-Maturity deposits increased by 16.7% to $167.2 million
- Total Assets increased by 8.6% to $252.2 million
- Net Loans increased to $146.6 million or 4.8%
- Net-Loan Charge-offs decreased by $27,000, or 136.2%
- Foreclosed Assets increased to $134,000 in 2016 from $0.00 in 2015
- FHLB advances decreased by 53.5% to $7.7 million in 2016
Asset Quality
Net loan charge-offs for the second quarter totaled $6,000, the Company had $5,000 of net loan recoveries in second quarter of 2015. Net loan recoveries were $53,000 in the 2016 first quarter. Total Non-performing assets as of June 30, 2016 total $2.2 million or an increase of $904,000 from June 30, 2015. Non-performing assets on March 31, 2016 total $2.5 million.
Total Performing Troubled Debt Restructured (TDR's) at June 30, 2016, decreased by $1.4 million, or 45.0% to $1.7 million as compared to June 30, 2015. TDR's at March 31, 2016 were $1.7 million. The Company's allowance for loan losses increased by 8.7% to $3.4 million at June 30, 2016. Total allowance for loan losses were $3.3 million at March 31, 2016.
Balance Sheet and Capital
Total assets at June 30, 2016 increased by 8.6% to $252.1 million as compared to $232.2 million at June 30, 2015. The increase in total assets was primarily attributed to an increase of $6.8 million in net loans, an increase $5.7 million in total investment securities, an increase of $4.2 million in cash and cash equivalents, and a $2.5 million increase in premises and equipment. Total liabilities increased by 7.8% to $224.0 million primarily due to an increase of $24.0 million, or 12.8% in total deposits to $211.0 million offset by a decrease of $8.9 million or 53.5% in Federal Home Loan Bank advances.
Common Stockholders' Equity increased by a net of $3.7 million, or 15.0%, to $28.2 million for the twelve months ended June 30, 2016. Retained earnings increased by $2.5 million to $18.3 million for the twelve month period. Other comprehensive income increased by $831,000 at June 30, 2106 when compared to June 30, 2015. Tangible common stockholders' equity increased to $28.2 million for the period. Book value per common share increased to $15.09 as total common shares of 1,866,735 were outstanding at June 30, 2016. At the Subsidiary Bank level, Tier 1 Capital increased to $26.7 million at June 30, 2016.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of June 30, 2016.
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.
March 31,
June 30, 2016 June 30, 2015 % 2016 %
Selected Balances (Unaudited) (Unaudited) Change (Unaudited) Change
------------------ ------------- ------------- ------ ------------- ------
Tangible Common
Stockholders'
Equity 28,158,619 24,479,484 15% 27,222,850 3%
Total Assets 252,132,285 232,160,472 9 243,901,836 3
Net Loans 146,598,659 139,844,421 5 142,730,721 3
Non-Interest
Bearing Deposits 58,274,162 49,325,889 18 55,185,955 6
Non-Maturity
Deposits
(Included in
interest and non-
interest bearing
deposits) 167,063,787 143,171,989 17 163,601,365 2
Brokered Deposits
(Included in
interest- bearing 18
deposits) 1,652,703 1,549,029 7 1,401,705
FHLB Advances 7,715,000 16,591,000 (54) 9,165,000 (16)
Foreclosed Assets 133,877 0 100 40,680 229
Non-Performing
Assets (includes
Foreclosed
Assets) 2,222,666 1,318,224 69 2,465,355 (10)
Allowance for Loan
Losses 3,354,322 3,084,940 9 3,320,693 1
CONSOLIDATED STATEMENTS OF EARNINGS
For the Three Months For the Six Months
Ended Ended
June 30, March 31 June 30, June 30, June 30,
2016 2016 2015 2016 2015
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
INTEREST AND
DIVIDEND INCOME:
Mortgage Loans $2,131,697 $2,061,983 $2,100,708 $4,193,680 $4,174,904
Consumer Loans 203,310 212,115 230,796 415,425 453,469
