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FPB Financial Corp. Announces 2012 Fourth Quarter Results and Declares Dividends

HAMMOND, LA -- (Marketwire) -- 01/25/13 -- FPB Financial Corp. (OTCQB: FPBF), the holding company for Florida Parishes Bank, announced financial results for the fourth quarter ended December 31, 2012.

Earnings

Net income for the fourth quarter of 2012 increased to $452,000; ($1.28 per fully diluted common share) as compared to the 2011 fourth quarter net income of $420,000 ($1.19 per fully diluted common share.)

Net income for 2012 totaled $1.9 million; ($5.25 per fully diluted common share) up 2.1% from the 2011 net income of $1.8 million ($5.08 per fully diluted common share.)

Items contributing to the Company's fourth quarter earnings when compared to the 2011 period were; a decrease of $171,000 in total non-interest expense, primarily due to a $235,000 decrease in foreclosed assets expense; total non-interest income increase by $70,000, primarily due to a $23,000 increase in interchange fees. Provisions for loan losses adversely affected net income, increasing 60% to $240,000.

Asset Quality

Total Non-performing assets at December 31, 2012 increased $1.9 million, or 36.4%, to $4.1 million when compared to December 31, 2011. Non-performing assets on September 30, 2012 were $4.3 million.

Net loan charge-offs for the fourth quarter totaled $67,000, up $161,000 from the 2011 fourth quarter total of ($94,000.) Net loan charge-offs in the 2012 third quarter were $233,000. For the 2012 twelve month period, net loan charge-offs increased to $721,000 from $254,000 in 2011.

Performing Troubled Debt Restructured (TDR's) as of December 31 totaled $3.4 million, or a decrease of $200,000 from December 31, 2011. Performing TDR's on September 30, 2012 totaled $3.7 million.

The Company recorded a provision for loan losses in the 2012 fourth quarter of $240,000, a 60.4% increase from the 2011 period. Provisions for 2012 totaled $897,000, up from $656,000 recorded in 2011. The Company's allowance for loan losses was $3.2 million on December, 31, 2012, or 2.6% of average net loans and 78.2% of non-performing assets. The allowance on December 31, 2011 was $3.0 million, or 2.5% of average net loans and 99.0% of non-performing assets.

Balance Sheet and Capital

Total Assets on December 31, 2012 increased to $197.9 million, or 13.3% from $174.6 million on December 31, 2011. Total Assets on September 30, 2012 were $191.6 million. Available for sale investment securities increased during the 2012 twelve month period 88.2% to $48.4 million. Cash and cash equivalents including interest and non-interest deposits increased $4.7 million or 70.6% while net loans decreased to $120.0 million or 5.0%. Non-interest bearing deposits and total non-maturity deposits both increased in 2012, 58.4% and 32.6% respectively.

Common Stockholders' equity increased by a net of $1.6 million, or 9.8% to $17.7 million for the twelve month period ending December 31, 2012, primarily due to an increase of $1.5 million in retained earnings. Tangible Common Equity increased to a total of $17.5 million. Tangible Book Value per share increased to $49.47 at year-end.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of December 31, 2012.

FPB Financial Corp. reported the following for the period ending December 31, 2012, and as compared to December 31, 2011:

  • Net Income increased to $1.9 million, or 2.1%

  • Tangible Common Stockholders' Equity increased $1.6 million, or 10.2%

  • Tangible Common Book Value per share increased to $49.47, or 9.4%

  • Common Dividends Paid to Shareholders increased to $307,000, or 7.2%

  • Non-Interest Income increased to $2.5 million, or 20.6%

  • Net Interest Income increased to $8.7 million, or 4.4%

  • Revenue per share increased to $31.93, or 8.9%

  • Total Assets increased to $197.9 million, or 13.3%

  • Non-Interest Bearing deposits increased to $36.1 million, or 58.4%

  • Non-maturity Deposits increased by $28.9 million, or 32.6%

  • Allowance for Loan Losses increased to $3.2 million, or 7.8%

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.

                                                   %      Sept 30,      %
Selected Balances     Dec 31, 2012 Dec 31, 2011 Change      2012     Change
                      ------------ ------------ ------  ------------ ------
                                                         (Unaudited)

Tangible Common
 Stockholders' Equity $ 17,517,532 $ 15,900,488     10% $ 17,135,803      2%

Total Common
 Stockholders' Equity   17,712,573   16,132,126     10    17,332,526      2

Non-Interest Bearing
 Deposits               36,086,737   22,776,068     58    31,328,579     15

Non-Maturity Deposits
 (Included in
 interest and non-
 interest bearing
 deposits)             117,728,693   88,806,588     33   107,330,746     10

Total Assets           197,854,896  174,599,780     13   191,593,859      3

Net Loans              119,757,079  126,309,461     (5)  121,581,212     (2)

Allowance for Loan
 Losses                  3,208,815    2,976,683      8     3,035,642      6

Foreclosed Assets        1,043,322    1,133,388     (8)    1,056,127     (1)

