|
 Post
Office Box 99 Hammond,
Louisiana 70404
Phone (985) 345-1880 Fax (985)
345-1586
www.floridaparishesbank.com
|
Press
Release: July 20, 2005 |
FOR IMMEDIATE RELEASE
For More Information Contact:
Fritz W. Anderson, II
President and Chief Executive Officer
FPB Financial Corp.
(985) 345-1880 |
FPB FINANCIAL CORP.
ANNOUNCES
2005
SECOND QUARTER EARNINGS AND DECLARES DIVIDENDS
Fritz W.
Anderson II, Chairman of FPB Financial Corp., the holding
company for Florida Parishes Bank, announced earnings for the
quarter ended June 30, 2005.
Net income
per share for the three months ended June 30, 2005 was $266,000
($1.03 per common share) up 145.2% from $106,000 ($0.42 per
common share) for the 2004 comparable period. Net income for the
six months ended June 30, 2005, was $384,000 ($1.49 per common
share) up 69.3% from $223,000 ($0.88 per common share) for the
2004 comparable period. Earnings per share for the three and six
months ended June 30, 2004 were positively affected by an after
tax gain on the sale of investments of $224,000, and increased
other non-interest income. Earnings were adversely affected by
an increase in non-interest expense, primarily compensation,
occupancy and equipment, data processing, and provisions for
loan losses.
Net interest
income increased for the three and six month periods by 8.0%
and 7.8% respectively.
Dividends
paid per share for the six months ended June 30, 2005 and 2004
were $0.20 per share. Return on average stockholders equity
increased to 14.3% for the second quarter of 2005 compared to
6.06% for 2004 and 10.5% for the six months compared to 6.38% in
2004.
The
Company’s balance sheet increased with net loans up 3.5% to
$79.9 million, deposits up 2.1% to $62.6 million and total
assets up 2.3% to $96.5 million compared to June 30, 2004. The
companies loan loss reserve increased by $111,000 to $396,000.
Book value per share increased to $26.86 for the period.
FPB
Financial Corp. is headquartered in Hammond, LA, and is the
parent company of Florida Parishes Bank.
FPB
Financial Corp.
|
Selected
Balances at June 30: |
2005 |
2004 |
|
|
|
|
|
Cash and
Cash Equivalents |
2,135,435 |
3,838,084 |
|
|
|
|
|
Investment Securities |
9,552,464 |
8,835,729 |
|
|
|
|
|
Net
Loans |
79,903,950 |
77,217,200 |
|
|
|
|
|
Total
Assets |
96,535,796 |
94,381,630 |
|
|
|
|
|
Non-Interest Bearing Deposits |
7,406,740 |
5,940,445 |
|
|
|
|
|
Interest
Bearing Deposits |
55,147,642 |
55,325,037 |
|
|
|
|
|
Transaction Accounts (Included in interest and non-interest
bearing deposits) |
29,793,811 |
27,091,477 |
|
|
|
|
|
Brokered
Deposits (Included in interest- bearing deposits) |
0
|
1,000,000
|
|
|
|
|
|
FHLB
Advances |
22,524,500 |
22,424,500 |
|
|
|
|
|
Preferred Statutory Trust |
3,000,000 |
3,000,000 |
|
|
|
|
|
Stockholders’ Equity |
7,481,443 |
7,030,982 |
|
|
|
|
|
Non-Performing Assets |
409,263 |
88,991 |
|
|
|
|
|
Loan
Loss Reserve |
395,682 |
284,677 |
|
|
|
|
|
Book
Value per Share |
26.86 |
25.43 |
|
For the
Six Months Ended June 30: |
2005 |
2004 |
|
|
|
|
|
Net
Earnings |
$384,498 |
$222,915 |
|
|
|
|
|
Earnings
Per Share |
$1.49 |
$.88 |
|
|
|
|
|
Return
on Average Assets |
0.80% |
0.49% |
|
|
|
|
|
Return
on Average Equity |
10.50% |
6.38% |
|
|
|
|
|
Net
Charge-Off Loans to Average Loans |
0.010% |
0.008% |
|
|
|
|
|
Average
Shares Outstanding |
257,954 |
253,212 |
|
|
|
|
|
Dividend
Paid per Share |
$0.200 |
$0.200 |
CONSOLIDATED
STATEMENTS OF EARNINGS
(UNAUDITED)
|
|
For the Three Months
|
For the Six Months
|
|
|
Ended
|
Ended
|
|
|
June 30, 2005
|
June 30, 2004
|
June 30, 2005
|
June 30, 2004
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
INTEREST
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans and fees |
$989,143 |
$967,411 |
1,968,972 |
1,941,536 |
|
|
|
|
|
|
|
Loans
on deposits |
13,352 |
12,673 |
26,666 |
26,339 |
|
|
|
|
|
|
|
Consumer Loans |
60,655 |
55,559 |
117,200 |
111,220 |
|
|
|
|
|
|
|
Commercial Loans |
29,008 |
23,234 |
56,363 |
43,222 |
|
|
|
|
|
|
|
Lines
of credit and fees |
66,285 |
41,838 |
132,765 |
77,031 |
|
|
|
|
|
|
|
FHLB
stock and other
Investment securities
|
74,279 |
45,662 |