Commercial
Loans 216,164 210,456 172,149 426,620 336,095
Investment
Securities and
Deposits 392,474 377,632 309,361 770,106 610,701
---------- ---------- ---------- ---------- ----------
TOTAL INTEREST
AND DIVIDEND
INCOME 2,943,645 2,862,186 2,813,014 5,805,831 5,575,169
---------- ---------- ---------- ---------- ----------
INTEREST EXPENSE:
Deposits 202,950 188,967 166,109 391,917 330,027
Federal Home Loan
Bank Advances 29,804 32,473 44,526 62,277 98,770
Other 29,473 28,952 26,633 58,425 52,572
---------- ---------- ---------- ---------- ----------
TOTAL INTEREST
EXPENSE 262,227 250,392 237,268 512,619 481,369
---------- ---------- ---------- ---------- ----------
NET INTEREST
INCOME 2,681,418 2,611,794 2,575,746 5,293,212 5,093,800
Provisions for
loan losses 39,500 26,500 88,000 66,000 163,000
---------- ---------- ---------- ---------- ----------
NET INTEREST
INCOME AFTER
PROVISION FOR
LOAN LOSSES 2,641,918 2,585,294 2,487,746 5,227,212 4,930,800
---------- ---------- ---------- ---------- ----------
NON-INTEREST
INCOME:
Mortgage Banking
Fees 349,688 261,237 296,064 610,925 625,584
Service Charge on
deposits 210,183 217,874 189,599 428,057 390,214
Interchange Fees 161,634 154,503 149,580 316,137 290,944
Loan Fees and
Charges 43,977 61,937 75,895 105,914 136,333
Gain on bank
owned life
insurance 27,508 27,698 31,345 55,206 62,038
Gain/(Loss) on
Sale of
Investments and
Foreclosed
Assets 17,695 122,507 (38,059) 140,202 (22,211)
Gain/(Loss) on
Trading Accounts (8,665) (14,158) 9,663 (22,823) 383
Other 53,350 78,408 66,859 131,758 129,078
---------- ---------- ---------- ---------- ----------
TOTAL NON-
INTEREST INCOME 855,370 910,006 780,946 1,765,376 1,612,363
---------- ---------- ---------- ---------- ----------
NON-INTEREST
EXPENSE:
Compensation and
Employee
Benefits 1,489,725 1,447,185 1,299,591 2,936,910 2,638,392
Occupancy, local
and state taxes,
and equipment 348,737 319,138 326,989 667,875 683,589
Technology and
Information
Processing 223,833 219,544 194,811 443,377 363,807
Professional Fees 105,363 83,150 88,863 188,513 144,772
Regulatory Fees 52,311 50,957 52,087 103,268 102,364
Foreclosed Assets 14,614 1,527 (56) 16,141 532
Other 347,881 258,325 286,436 606,206 563,298
---------- ---------- ---------- ---------- ----------
TOTAL NON-
INTEREST EXPENSE 2,582,464 2,379,826 2,248,721 4,962,290 4,496,754
---------- ---------- ---------- ---------- ----------
INCOME BEFORE
INCOME TAXES 914,824 1,115,474 1,019,971 2,030,298 2,046,409
Income Tax
Expense 278,119 339,973 317,527 618,092 639,875
---------- ---------- ---------- ---------- ----------
NET INCOME 636,705 775,501 702,444 1,412,206 1,406,534
========== ========== ========== ========== ==========
PER COMMON SHARE
DATA:
-----------------
Net Earnings $ 0.34 $ 0.42 $ 0.39 $ 0.76 $ 0.78
Diluted Net
Earnings $ 0.34 $ 0.42 $ 0.39 $ 0.76 $ 0.78
Revenue (Net
Interest Income
and Non-Interest
Income) $ 1.90 $ 1.90 $ 1.85 $ 3.80 $ 3.70
Dividends Paid $ 0.05 $ 0.047 $ 0.047 $ 0.097 $ 0.094
Book Value
(Period End) $ 15.09 $ 14.58 $ 13.11 $ 15.09 $ 13.11
Book Value
adjusted Net of
Other
comprehensive
income (Period
Ended) $ 14.58 $ 14.29 $ 13.06 $ 14.58 $ 13.06
RATIOS:
-----------------
ROA (Annualized
Net Income to
Average Period
Assets) 1.03% 1.28% 1.22% 1.16% 1.24%
ROE (Annualized
Net Income to
Average Period
Total
Stockholders'
Equity) 9.25% 11.59% 11.57% 10.40% 11.80%
Net Interest
Margin (Average)
for the period 4.80% 4.83% 5.00% 4.81% 4.98%
Non-Interest
Expense less
Non-Interest
Income to
Average Period
Total Assets
(Annualized) 2.79% 2.43% 2.56% 2.61% 2.53%
Efficiency Ratio
for the Period 73.02% 67.58% 66.99% 70.03% 67.05%
Net Loan Charge-
Offs
