FPB Financial Corp. Announces 2002 Second 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)--July 18, 2002 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 and 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., 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 June June: see month. 30, 2002. FPB Financial Corp. reported second-quarter net income of $107,000.00 ($.37 per common share), up 21.6% from $88,000 ($.30 per common share) in the comparable 2001 second quarter. Net income for the six months ended June 30, 2002 was $243,000 ($.84 per common share) up 68.8% from $144,000 ($.49 per common share) for the 2001 comparable period. The Company's balance sheet demonstrated solid growth, with net loans up 14.1% to $59.4 million, deposits up 13.7% to $55.0 million and total assets up 16.4% to $74.5 million compared to June 30, 2001. Book value per share increased to $22.59 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 June 30: 2002 2001
----------------------------- ---- ----
Cash and Cash Equivalents $7,490,289 $3,126,331
Investment Securities 5,807,671 8,041,308
Net Loans 59,409,279 52,049,868
Total Assets 74,464,133 63,979,572
Deposits 55,044,669 48,399,405
Stockholders' Equity 7,232,727 6,870,214
Non-Performing Assets 160,658 111,150
Loan Loss Reserve 169,416 161,692
Book Value per Share 22.59 21.10
For the Six Months Ended June 30: 2002 2001
--------------------------------- ---- ----
Net Earnings $242,754 $144,021
Earnings Per Share $.84 $.49
Return on Average Assets 0.67% 0.46%
Return on Average Equity 6.81% 4.23%
Average Shares Outstanding 289,343 292,676
Dividend Paid per Share $0.150 $0.125
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
For the Three Months For the Six Months
Ended Ended
June 30, 2002 June 30, 2001 June 30, 2002 June 30, 2001
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
INTEREST
INCOME: $1,135,824 $1,143,237 $2,295,173 $2,278,995
INTEREST
EXPENSE: 621,021 709,306 1,241,697 1,460,921
Provisions
for loan
losses 15,000 0 30,000 0
Net Interest
Income After
Provisions
for Loan
Losses 499,803 433,931 1,023,476 818,074
NON-INTEREST
INCOME: 60,497 50,462 121,165 89,989
NON-INTEREST
EXPENSE 395,214 348,729 770,437 686,442
Earnings before
Income Taxes 165,086 135,664 374,204 221,621
Income taxes 58,000 47,750 131,450 77,600
NET INCOME: $107,086 $87,914 $242,754 $144,021
========== ========== ========== ==========
CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
June 30
ASSETS: 2002 2001
------- ---- ----
Cash and Cash Equivalents $7,490,289 $3,126,331
Investment Securities 5,807,671 8,041,308
Net Loans 59,409,279 52,049,868
Premises and Equipment, Net 1,414,691 311,839
Other Assets 342,203 450,226
TOTAL ASSETS $74,464,133 $63,979,572
============ ============
LIABILITIES: 2002 2001
------------ ------------ ------------
Deposits 55,044,669 48,399,405
Federal Home Loan Bank Advances 11,700,000 8,200,000
Other Liabilities 486,737 509,953
TOTAL LIABILITIES $67,231,406 $57,109,358
============ ============
STOCKHOLDERS'S EQUITY: 2002 2001
---------------------- ------------ ------------
Common Stock $3,314 $3,314
Capital Surplus 2,992,111 2,983,374
Retained Earnings 4,664,799 4,272,040
Unearned Compensation (308,916) (345,346)
Treasury Stock (132,421) (63,671)
Accumulated Other Comprehensive Income 13,840 20,503
Total Stockholders' Equity 7,232,727 6,870,214
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY $74,464,133 $63,979,572
============ ============
Fritz W. Anderson II, President and Chief Executive Officer announced today that "On July July: see month. 9, 2002 (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 #302549 10 0. The dividend rate will be $0.075 per share and will be paid on September September: see month. 25, 2002 (Payable Date) to stockholders of record September 10, 2002. (Record Date)." |
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