Non-Performing Assets
 (Includes Foreclosed
 Assets)                 4,101,905    3,007,078     36     4,322,086     (5)

Brokered Deposits
 (Included in
 interest- bearing
 deposits)               6,555,092    7,116,816     (8)    6,549,958      0

FHLB Advances           15,591,803   25,361,627    (39)   19,990,524    (22)


                    CONSOLIDATED STATEMENTS OF EARNINGS

                        For the Three Months         For the Twelve Months
                               Ended                         Ended
                   Dec 31,    Sept 30,    Dec 31,     Dec 31,     Dec 31,
                    2012        2012       2011         2012        2011
                            (Unaudited)
                            -----------

INTEREST AND
 DIVIDEND
 INCOME:

  Mortgage Loans $1,993,949 $ 2,029,301 $2,061,602  $ 8,205,934 $ 8,116,890

  Consumer Loans    227,645     233,079    233,039      902,482     940,976

  Commercial
   Loans             50,971      54,302     71,999      237,702     271,623

  Consumer &
   Commercial
   Lines of
   Credit            49,010      49,500     42,284      191,358     168,541

  Investment
   Securities
   and Deposits     244,108     158,817    156,553      681,064     530,099
                 ---------- ----------- ----------  ----------- -----------

TOTAL INTEREST
 AND DIVIDEND
 INCOME           2,565,683   2,524,999  2,565,477   10,218,540  10,028,129
                 ---------- ----------- ----------  ----------- -----------

INTEREST
 EXPENSE:

  Deposits          218,433     232,213    209,010      915,270     977,992

Federal Home
 Loan Bank
 Advances           113,901     112,893    148,157      487,226     604,567

Other                27,108      28,152     27,106      112,292     106,812
                 ---------- ----------- ----------  ----------- -----------

TOTAL INTEREST
 EXPENSE            359,442     373,258    384,273    1,514,788   1,689,371
                 ---------- ----------- ----------  ----------- -----------

  NET INTEREST
   INCOME         2,206,241   2,151,741  2,181,204    8,703,752   8,338,758

Provisions for
 loan losses        240,000     250,000    149,640      897,000     656,468
                 ---------- ----------- ----------  ----------- -----------

NET INTEREST
 INCOME AFTER
 PROVISION FOR
 LOAN LOSSES      1,966,241   1,901,741  2,031,564    7,806,752   7,682,290
                 ---------- ----------- ----------  ----------- -----------

NON-INTEREST
 INCOME:

Mortgage Banking
 Fees               196,512     193,839    177,812      754,185     731,221

Service charge
 on deposits        197,283     182,657    216,906      735,137     793,911

Interchange Fees    120,516     115,659     97,636      445,148     373,392

Loan Fees and
 Charges             59,307      49,413     47,375      204,725     178,607

Gain/(Loss) on
 Sale of
 Investments and
 Foreclosed
 Assets              15,626      89,760     (4,295)     293,720       5,581

Gain/(Loss) on
 Trading
 Accounts               840      (3,092)    (5,814)      (8,686)    (93,076)

Other                29,955      22,872     20,409      110,173     111,617
                 ---------- ----------- ----------  ----------- -----------

TOTAL NON-
 INTEREST INCOME    620,039     651,108    550,029    2,534,402   2,101,253
                 ---------- ----------- ----------  ----------- -----------

NON-INTEREST
 EXPENSE:

Compensation and
 Employee
 Benefits         1,049,168   1,092,555  1,029,834    4,306,195   3,895,945

Occupancy and
 Equipment          219,263     206,792    215,862      844,083     828,133

Technology and
 Information
 Processing         174,374     137,384    145,890      599,143     564,122

Regulatory Fees      76,290      87,492      2,726      327,912     327,102

Professional
 Fees                77,627      90,828     73,609      302,972     242,479

Foreclosed
 Assets              26,186      21,361    260,854       93,998     283,318

Other               284,237     279,343    349,368    1,082,025     965,916
                 ---------- ----------- ----------  ----------- -----------

TOTAL NON-
 INTEREST
 EXPENSE          1,907,145   1,915,755  2,078,143    7,556,328   7,107,015
                 ---------- ----------- ----------  ----------- -----------

INCOME BEFORE
 INCOME TAXES       679,135     637,094    503,450    2,784,826   2,676,528

Income Tax
 Expense            227,504     216,612    153,927      928,042     858,287
                 ---------- ----------- ----------  ----------- -----------

NET INCOME          451,631     420,482    349,523    1,856,784   1,818,241
                 ========== =========== ==========  =========== ===========

PER COMMON SHARE
 DATA:

Net Earnings     $     1.28 $      1.19 $     1.00  $      5.27 $      5.11

Diluted Net
 Earnings        $     1.28 $      1.19 $     0.99  $      5.25 $      5.08

Revenue (Net
 Interest Income
 and Non-
 Interest
 Income)         $     8.02 $      7.96 $     7.81  $     31.93 $     29.33

Dividends Paid   $     0.36 $      0.18 $     0.36  $      0.87 $      0.81

Book Value
 Period End      $    50.02 $     49.24 $    45.89  $     50.02 $     45.89