136,796 |
84,465 |
|
|
|
|
|
|
|
Mortgage-backed securities |
3,149 |
4,765 |
6,381 |
10,287 |
|
|
|
|
|
|
|
Demand
deposits |
11,959 |
6,956 |
20,504 |
13,819 |
|
|
|
|
|
|
|
TOTAL
INTEREST INCOME |
1,247,830 |
1,158,098 |
2,465,647 |
2,307,919 |
|
|
|
|
|
|
|
INTEREST
EXPENSE: |
|
|
|
|
|
Deposits |
343,066 |
303,184 |
653,447 |
604,229 |
|
|
|
|
|
|
|
Federal Home Loan Bank
Advances
|
244,725
|
240,726
|
490,223
|
470,891
|
|
|
|
|
|
|
|
Preferred Statutory Trust |
41,624 |
41,625 |
83,249 |
83,250 |
|
|
|
|
|
|
|
TOTAL
INTEREST EXPENSE |
629,415 |
585,535 |
1,226,919 |
1,158,370 |
|
|
|
|
|
|
|
NET
INTEREST INCOME |
618,415 |
572,563 |
1,238,728 |
1,149,549 |
|
|
|
|
|
|
|
Provisions for loan losses |
75,000 |
15,000 |
90,000 |
30,000 |
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER
PROVISION FOR LOAN
LOSSES
|
543,415
|
557,563
|
1,148,728
|
1,119,549
|
|
|
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
Profit
on sale of Investments |
328,880 |
0 |
328,880 |
0 |
|
|
|
|
|
|
|
Insurance commissions |
5,746 |
2,495 |
10,975 |
2,986 |
|
|
|
|
|
|
|
Service
charge on deposits |
19,501 |
17,806 |
40,227 |
34,070 |
|
|
|
|
|
|
|
Other |
119,910 |
82,197 |
223,672 |
154,359 |
|
|
|
|
|
|
|
TOTAL
NON-INTEREST INCOME
|
474,037
|
102,498
|
603,754
|
191,415
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
Compensation and Employee
Benefits
|
331,552
|
268,161
|
596,171
|
539,406
|
|
|
|
|
|
|
|
Occupancy and Equipment |
75,069 |
32,146 |
156,942 |
57,715 |
|
|
|
|
|
|
|
Data
Processing |
84,453 |
60,320 |
166,031 |
110,820 |
|
|
|
|
|
|
|
Professional Fees |
25,193 |
17,082 |
51,756 |
43,645 |
|
|
|
|
|
|
|
Advertising |
11,726 |
9,146 |
34,557 |
23,015 |
|
|
|
|
|
|
|
Federal
Insurance Expense |
2,136 |
2,238 |
4,395 |
4,428 |
|
|
|
|
|
|
|
Stationary, Printing, & Supplies |
14,394 |
15,606 |
30,520 |
31,732 |
|
|
|
|
|
|
|
Other |
81,221 |
90,694 |
146,361 |
155,185 |
|
|
|
|
|
|
|
TOTAL
NON-INTEREST
EXPENSE
|
625,744 |
495,393 |
1,186,733 |
965,946 |
|
|
|
|
|
|
|
INCOME
BEFORE INCOME TAXES
|
391,708
|
164,668
|
565,749
|
345,018
|
|
|
|
|
|
|
|
Income
Tax Expense (Benefit) |
125,460 |
58,325 |
181,251 |
122,103 |
|
|
|
|
|
|
|
NET
INCOME |
$266,248 |
$106,342 |
384,498 |
$222,915 |
CONSOLIDATED
STATEMENTS OF CONDITION
(UNAUDITED)
|
|
June 30,
2005
|
June 30,
2004
|
|
ASSETS: |
|
|
|
|
|
|
|
Cash and
Cash Equivalents |
2,135,435 |
3,838,084 |
|
|
|
|
|
Investment Securities |
9,552,464 |
8,835,729 |
|
|
|
|
|
Net
Loans |
79,903,952 |
77,217,200 |
|
|
|
|
|
Premises
and Equipment, Net |
4,396,351 |
3,973,658 |
|
|
|
|
|
Other
Assets |
547,594 |
516,959 |
|
|
|
|
|
TOTAL
ASSETS |
$96,535,796 |
$94,381,630 |
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
Deposits |
62,555,038 |
61,265,482 |
|
|
|
|
|
Federal
Home Loan Bank Advances |
22,524,500 |
22,424,500 |
|
|
|
|
|
Other
Liabilities |
974,815 |
660,666 |
|
|
|
|
|
Shares
subject to mandatory redemption |
3,000,000 |
3,000,000 |
|
|
|
|
|
TOTAL
LIABILITIES |
$89,054,353 |
$87,350,648 |
|
|
|
STOCKHOLDERS’S EQUITY:
|
2005 |
2004 |
|
|
|
|
|
Common
Stock |
$3,395 |
$3,375 |
|
|
|
|
|
Capital
Surplus |
3,150,646 |
3,099,739 |
|
|
|
|
|
Retained
Earnings |
5,762,635 |
5,375,235 |
|
|
|
|
|
Unearned
Compensation |
(192,982) |
(228,296) |
|
|
|
|
|
Treasury
Stock |
(1,227,321) |
(1,227,321) |
|
|
|
|
|
Accumulated Other Comprehensive Income |
(14,930) |
8,250 |
|
|
|
|
|
Total
Stockholders’ Equity |
7,481,443 |
7,030,982 |
|
|
|
|
|
TOTAL
LIABILITIES AND
STOCKHOLDERS EQUITY
|
$96,535,796
|
$94,381,630
|
Fritz W.
Anderson II, Chairman of the Board announced today that “On July
14, 2005 (Declaration Date) 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 will
be $0.100 per share and will be paid on September 26, 2005
(Payable Date) to stockholders of record September 10, 2005.
(Record Date).”
FOR IMMEDIATE RELEASE
For more information please
contact: Fritz Anderson
985.345.1880
RONNIE FUGARINO NAMED PRESIDENT OF FLORIDA PARISHES BANK
FPB Financial Corp. President, CEO
and Chairman Fritz Anderson has announced that Ronnie Fugarino
has been named President and CEO of Florida Parishes Bank.
