Assets Reach $1.7 Billion; Deposits $1.3 Billion; New Branches Performing Well
WEST PALM BEACH, Fla., Jan. 18 /PRNewswire/ -- Fidelity Bankshares, Inc.
(Nasdaq: FFFL) the holding company for Fidelity Federal Savings Bank of
Florida, announced today the company's net income for the quarter ended
Dec. 31, 1999 was $4,720,000 or $.73 basic earnings per share of common stock.
By comparison, net income for the quarter ended Dec. 31, 1998 was $1,186,000
or $.18 basic earnings per share of common stock. Net income for the quarter
ended Dec. 31, 1999 included a gain on the sale of property of $5.1 million
before tax and other non-recurring income of $200,000. In the aggregate,
these items accounted for $.51 basic earnings per share for the quarter ended
Dec. 31, 1999.
The company's net income for the year ended Dec. 31, 1999 was $9,114,000
or $1.42 basic earnings per share of common stock. This compared with net
income for the year ended Dec. 31, 1998 of $7,412,000 or $1.12 basic earnings
per share of common stock. Non-recurring income contributed to $.55 basic
earnings per share in 1999, compared with $.24 for the year ended Dec. 31,
1998.
Vince Elhilow, president of Fidelity Bankshares, Inc., said, "We are
pleased to announce the most profitable year in the bank's 47 year history.
Most gratifying is the fact that operating income, excluding non-recurring
income, actually improved in 1999 compared with 1998 despite expenses of
opening 10 new offices in 1999. These new offices have greatly exceeded our
expectations, generating so far over $86 million in new deposits. This
compares with approximately $55 million in new deposits we originally
anticipated by the end of 1999."
In December 1999, the company's board of directors approved the payment of
a quarterly cash dividend of $.25 per share of common stock to shareholders,
excluding the 3,542,000 shares held by the company's mutual holding company
parent. The dividend was paid Jan. 14, 2000 to stockholders of record as of
Dec. 31, 1999.
The company's subsidiary, Fidelity Federal Savings Bank of Florida, opened
four new branches during the quarter ended Dec. 31, 1999. In total, the bank
opened 10 new branches during 1999, bringing its total branches to 32. By
February 2000, the bank will have opened two more branches concluding the
initial phase of its branch expansion program.
Financial highlights, selected unaudited financial data and selected
unaudited operating data are attached.
Fidelity Bankshares, through its wholly-owned subsidiary Fidelity Federal
Savings Bank of Florida, has assets of approximately $1.7 billion and deposits
of $1.3 billion and operates in Florida through 32 offices in Palm Beach,
Martin and St. Lucie counties. The bank offers traditional banking products
as well as 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 3 Months Ended 3 Months Ended Year Ended Year Ended
(In Thousands) December 31, December 31, December 31, December 31,
1998 1999 1998 1999
Interest income $25,537 $29,279 $98,320 $110,925
Interest expense 17,593 18,717 65,038 72,255
Net interest income 7,944 10,562 33,282 38,670
Net income 1,186 4,720 7,412 9,114
PER COMMON SHARE
Net income:
Basic EPS $0.18 $0.73 $1.12 $1.42
Diluted EPS 0.18 0.73 1.10 1.40
Dividends declared 0.25 0.25 0.95 1.00
Book value 12.49 12.83 12.49 12.83
Stock price:
High 24.00 17.38 35.38 23.25
Low 18.75 14.13 18.75 14.13
Close 22.75 14.13 22.75 14.13
AVERAGE FOR THE PERIOD
(In Thousands)
Assets $1,532,924 $1,720,629 $1,424,178 $1,663,240
Loans receivable,
net 956,049 1,138,546 917,647 1,067,107
Mortgage-backed
securities 418,757 385,297 357,448 409,653
Investments 76,585 85,969 70,674 86,181
Deposits 1,081,429 1,301,381 993,343 1,221,590
Borrowed funds 338,952 311,029 315,907 333,439
Stockholders' equity 87,897 81,630 88,974 82,567
SELECTED RATIOS
Return on average assets 0.31% 1.10% 0.52% 0.55%
Return on average equity 5.40% 23.13% 8.33% 11.04%
Interest rate spread on
avg. assets for
the period 2.10% 2.63% 2.35% 2.45%
Net yield on avg.
interest earning
assets for the period 2.20% 2.62% 2.48% 2.47%
Net yield on interest
earning assets at
end of period 2.41% 2.76% 2.47% 2.76%
Interest rate spread
at end of period 2.47% 2.79% 2.41% 2.79%
Ratio of interest
earning assets to
interest bearing
liabilities at end
of period 101.25% 99.36%
Ratio of non performing
assets to total assets 0.26% 0.20%
Ratio of valuation
allowances to non
performing assets 78.42% 102.59%
Ratio of valuation allowances
to loans receivable, net 0.33% 0.31%
Stockholders' equity as
a percentage of assets 5.42% 4.85%
PERIOD END (In Thousands)
Total assets $1,566,927 $1,718,933
Investments 66,557 61,477
Loans receivable, net 977,166 1,164,421
Mortgage-backed securities 433,751 375,171
Deposits 1,120,746 1,321,510
Borrowed funds 338,871 290,479
Stockholders' equity 84,999 83,304
Fidelity Bankshares Inc. Selected Unaudited Financial Data
December 31, 1998 December 31, 1999
(In thousands)
Selected Financial Data:
Total assets $1,566,927 $1,718,933
Loans, net 977,166 1,164,421
Cash and cash equivalents 60,026 60,801
Assets available for sale 452,575 404,230
Real estate owned 907 775
Deposits 1,120,746 1,321,510
FHLB advances 303,140 247,073
Stockholders' equity 84,999 83,304
Fidelity Bankshares Inc. Selected Unaudited Operating Data
3 Months Ended Year Ended
December 31 December 31
1998 1999 1998 1999
(In thousands)
Selected Operating Data:
Interest income $25,537 $29,279 $98,320 $110,925
Interest expense 17,593 18,717 65,038 72,255
Net interest income 7,944 10,562 33,282 38,670
Provision for loan losses 120 195 77 463
Net interest income after
provision for loan losses 7,824 10,367 33,205 38,207
Other income 2,063 7,304 8,690 12,927
Operating expense 7,926 10,031 29,641 36,354
Income before taxes 1,961 7,640 12,254 14,780
Provision for income taxes 775 2,920 4,842 5,666
Net income $1,186 $4,720 $7,412 $9,114
Basic EPS $.18 $.73 $1.12 $1.42
Diluted EPS $.18 $.73 $1.10 $1.40
SOURCE Fidelity Bankshares, Inc.
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800-758-5804, ext. 281429
Related links:
http//www.fidfed.com
CONTACT:
Vince A. Elhilow, President and CEO, or
Richard D. Aldred, Chief Financial Officer, both of Fidelity
Bankshares, Inc., 561-659-9900; or Frank Hawkins or Julie
Marshall, both of Hawk Associates, Inc., 305-852-2383, or e-mail,
info@hawkassociates.com , for Fidelity Bankshares, Inc.
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