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fpb financial corp (FPBF) Key Developments

FPB Financial Corp. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Records Net Loan Charge-Offs in the Second Quarter Ended June 30, 2014

FPB Financial Corp. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total interest and dividend income of $2,544,870 compared to $2,387,224 a year ago. Net interest income was $2,301,069 compared to $2,110,581 a year ago. Income before income taxes was $713,440 compared to $637,094 a year ago. Net income was $445,577 or $0.37 per diluted common share compared to $501,757 or $0.47 per diluted common share a year ago. ROA was 0.84% compared to 1.01% a year ago. ROE was 8.30% compared to 11.03% a year ago. Book value per share was $17.02 compared to $16.41 a year ago. Earnings per share decreased 21.3% primarily due to a 13.8% increase in total non-interest expense and due to completion of the sale of 129,075 shares of common stock on October 11, 2013 in a private placement. For the nine months, the company reported total interest and dividend income of $5,012,959 compared to $4,904,173 a year ago. Net interest income was $4,521,472 compared to $4,327,448 a year ago. Income before income taxes was $2,275,625 compared to $2,105,685 a year ago. Net income was $911,097 or $0.76 per diluted common share compared to $1,041,102 or $0.97 per diluted common share a year ago. ROA was 0.88% compared to 1.06% a year ago. Book value per share was $18.12 compared to $16.92 a year ago. ROE was 8.66% compared to 11.61% a year ago. Net loan charge-offs in the second quarter totaled $22,000 down from $92,000 in the second quarter of 2013. In the first quarter of 2014, net loan charge-offs totaled $152,000.

FPB Financial Corp. Declares Dividends, Payable on September 25, 2014

On July 10, 2014, the Board of Directors of FPB Financial Corp. declared a cash dividend on the common stock of the company. The dividend rate of $0.07 per share will be paid on September 25, 2014 to stockholders of record at the close of business on September 10, 2014.

FPB Financial Corp. Reports Earnings Results for the First Quarter Ended March 31, 2014

FPB Financial Corp. reported earnings results for the first quarter ended March 31, 2014. Net income for the first quarter ended March 31, 2014 was $465,520, or $0.39 per share, compared to $539,345, or $0.51 per share, for the same quarter ended March 31, 2013. Net interest income for the first quarter ended March 31, 2014 was $2.22 million, compared to $2.22 million for the same quarter ended March 31, 2013. Income before income taxes for the first quarter ended March 31, 2014 was $657,354, compared to $812,051 for the same quarter ended March 31, 2013.

FPB Financial Corp. Declares Cash Dividend, Payable on June 25, 2014 ; Announces Unaudited Consolidated Earnings Results for First Quarter Ended Mar. 31, 2014

On April 10, 2014, the Board of Directors of FPB Financial Corp. declared a cash dividend on the common stock of the company. The dividend rate increased to $0.07 per share and will be paid on June 25, 2014 to stockholders of record at the close of business on June 10, 2014. The company announced unaudited consolidated earnings results for first quarter ended Mar. 31, 2014. For the quarter, the company reported total interest and dividend income of $2,468,089, net interest income of $2,220,403, income before income taxes of $657,354, net income of $465,520 or $0.39 per diluted share, ROA of 0.91%, ROE of 9.04% compared to the total interest and dividend income of $2,516,950, net interest income of $2,216,868, income before income taxes of $812,051, net income of $539,345 or $0.51 per diluted share, ROA of 1.11%, ROE of 12.21% for the same quarter a year ago. Book value per common share increased to $17.56 at March 31, 2014 compared to the $17.01 as on March 31, 2013.

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.

 

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