“This is an exciting announcement for
Florida Parishes Bank,” said Anderson. “Ronnie Fugarino brings a
tremendous amount of banking knowledge and community involvement
to Florida Parishes Bank. We look forward to Ronnie’s active
participation in bringing our bank to the next level.”
Fugarino has over 24 years of banking
experience. He served for the past ten years as president of
Central Progressive Bank.
“In my opinion, Florida Parishes Bank
has unlimited potential,” said Fugarino. “The officers and staff
are top-notch. I have never seen anyone treat their customers
better than they do at Florida Parishes Bank. I’m looking
forward to being a part of the team.”
According to Anderson, the decision
to bring Fugarino to Florida Parishes Bank was an important one.
“It was time to bring a local,
experienced banker with a proven track record of success to lead
the bank,” said Anderson. “Since Ronnie has worked in just about
every area of the bank, he has the background, temperament and
commitment that Florida Parishes Bank needs.”
With the retirement of board member
Bill Bowden, Anderson will now serve as president, CEO and
chairman of the board of FPB Financial Corp. and chairman of the
board of Florida Parishes Bank.
Fugarino officially starts at Florida
Parishes Bank on Monday, June 6, 2005.
FOR IMMEDIATE RELEASE
For more information please
contact Fritz Anderson
985.345.1880
BILL BOWDEN RETIRES FROM FLORIDA PARISHES BANK BOARD
FPB Financial Corp. President, CEO
and Chairman of the Board Fritz Anderson announced that long
time board member and chairman of the board Bill Bowden has
retired.
His retirement date was April 30,
2005.
“Mr. Bill Bowden has served Florida
Parishes Bank and its customers outstandingly,” said Anderson.
“He has been a tremendous asset to the bank’s success, a good
mentor and a true friend. We will miss him greatly.”
Bowden has served Florida Parishes
Bank for over 30 years as a member of the board of directors and
for the past eight years, he served as Chairman of the Board.
During his service, Florida Parishes Bank moved from a homestead
to a full-service bank.
“Mr. Bowden has been a steady
influence on the bank’s board of directors,” said Anderson. “His
knowledge of local business and the local community is second to
none.”
Anderson succeeds Bowden as Chairman
of the Board of FPB Financial Corp. and Florida Parishes Bank.
|
Press
Release: April 20, 2005 |
FOR IMMEDIATE RELEASE
For More Information Contact:
Fritz W. Anderson, II
President and Chief Executive Officer
FPB Financial Corp.
(985) 345-1880 |
FPB
FINANCIAL CORP. ANNOUNCES
2005
FIRST QUARTER EARNINGS AND DECLARES DIVIDENDS
Fritz W.
Anderson II, President and Chief Executive Officer of FPB
Financial Corp., the holding company for Florida Parishes Bank,
announced earnings for the quarter ended March 31, 2005.
Net income
per share for the three months ended March 31, 2005 was $118,000
($.46 per common share) unchanged from $117,000 ($.46 per common
share) for the 2004 comparable period. The average number of
outstanding common shares increased to 257,493 in 2005 compared
to 252,718 in 2004.
Dividends
paid per share for the quarter ended March 31, 2005 and 2004
were $.10 per share. Return on average stockholders equity
decreased to 6.57% for the 2005 first quarter compared to 6.71%
for 2004.
The
Company’s balance sheet reflected growth, with net loans up 3.9%
to $78.7 million, deposits up 1.7% to $61.0 million, and total
assets up 2.1% to $95.0 million compared to March 31, 2004. Book
value per share increased to $26.01 for the period.
FPB
Financial Corp. is headquartered in Hammond, LA, and is the
parent company of Florida Parishes Bank.
FPB
Financial Corp.
(UNAUDITED)
|
Selected
Balances at March 31: |
2005 |
2004 |
|
|
|
|
|
Cash and
Cash Equivalents |
$2,139,510 |
$5,386,033 |
|
|
|
|
|
Investment Securities |
9,484,131 |
7,952,016 |
|
|
|
|
|
Net
Loans |
78,681,995 |
75,761,242 |
|
|
|
|
|
Total
Assets |
95,274,185 |
93,275,144 |
|
|
|
|
|
Non-Interest Bearing Deposits |
6,394,869 |
5,110,113 |
|
|
|
|
|
Interest
Bearing Deposits |
54,643,468 |
54,914,437 |
|
|
|
|
|
Transaction Accounts (Included in interest and non-interest
bearing deposits) |
29,664,184 |
26,426,274 |
|
|
|
|
|
Brokered
Deposits (Included in interest-bearing deposits) |
0 |
1,000,000 |
|
|
|
|
|
FHLB
Advances |
23,324,500 |
22,600,500 |
|
|
|
|
|
Preferred Statutory Trust |
3,000,000 |
