SYS-CON MEDIA Authors: Peter Silva, Kevin Jackson, Jessica Qiu, Dana Gardner, Dan Stolts

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FPB Financial Corp. Announces 2013 Fourth Quarter Results and Declares Dividends

HAMMOND, LA -- (Marketwired) -- 01/27/14 -- FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the period ended December 31, 2013.

Earnings

Net income in the 2013 fourth quarter increased to $468,000 ($0.39 per fully diluted common share) as compared to the 2012 fourth quarter net income of $452,000 ($0.43 per fully diluted common share. The 2012 results have been adjusted for a 3-for-1 stock split of our common shares completed on September 27, 2013). Earnings per share decreased 9.3% in the fourth quarter primarily due to our completion of the sale of 129,075 shares of our common stock on October 11, 2013 in a private placement.

Net income for the year ended 2013 totaled $2.0 million ($1.81 per fully diluted common share) up 7.1% from the year ended 2012 net income of $1.9 million ($1.75 per fully diluted common share). 2013 earnings per share increase by 3.4%.

Items contributing to the Company's 2013 fourth quarter earnings when compared to the 2012 period primarily were a reduction in provisions for loan losses of $215,000, or 89.6%, and a reduction in income tax expense of $47,000 or 20.6%; service charges on deposits and interchange fees increased by 20.0% and 27.6% respectively; mortgage banking fees declined by 33.1%. Total non-interest expense increased $272,000, or 14.3%, primarily due to $176,000, or 16.8%, increase in compensation and employee benefits.

FPB Financial Corp. reported the following for the year ended December 31, 2013 and as compared to the year ended December 31, 2012:

  • Net Income increased 7.1% to $2.0 million
  • Diluted Net Income per share increased 3.4% to $1.81
  • Net Interest Income after provision for loan losses increased 9.5% to $8.6 million
  • Net Loan Charge-Offs decreased by $311,000, or 43.1%
  • Dividends paid to common shareholders increased 1.5% to $312,000

Other items and per share data of note as of December 31, 2013, compared to December 31, 2012

  • Non-performing Assets decreased by $2.3 million, or 57.2%
  • Total Assets increased 4.1% to $206.0 million
  • Non-Interest Bearing Deposits increased 1.9% to $36.8 million
  • Non-Maturity Deposits increased 4.0% to $122.4 million
  • Book Value per share increased 2.1% to $17.02

Asset Quality

Total Non-performing assets at December 31, 2013 decreased by 57.2% to $1.8 million as compared to December 31, 2012. Non-performing assets at September 30, 2013 were $1.9 million. The Company's allowance for loan losses decreased by 6.4% to $3.0 million at December 31, 2013 while increasing to 171.3% of total non-performing assets. Total allowance for loan losses was $3.2 million at September 30, 2013.

Net loan charge-offs for the fourth quarter totaled $207,000, up 209.9% from $67,000 in the 2012 fourth quarter. Net loan charge-offs were $84,000 in the 2013 third quarter. For the twelve months ended December 31, 2013 net loan charge-offs declined by $311,000, or 43.1%, to $411,000.

Performing Troubled Debt Restructured (TDR's) as of December 31, 2013 totaled $2.6 million, or a decrease of $729,000 from December 31, 2012. Performing TDR's on September 30, 2013 totaled $2.4 million.

Balance Sheet and Capital

Total assets at December 31, 2013 increased 4.1% to $ 206.0 million as compared to $197.9 at December 31, 2012. The increase in total assets was primarily attributed to an increase of $12.7 million in available-for-sale investment securities, the purchase of $4.0 million of Bank Owned Life Insurance (BOLI) and an increase of $3.5 million in held-to-maturity investment securities. These increases were offset by a $3.8 million decrease in net loans, a $4.3 million decrease in cash and cash equivalents and a $468,000 decrease in foreclosed assets. Total liabilities increased by 3.0% to $185.6 million primarily due to an increase of $3.8 million, or 24.4% in Federal Home Loan Bank advances to $19.4 million.

