Assets Reach $1.9 Billion; Deposits $1.5 Billion;
New Branches Generated $237 Million in Deposits
WEST PALM BEACH, Fla., Jan. 17 /PRNewswire/ -- Fidelity Bankshares, Inc.
(Nasdaq: FFFL) the holding company for Fidelity Federal Bank & Trust,
announced today the company's net income for the year ended Dec. 31, 2000 was
$8.5 million or $1.31 basic earnings per share of common stock. This compared
with net income for the year ended Dec. 31, 1999 of $9.1 million or $1.42
basic earnings per share of common stock. Net income for the year ended Dec.
31, 2000 included non-recurring income of $3.9 million or $.37 per share after
tax, principally from stock received and sold relating to the demutualization
of John Hancock, compared to $5.8 million or $.55 per share after tax, largely
as a result of the sale of Fidelity's downtown West Palm Beach real estate,
for the year ended Dec. 31, 1999. Accordingly, operating income, exclusive of
non-recurring income, improved by $.07 per share or 8% in 2000 compared with
1999.
Vince Elhilow, president of Fidelity Bankshares, Inc., said, "We are
pleased that we were able to improve our operating performance for the year
despite absorbing the costs associated with our twelve new branch offices. As
of Dec. 31, 2000, these offices have generated $236.8 million in new deposits
and are now expected to become accretive to income during the first quarter of
2001. One significant reason for the operating income improvement was, that
while we experienced a solid 13.3% growth in total deposits, our lower
interest cost core deposits grew an outstanding 36.5% during the year."
For the quarter ended Dec. 31, 2000 net income was $1,965,000 or $.30
basic earnings per share of common stock. By comparison, net income for the
quarter ended Dec. 31, 1999 was $4,720,000 or $.73 basic earnings per share of
common stock. Non-recurring gains on the sale of property and investments for
the quarter ended Dec. 31, 2000 were $783,000 or $.07 per share after tax
compared to $5,400,000 or $.51 per share after tax for the quarter ended Dec.
31, 1999.
The quarter ended Dec. 31, 2000 reflects an increase in net interest
income of $1.3 million or 12.5%. Compared to the same quarter in 1999, the
provision for loan losses increased by $205,000, which resulted from the
company's continuing expansion of commercial business, consumer and commercial
real estate lending and provides for the increased credit risk associated with
such lending. Recurring other income, represented principally by fees and
income from insurance sales, trust services and deposit accounts, increased by
$588,000. Operating expense, however, also increased by $1.8 million, as the
company fully absorbed the costs associated with the new trust and insurance
businesses as well as the new branch offices.
In December 2000, the company's board of directors approved the payment of
a quarterly cash dividend of $.25 per share of common stock to shareholders,
excluding 3,542,000 shares held by the company's mutual holding company
parent. The dividend was paid Jan. 12, 2001 to stockholders of record as of
Dec. 29, 2000.
Financial highlights, selected unaudited financial data and selected
unaudited operating data follow.
Fidelity Bankshares, through its wholly owned subsidiary Fidelity Federal
Bank & Trust, has assets of over $1.9 billion and deposits of nearly $1.5
billion and operates in Florida through 34 offices in Palm Beach, Martin and
St. Lucie counties. The bank offers traditional banking products as well as
trust, investment and insurance services, a full line of mortgage and
commercial loans and business banking services including loans and lines of
credit.
For more information contact President and CEO Vince A. Elhilow or Chief
Financial Officer Richard D. Aldred at (561) 659-9900 or Frank Hawkins or
Julie Marshall, Hawk Associates, Inc. at (305) 852-2383. Email:
info@hawkassociates.com.
Information about Fidelity Bankshares, Inc. can be found on the website
http://www.fidfed.com. Copies of Fidelity Bankshares press releases, SEC filings,
current price quotes, stock charts and other valuable information for
investors may be found on the website: http://www.hawkassociates.com.
