Assets Reach $4.1B; Deposits $3.5B
WEST PALM BEACH, Fla., Jan. 18 /PRNewswire-FirstCall/ -- Fidelity
Bankshares, Inc. (Nasdaq: FFFL), the holding company for Fidelity Federal Bank
& Trust, announced today that the company's net income for the year ended
December 31, 2005 increased by 40.1% to $32.1 million, or $1.32 basic and
$1.28 diluted earnings per share of common stock, from $22.9 million, or $1.04
basic and $1.01 diluted earnings per share of common stock in 2004.
Net income for the fourth quarter ended December 31, 2005 increased 56.6%
to $8.4 million or $0.34 basic and $0.33 diluted earnings per share of common
stock, compared to net income for the fourth quarter of 2004 of $5.3 million,
or $0.24 basic and $0.23 diluted earnings per share of common stock.
The net interest margin for the fourth quarter was 3.68%, compared with
3.48% for the fourth quarter of 2004 and 3.74% for the third quarter of 2005.
For the year ended December 31, 2005, the net interest margin was 3.74%,
compared to 3.36% for the year ended December 31, 2004.
Core deposits, which exclude all certificates of deposit, were 74.5% of
total deposits at December 31, 2005, compared with 77.5% at December 31, 2004
and 76.3% at September 30, 2005. As a result of local governmental approval
delays, the opening of two new offices during the quarter did not occur until
January 2006. The company, therefore, relied on the issue of short-term
certificates of deposit to provide for loan funding needs. These offices have
now opened, and the company expects core deposits generated by these new
branches will replace the short-term certificates of deposit.
Chairman and CEO Vince Elhilow said, "This was another good year for our
bank operations and our shareholders, despite difficulties presented by the
continuing flattening of the interest rate yield curve and disruption to our
operations caused by Hurricane Wilma. We are now operating 50 full-service
branch locations and three loan production offices in five South Florida
counties. We surpassed $4 billion in assets as we continued to gain share in
one of the most attractive banking markets in America."
The company's board of directors declared a cash dividend of $0.08 per
share for stockholders of record on January 19, 2006. This distribution will
be paid on January 27, 2006.
At December 31, 2005, Fidelity Bankshares, Inc., through its subsidiary
Fidelity Federal Bank & Trust, had assets of $4.08 billion and deposits of
$3.54 billion. The Bank opened two new offices in January in northern Broward
County in an area contiguous to Boca Raton. It now operates in Florida through
50 branches and three loan production offices in Palm Beach, Martin, Broward,
Indian River and St. Lucie counties.
An investment profile on Fidelity Bankshares may be found on
http://www.hawkassociates.com/fffl/profile.htm .
For more information, contact Chairman 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) 451-1888, e-mail:
info@hawkassociates.com . Information about Fidelity Bankshares, Inc. can be
found on http://www.fidelityfederal.com . Fidelity Bankshares press releases,
SEC filings, current price quotes, stock charts and other valuable information
for investors may be found on http://www.hawkassociates.com .
Fidelity Bankshares, Inc.
Financial Highlights
(Unaudited)
Three Three Twelve Twelve
Months Months Months Months
Ended Ended Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2005 2004 2005 2004
FOR THE PERIOD
(In Thousands)
Interest income $57,168 $44,525 $206,551 $164,664
Interest expense 23,305 15,963 76,211 59,864
Net interest income 33,863 28,562 130,340 104,800
Chargeoffs 64 5 330 252
Recoveries 1 -- 1 25
Gain on sale of loans 85 228 728 619
Gain (loss) on sale of
mortgage-backed and
investment securities -- (728) -- 407
Net income 8,360 5,340 32,082 22,897
PER COMMON SHARE
Net Income: (1)
Basic EPS $0.34 $0.24 $1.32 $1.04
Diluted EPS 0.33 0.23 1.28 1.01
Dividends declared (1) 0.08 0.08 0.32 0.28
Book value (1) 11.34 10.29 11.34 10.29
Stock price: (1)
High 34.20 28.85 34.20 28.85
Low 26.25 24.24 22.27 20.41
Close 32.70 28.51 32.70 28.51
AVERAGE FOR THE PERIOD
(In Thousands)
Assets $3,988,405 $3,491,085 $3,762,005 $3,336,797
Loans receivable, net 2,964,449 2,600,046 2,723,586 2,424,354
Mortgage-backed
securities 622,820 458,718 645,458 466,035
Investments 96,964 222,708 118,138 227,328
Deposits 3,343,502 2,810,154 3,132,413 2,665,929
Borrowed funds 281,622 386,959 294,572 400,498
Stockholders' equity 281,997 216,287 270,210 199,273
SELECTED RATIOS
Return on average assets 0.84% 0.61% 0.85% 0.69%
Return on average equity 11.86% 9.88% 11.87% 11.49%
Interest rate spread on
average assets for the
period 3.64% 3.43% 3.70% 3.33%
Net interest margin 3.68% 3.48% 3.74% 3.36%
Ratio of non performing
assets to total assets 0.22% 0.19% 0.22% 0.19%
Ratio of valuation
allowances to non
performing assets 176.94% 211.85% 176.94% 211.85%
Ratio of valuation
allowances to loans
receivable, net 0.53% 0.53% 0.53% 0.53%
Stockholders' equity as
a percentage of assets 6.97% 7.24% 6.97% 7.24%
PERIOD END
(In Thousands, except
for share data)
Total assets $4,081,592 $3,470,539 $4,081,592 $3,470,539
Interest earning cash
and investment
securities 92,202 106,238 92,202 106,238
Mortgage-backed
securities 598,834 529,640 598,834 529,640
Loans receivable, net 3,036,710 2,556,700 3,036,710 2,556,700
Federal Home Loan Bank
Stock 11,398 17,399 11,398 17,399
Real estate owned and
held for investment 1,793 -- 1,793 --
Loan loss reserve 16,171 13,628 16,171 13,628
All other assets 340,655 260,562 340,655 260,562
Borrowed funds 200,085 350,560 200,085 350,560
Common shares
outstanding (1) 25,114,716 24,425,050 25,114,716 24,425,050
Stockholders' equity 284,677 251,283 284,677 251,283
(1) Reflects 3 for 2 stock split distributed in form of a stock
dividend paid on January 14, 2005 to stockholders of record on
December 31, 2004.