3,000,000 |
|
|
|
|
|
Stockholders’ Equity |
7,227,943 |
6,965,839 |
|
|
|
|
|
Non-Performing Assets |
240,047 |
125,793 |
|
|
|
|
|
Loan
Loss Reserve |
328,430 |
269,473 |
|
|
|
|
|
Book
Value per Share |
26.01 |
25.31 |
|
For the
Three Months Ended March 31: |
2005 |
2004 |
|
|
|
|
|
Net
Earnings |
$118,250 |
$116,573 |
|
|
|
|
|
Earnings
Per Share |
$.46 |
$.46 |
|
|
|
|
|
Return
on Average Assets |
.50% |
0.51% |
|
|
|
|
|
Return
on Average Equity |
6.57% |
6.71% |
|
|
|
|
|
Net
Charge-Off Loans to
Average
Loans |
0.05% |
0.01% |
|
|
|
|
|
Average
Shares Outstanding |
257,493 |
252,718 |
|
|
|
|
|
Dividend
Paid per Share |
$0.10 |
$0.10 |
CONSOLIDATED
STATEMENTS OF EARNINGS
(UNAUDITED)
|
|
For the Three Months
|
|
|
Ended
|
|
|
March 31, 2005
|
March 31, 2004
|
|
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
INTEREST
INCOME: |
|
|
|
|
|
|
|
Mortgage loans and fees |
$979,829 |
$974,125 |
|
|
|
|
|
Loans
on deposits |
13,314 |
13,666 |
|
|
|
|
|
Consumer Loans |
56,545 |
55,661 |
|
|
|
|
|
Commercial Loans |
27,355 |
19,988 |
|
|
|
|
|
Lines
of credit and fees |
66,480 |
35,193 |
|
|
|
|
|
FHLB
stock and other
Investment securities |
62,517 |
38,803 |
|
|
|
|
|
Mortgage-backed securities |
3,232 |
5,522 |
|
|
|
|
|
Demand
deposits |
8,545 |
6,863 |
|
|
|
|
|
TOTAL
INTEREST INCOME |
1,217,817 |
1,149,821 |
|
|
|
|
|
INTEREST
EXPENSE: |
|
|
|
Deposits |
310,381 |
301,045 |
|
|
|
|
|
Federal Home Loan Bank
Advances |
245,498 |
230,165 |
|
|
|
|
|
Preferred Statutory Trust |
41,625 |
41,625 |
|
|
|
|
|
TOTAL
INTEREST EXPENSE |
597,504 |
572,835 |
|
|
|
|
|
NET
INTEREST INCOME |
620,313 |
576,986 |
|
|
|
|
|
Provision for loan losses |
15,000 |
15,000 |
|
|
|
|
|
NET
INTEREST INCOME
AFTER
PROVISION FOR
LOAN
LOSSES |
605,313 |
561,985 |
|
|
|
|
|
Insurance commissions |
5,229 |
491 |
|
|
|
|
|
Service
charge on deposits |
20,726 |
16,264 |
|
|
|
|
|
Other |
103,762 |
72,162 |
|
|
|
|
|
TOTAL
NON-INTEREST |
|
|
|
INCOME |
129,717 |
88,917 |
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
Compensation and Employee
Benefits |
264,619 |
271,245 |
|
|
|
|
|
Occupancy and Equipment |
81,873 |
25,569 |
|
|
|
|
|
Data
Processing |
81,578 |
50,500 |
|
|
|
|
|
Professional Fees |
26,563 |
21,600 |
|
|
|
|
|
Advertising |
22,831 |
13,869 |
|
|
|
|
|
Federal
Insurance Expense |
2,259 |
2,190 |
|
|
|
|
|
Stationary, Printing, & Supplies |
16,126 |
15,622 |
|
|
|
|
|
Other |
65,140 |
69,957 |
|
|
|
|
|
TOTAL
NON-INTEREST
EXPENSE |
560,989 |
470,552 |
|
|
|
|
|
INCOME
BEFORE INCOME
TAXES |
174,041 |
180,351 |
|
|
|
|
|
Income
Tax Expense (Benefit) |
55,791 |
63,778 |
|
|
|
|
|
NET
INCOME |
118,250 |
$116,573 |
CONSOLIDATED
BALANCE SHEETS
(UNAUDITED)
|
|
March
31, 2005 |
March
31, 2004
|
|
ASSETS: |
|
|
|
|
|
|
|
Cash and
Cash Equivalents |
$2,139,510 |
$5,386,033 |
|
|
|
|
|
Investment Securities |
9,484,131 |
7,952,016 |
|
|
|
|
|
Net
Loans |
78,681,995 |
75,761,242 |
|
|
|
|
|
Premises
and Equipment, Net |
4,375,395 |
3,699,062 |
|
|
|
|
|
Other
Assets |
593,154 |
476,791 |
|
|
|
|
|
TOTAL
ASSETS |
$95,274,185 |
$93,275,144 |
|
|
|
|
|
LIABILITIES: |
2005 |
2004 |
|
|
|
|
|
Deposits |
61,038,337 |
60,024,550 |
|
|
|
|
|
Federal
Home Loan Bank Advances |
23,324,500 |
22,600,500 |
|
|
|
|
|
Other
Liabilities |
683,405 |
684,255 |
|
|
|
|
|
Shares
subject to mandatory redemption |
3,000,000 |
3,000,000 |
|
|
|
|
|
TOTAL
LIABILITIES |
$88,046,242 |
$86,309,305 |
|
|
|
STOCKHOLDERS’ EQUITY:
|
2005 |
2004 |
|
|
|
|
|
Common
Stock |
3,388 |
3,362 |
|
|
|
|
|
Capital
Surplus |
3,137,163 |
3,079,863 |
|
|
|
|
|
Retained
Earnings |
5,530,486 |
5,295,886 |
|
|
|
|
|
Unearned
Compensation |
(213,003) |
(248,157) |
|
|
|
|
|
Treasury
Stock |
(1,227,321) |
(1,227,321) |
|
|
|
|
|
Accumulated Other Comprehensive Income |
(2,770) |
62,206 |
|
|
|
|
|
Total
Stockholders’ Equity |
7,227,943 |
6,965,839 |
|
|
|
|
|
TOTAL
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
$95,274,185 |
$93,275,144 |
Fritz W. Anderson II, President and Chief Executive Officer
announced today that “On April 08, 2005 (Declaration Date) 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 will be $0.10 per share and
will be paid on June 24, 2005 (Payable Date) to stockholders of
record June 10, 2005. (Record Date).”
|
Press
Release: January 28, 2005 |
FOR IMMEDIATE RELEASE
For More Information Contact:
Fritz W. Anderson, II
President and Chief Executive Officer
FPB Financial Corp.
