FPB Financial, the holding company for Florida Parishes Bank, has reported net income of $408,000 for the first quarter of 2008, a 43.7% increase, compared to $284,000 for the same period of 2007.
The company reported earnings of $1.15 per diluted common share for Q1 2008, compared to $1.01 per diluted common share for Q1 2007.
Earnings were positively affected by an increase of $361,000, or 30.2% in net interest income, a decrease of $120,000, or 80% in provisions for loan losses and a $55,000 increase, or 11% in non-interest income for the quarter ended March 31, 2008.
The increased net interest income was due to increases in interest earning assets and an increase in net interest margin. The decrease in provisions for loan losses was primarily due to the company exceeding the company’s internal matrix calculation on allowance for loan losses.
The increase in non-interest income for the quarter was due to a $30,000 gain on investment trading accounts, a 40% increase in premium finance revenue and an increase of 30.4% on interchange fees. Earnings were adversely affected by a 31.3% increase for the quarter in non-interest expenses, primarily compensation and occupancy expenses.