FPB Financial Corp. Announces 2003 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 16, 2003 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. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :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 June June: see month. 30, 2003. FPB Financial Corp. reported second quarter net income of $147,000 ($.50 per common share) up 37.4% from $107,000 ($.37 per common share) in the comparable 2002 second quarter. Net income for the six months ended June 30, 2003 was $286,000, ($.98 per common share) up 17.7% from $243,000 ($.84 per common share) for the 2002 comparable period. Earnings were positively affected by a reduction in interest expense, high levels of loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , refinancing Refinancing An extension and/or increase in amount of existing debt. activity and a 64.8% increase in non-interest income for the three months ended June 30, 2003 and a 55.6% increase in non-interest income for the six month period ended June 30, 2003. Flat levels of interest income and a 9.6% increase in non-interest expense for the three months ended June 30, 2003 and a 13.3% increase in non-interest expense for the six month period ended June 30, 2003 adversely affected earnings. Earnings per share increased to $.50, a 35.1% increase over the 2002 comparable second quarter, and an increase to $.98 per share, 16.7% increase over the 2002 six month period. Dividends paid per share were $0.075 for the quarters ended June 30, 2003 and June 30, 2002. Return on average stockholders equity was 7.71% for the quarter ended June 30, 2003, compared to 5.96% for the quarter ended June 30, 2002, and 7.53% for six months ended June 30, 2003 compared to 6.81% for six months ended June 30, 2002. The Company's balance sheet demonstrated solid growth, with net loans up 17.5% to $69.8 million, deposits up .35% to $55.2 million and total assets up 15.5% to $86.0 million compared to June 30, 2002. Book value per share increased to $24.25 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: 2003 2002
----------------------------- ------------ ------------
Cash and Cash Equivalents 7,278,511 7,490,289
Investment Securities 5,960,144 5,807,671
Net Loans 69,776,664 59,409,279
Total Assets 86,024,094 74,464,133
Non-Interest Bearing Deposits 5,412,604 3,701,669
Interest Bearing Deposits 49,821,900 51,343,000
Transaction Accounts (Included in interest
and non-interest bearing deposits) 29,370,179 21,725,004
Brokered Deposits (Included in interest-
bearing deposits) 1,000,127 1,000,127
FHLB Advances 19,550,000 11,700,000
Preferred Statutory Trust 3,000,000 0
Stockholders' Equity 7,706,806 7,232,727
Non-Performing Assets 30,258 160,658
Loan Loss Reserve 229,958 169,416
Book Value per Share 24.25 22.59
For the Six Months Ended June 30: 2003 2002
--------------------------------- ---------- ---------
Net Earnings $285,602 $242,754
Earnings Per Share $.98 $.84
Return on Average Assets 0.70% 0.67%
Return on Average Equity 7.53% 6.81%
Net Charge-Off Loans to Average Loans 0.003% 0.015%
Average Shares Outstanding 290,661 289,343
Dividend Paid per Share $0.150 $0.150
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
For the Three Months For the Six Months
Ended Ended
June 30, June 30, June 30, June 30,
2003 2002 2003 2002
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME:
Mortgage loans and
fees $960,328 977,730 1,935,562 1,972,914
Loans on deposits 14,338 18,637 29,449 39,376
Consumer Loans 51,824 49,818 101,723 99,068
Commercial Loans 22,154 19,090 43,998 36,452
Lines of credit and
fees 23,272 0 39,633 0
FHLB stock and other
Investment
securities 29,652 26,584 59,423 66,952
Mortgage-backed
securities 8,865 15,300 19,174 32,468
Demand deposits 12,997 28,665 26,980 47,943
----------- ----------- ----------- -----------
TOTAL INTEREST INCOME 1,123,430 1,135,824 2,255,942 2,295,173
INTEREST EXPENSE:
Deposits 338,600 461,030 699,449 922,894
Federal Home Loan
Bank
Advances 209,482 159,991 402,044 318,803
----------- ----------- ----------- -----------
TOTAL INTEREST EXPENSE 548,082 621,021 1,101,493 1,241,697
----------- ----------- ----------- -----------
NET INTEREST INCOME 575,348 514,803 1,154,449 1,053,476
Provisions for loan
losses 15,000 15,000 30,000 30,000
----------- ----------- ----------- -----------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 560,348 499,803 1,124,449 1,023,476
Gain on sale on
investments 0 0 0 1,710
Insurance commissions 3,872 2,769 5,213 7,622
Service charge on
deposits 14,557 11,339 29,838 21,817
Other 81,241 46,389 153,493 90,016
----------- ----------- ----------- -----------
TOTAL NON-INTEREST
INCOME 99,670 60,497 188,544 121,165
NON-INTEREST EXPENSE
Compensation and
Employee
Benefits 264,893 222,424 525,034 433,386
Occupancy and Equipment 20,354 18,746 42,952 36,993
Data Processing 39,417 35,521 73,546 75,463
Professional Fees 11,001 12,750 22,001 26,581
Advertising 7,767 9,311 24,265 21,848
Federal Insurance
Expense 2,172 2,290 4,515 4,550
Stationary, Printing, &
Supplies 12,754 17,163 19,226 20,061
Other 74,630 77,009 161,587 151,555
----------- ----------- ----------- -----------
TOTAL NON-INTEREST
EXPENSE 432,988 395,214 873,126 770,437
----------- ----------- ----------- -----------
INCOME BEFORE INCOME
TAXES 227,030 165,086 439,867 374,204
Income Tax Expense 79,705 58,000 154,265 131,450
----------- ----------- ----------- -----------
NET INCOME $147,325 $107,086 $285,602 $242,754
=========== =========== =========== ===========
CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
June 30 June 30
ASSETS: 2003 2002
------- ------------ -------------
Cash and Cash Equivalents 7,278,511 7,490,289
Investment Securities 5,960,144 5,807,671
Net Loans 69,776,664 59,409,279
Premises and Equipment, Net 2,623,718 1,414,691
Other Assets 385,057 342,203
TOTAL ASSETS $86,024,094 $74,464,133
============= =============
LIABILITIES:
------------
Deposits 55,234,504 55,044,669
Federal Home Loan Bank Advances 19,550,000 11,700,000
Other Liabilities 532,784 486,737
------------- -------------
TOTAL LIABILITIES $75,317,288 $67,231,406
------------- -------------
MINORITY INTEREST IN SUBSIDIARY TRUST 3,000,000 0
------------------------------------- ------------- -------------
STOCKHOLDERS'S EQUITY:
----------------------
Common Stock $3,330 $3,314
Capital Surplus 3,027,330 2,992,111
Retained Earnings 5,106,042 4,664,799
Unearned Compensation (267,867) (308,916)
Treasury Stock (205,421) (132,421)
Accumulated Other Comprehensive Income 43,392 13,840
------------- -------------
Total Stockholders' Equity 7,706,806 7,232,727
------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS EQUITY $86,024,094 $74,464,133
============= =============
Fritz W. Anderson II, President and Chief Executive Officer announced today that "On July July: see month. 8, 2003 (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 $0.100 per share and will be paid on September September: see month. 25, 2003 (Payable Date) to stockholders of record September 10, 2003. (Record Date)." |
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