Common stockholders' equity increased by a net of $2.7 million, or 15.3%, to $20.4 million for the year ended December 31, 2013, primarily due to the October 11, 2013 sale of 129,075 shares of our common stock at a price of $16.00 per share in a private placement, for total net sales proceeds of $2.0 million. Retained earnings increased by $1.7 million to $14.7 million for the 2013 period. Other comprehensive income decreased by $1.0 million at December 31, 2013 when compared to December 31, 2012. Tangible common stockholders' equity increased to $20.4 million for the period. Book value per share increased to $17.02 as total common shares of 1,200,762 were outstanding at December 31, 2013.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 2013.

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.


                           Dec. 31,    Dec. 31,    %      Sept. 30,    %
Selected Balances            2013        2012    Change      2013    Change
                         (Unaudited)                     (Unaudited)


Total Common
 Stockholders' Equity     20,430,683  17,712,572     15   18,146,908     13

Net Loans                115,983,445 119,757,079     (3) 113,165,148      2

Foreclosed Assets            575,267   1,043,322    (45)     361,067     59

Non-Performing Assets
 (Includes Foreclosed
 Assets)                   1,753,875   4,101,905    (57)   1,928,701     (9)

Allowance for Loan Losses  3,003,948   3,208,815     (6)   3,186,015     (6)

Total Assets             206,015,687 197,854,896      4  202,384,931      2

Non-Interest Bearing
 Deposits                 36,775,928  36,086,737      2   36,033,709      2

Non-Maturity Deposits
 (Includes interest and
 non-interest bearing
 deposits)               122,406,800 117,728,693      4  121,619,702      1

Brokered Deposits
 (Included in interest-
 bearing deposits)         2,453,461   6,555,092    (63)   2,459,461      0

FHLB Advances             19,391,500  15,591,803     24   17,716,500      9



                     CONSOLIDATED STATEMENTS OF EARNINGS

                       For the Three Months              For the Year
                              Ended                          Ended
                 Dec. 31,   Sept. 30,    Dec. 31,    Dec. 31,     Dec. 31,
                   2013        2013        2012        2013         2012
               (Unaudited) (Unaudited)              (Unaudited)

INTEREST AND
 DIVIDEND
 INCOME:

 Mortgage
  Loans        $ 1,835,241 $ 1,856,595 $ 1,993,949 $  7,560,752 $ 8,205,934

 Consumer
  Loans            249,176     249,210     227,645      975,342     902,482

 Consumer &
  Commercial
  Lines of
  Credit            58,812      54,931      49,010      213,203     191,358

 Commercial
  Loans             56,905      53,195      50,971      206,204     237,702

 Investment
  Securities
  and Deposits     293,947     229,430     244,108      886,115     681,064
               ----------- ----------- ----------- ------------ -----------

TOTAL INTEREST
 AND DIVIDEND
 INCOME          2,494,081   2,443,361   2,565,683    9,841,616  10,218,540
               ----------- ----------- ----------- ------------ -----------

INTEREST
 EXPENSE:

 Deposits          151,204     151,947     218,433      665,601     915,270

Federal Home
 Loan Bank
 Advances           76,594      75,461     113,901      313,128     487,226

Other               26,193      26,691      27,108      106,087     112,292
               ----------- ----------- ----------- ------------ -----------

TOTAL INTEREST
 EXPENSE           253,991     254,099     359,442    1,084,816   1,514,788
               ----------- ----------- ----------- ------------ -----------

 NET INTEREST
  INCOME         2,240,090   2,189,262   2,206,241    8,756,800   8,703,752

Provisions for
 loan losses        25,000           0     240,000      206,000     897,000
               ----------- ----------- ----------- ------------ -----------

NET INTEREST
 INCOME AFTER
 PROVISION FOR
 LOAN LOSSES     2,215,090   2,189,262   1,966,241    8,550,800   7,806,752
               ----------- ----------- ----------- ------------ -----------

NON-INTEREST
 INCOME:

Service charge
 on deposits       236,641     235,077     197,283      906,468     735,137

Interchange
 Fees              153,725     143,591     120,516      570,297     445,148