Tangible Book
 Value Period
 End             $    49.47 $     48.68 $    45.23  $     49.47 $     45.23

RATIOS:

ROA (Annualized
 Net Income to
 Average Period
 Assets)               0.88%       0.89%      0.80%        0.98%       1.04%

ROE (Annualized
 Net Income to
 Average Period
 Total
 Stockholders'
 Equity)              10.19%       9.71%      8.66%       10.91%      11.70%

Net Interest
 Margin
 (Average) for
 the period            4.74%       4.96%      5.49%        5.00%       5.12%

Non-Interest
 Expense less
 Non-Interest
 Income to
 Average Period
 Total Assets
 (Annualized)          2.52%       2.66%      3.50%        2.64%       2.86%

Efficiency Ratio
 for the Period       67.48%      68.35%     76.14%       67.24%      68.07%

Net Loan Charge-
 Offs
 (Recoveries)
 for the         $   66,827 $   233,062    (93,929) $   721,468 $   254,132
  Period to
   Average
   Period Net
   Loans
   (Annualized)        0.22%       0.75%     (0.30%)       0.59%       0.21%

TDRs
 (Performing) at
 Period End      $3,351,121 $ 3,747,371 $3,632,371  $ 3,351,121 $ 3,632,371
  to Average
   Period Net
   Loans               2.78%       3.05%      2.94%        2.72%       2.98%

Non-Performing
 Assets at
 Period          $4,101,905 $ 4,322,086 $3,007,078  $ 4,101,905 $ 3,007,078
  End to Average
   Period Total
   Assets              2.02%       2.29%      1.74%        2.15%       1.72%

Allowance for
 Loan Losses at
 Period End      $3,208,815 $ 3,035,642 $2,976,683  $ 3,208,815 $ 2,976,683
  to Average
   Period Net
   Loans               2.66%       2.47%      2.41%        2.60%       2.46%
  to Non-
   Performing
   Assets at
   Period End         78.23%      70.24%     98.99%       78.23%      98.99%


                    CONSOLIDATED STATEMENTS OF CONDITION

                                                  %      Sept 30,       %
                   Dec 31, 2012  Dec 31, 2011  Change       2012     Change
                                                        (Unaudited)
                                                       ------------

ASSETS:

Cash and Cash
 Equivalents
 including
 Interest and Non-
 Interest Earning
 Deposits          $ 11,674,524  $  6,695,951      74% $  9,522,606      23%

Certificates of
 Deposit              4,235,000     5,239,000     (19)    4,235,000       0

Securities- Held
 to Maturity          1,081,508             0       -             0       -

Securities -
 Available for
 Sale                48,444,962    25,735,921      88    44,471,396       9

Trading Securities      189,937       243,069     (22)      189,098       0

Net Loans           119,757,079   126,309,461      (5)  121,581,212      (2)

Accrued Interest
 Receivable             796,447       622,775      28       574,456      39

Premises and
 Equipment, Net       9,052,566     7,870,052      15     8,447,000       7

Foreclosed Assets     1,043,322     1,133,388      (8)    1,056,127      (1)

Other Assets          1,579,551       750,163     111     1,516,964       4
                   ------------  ------------  ------  ------------  ------

  TOTAL ASSETS     $197,854,896  $174,599,780      13  $191,593,859       3
                   ============  ============  ======  ============  ======

LIABILITIES:

Deposits            160,663,155   129,335,554      24   150,411,580       7

Federal Home Loan
 Bank Advances       15,591,803    25,361,627     (39)   19,990,524     (22)

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

Other Liabilities       794,365       677,476      17       766,229       4
                   ------------  ------------  ------  ------------  ------

  TOTAL
   LIABILITIES     $180,142,323  $158,467,657      14  $174,261,333       3
                   ============  ============  ======  ============  ======

STOCKHOLDERS'
 EQUITY:

Common Stock       $      4,437  $      4,431       0  $      4,433       0

Capital Surplus       6,335,022     6,274,941       1     6,283,971       1

Retained Earnings    12,974,449    11,424,555      14    12,650,272       3

Unearned
 Compensation           (12,908)      (19,974)     35       (19,405)     33

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

Other
 Comprehensive
 Income (Loss)          195,041       231,638     (16)      196,723      (1)
                   ------------  ------------  ------  ------------  ------

Total
 Stockholders'
 Equity              17,712,573    16,132,123      10    17,332,526       2
                   ------------  ------------  ------  ------------  ------

TOTAL LIABILITIES
 AND STOCKHOLDERS'
 EQUITY            $197,854,896  $174,599,780      13% $191,593,859       3%
                   ============  ============  ======  ============  ======

Fritz W. Anderson II, Chairman of the Board announced today that "On January 10, 2013, the Board of Directors of FPB Financial Corp. declared a cash dividend on the common stock of the company bearing Cusip #302549 10 0. The dividend rate of $0.18 per share and will be paid on March 25, 2013 to stockholders of record at the close of business on March 8, 2013."

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

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