Fidelity Bankshares Inc. Financial Highlights (Unaudited)
FOR THE PERIOD
(In Thousands) 3 Months Ended3 Months Ended Year Ended Year Ended
12/31/2000 12/31/1999 12/31/2000 12/31/1999
Interest income $35,057 $29,279 $132,580 $110,925
Interest expense 23,175 18,717 85,671 72,255
Net interest income 11,882 10,562 46,909 38,670
Net income 1,966 4,720 8,521 9,114
PER COMMON SHARE
Net income:
Basic EPS $0.30 $0.73 $1.31 $1.42
Diluted EPS 0.30 0.73 1.31 1.40
Dividends declared 0.25 0.25 1.00 1.00
Book value 14.08 12.83 14.08 12.83
Stock price:
High 20.50 17.38 20.75 23.25
Low 18.00 14.13 13.38 14.13
Close 19.63 14.13 19.63 14.13
AVERAGE FOR THE PERIOD
(In Thousands)
Assets $1,916,845 $1,720,629 $1,849,957 $1,663,240
Loans receivable,
net 1,349,748 1,138,546 1,272,362 1,067,107
Mortgage-backed
securities 328,102 385,297 349,498 409,653
Investments 107,754 85,969 100,667 86,181
Deposits 1,440,679 1,301,381 1,400,130 1,221,590
Borrowed funds 358,028 311,029 336,065 333,439
Stockholders' equity 89,227 81,630 85,461 82,567
SELECTED RATIOS
Return on average
assets 0.41% 1.10% 0.46% 0.55%
Return on average
equity 8.81% 23.13% 9.97% 11.04%
Interest rate spread
on avg. assets for
the period 2.70% 2.63% 2.76% 2.45%
Net yield on avg.
interest earning
assets for
the period 2.66% 2.62% 2.72% 2.47%
Net yield on interest
earning assets at
end of period 2.83% 2.76% 2.83% 2.76%
Interest rate spread
at end of period 2.88% 2.79% 2.88% 2.79%
Ratio of interest
earning assets to
interest bearing
liabilities at end
of period 98.98% 99.36%
Ratio of non
performing assets
to total assets 0.26% 0.29%
Ratio of valuation
allowances to non
performing assets 98.98% 102.59%
Ratio of valuation
allowances to loans
receivable, net 0.36% 0.31%
Stockholders' equity
as a percentage
of assets 4.77% 4.85%
PERIOD END
(In Thousands)
Total assets $1,922,897 $1,718,933
Investments 105,163 61,478
Loans receivable, net 1,361,232 1,164,421
Mortgage-backed securities 322,223 375,171
Deposits 1,497,818 1,321,510
Borrowed funds 310,005 290,479
Stockholders' equity 91,651 83,304
Fidelity Bankshares Inc. Selected Unaudited Financial Data
Dec. 31, 2000 Dec. 31 1999
(In thousands)
Selected Financial Data:
Total assets $1,922,897 $1,718,933
Loans, net 1,361,232 1,164,421
Cash and cash equivalents 100,309 60,801
Assets available for sale 356,345 404,230
Real estate owned 27 775
Deposits 1,497,818 1,321,510
FHLB advances 274,365 247,073
Stockholders' equity 91,651 83,304
Fidelity Bankshares Inc. Selected Unaudited Operating Data
3 Months Ended Year Ended
December 31 December 31
2000 1999 2000 1999
(In thousands)
Selected Operating Data:
Interest income $35,057 $29,279 $132,580 $110,925
Interest expense 23,175 18,717 85,671 72,255
Net interest income 11,882 10,562 46,909 38,670
Provision for
loan losses 400 195 1,328 463
Net interest income
after provision
for loan losses 11,482 10,367 45,581 38,207
Other income 3,274 7,304 12,915 12,927
Operating expense 11,825 10,031 44,913 36,354
Income before taxes 2,931 7,640 13,583 14,780
Provision for
income taxes 965 2,920 5,062 5,666
Net income $1,966 $4,720 $8,521 $9,114
Basic EPS $.30 $.73 $1.31 $1.42
Diluted EPS $.30 $.73 $1.31 $1.40
SOURCE Fidelity Bankshares, Inc.
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Related links:
http://www.fidfed.com
Company News On-Call:
http://www.prnewswire.com/comp/281429.html or fax,
800-758-5804, ext. 281429
CONTACT:
Vince A. Elhilow, President and CEO, or
Richard D. Aldred, Chief Financial Officer, both of Fidelity
Bankshares, 561-659-9900; or Frank Hawkins or Julie Marshall,
both of Hawk Associates, Inc., 305-852-2383, or e-mail,
info@hawkassociates.com
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