FPB Financial Corp. Announces 2011 Fourth Quarter Results and Declares Dividends
(firmenpresse) - HAMMOND, LA -- (Marketwire) -- 01/25/12 -- FPB Financial Corp. (OTCQB: FPBF) (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, today announced financial results for the fourth quarter and year ended December 31, 2011.
Earnings
Net income available to common shareholders for the fourth quarter of 2011 decreased to $350,000; ($0.99 per fully diluted common share) as compared to the 2010 fourth quarter net income available to common shareholders of $523,000 ($1.43 per fully diluted common share.)
Net income available to common shareholders for 2011 totaled $1.8 million; ($5.08 per fully diluted common share) down 5.4% from the 2010 available net income of $1.9 million ($5.27 per fully diluted common share.)
Items contributing to the Company's fourth quarter earnings when compared to the 2010 period were; a decrease of $400,000 in total non-interest income (primarily from a $228,000 decline in gain on sale of investments and a $217,000 decrease in mortgage banking fees); a $201,000 increase in foreclosed assets expense; and a $145,000 reduction in provision for loan losses. Net interest income increased $219,000 when compared to the 2010 period.
Asset Quality
Non-performing assets on December 31, 2011 increased $224,000, or 8.0%, to $3.0 million when compared to December 31, 2010. Non-performing assets on September 30, 2011 were $3.1 million.
Net loan charge-offs for the fourth quarter totaled ($94,000), down $316,000 from the 2010 fourth quarter total. Net loan charge-offs in the 2011 third quarter were $86,000. For the 2011 twelve month period, net loan charge-offs decreased to $254,000 from $553,000 in 2010.
Performing Troubled Debt Restructured (TDR's) as of December 31 totaled $3.6 million, or an increase of $374,000 from December 31, 2010. Performing TDR's on September 30, 2011 totaled $3.8 million.
The Company recorded a provision for loan losses in the 2011 fourth quarter of $150,000, a 49.3% decrease from the 2010 period. Provisions for 2011 totaled $656,000, down from $995,000 recorded in 2010. The Company's allowance for loan losses was $3.0 million on December, 31, 2011, or 2.5% of average net loans and 100.9% of non-performing assets. The allowance on December 31, 2010 was $2.6 million.
Balance Sheet and Capital
Total Assets on December 31, 2011 increased to $174.7 million, or 0.6% from $173.7 million on December 31, 2010. Total Assets on September 30, 2011 were $171.0 million. Net loans increased 5.9% to $126.3 million for the year ending December 31, 2011. Available for sale investment securities increased during the 2011 twelve month period 28.2% to $25.7 million. Trading securities decreased from $14.2 million on December 31, 2010 to $243,000 on December 31, 2011. Non-interest bearing deposits and total non-maturity deposits both increased in 2011, 9.6% and 4.5% respectively.
Common Stockholders' equity increased by a net of $1.2 million, or 8.1% to $16.1 million for the twelve month period ending December 31, 2011, primarily due to an increase of $1.5 million in retained earnings. Common Stockholders' equity rate of increase was reduced by an increase of $556,000 in treasury stock. The increase in treasury stock was due to the company completing the termination of its Employee Stock Ownership Plan (ESOP) and distributing the ESOP account balances to the ESOP participants during the second quarter of 2011.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 2011.
FPB Financial Corp. reported the following for the period ending December 31, 2011, and as compared to December 31, 2010:
Total Assets increased to $174.9 million, or 0.6%
Net interest margin increased to 5.12%
Non-Interest Bearing deposits increased to $22.8 million, or 9.6%
Non-maturity Deposits increased $3.8 million, or 4.5%
Dividends paid to common shareholders increased to $286,000, or 1.0%
Common Stockholders' equity increased $1.2 million, or 8.1%
Common Book Value per share increased to $45.89, or 11.6%
Net loan charge-offs decreased $299,000, or 54.0%
Foreclosed Assets decreased $393,000, or 25.7%
Allowance for Loan Losses increased to $3.0 million, or 15.4%
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 12, 2012, the Board of Directors of FPB Financial Corp. declared a cash dividend on the common stock of the company bearing Cusip #302549 10 0. The dividend rate increased to $0.16 per share and will be paid on March 26, 2012 to stockholders of record at the close of business on March 9, 2012."
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: 25.01.2012 - 16:06 Uhr
Sprache: Deutsch
News-ID 107764
Anzahl Zeichen: 0
contact information:
Town:
HAMMOND, LA
Kategorie:
Retail Banking
Diese Pressemitteilung wurde bisher 203 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"FPB Financial Corp. Announces 2011 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).
