FPB Financial Corp. Announces 2012 Third Quarter Results and Declares Dividends
(firmenpresse) - HAMMOND, LA -- (Marketwire) -- 10/30/12 -- FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the third quarter ended September 30, 2012.
Earnings
Net income for the third quarter of 2012 totaled $420,000 a decrease of 20.2% from $526,000 in the 2011 period. Net income per fully diluted common share for the quarter was $1.19 as compared to $1.66 in the 2011 third quarter. Return on common stockholders' equity (ROE) was 9.7% (annualized) for the period.
The decrease in third quarter earnings, when compared to the 2011 period, was primarily due to an increase of $205,000, or 456% in provisions for loan losses. The increased provision expense was due to increases in non-performing assets and in net loan charge-offs.
Asset Quality
Total non-performing assets at September 30, 2012 increased $1.2 million, or 38.7%, to $4.3 million when compared to September 30, 2011, primarily due to an $863,000 increase in foreclosed assets. Total non-performing assets on June 30, 2012 were $4.0 million. The Company's allowance for loan losses increased to $3.0 million, or 7.1% when compared to the Company's allowance of $2.8 million on September 30, 2011.
Net loan charge-offs for the third quarter totaled $233,000, up 171% from $86,000 in the 2011 third quarter and up 45.6% from $160,000 in the second quarter of 2012.
Performing troubled debt restructured (TDRs) as of September 30, 2012 totaled $3.7 million, or a decrease of $75,000 from September 30, 2011. Performing TDR's totaled $3.1 million on June 30, 2012.
Balance Sheet and Capital
Total Assets at September 30, 2012 increased to $191.6 million, or 12.0% when compared to September 30, 2011. The increase in total assets was primarily attributed to an increase of $19.5 million in available-for-sale investment securities. Total Liabilities increased 12.5% to $174.2 million primarily due to an increase of $18.1 million in total deposits. Total Deposits were $150.4 million on September 30, 2012. Federal Home Loan Bank advances decreased 16.0% in the twelve month period to $20.0 million. Non-interest bearing deposits and Non-maturity deposits increased 37.3% and 21.3% respectively in the twelve month period ending September 30, 2012.
Common Stockholders' Equity increased by a net of $1.3 million, or 8.1% to $17.3 million for the twelve month period ending September 30, 2012, primarily due to an increase of $1.5 million in retained earnings. Tangible Common Stockholders' equity increased to a total of $17.1 million at September 30, 2012.
Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of September 30, 2012.
FPB Financial Corp. reported the following for the period ending September 30, 2012, and as compared to September 30, 2011:
Total Assets increased to $191.6 million, or 12.1%
Net Interest Income Increased to $6.5 million, or 5.5%
Non-Interest Income increased to $1.9 million, or 23.6%
Revenue per share increased to $23.92, or 11.0%
Common Dividends Paid increased to $179,000, or 11.8%
Non-Interest Bearing deposits increased to $31.3 million, or 37.3%
Non-maturity Deposits increased $18.8 million, or 21.2%
Tangible Common Stockholders' Equity increased $1.5 million, or 9.6%
Tangible Common Book Value increased to $ 48.68, or 9.0%
Allowance for Loan Losses increased to $3.0 million, or 7.1%
Our subsidiary, Florida Parishes Bank, will open a new branch officer in Amite, Louisiana on November 1, 2012. This will be the Company's fourth full service office.
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 11, 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 $0.36 per share. This dividend rate is composed of a regular quarterly dividend rate of $0.18 per share and a special year-end dividend of $0.18 per share and will be paid on December 26, 2012 to stockholders of record at the close of business on December 10 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: 30.10.2012 - 13:48 Uhr
Sprache: Deutsch
News-ID 197629
Anzahl Zeichen: 0
contact information:
Town:
HAMMOND, LA
Kategorie:
Retail Banking
Diese Pressemitteilung wurde bisher 235 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"FPB Financial Corp. Announces 2012 Third 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).
