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fpb financial corp (FPBF) Key Developments

FPB Financial Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Announces Net Loan Charge-Offs for the Fourth Quarter of 2013

FPB Financial Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. Net income in the 2013 fourth quarter increased to $468,126 or $0.39 per fully diluted common share as compared to the 2012 fourth quarter net income of $452,631 or $0.43 per fully diluted common share. Earnings per share decreased 9.3% in the fourth quarter primarily due to completion of the sale of 129,075 shares of common stock on October 11, 2013 in a private placement. Total interest and dividend income was $2.5 million against $2.6 million and net interest income was $2.2 million against $2.2 million reported last year. Income before income tax was $0.6 million against $0.7 million reported last year. Book value per share at the end of the period was $17.02 against $16.67 reported a year ago. Book value adjusted for other comprehensive income at period end was $17.72 against $16.49 reported a year ago. Return on assets was 0.91% against 0.88% and return on equity was 9.24% against 10.19% reported last year. Net income for the year ended 2013 totaled $2.0 million or $1.81 per fully diluted common share up 7.1% from the year ended 2012 net income of $1.9 million or $1.75 per fully diluted common share. 2013 earnings per share increase by 3.4%. Total interest and dividend income was $9.8 million against $10.2 million and net interest income was $8.8 million against $8.7 million reported last year. Income before income tax was $2.9 million against $2.8 million reported last year. Return on assets was 0.99% against 0.98% and return on equity was 10.73% against 10.91% reported last year. Net loan charge-offs for the fourth quarter totaled $207,000, up 209.9% from $67,000 in the 2012 fourth quarter.

FPB Financial Corp. Declares Cash Dividend, Payable on March 25, 2014

FPB Financial Corp. announced that the board of directors of the company declared a cash dividend of $0.07 per share on the common stock of the company. The dividend will be paid on March 25, 2014 to stockholders of record at the close of business on March 10, 2014.

FPB Financial Corp. Declares Cash Dividend, Payable on December 24, 2013; Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Announces Net Loan Charge-Offs for the Third Quarter of 2013

On October 10, 2013, the board of directors of FPB Financial Corp. declared a cash dividend of $0.10 per share on the common stock of the company. The dividend rate is composed of a regular quarterly dividend rate of $0.06 per share and a special year-end dividend of $0.04 per share and will be paid on December 24, 2013 to stockholders of record at the close of business on December 10, 2013. The company announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported total interest and dividend income of $2,443,361 compared to $2,524,999 a year ago. Net interest income was $2,189,262 compared to $2,151,741 a year ago. Income before income taxes was $713,440 compared to $637,094 a year ago. Net income was $479,994 or $0.45 per diluted common share compared to $420,482 or $0.40 per diluted common share a year ago. ROA was 0.95% compared to 0.89% a year ago. ROE was 10.63% compared to 9.61% a year ago. Book value per share was $17.02 compared to $16.41 a year ago. Third quarter earnings when compared to the third quarter of 2012 were positively affected by a $250,000 decrease in provision for loan losses. This was offset by a $208,000 decrease in non-interest income due primarily to a loss on sale of investment securities and foreclosed assets and a decline of $88,000 in mortgage banking revenue. Income tax expense increased to $233,000 in the 2013 period. For the nine months, the company reported total interest and dividend income of $7,347,535 compared to $7,652,854 a year ago. Net interest income was $6,516,710 compared to $6,497,509 a year ago. Income before income taxes was $2,275,625 compared to $2,105,685 a year ago. Net income was $1,521,096 or $1.42 per diluted common share compared to $1,405,134 or $1.33 per diluted common share a year ago. ROA was 1.02% compared to 1.13% a year ago. Book value per share was $17.02 compared to $16.41 a year ago. ROE was 11.28% compared to 12.53% a year ago. Net loan charge-offs for the third quarter totaled $84,000, down from $233,000 in the 2012 third quarter. In the 2013 second quarter the company's net loan charge-offs were $92,000.

FPB Financial Corp. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2013; Announces Net Loan Charge-Offs for the Second Quarter of 2013

FPB Financial Corp. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2013. For the quarter, the company reported total interest and dividend income of $2,387,224 compared to $2,498,283 a year ago. Net interest income was $2,110,581 compared to $2,114,492 a year ago. Income before income taxes was $750,134 compared to $795,026 a year ago. Net income was $501,757 or $1.41 per diluted common share compared to $525,529 or $1.49 per diluted common share a year ago. ROA was 1.01% compared to 1.12% a year ago. ROE was 11.03% compared to 12.58% a year ago. Second quarter earnings when compared to the second quarter of 2012 were positively affected by an $87,000 decrease in provision for loan losses. This was offset by a $54,000 increase in non-interest expenses, primarily due to expenses associated with foreclosed assets and other miscellaneous expenses. For the six months, the company reported total interest and dividend income of $4,904,173 compared to $5,127,856 a year ago. Net interest income was $4,327,448 compared to $4,345,769 a year ago. Income before income taxes was $1,562,185 compared to $1,468,592 a year ago. Net income was $1,041,102 or $2.93 per diluted common share compared to $984,653 or $2.79 per diluted common share a year ago. ROA was 1.06% compared to 1.07% a year ago. Book value per share was $50.77 compared to $48.16 a year ago. ROE was 11.61% compared to 11.91% a year ago. Net loan charge-offs for the second quarter totaled $92,000, down from $160,000 in the 2012 second quarter. In the 2013 first quarter the Company's net loan charge-offs were $28,000.

FPB Financial Corp. Declares Cash Dividend, Payable on September 25, 2013

The board of directors of FPB Financial Corp. declared a cash dividend on the common stock of the company. The dividend rate of $0.18 per share will be paid on September 25, 2013 to stockholders of record at the close of business on September 10, 2013.

 

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Price/Earnings 8.8x
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