Mortgage
 Banking Fees      131,502     106,198     196,512      628,752     754,185

Loan Fees and
 Charges            44,216      32,057      59,307      159,508     204,725
Gain on Bank
 Owned Life
 Insurance          11,118           0           0       11,118           0

Gain/(Loss) on
 Sale of
 Investments
 and
 Foreclosed
 Assets              5,723     (88,008)     15,626      (79,852)    229,443

Gain/(Loss) on
 Trading
 Accounts            7,454         648         840       24,523      (8,686)

Other               22,761      13,687      29,955      105,885     174,450
               ----------- ----------- ----------- ------------ -----------


TOTAL NON-
 INTEREST
 INCOME            613,140     443,178     620,039    2,326,699   2,534,402
               ----------- ----------- ----------- ------------ -----------

NON-INTEREST
 EXPENSE:

Compensation
 and Employee
 Benefits        1,225,106   1,082,659   1,049,168    4,478,346   4,306,195

Occupancy,
 Property
 Taxes, and
 Equipment         229,245     226,150     219,263      912,500     844,084

Technology and
 Information
 Processing        248,308     203,584     174,374      770,410     599,143

Professional
 Fees               69,604      92,107      77,627      278,567     302,972

Regulatory
 Fees               46,700      48,320      76,290      205,893     327,912

Foreclosed
 Assets             35,334       8,440      26,186      112,284      93,998

Other              325,058     257,740     284,237    1,194,999   1,082,024
               ----------- ----------- ----------- ------------ -----------

TOTAL NON-
 INTEREST
 EXPENSE         2,179,355   1,919,000   1,907,145    7,952,999   7,556,328
               ----------- ----------- ----------- ------------ -----------

INCOME BEFORE
 INCOME TAXES      648,875     713,440     679,135    2,924,500   2,784,826

Income Tax
 Expense           180,749     233,446     227,504      935,278     928,042
               ----------- ----------- ----------- ------------ -----------

NET INCOME         468,126     479,994     451,631    1,989,222   1,856,784
               =========== =========== =========== ============ ===========

PER COMMON
 SHARE DATA
 (ADJUSTED FOR
 3 FOR 1 STOCK
 SPLIT):

Net Earnings   $      0.40 $      0.45 $      0.43 $       1.82 $      1.76

Diluted Net
 Earnings      $      0.39 $      0.45 $      0.43 $       1.81 $      1.75

Revenue (Net
 Interest
 Income and
 Non-Interest
 Income)       $      2.41 $      2.47 $      2.67 $      10.14 $     10.64

Dividends Paid $      0.10 $      0.06 $      0.12 $       0.28 $      0.29

Book Value
 Period End    $     17.02 $     17.02 $     16.67 $      17.02 $     16.67

Book value
 adjusted for
 other
 comprehensive
 income at
 period end    $     17.72 $     17.71 $     16.49 $      17.72 $     16.49

RATIOS:

ROA
 (Annualized
 Net Income to
 Average
 Period
 Assets)              0.91%       0.95%       0.88%        0.99%       0.98%

ROE
 (Annualized
 Net Income to
 Average
 Period Total
 Stockholders'
 Equity)              9.24%      10.63%      10.19%       10.73%      10.91%

Net Interest
 Margin
 (Average) for
 the period           4.80%       4.77%       4.74%        4.80%       5.00%

Non-Interest
 Expense less
 Non-Interest
 Income to
 Average
 Period Total
 Assets
 (Annualized)         3.03%       2.92%       2.52%        2.80%       2.64%

Efficiency
 Ratio for the
 Period              76.38%      72.90%      67.48%       71.76%      67.24%

Net Loan
 Charge-Offs
 (Recoveries)
 for the       $   207,067 $    83,507 $    66,827 $    410,867 $   721,468
Period to
 Average
 Period Net
 Loans
 (Annualized)         0.72%       0.29%       0.22%        0.36%       0.59%

TDRs
 (Performing)
 at Period End $ 2,621,929 $ 2,390,264 $ 3,351,121 $  2,621,929 $ 3,351,121
 to Average
  Period Net
  Loans               2.29%       2.11%       2.78%        2.28%       2.72%