(985) 345-1880 |
FPB
FINANCIAL CORP. ANNOUNCES
EARNINGS
FOR 2004 AND DECLARES DIVIDENDS
Fritz W.
Anderson II, President and Chief Executive Officer of FPB
Financial Corp., the holding company for Florida Parishes Bank,
announced earnings for the year ended December 31, 2004.
Net income
per share for the twelve months ended December 31, 2004 was
$1.50 per common share ($382,000 net income) down 20.6% from
$1.89 per common share ($520,000 net income) for the 2003
comparable period. Net income for the three months ended
December 31, 2004, was $.39 per common share ($99,000 net
income) down 20.4% from $.49 per common share ($123,000 net
income) for the 2003 comparable period. Earnings per share for
the year were affected by a reduction in the average number of
outstanding common shares to 254,453 as of December 31, 2004,
from 275,216 at year end 2003.
Earnings
were adversely affected by an increase in interest and
non-interest expense. Interest expense increased 5.07% and 5.39%
for the three and twelve months ended December 31, 2004. The
increase in interest expense was primarily due to the issue of
$3,000,000 of trust preferred securities June 30, 2003. The
interest paid on these securities total $42,000 for the three
and $166,500 for the twelve months ended December 31, 2004,
compared to $42,000 for the three months and $83,300 for the
twelve months in the comparable period. Non-interest expense
increased 28.59% and 17.83% for the three and twelve months
ended December 31, 2004, primarily due to professional,
relocation, occupancy, and other expenses associated with
opening the Company’s new main office facility. Non-interest
income increased 47.82% for the three months and 15.91% for the
twelve months ended December 31, 2004, primarily due to
increases in service charges collected on transactional deposit
accounts.
Dividends
paid per share for the twelve months ended December 31, 2004,
decreased to $0.55 per share. Return on average stockholders
equity decreased to 5.58% for the fourth quarter of 2004
compared to 7.10% for 2003.
The
Company’s balance sheet reflected growth, with net loans up
5.05% to $78.3 million, deposits up 5.23% to $60.8 million and
total assets up 5.35% to $94.0 million compared to December 31,
2003. Book value per share increased to $25.75 for the period.
FPB
Financial Corp. is headquartered in Hammond, LA, and is the
parent company of Florida Parishes Bank.
FPB
Financial Corp.
|
Selected
Balances at Dec. 31: |
2004 |
2003 |
|
|
|
|
|
Cash and
Cash Equivalents |
1,268,984 |
2,568,511 |
|
|
|
|
|
Investment Securities |
9,167,699 |
7,912,909 |
|
|
|
|
|
Net
Loans |
78,338,374 |
74,573,963 |
|
|
|
|
|
Total
Assets |
93,954,990 |
89,181,598 |
|
|
|
|
|
Non-Interest Bearing Deposits |
5,705,918 |
5,061,587 |
|
|
|
|
|
Interest
Bearing Deposits |
55,087,342 |
52,711,159 |
|
|
|
|
|
Transaction Accounts (Included in interest and non-interest
bearing deposits) |
32,361,625 |
27,209,599 |
|
|
|
|
|
Brokered
Deposits (Included in interest- bearing deposits) |
0 |
1,000,000 |
|
|
|
|
|
FHLB
Advances |
22,224,500 |
20,879,000 |
|
|
|
|
|
Preferred Statutory Trust |
3,000,000 |
3,000,000 |
|
|
|
|
|
Stockholders’ Equity |
7,152,927 |
6,901,657 |
|
|
|
|
|
Non-Performing Assets |
300,847 |
97,017 |
|
|
|
|
|
Loan
Loss Reserve |
313,430 |
260,463 |
|
|
|
|
|
Book
Value per Share |
25.75 |
24.91 |
|
For the
Twelve Months Ended Dec.31 |
2004 |
2003 |
|
|
|
|
|
Net
Earnings |
$381,721 |
$520,307 |
|
|
|
|
|
Earnings
Per Share |
$1.50 |
$1.89 |
|
|
|
|
|
Return
on Average Assets |
0.415% |
0.620% |
|
|
|
|
|
Return
on Average Equity |
5.579% |
7.100% |
|
|
|
|
|
Net
Charge-Off Loans to Average Loans |
0.050% |
0.007% |
|
|
|
|
|
Average
Shares Outstanding |
254,453 |
275,216 |
|
|
|
|
|
Dividend
Paid per Share |
$0.550 |
$0.650 |
CONSOLIDATED
STATEMENTS OF EARNINGS
(UNAUDITED)
|
|
For the Three Months
|
For the Twelve Months
|
|
|
Ended
|
Ended
|
|
|
Dec. 31, 2004
|
Dec. 31, 2003
|
Dec. 31, 2004
|
Dec. 31, 2003
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
INTEREST
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans and fees |
$975,496 |
976,251 |
3,888,429 |
3,881,131 |
|
|
|
|
|
|
|
Loans
on deposits |
13,039 |
13,310 |
52,183 |
