FPB Financial Corp. Announces Record Earnings for 2003 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)--Jan. 21, 2004 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. (Pink Sheets: 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 record earnings for the year ended December December: see month. 31, 2003. Net income per share for the twelve months ended December 31, 2003 was a record $1.89 per common share ($520,000 net income) up 9.9% from $1.72 per common share ($499,000 net income) for the 2002 comparable period. Net income per share for the three months ended December 31, 2003, was $.49 per common share ($123,000 net income) up 4.3% from $.47 per common share ($136,000 net income) for the 2002 fourth quarter. Earnings per share for the year and the quarter were positively affected by a reduction in the number of outstanding common shares. 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. and refinancing Refinancing An extension and/or increase in amount of existing debt. activity together with a 30.1% increase in non-interest income for the twelve months ending December 31, 2003, a 1.9% decrease in interest income and a 11.6% increase in non-interest expense adversely affected earnings. 2003 taxes paid on income, property, equipment, franchise, and bank shares increased 4.1% to $354,000. Dividends paid per share for the year ended December 31, 2003, increased to $0.65 per share, a 85.7% increase over 2002. Return on average stockholders equity increased to 7.10% for 2003 compared to 6.92% for 2002. The Company's balance sheet demonstrated solid growth, with net loans up 17.5% to $74.6 million, deposits up 6.7% to $57.8 million and total assets up 14.5% to $89.2 million compared to December 31, 2002. Book value per share increased to $24.91 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: 2003 2002
----------------------------- ----------- -----------
Cash and Cash Equivalents 2,568,511 6,720,492
Investment Securities 7,912,909 5,896,354
Net Loans 74,573,963 63,454,763
Total Assets 89,181,598 77,901,851
Non-Interest Bearing Deposits 5,061,587 4,680,376
Interest Bearing Deposits 52,711,159 49,482,919
Transaction Accounts (Included in interest and
non-interest bearing deposits) 27,209,599 22,789,467
Brokered Deposits (Included in interest-
bearing deposits) 1,000,000 1,000,127
FHLB Advances 20,879,000 15,700,000
Preferred Statutory Trust 3,000,000 0
Stockholders' Equity 6,901,657 7,426,106
Non-Performing Assets 97,017 197,436
Loan Loss Reserve 260,463 201,639
Book Value per Share 24.91 23.37
For the Twelve Months Ended Dec. 31: 2003 2002
------------------------------------ ----------- -----------
Net Earnings $520,307 $499,432
Earnings Per Share $1.89 $1.72
Return on Average Assets 0.62% 0.67%
Return on Average Equity 7.10% 6.92%
Net Charge-Off Loans to Average Loans 0.007% 0.050%
Average Shares Outstanding 275,216 289,628
Dividend Paid per Share $0.650 $0.350
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
For the Three Months For the Twelve Months
Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2003 2002 2003 2002
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME:
Mortgage loans and
fees $976,251 992,015 3,881,131 3,949,275
Loans on deposits 13,310 17,317 56,098 75,647
Consumer Loans 55,289 40,328 208,692 180,859
Commercial Loans 21,313 20,377 86,792 76,603
Lines of credit and
fees 27,159 11,300 91,963 21,980
FHLB stock and other
Investment
securities 34,081 38,378 126,089 143,525
Mortgage-backed
securities 6,253 11,795 32,621 57,315
Demand deposits 5,331 23,064 40,722 104,670
----------- ----------- ----------- ------------
TOTAL INTEREST INCOME 1,138,987 1,154,574 4,524,108 4,609,874
INTEREST EXPENSE:
Deposits 301,046 394,912 1,292,446 1,755,410
Federal Home Loan
Bank Advances 218,202 190,883 843,050 690,516
Preferred Statutory
Trust 41,625 0 83,315 0
----------- ----------- ----------- ------------
TOTAL INTEREST EXPENSE 560,873 585,795 2,218,811 2,445,926
----------- ----------- ----------- ------------
NET INTEREST INCOME 578,114 568,779 2,305,297 2,163,948
Provision for loan
losses 15,000 15,000 60,000 60,000
----------- ----------- ----------- ------------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 563,114 553,779 2,245,297 2,103,948
Gain on sale of
investments 0 0 0 1,710
Insurance commissions 834 934 7,992 13,295
Service charge on
deposits 14,928 14,072 58,811 47,787
Other 55,561 59,738 279,904 203,672
----------- ----------- ----------- ------------
TOTAL NON-INTEREST
INCOME 71,323 74,744 346,707 266,464
NON-INTEREST EXPENSE
Compensation and
Employee Benefits 263,410 248,843 1,055,047 917,011
Occupancy and
Equipment 21,922 25,321 88,295 83,105
Data Processing 45,278 38,621 162,179 156,325
Professional Fees 11,713 3,384 45,638 41,045
Advertising 6,804 7,770 45,401 38,318
Federal Insurance
Expense 2,166 2,331 8,859 9,200
Stationary, Printing,
& Supplies 7,467 7,640 39,365 35,231
Other 99,312 102,204 359,638 337,247
----------- ----------- ----------- ------------
TOTAL NON-INTEREST
EXPENSE 458,072 436,114 1,804,422 1,617,482
----------- ----------- ----------- ------------
INCOME BEFORE INCOME
TAXES 176,365 192,409 787,582 752,930
Income Tax Expense 53,024 56,671 267,275 253,498
----------- ----------- ----------- ------------
NET INCOME $123,341 $135,738 $520,307 $499,432
=========== =========== =========== ============
CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
Dec. 31 Dec. 31
ASSETS: 2003 2002
------- ------------ ------------
Cash and Cash Equivalents 2,568,511 6,720,492
Investment Securities 7,912,909 5,896,354
Net Loans 74,573,963 63,454,763
Premises and Equipment, Net 3,643,359 1,502,813
Other Assets 482,856 327,429
------------ ------------
TOTAL ASSETS $89,181,598 $77,901,851
============ ============
LIABILITIES:
------------
Deposits 57,772,746 54,163,294
Federal Home Loan Bank Advances 20,879,000 15,700,000
Other Liabilities 628,195 612,451
Shares Subject to Mandatory Redemption 3,000,000 0
------------ ------------
TOTAL LIABILITIES $82,279,941 $70,475,745
------------ ------------
STOCKHOLDERS' EQUITY:
---------------------
Common Stock $3,362 $3,330
Capital Surplus 3,072,747 3,018,828
Retained Earnings 5,206,230 4,866,761
Unearned Compensation (253,254) (292,823)
Treasury Stock (1,185,521) (205,421)
Accumulated Other Comprehensive Income 58,093 35,431
------------ ------------
Total Stockholders' Equity 6,901,657 7,426,106
------------ ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $89,181,598 $77,901,851
============ ============
Fritz W. Anderson II, President and Chief Executive Officer announced today that "On January January: see month. 13, 2004 (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 $0.10 per share and will be paid on March 25, 2004 (Payable Date) to stockholders of record March 10, 2004. (Record Date)." |
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