FPB Financial Corp. Announces 2001 Third Quarter Earnings and Declares Dividends.Business Editors HAMMOND Hammond. 1 City (1990 pop. 84,236), Lake co., extreme NW Ind., bounded by Lake Michigan, the Ill. state line, and the Little Calumet River, and traversed by the Grand Calumet River; settled 1851, inc. 1884. , La.--(BUSINESS WIRE)--Oct. 18, 2001 Fritz fritz n. Informal A condition in which something does not work properly: Our television is on the fritz. [Perhaps from German Fritz W. Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic II, President & Chief Executive Officer of FPB FPB Forum of Private Business (UK) FPB Forest Practices Board FPB Fritz's Polka Band FPB Fast Patrol Boat FPB Flexor Pollicis Brevis FPB Fédération Pétrolière Belge (Belgium) FPB Farmland Protection Board Financial Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: FPBF), the holding company for Florida Parishes The Florida Parishes are those parishes in Louisiana which were part of West Florida in the early 19th century. Unlike much of the state of Louisiana, this region was not part of the Louisiana Purchase, as it remained under Spanish control. Bank, announced earnings for the quarter ended September September: see month. 30, 2001. FPB Financial Corp. reported third-quarter net income of $116,000 ($.39 per common share), up 46.8% from $79,000 ($.27 per common share) in the comparable 2000 third quarter. Net income for the nine months ended September 30, 2001 was $260,000 ($.89 per common share) down 8.1% from $283,000 ($.93 per common share) for the 2000 comparable period. The Company's balance sheet demonstrated solid growth, with net loans up 21.7% to $55.6 million, deposits up 11.2% to $49.5 million and total assets up 10.7% to $66.2 million compared to September 30, 2000. Book value per share increased to $21.42 for the period. FPB Financial Corp. is a publicly traded holding company headquartered in Hammond, La, and is the parent company of Florida Parishes Bank.
FPB Financial Corp.
Selected Balances at September 30: 2001 2000
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Cash and Cash Equivalents $2,132,661 $2,626,477
Investment Securities 6,516,471 10,819,210
Net Loans 55,639,994 45,723,491
Total Assets 66,210,047 59,817,801
Deposits 49,530,542 44,526,314
Stockholders' Equity 6,942,590 6,753,405
Non-Performing Assets 140,000 237,000
Book Value per Share 21.42 20.55
For the Nine Months Ended September 30: 2001 2000
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Net Earnings $259,731 $282,702
Earnings Per Share .89 .93
Return on Average Assets 0.55% 0.67%
Average Shares Outstanding 292,768 302,677
Dividend Paid per Share 0.200 0.1625
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
For the Nine Months Ended September 30: 2001 2000
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INTEREST INCOME: $3,437,956 $3,060,677
INTEREST EXPENSE: 2,124,824 1,876,871
Net Interest Income 1,313,132 1,183,806
Provisions for Loan Losses -0- -0-
Net Interest Income After
Provisions for Loan Losses 1,313,132 1,183,806
NON-INTEREST INCOME: 137,864 81,207
NON-INTEREST EXPENSE: 1,051,065 828,104
Earnings before Income Taxes 399,931 436,909
Income taxes 140,200 154,207
NET INCOME: $259,731 $282,702
======== ========
CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
September 30
ASSETS: 2001 2000
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Cash and Cash Equivalents $2,132,661 $2,626,477
Investment Securities 6,516,471 10,819,210
Net Loans 55,639,994 45,723,491
Premises and Equipment, Net 1,355,986 332,315
Other Assets 564,935 316,308
TOTAL ASSETS $66,210,047 $59,817,801
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LIABILITIES: 2001 2000
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Deposits $49,530,542 $44,526,314
Federal Home Loan Bank Advances 9,200,000 8,200,000
Other Liabilities 536,915 338,082
TOTAL LIABILITIES $59,267,457 $53,064,396
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STOCKHOLDERS' EQUITY: 2001 2000
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Common Stock $3,314 $3,314
Capital Surplus 2,984,590 2,980,936
Retained Earnings 4,364,201 4,120,261
Unearned Compensation (340,248) (306,273)
Treasury Stock (82,421) (28,354)
Accumulated Other Comprehensive Income 13,154 (16,479)
Total Stockholders Equity 6,942,590 6,753,405
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $66,210,047 $59,817,801
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Fritz W. Anderson II, President and Chief Executive Officer announced today that "On October October: see month. 9, 2001 (Declaration Date) the Board of Directors of FPB Financial Corp. declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a cash dividend on the common stock of the company bearing Cusip No.302549 10 0. The dividend rate will be $0.075 per share and will be paid on December December: see month. 24, 2001 (Payable Date) to stockholders of record December 10, 2001. (Record Date)." |
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