56,098 |
|
|
|
|
|
|
|
Consumer Loans |
58,244 |
55,289 |
225,285 |
208,692 |
|
|
|
|
|
|
|
Commercial Loans |
26,300 |
21,313 |
95,966 |
86,792 |
|
|
|
|
|
|
|
Lines
of credit and fees |
44,975 |
27,159 |
158,408 |
91,963 |
|
|
|
|
|
|
|
FHLB
stock and other
Investment securities
|
66,620 |
34,081 |
199,572 |
126,089 |
|
|
|
|
|
|
|
Mortgage-backed securities |
3,553 |
6,253 |
17,885 |
32,621 |
|
|
|
|
|
|
|
Demand
deposits |
15,993 |
5,331 |
39,201 |
40,722 |
|
|
|
|
|
|
|
TOTAL
INTEREST INCOME |
1,204,220 |
1,138,987 |
4,676,929 |
4,524,108 |
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
Deposits |
310,461 |
301,046 |
1,223,555 |
1,292,446 |
|
|
|
|
|
|
|
Federal Home Loan Bank
Advances
|
237,193 |
218,202 |
948,290 |
843,050 |
|
|
|
|
|
|
|
Preferred Statutory Trust |
41,625 |
41,625 |
166,500 |
83,315 |
|
|
|
|
|
|
|
TOTAL
INTEREST EXPENSE |
589,279 |
560,873 |
2,338,345 |
2,218,811 |
|
|
|
|
|
|
|
NET
INTEREST INCOME |
614,941 |
578,114 |
2,338,584 |
2,305,297 |
|
|
|
|
|
|
|
Provision for loan losses |
15,000 |
15,000 |
60,000 |
60,000 |
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER
PROVISION FOR LOAN
LOSSES
|
599,941 |
563,114 |
2,278,584 |
2,245,297 |
|
|
|
|
|
|
|
Insurance commissions |
3,826 |
834 |
10,705 |
7,992 |
|
|
|
|
|
|
|
Service
charge on deposits |
18,115 |
14,928 |
69,032 |
58,811 |
|
|
|
|
|
|
|
Other |
83,490 |
55,561 |
322,126 |
279,904 |
|
|
|
|
|
|
|
TOTAL
NON-INTEREST INCOME
|
105,431 |
71,323 |
401,863 |
346,707 |
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
Compensation and Employee
Benefits
|
269,778 |
263,410 |
1,079,821 |
1,055,047 |
|
|
|
|
|
|
|
Occupancy and Equipment |
108,143 |
36,836 |
210,316 |
103,209 |
|
|
|
|
|
|
|
Data
Processing |
123,191 |
87,640 |
267,585 |
204,541 |
|
|
|
|
|
|
|
Professional Fees |
65,470 |
41,126 |
115,502 |
75,051 |
|
|
|
|
|
|
|
Advertising |
22,979 |
6,804 |
69,447 |
45,401 |
|
|
|
|
|
|
|
Federal
Insurance Expense |
2,241 |
2,166 |
8,901 |
8,859 |
|
|
|
|
|
|
|
Stationary, Printing, & Supplies |
42,022 |
27,298 |
74,498 |
59,196 |
|
|
|
|
|
|
|
Other |
(44,816) |
(7,208) |
300,037 |
253,118 |
|
|
|
|
|
|
|
TOTAL
NON-INTEREST
EXPENSE
|
589,008 |
458,072 |
2,126,107
|
1,804,422 |
|
|
|
|
|
|
|
INCOME
BEFORE INCOME TAXES
|
116,364 |
176,365 |
554,340 |
787,582 |
|
|
|
|
|
|
|
Income
Tax Expense |
17,326 |
53,024 |
172,619 |
267,275 |
|
|
|
|
|
|
|
NET
INCOME |
$99,038 |
$123,341 |
$381,721 |
$520,307 |
CONSOLIDATED
STATEMENTS OF CONDITION
(UNAUDITED)
|
|
Dec. 31
|
Dec. 31
|
|
ASSETS: |
2004 |
2003 |
|
|
|
|
|
Cash and
Cash Equivalents |
1,268,984 |
2,568,511 |
|
|
|
|
|
Investment Securities |
9,167,699 |
7,912,909 |
|
|
|
|
|
Net
Loans |
78,338,374 |
74,573,963 |
|
|
|
|
|
Premises
and Equipment, Net |
4,418,044 |
3,643,359 |
|
|
|
|
|
Other
Assets |
761,889 |
482,856 |
|
|
|
|
|
TOTAL
ASSETS |
$93,954,990 |
$89,181,598 |
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
Deposits |
60,793,260 |
57,772,746 |
|
|
|
|
|
Federal
Home Loan Bank Advances |
22,224,500 |
20,879,000 |
|
|
|
|
|
Other
Liabilities |
784,303 |
628,195 |
|
|
|
|
|
Shares
Subject to Mandatory Redemption |
3,000,000 |
3,000,000 |
|
|
|
|
|
TOTAL
LIABILITIES |
$86,802,063 |
$82,279,941 |
|
|
|
STOCKHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
Common
Stock |
$3,388 |
$3,362 |
|
|
|
|
|
Capital
Surplus |
3,129,430 |
3,072,747 |
|
|
|
|
|
Retained
Earnings |
5,439,362 |
5,206,230 |
|
|
|
|
|
Unearned
Compensation |
(218,100) |
(253,254) |
|
|
|
|
|
Treasury
Stock |
(1,227,321) |
(1,185,521) |
|
|
|
|
|
Accumulated Other Comprehensive Income |
26,168 |
58,093 |
|
|
|
|
|
Total
Stockholders’ Equity |
7,152,927 |
6,901,657 |
|
|
|
|
|
TOTAL
LIABILITIES AND
STOCKHOLDERS’ EQUITY
|
$93,954,990 |
$89,181,598
|
Fritz W. Anderson II, President and Chief Executive Officer
announced today that “On January 27, 2005 (Declaration Date) 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 will be $0.10 per share and
will be paid on March 25, 2005 (Payable Date) to stockholders of
record March 10, 2005. (Record Date).”
Press Release: November 15, 2004
FOR IMMEDIATE
RELEASE
For More Information Contact:
Fritz W. Anderson, II
President and Chief Executive Officer
FPB Financial Corp.