Certain amounts in prior year have been reclassified to conform with
the December 31, 2005 presentation.
Fidelity Bankshares Inc.
Selected Unaudited Operating Data
Three Months Ended Twelve Months Ended
December 31, December 31,
2005 2004 2005 2004
(In Thousands, except for (In Thousands, except for
share and per share data) share and per share data)
Selected Operating
Data:
Interest income $57,168 $44,525 $206,551 $164,664
Interest expense 23,305 15,963 76,211 59,864
Net interest income
before provision for
loan losses 33,863 28,562 130,340 104,800
Provision for loan
losses 579 562 1,877 2,736
Net interest income
after provision for
loan losses 33,284 28,000 128,463 102,064
Other income
Fees on deposit
accounts 3,037 2,674 11,309 11,048
Fees for other
banking services 3,147 2,657 12,518 11,156
Gain on sale of
loans 85 228 728 619
Gain on sale of
securities -- (728) -- 407
Other income 551 477 1,936 1,943
Total other
income 6,820 5,308 26,491 25,173
Operating expense
Compensation and
benefits 15,211 12,899 58,448 50,475
Occupancy and
equipment 5,545 4,256 20,846 16,612
All other operating
expense 5,874 7,405 23,903 22,563
Total operating
expense 26,630 24,560 103,197 89,650
Income before taxes 13,474 8,748 51,757 37,587
Provision for income
taxes 5,114 3,408 19,675 14,690
Net income $8,360 $5,340 $32,082 $22,897
Earnings per share: (1)
Basic $.34 $.24 $1.32 $1.04
Diluted $.33 $.23 $1.28 $1.01
Shares used for EPS
computations: (1)
Basic 24,556,045 22,288,494 24,344,880 22,068,136
Diluted 25,279,606 23,040,279 25,012,528 22,748,552
(1) Reflects 3 for 2 stock split distributed in the form of a stock
dividend paid on January 14, 2005 to stockholders of record on
December 31, 2004.
Certain amounts in prior year have been reclassified to conform with
the December 31, 2005 presentation.
Fidelity Bankshares Inc.
Selected Unaudited Financial Data
December 31, December 31,
2005 2004
(In Thousands)
Assets
Cash and interest earning deposits $188,723 $149,409
Assets available for sale 410,473 505,629
Assets held to maturity 242,497 89,167
Loans:
Residential mortgage 1,523,740 1,389,153
Commercial mortgage 1,082,719 831,165
Consumer 295,622 231,333
Commercial business 153,916 121,331
Gross loans 3,055,997 2,572,982
Less:
Deferred costs (income) 3,116 2,654
Allowance for loan losses 16,171 13,628
Loans, Net 3,036,710 2,556,700
Office properties and equipment 91,164 83,439
FHLB stock 11,398 17,399
REO 1,793 --
Goodwill 14,256 2,171
Core Deposit Intangible 6,528 --
All other assets 78,050 66,625
Total assets $4,081,592 $3,470,539
Liabilities and Equity
Liabilities:
Deposits:
Checking, savings and money
market accounts $2,638,794 $2,182,020
Certificates of deposit 902,080 632,650
Total deposits 3,540,874 2,814,670
Repurchase agreements 54,113 46,097
Borrowings from FHLB 92,364 250,855
Subordinated debentures 53,608 53,608
All other liabilities 55,956 54,026
Total liabilities 3,796,915 3,219,256
Stockholders' equity 284,677 251,283
Total liabilities and equity $4,081,592 $3,470,539
Certain amounts in prior year have been reclassified to conform with
the December 31, 2005 presentation.
SOURCE Fidelity Bankshares, Inc.
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Related links:
http://www.fidelityfederal.com
http://www.hawkassociates.com
http://www.hawkassociates.com/fffl/profile.htm
CONTACT:
Vince A. Elhilow, Chairman and CEO, or
Richard D. Aldred, Chief Financial Officer, both of Fidelity
Bankshares, +1-561-803-9900; or Frank Hawkins or Julie Marshall,
both of Hawk Associates, +1-305-451-1888, for Fidelity Bankshares
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