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FPBF..$28.60The cheapest bank in the US..???

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10 bagger   Friday, 11/20/09 02:28:18 PM
Re: None
Post # of 358 
FPBF..$28.60

The cheapest bank in the US..???

First time I have seen stock for sale.. Bought some more @$28.60..hank

FPB Financial Corp. Announces Record 2009 Third Quarter Earnings and Declares Dividends

HAMMOND, LA -- (Marketwire) -- 10/27/09 -- FPB Financial Corp. (PINKSHEETS: FPBF), the holding company for Florida Parishes Bank, announced earnings for the three months ended September 30, 2009.

Net income for the third quarter was $887,000; ($2.47 per diluted common share), up 259% from $247,000; ($0.70 per diluted common share) for the 2008 comparable period. If a pre-tax third quarter gain on sale of real estate of $514,000 was eliminated, net income for the quarter would be revised to $545,000; ($1.52 per diluted common share), up 121% as compared to the 2008 period and down 2.7% from $560,000; ($1.58 per diluted common share) when compared to the 2009 second quarter.

Earnings were positively affected by a 176% increase in non-interest income, an improved net-interest margin which resulted in a 13.4% increase in net-interest income and a 1.8% decrease in non-interest expense.

Provisions for loan losses decreased 10.0%, or $10,000 in comparison to the 2008 period.

Non-interest income increased, primarily due to a $509,000 gain on sale of the Bank's former main office facility. Also, having a positive affect on non-interest income were a net gain of $99,000 on investment trading accounts, and a $78,000 increase in mortgage banking revenue.

Net-interest income increased, primarily due to a $224,000, or 22.9% decrease in interest expense for the three month period compared to 2008.

Although technology and information processing expense increased by $81,000, or 123%, total non-interest expense decreased for the period, primarily due to a $84,000, or 9.2% reduction in compensation expense. The Company does not anticipate future period decreases in total non-interest expenses.

Provisions for loan losses decreased 10% to $90,000. Net loan charge-offs increased 198% to $103,000, as compared to the 2008 three month period. The Company expects modest increases/decreases in net loan charge-offs over the next four quarters as compared to the current period.

Total assets increased 13.7% to $170.4 million as compared to September 30, 2008, primarily due to a 25.1% increase to $6.1 million in cash and cash equivalents, a 9.2% increase to $136.6 million in net loans, and an 8.5% increase to $8.6 million in net premises and equipment. Other real estate owned increased to $119,000. Total liabilities increased $9.6 million, or 6.7% with total deposits increasing 9.4% to $128.6 million, non-interest bearing deposits increased 41.0% to $20.6 million. Allowance for loan losses increased $452,000, or 28.3% to $2.1 million compared to September 30, 2008.

Total stockholders' equity increased $4.1 million, or 33.2% to $16.4 million, when compared to September 30, 2008, primarily due to the January 23, 2009 issuance of $3.2 million of Series A and $162,000 of Series B Perpetual Preferred Stock to the U.S. Treasury from the Treasury's Capital Purchase Program (CPP). Total tangible common equity increased $847,000, or 6.9% to $13.2 million, primarily due to an increase of $1.1 million in accumulated other comprehensive income, and a $366,000 decrease in retained earnings, primarily in relation to the Bank's investment in the AMF Ultra Short Mortgage Fund (ASARX). The fair value on September 30, 2009 of the Bank's AMF Investment was $4.4 million, as compared to the September 30, 2008 fair value of $4.9 million. The June 30, 2009 AMF Fund fair value was $4.3 million.

Our subsidiary, Florida Parishes Bank, is considered "well capitalized" by all Federal Banking Regulations and definitions as of September 30, 2009.


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.





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