(985) 345-1880
FPB
FINANCIAL CORP. DECLARES INCREASED YEAR-END DIVIDENDS
Fritz W.
Anderson II, President and Chief Executive Officer announced
today that “On November 09, 2004 (Declaration Date) 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 $0.25 per share. This dividend rate
is composed of a regular quarterly dividend rate of $0.10 per
share and a special year-end dividend of $0.15 per share and
will be paid on December 27, 2004 (Payable Date) to stockholders
of record December 10, 2004. (Record Date).”
FPB Financial Corp. is headquartered in
Hammond, La, and is the parent company of Florida Parishes
Bank.
| Press Release:
October 15, 2004 |
FOR IMMEDIATE RELEASE
For More Information Contact:
Fritz W. Anderson, II
President and Chief Executive Officer
FPB Financial Corp.
(985) 345-1880 |
FPB
FINANCIAL CORP. ANNOUNCES
2004
THIRD QUARTER EARNINGS
Fritz W.
Anderson II, President and Chief Executive Officer of FPB
Financial Corp., the holding company for Florida Parishes Bank,
announced earnings for the quarter ended September 30, 2004.
Net income
per share for the three months ended September 30, 2004 was
$0.23 per common share ($60,000 net income) down 43.9% from
$0.41 per common share ($110,000 net income) for the 2003
comparable period. Net income for the nine months ended
September 30, 2004, was $1.11 per common share ($283,000 net
income) down 20.1% from $1.39 per common share ($395,000 net
income) for the 2003 comparable period. Earnings per share for
the nine months ended September 30, 2004 were positively
affected by a reduction in the number of outstanding common
shares.
Earnings
were adversely affected by an increase in interest and
non-interest expense. Interest expense increased 6.16% and 5.50%
for the three and nine months ended September 30, 2004. The
increase in interest expense was primarily due to the issue of
$3,000,000 of trust preferred securities June 30, 2003. The
interest paid on these securities total $42,000 for the three
and $125,000 for the nine months ended September 30, 2004,
compared to $42,000 for the three and nine months in the
comparable period. Non-interest expense increased 20.69% and
14.17% for the three and nine months ended September 30, 2004,
primarily due to relocation, occupancy, and other expenses
associated with opening the company’s new main office facility.
Non-interest
income increased 20.94% for the three months and 7.65% for the
nine months ended September 30, 2004.
Dividends
paid per share for the nine months ended September 30, 2004,
increased to $0.30 per share, a 20.0% increase over 2003. Return
on average stockholders equity decreased to 5.38% for the third
quarter of 2004 compared to 7.07% for 2003.
The
Company’s balance sheet reflected growth, with net loans up
4.15% to $77.1 million, deposits up 11.97% to $63.1 million and
total assets up 11.51% to $96.3 million compared to September
30, 2003. Book value per share increased to $25.62 for the
period.
FPB
Financial Corp. is headquartered in Hammond, LA, and is the
parent company of Florida Parishes Bank.
FPB
Financial Corp.
|
Selected
Balances at Sept. 30: |
2004 |
2003 |
|
|
|
|
|
Cash and
Cash Equivalents |
5,221,245 |
1,892,439 |
|
|
|
|
|
Investment Securities |
9,034,696 |
6,950,591 |
|
|
|
|
|
Net
Loans |
77,096,985 |
74,024,686 |
|
|
|
|
|
Total
Assets |
96,326,297 |
86,390,378 |
|
|
|
|
|
Non-Interest Bearing Deposits |
5,873,491 |
5,108,861 |
|
|
|
|
|
Interest
Bearing Deposits |
57,212,315 |
51,235,425 |
|
|
|
|
|
Transaction Accounts (Included in interest and non-interest
bearing deposits) |
31,928,748 |
28,974,017 |
|
|
|
|
|
Brokered
Deposits (Included in interest- bearing deposits) |
0 |
1,000,000 |
|
|
|
|
|
FHLB
Advances |
22,324,500 |
19,550.000 |
|
|
|
|
|
Preferred Statutory Trust |
3,000,000 |
3,000,000 |
|
|
|
|
|
Stockholders’ Equity |
7,083,451 |
6,883,616 |
|
|
|
|
|
Non-Performing Assets |
185,056 |
220,823 |
|
|
|
|
|
Loan
Loss Reserve |
298,376 |
246,649 |
|
|
|
|
|
Book
Value per Share |
25.62 |
24.84 |
|
For the
Nine Months Ended Sept. 30: |
2004 |
2003 |
|
|
|
|
|
Net
Earnings |
$282,683 |
$395,396 |
|
|
|
|
|
Earnings
Per Share |
$1.11 |
$1.39 |
|
|
|
|
|
Return
on Average Assets |
0.41% |
0.64% |
|
|
|
|
|
Return
on Average Equity |
5.38% |
7.07% |
|
|
|
|
|
Net
