Assets Reach $2.14 Billion. Deposits $1.56 Billion
WEST PALM BEACH, Fla., Jan. 17 /PRNewswire-FirstCall/ --
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, 2001 was $7.9 million or $.52 basic and $.51 diluted earnings
per share of common stock. By comparison, net income for the year ended Dec.
31, 2000 was $8.5 million or $.54 basic and diluted earnings per share of
common stock. While the year 2001 included a non-recurring $1.1 million charge
against income relating to computer system charges, the year 2000 net income
included non-recurring income of $3.2 million from the sale of stock pursuant
to the John Hancock demutualization.
For the quarter ended Dec. 31, 2001 net income was $3.7 million or
$.24 basic and diluted earnings per share of common stock. By comparison, net
income for the quarter ended Dec. 31, 2000 was $2.0 million or $.12 basic and
diluted earnings per share of common stock. This represented an increase of
net income of 89%.
The quarter ended Dec. 31, 2001 reflected an increase in net interest
income of $5.5 million or 46.4% compared to the fourth quarter ended Dec. 31,
2000 primarily due to an improvement in the net interest margin from 2.66% to
3.54%.
Vince Elhilow, president and CEO of Fidelity Bankshares, Inc., said, "This
has been a very successful year for Fidelity Bankshares and for our
stockholders. In May, we completed the second-step conversion which made
Fidelity Bankshares wholly owned by the public. In addition, in November, we
completed our computer conversion which will enable us to better serve our
existing customers and compete for new business.
"Looking ahead to 2002, we currently expect core net income for the year
to be in the range of $.90 to $.96 per share as we continue to implement ever-
increasing performance objectives throughout the year. This estimate is
predicated on our assumption that interest rates will begin to rise in the
second half of 2002 resulting in interest margin compression. However, our
estimate does not take into account the possibility that continued national
economic weakness could cause deterioration to credit quality in our markets
requiring additional loan loss provisions as well as diminishing loan demand
from current levels," Elhilow said.
In December 2001, the company's board of directors approved the payment of
a quarterly cash dividend of $.10 per share of common stock to shareholders.
The dividend was paid Jan. 14, 2002 to stockholders of record as of Dec. 31,
2001.
Financial highlights, selected unaudited financial data and selected
unaudited operating data are attached.
Fidelity Bankshares, through its wholly owned subsidiary Fidelity Federal
Bank & Trust, has assets of over $2.1 billion and deposits exceeding
$1.5 billion and operates in Florida through 38 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) 803-9900; 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.fidelityfederal.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.
This press release contains certain "forward-looking statements" which may
be identified by the use of such words as "believe", "expect", "intend",
"anticipate", "should", "planned", "estimated" and "potential." Examples of
forward-looking statements include, but are not limited to, estimates with
respect to our financial condition, results of operations and business that
are subject to various factors which could cause actual results to differ
materially from these estimates and most other statements that are not
historical in nature. These factors include, but are not limited to, general
and local economic conditions, changes in interest rates, deposit flows,
demand for mortgage and other loans, real estate values, and competition;
changes in accounting principles, policies or guidelines; changes in
legislation or regulation; and other economic, competitive, governmental,
regulatory, and technological factors affecting our operations, pricing,
products and services.
Fidelity Bankshares Inc. Financial Highlights (Unaudited)
Three Months Three Months Year Year
Ended Ended Ended Ended
December 31, December 31, December 31, December 31,
2001 2000 2001 2000
FOR THE PERIOD
(In Thousands)
Interest income $34,234 $35,057 $138,480 $132,580
Interest expense 16,839 23,175 81,422 85,671
Net interest income 17,395 11,882 57,058 46,909
Net income 3,708 1,966 7,880 8,521
PER COMMON SHARE
Net income:
Basic EPS $0.24 $0.12 $0.52 $0.54
Diluted EPS 0.24 0.12 0.51 0.54
Dividends declared 0.10 0.10 0.40 0.40
Book value 11.25 5.83 11.25 5.83
Stock price:
High 18.40 8.48 18.40 8.59
Low 12.90 7.45 8.17 5.54
Close 15.97 8.12 15.97 8.12
AVERAGE FOR THE PERIOD
(In Thousands)
Assets $2,123,430 $1,926,562 $2,061,994 $1,859,605
Loans receivable,
net 1,546,813 1,349,348 1,458,899 1,304,678
Mortgage-backed
securities 253,579 328,102 291,068 349,498
Investments 164,687 107,887 152,449 100,721
Deposits 1,567,956 1,440,679 1,536,758 1,400,130
Borrowed funds 330,817 358,028 327,544 336,065
Stockholders' equity 178,056 89,227 144,323 85,461
SELECTED RATIOS
Return on average
assets 0.70% 0.41% 0.38% 0.46%
Return on average
equity 8.33% 8.81% 5.46% 9.97%
Interest rate spread
on average assets
for the period 3.42% 2.71% 2.91% 2.62%
Net yield on average
interest earning
assets for the period 3.54% 2.66% 3.00% 2.67%
Net yield on interest
earning assets at
end of period 3.70% 2.83% 3.70% 2.83%
Interest rate spread
at end of period 3.60% 2.88% 3.60% 2.88%
Ratio of interest
earning assets to
interest bearing
Liabilities at end
of period 103.07% 98.94% 103.07% 98.94%
Ratio of non
performing assets
to total assets 0.24% 0.26% 0.24% 0.26%
Ratio of valuation
allowances to non
performing assets 130.94% 98.41% 130.94% 98.41%
Ratio of valuation
allowances to loans
receivable, net 0.43% 0.36% 0.43% 0.36%
Stockholders' equity
as a percentage
of assets 8.31% 4.74% 8.31% 4.74%
PERIOD END
(In Thousands)
Total assets $2,136,935 $1,932,434 $2,136,935 $1,932,434
Investments 152,446 105,266 152,446 105,266
Loans receivable,
net 1,583,425 1,361,232 1,583,425 1,361,232
Mortgage-backed
securities 237,671 322,223 237,671 322,223
Deposits 1,559,436 1,497,818 1,559,436 1,497,818
Borrowed funds 355,342 310,005 355,342 310,005
Stockholders' equity 177,612 91,651 177,612 91,651
Fidelity Bankshares Inc. Selected Unaudited Operating Data
Fidelity Bankshares, Inc.
Three Months Ended Twelve Months Ended
December 31, December 31,
2001 2000 2001 2000
(In Thousands)
Selected Operating
Data:
Interest income $34,234 $35,057 $138,480 $132,580
Interest expense 16,839 23,175 81,422 85,671
Net interest
income 17,395 11,882 57,058 46,909
Provision for loan
losses 665 400 2,054 1,328
Net interest
income after
provision for
loan losses 16,730 11,482 55,004 45,581
Other income 4,244 3,349 13,764 13,406
Operating expense 14,831 11,899 55,722 45,403
Income before
taxes 6,143 2,932 13,046 13,584
Provision for
income taxes 2,435 966 5,166 5,063
Net income $3,708 $1,966 $7,880 $8,521
Basic EPS $.24 $.12 $.52 $.54
Diluted EPS $.24 $.12 $.51 $.54
SOURCE Fidelity Bankshares, Inc.
 back to top
Related links:
http://www.fidelityfederal.com
http://www.fidfed.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/281429.html
CONTACT:
Vince A. Elhilow, President and CEO, or
Richard D. Aldred, Chief Financial Officer, +1-561-803-9900, both
of Fidelity Bankshares, Inc.; or Frank Hawkins or Julie Marshall,
both of Hawk Associates, Inc., +1-305-852-2383, or
info@hawkassociates.com
|