Non-Performing
 Assets at
 Period        $ 1,753,875 $ 1,928,701 $ 4,101,905 $  1,753,875 $ 4,101,905
 End to
  Average
  Period Total
  Assets              0.86%       0.96%       2.02%        0.87%       2.15%

Allowance for
 Loan Losses
 at Period End $ 3,003,948 $ 3,186,015 $ 3,208,815 $  3,003,948 $ 3,208,815
 to Average
  Period Net
  Loans               2.62%       2.81%       2.66%        2.61%       2.60%
 to Non-
  Performing
  Assets at
  Period End        171.28%     165.19%      78.23%      171.28%      78.23%



                    CONSOLIDATED STATEMENTS OF CONDITION

                      Dec. 31,     Dec. 31,      %      Sept. 30,      %
                         2013         2012     Change      2013      Change
                     (Unaudited                        (Unaudited)

ASSETS:

Cash and Cash
 Equivalents
 including Interest
 and Non-Interest
 Earning Deposits   $  7,385,835 $ 11,674,524     (37)$   9,737,748     (24)

Certificates of
 Deposit                 747,000    4,235,000     (82)    1,994,000     (63)

Securities - Held to
 Maturity              4,556,671    1,081,508     321     4,563,195       0

Securities -
 Available for Sale   61,120,450   48,444,962      26    59,450,958       3

Trading Securities       193,679      189,937       2       186,226       4

Net Loans            115,983,445  119,757,079      (3)  113,165,148       2

Accrued Interest
 Receivable              878,520      796,447      10       762,599      15

Bank Owned Life
 Insurance             4,011,118            0       0             0       0

Premises and
 Equipment, Net        9,068,013    9,052,566       0     9,111,881       0

Foreclosed Assets        575,267    1,043,322     (45)      361,067      59

Other Assets           1,495,689    1,579,551      (5)    3,052,109     (51)
                    ------------ ------------ ------- ------------- -------

  TOTAL ASSETS      $206,015,687 $197,854,896       4 $ 202,384,931       2
                    ============ ============ ======= ============= =======

LIABILITIES:

Deposits             162,384,981  160,663,155       1   160,592,502       1

Federal Home Loan
 Bank Advances        19,391,500   15,591,803      24    17,716,500       9

Subordinated
 debentures/trust
 preferred
 securities            3,093,000    3,093,000       0     3,093,000       0

Other Liabilities        715,523      794,366     (10)    2,836,021     (75)
                    ------------ ------------ ------- ------------- -------

  TOTAL LIABILITIES $185,585,004 $180,142,324       3 $ 184,238,023       1
                    ============ ============ ======= ============= =======

STOCKHOLDERS'
 EQUITY:

Common Stock        $     13,127 $      4,437     196 $       4,448     195

Capital Surplus        8,404,060    6,335,022      33     6,364,018      32

Retained Earnings     14,652,133   12,974,449      13    14,304,084       2

Unearned
 Compensation             (7,456)     (12,909)     42       (12,339)     40

Treasury Stock        (1,783,468)  (1,783,468)      0    (1,783,468)      0

Other Comprehensive
 Income (Loss)          (847,713)     195,041       -      (729,835)    (16)
                    ------------ ------------ ------- ------------- -------

Total Stockholders'
 Equity               20,430,683   17,712,572      15    18,146,908      13
                    ------------ ------------ ------- ------------- -------

TOTAL LIABILITIES
 AND STOCKHOLDERS'
 EQUITY             $206,015,687 $197,854,896       4%$ 202,384,931       2%
                    ============ ============ ======= ============= =======

Fritz W. Anderson II, Chairman of the Board announced today that "On January 9, 2014, the Board of Directors of FPB Financial Corp. declared a cash dividend of $0.07 per share on the common stock of the company. The dividend will be paid on March 25, 2014 to stockholders of record at the close of business on March 10, 2014."

For More Information Contact:
Fritz W. Anderson, II
President, Chief Executive Officer And Chairman
FPB Financial Corp.
(985) 345-1880

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