Charge-Off Loans to Average Loans |
0.010% |
0.000% |
|
|
|
|
|
Average
Shares Outstanding |
253,837 |
282,823 |
|
|
|
|
|
Dividend
Paid per Share |
$0.300 |
$0.250 |
CONSOLIDATED
STATEMENTS OF EARNINGS
(UNAUDITED)
|
|
For the Three Months
|
For the Nine Months
|
|
|
Ended
|
Ended
|
|
|
Sept. 30, 2004
|
Sept. 30, 2003
|
Sept. 30, 2004
|
Sept. 30, 2003
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
INTEREST
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans and fees |
$971,397 |
969,318 |
2,912,933 |
2,904,880 |
|
|
|
|
|
|
|
Loans
on deposits |
12,805 |
13,339 |
39,144 |
42,788 |
|
|
|
|
|
|
|
Consumer Loans |
55,821 |
51,680 |
167,041 |
153,403 |
|
|
|
|
|
|
|
Commercial Loans |
26,444 |
21,481 |
69,666 |
65,479 |
|
|
|
|
|
|
|
Lines
of credit and fees |
36,402 |
25,171 |
113,433 |
64,804 |
|
|
|
|
|
|
|
FHLB
stock and other Investment securities |
48,487 |
31,014 |
132,952 |
90,437 |
|
|
|
|
|
|
|
Mortgage-backed securities |
4,045 |
7,194 |
14,332 |
26,368 |
|
|
|
|
|
|
|
Demand
deposits |
9,389 |
8,412 |
23,208 |
35,391 |
|
|
|
|
|
|
|
TOTAL
INTEREST INCOME |
1,164,790 |
1,127,609 |
3,472,709 |
3,383,550 |
|
|
|
|
|
|
|
INTEREST
EXPENSE: |
|
|
|
|
|
Deposits |
308,865 |
291,951 |
913,094 |
991,400 |
|
|
|
|
|
|
|
Federal Home Loan Bank Advances |
240,206 |
222,804 |
711,097
|
624,848
|
|
|
|
|
|
|
|
Preferred Statutory Trust |
41,625 |
41,690 |
124,875 |
41,690 |
|
|
|
|
|
|
|
TOTAL
INTEREST EXPENSE |
590,696 |
556,445 |
1,749,066 |
1,657,938 |
|
|
|
|
|
|
|
NET
INTEREST INCOME |
574,094 |
571,164 |
1,723,643 |
1,725,612 |
|
|
|
|
|
|
|
Provisions for loan losses |
15,000 |
15,000 |
45,000 |
45,000 |
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
559,094
|
556,164
|
1,678,643 |
1,680,612
|
|
|
|
|
|
|
|
Insurance commissions |
3,893 |
1,945 |
6,879 |
7,158 |
|
|
|
|
|
|
|
Service
charge on deposits |
16,847 |
14,045 |
50,917 |
43,883 |
|
|
|
|
|
|
|
Other |
84,277 |
70,850 |
238,636 |
224,344 |
|
|
|
|
|
|
|
TOTAL
NON-INTEREST INCOME
|
105,017 |
86,840 |
296,432
|
275,385 |
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
Compensation and Employee Benefits
|
270,637 |
266,603 |
810,043 |
791,637
|
|
|
|
|
|
|
|
Occupancy and Equipment |
58,889 |
23,421 |
102,173 |
66,373 |
|
|
|
|
|
|
|
Data
Processing |
60,896 |
43,355 |
144,394 |
116,901 |
|
|
|
|
|
|
|
Professional Fees |
17,932 |
11,924 |
50,032 |
33,925 |
|
|
|
|
|
|
|
Advertising |
23,453 |
14,332 |
46,468 |
38,597 |
|
|
|
|
|
|
|
Federal
Insurance Expense |
2,232 |
2,178 |
6,660 |
6,693 |
|
|
|
|
|
|
|
Stationary, Printing, & Supplies |
14,480 |
12,672 |
32,476 |
31,898 |
|
|
|
|
|
|
|
Other |
122,634 |
98,739 |
344,853 |
260,326 |
|
|
|
|
|
|
|
TOTAL
NON-INTEREST EXPENSE
|
571,153 |
473,224
|
1,537,099 |
1,346,350
|
|
|
|
|
|
|
|
INCOME
BEFORE INCOME TAXES
|
92,958 |
169,780 |
437,976
|
609,647
|
|
|
|
|
|
|
|
Income
Tax Expense (Benefit) |
33,190 |
59,986 |
155,293 |
214,251 |
|
|
|
|
|
|
|
NET
INCOME |
$59,768 |
$109,794 |
$282,683 |
$395,396 |
CONSOLIDATED
STATEMENTS OF CONDITION
(UNAUDITED)
|
|
Sept.
30, 2004
|
Sept.
30, 2003
|
|
ASSETS: |
|
|
|
|
|
|
|
Cash and
Cash Equivalents |
5,221,245 |
1,892,439 |
|
|
|
|
|
Investment Securities |
9,034,696 |
6,950,591 |
|
|
|
|
|
Net
Loans |
77,096,985 |
74,024,686 |
|
|
|
|
|
Premises
and Equipment, Net |
4,380,598 |
3,037,884 |
|
|
|
|
|
Other
Assets |
592,773 |
484,778 |
|
|
|
|
|
TOTAL
ASSETS |
$96,326,297 |
$86,390,378 |
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
Deposits |
63,085,806 |
56,344,286 |
|
|
|
|
|
Federal
Home Loan Bank Advances |
22,324,500 |
19,550,000 |
|
|
|
|
|
Other
Liabilities |
832,540 |
612,476 |
|
|
|
|
|
Shares
subject to mandatory redemption |
3,000,000 |
3,000,000 |
|
|
|
|
|
TOTAL
LIABILITIES |
$89,242,846 |
$79,506,762 |
|
|
|
STOCKHOLDERS’S EQUITY:
|
2004 |
2003 |
|
|
|
|
|
Common
Stock |
$3,375 |
$3,362 |
|
|
|
|
|
Capital
Surplus |
3,106,556 |
3,065,960 |
|
|
|
|
|
Retained
Earnings |
5,408,010 |
5,188,985 |
|
|
|
|
|
Unearned
Compensation |
(223,198) |
(258,352) |
|
|
|
|
|
Treasury
Stock |
(1,227,321) |
(1,185,521) |
|
|
|
|
|
Accumulated Other Comprehensive Income |
16,029 |
69,182 |
|
|
|
|
|
Total
Stockholders’ Equity |
7,083,451 |
6,883,616 |
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS EQUITY
|
$96,326,297 |
$86,390,378
|
|