(Recoveries) for
the Period $ 5,871 $ (53,243) $ (5,012) $ (47,372) $ (20,053)
to Average Period
Net Loans
(Annualized) 0.02% (0.15)% (0.02)% (0.07)% (0.03)%
TDRs (Performing)
at Period End $1,691,983 $1,692,063 $3,075,826 $1,691,983 $3,075,826
to Average
Period Net
Loans 1.17% 1.19% 2.19% 1.18% 2.21%
Non-Performing
Assets at Period
End $2,222,666 $2,465,355 $1,318,224 $2,222,666 $1,318,224
to Average
Period Total
Assets 0.89% 1.02% 0.57% 0.90% 0.58%
Allowance for
Loan Losses at
Period End $3,354,322 $3,320,693 $3,084,940 $3,354,322 $3,084,940
to Average
Period Net
Loans 2.31% 2.33% 2.20% 2.33% 2.21%
to Non-
Performing
Assets at
Period End 150.92% 134.69% 234.02% 150.92% 234.02%
CONSOLIDATED STATEMENTS OF CONDITION
June 30, June 30, % March 31, %
2016 2015 Change 2016 Change
(Unaudited) (Unaudited) (Unaudited)
ASSETS:
----------------------
Cash and Cash
Equivalents
(including Interest
and Non-Interest
Earning Deposits) $ 17,950,440 $ 13,741,724 31 $ 17,752,155 1
Securities - Held to
Maturity 1,466,500 3,984,099 (63) 4,457,007 (67)
Securities - Available
for Sale 67,345,130 59,089,007 14 62,557,617 8
Trading Securities 115,993 150,292 (23) 124,659 (7)
Bank Owned Life
Insurance 4,334,814 4,217,986 3 4,307,306 1
Net Loans 146,598,659 139,844,421 5 142,730,721 3
Accrued Interest
Receivable 955,978 927,834 3 949,100 1
Premises and
Equipment, Net 11,518,325 9,035,878 27 9,477,988 22
Foreclosed Assets 133,877 0 100 40,680 229
Other Assets 1,712,569 1,169,231 46 1,504,603 14
------------ ------------ ------ ------------ ------
TOTAL ASSETS $252,132,285 $232,160,472 9 $243,901,836 3
============ ============ ====== ============ ======
LIABILITIES:
----------------------
Deposits 210,968,609 186,973,118 13 202,983,071 4
Federal Home Loan Bank
Advances 7,715,000 16,591,000 (54) 9,165,000 (16)
Subordinated
debentures/trust
preferred securities 3,093,000 3,093,000 0 3,093,000 0
Other Liabilities 2,197,057 1,023,870 115 1,437,915 53
------------ ------------ ------ ------------ ------
TOTAL LIABILITIES $223,973,666 $207,680,988 9 $216,678,986 3
============ ============ ====== ============ ======
STOCKHOLDERS' EQUITY:
----------------------
Common Stock $ 12,434 $ 13,202 (6) $ 12,434 -
Capital Surplus 8,911,140 8,529,946 4 8,911,140 -
Retained Earnings 18,295,878 15,827,971 16 17,752,020 3
Other Comprehensive
Income (Loss) 939,167 108,365 767 547,256 72
------------ ------------ ------ ------------ ------
Total Stockholders'
Equity 28,158,619 24,479,484 15 27,222,850 3
------------ ------------ ------ ------------ ------
TOTAL LIABILITIES
AND STOCKHOLDERS'
EQUITY $252,132,285 $232,160,472 9% $243,901,836 3%
============ ============ ====== ============ ======
Fritz W. Anderson II, CEO and Chairman of the Board, announced today that, "On July 14, 2016, the Board of Directors of FPB Financial Corp. declared a cash dividend on the common stock of the company. The dividend rate of $0.05 per share will be paid on September 23, 2016 to stockholders of record at the close of business on September 9, 2016."
For More Information Contact:
Fritz W. Anderson, II
Chief Executive Officer
and Chairman, FPB Financial Corp.
(985) 345-1880
Ronnie Fugarino
President and
Chief Executive Officer, Florida Parishes Bank
(985) 345-1880
David Anderson
President, FPB Financial Corp.
and Executive Vice President
and Development Officer
Florida Parishes Bank
(985) 345-1880
Derek Shants
Chief Financial Officer
and Chief Operations Officer
FPB Financial Corp. and Florida Parishes Bank
(985) 345-1880
Joe Omner
Executive Vice President, Chief Operating
Officer and Chief Lending Officer
Florida Parishes Bank
(985) 345-1880
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