FPB Financial Corp., the holding company for Florida Parishes Bank, announced financial results for the 2015 first quarter ended March 31, 2015. Net income increased 51.2% to $704,000 ($0.58 per fully diluted common share).
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This compares to the 2014 first quarter net income of $465,000 ($0.39 per fully diluted common share). Earnings per share increased by 48.7%. Return on Equity for the first quarter of 2015 was 12% on an annualized basis.
Items affecting and contributing to the company's 2015 first quarter gain in net income when compared to the 2014 quarterly period:
Total non-performing assets at March 31, 2015, decreased by 3.4% to $1.8 million as compared to March 31, 2014. Non-performing assets at December 31, 2014 were $1.5 million.
The company's allowance for loan losses increased by 4.9% to $3 million at March 31, 2015 while increasing to 162.9% of total non-performing assets. Total allowance for loan losses was $2.9 million at December 31, 2014.
Net loan recoveries for the first quarter totaled $15,000, an improvement of 109.9% from $152,000 of net loan charge-offs in the 2014 first quarter. Net loan charge-offs were $64,000 in the 2014 fourth quarter.
Performing Troubled Debt Restructured (TDR's) as of March 31, 2015 totaled $3 million, or an increase of $113,000 from March 31, 2014. Performing TDR's on December 31, 2014 totaled $3 million.
Total assets at March 31, 2015 increased by 9.9% to $229.5 million as compared to $209 million at March 31, 2014. The increase in total assets was primarily attributed to an increase of $19 million in net loans, an increase of $3.6 million in cash and cash equivalents.
These increases were primarily offset by a $1.2 million decrease in available-for-sale securities, and a $407,000 decrease in foreclosed assets. Total liabilities increased by 9.4% to $205 million primarily due to an increase of $20.9 million, or 12.5% in total deposits to $188.3 offset by a decrease of $3.3 million or 20.5% in Federal Home Loan Bank advances.
Common Stockholders' Equity increased by a net of $3 million, or 14.4% to $24.1 million for the twelve months ended March 31, 2015. Retained earnings increased by $2 million to $17 million for the twelve month period.
Other comprehensive income increased by $1 million at March 31, 2015 when compared to March 31, 2014. Tangible common stockholders' equity increased to $24.1 million for the period. Book value per common share increased to $19.99 as total shares of 1,206,947 were outstanding at March 31, 2015. At the Subsidiary Bank level, Tier 1 Capital increased to $23.9 million at March 31, 2015.
Florida Parishes Bank, is considered "well capitalized" by all applicable federal banking regulations and definitions as of March 31, 2015. ■