$.46 EPS Includes Non-Recurring $.23 Gain
Recurring EPS Up 21% Net Interest Income Up 32%
WEST PALM BEACH, Fla., April 17 /PRNewswire/ -- Fidelity Bankshares, Inc.
(Nasdaq: FFFL) the holding company for Fidelity Federal Bank & Trust,
announced today the company's net income for the first quarter ended March 31,
2000 was $2,975,000 or $.46 basic and diluted earnings per share. By
comparison, net income for the first quarter ended March 31, 1999, was
$1,217,000 or $.19 basic and diluted earnings per share. Net income for the
quarter ended March 31, 2000, included $1,498,000, after tax, from the receipt
of 142,133 shares of John Hancock Financial stock, received pursuant to John
Hancock's conversion from a mutual to a stock insurance company. This
contributed $.23 to the reported earnings per share for the quarter.
Excluding the non-recurring gain from the John Hancock stock, Fidelity
Bankshares earned $.23 per share on a diluted basis, a gain of 21% over the
first quarter of 1999.
The company's interest rate spread on average assets for the quarter ended
March 31, 2000, improved to 2.84% from 2.25% from the comparable quarter in
1999 and 2.45% from the quarter ended Dec. 31, 1999. The improvement in the
quarter is partially attributable to the bank's $78 million increase in
deposits, of which 88.7% was in core deposits. For the 12 months ended March
31, 2000, deposits increased by $237.7 million, of which 61.3% were core
deposits.
Vince Elhilow, president of Fidelity Bankshares, Inc., said, "We have
completed our plan to add 12 branches. Ten of these opened in 1999 and the
final two were opened in this past quarter. These new branches have
originated $121 million in new deposits as of the end of quarter. This is
ahead of our original plan and expectations and has contributed to the
excellent growth in interest income and net income."
In March, the company's board of directors approved the payment of a
quarterly cash dividend of $.25 per share on its common stock, excluding the
3,542,000 shares held by the company's mutual holding company parent. The
dividend was paid April 14, 2000, to stockholders of record as of March 31,
2000.
On March 6, 2000, the company's mutual holding company, Fidelity
Bankshares MHC, began an open market share purchase program of the company's
common stock. As of March 31, 2000, the MHC had purchased 15,500 shares at an
average price of $14.52 per share, bringing its total ownership to 3,557,500
shares, or 54.7% of the company.
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 nearly $1.8 billion and deposits of nearly
$1.4 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. Unaudited Financial Highlights
Three Months Ended Year Ended
March 31, March 31, Dec. 31,
2000 1999 1999
FOR THE PERIOD (In Thousands)
Interest income $30,476 $26,054 $110,925
Interest expense 19,089 17,426 72,255
Net interest income 11,387 8,628 38,670
Net income 2,975 1,217 9,114
PER COMMON SHARE
Net income:
Basic EPS $0.46 $0.19 $1.42
Diluted EPS 0.46 0.19 1.40
Dividends declared 0.25 0.25 1.00
Book value 12.93 12.84 12.83
Stock price:
High 16.75 23.25 23.25
Low 13.38 18.00 14.13
Close 13.75 18.00 14.13
AVERAGE FOR THE PERIOD
(In Thousands)
Assets $1,755,034 $1,592,858 $1,663,240
Loans receivable, net 1,193,410 995,519 1,067,107
Mortgage-backed securities 368,162 424,582 409,653
Investments 71,360 81,730 86,181
Deposits 1,361,619 1,148,050 1,221,590
Borrowed funds 286,083 338,397 333,439
Stockholders' equity 82,490 84,366 82,567
SELECTED RATIOS
Return on average assets 0.68% 0.31% 0.55%
Return on average equity 14.43% 5.77% 11.04%
Interest rate spread
on average assets
for the period 2.84% 2.25% 2.45%
Net yield on average
interest earning assets
for the period 2.79% 2.30% 2.47%
Net yield on interest
earning assets
at end of period 2.82% 2.53% 2.76%
Interest rate spread
at end of period 2.88% 2.48% 2.79%
Ratio of interest
earning assets to interest
bearing liabilities
at end of period 98.81% 101.14% 99.36%
Ratio of non performing
assets to total assets 0.15% 0.21% 0.20%
Ratio of valuation allowances
to non performing assets 135.17% 96.38% 102.59%
Ratio of valuation allowances
to loans receivable, net 0.31% 0.32% 0.31%
Stockholders' equity
as a percentage of assets 4.67% 5.17% 4.85%
PERIOD END (In Thousands)
Total assets $1,799,390 $1,606,888 $1,718,933
Investments 86,349 92,064 61,477
Loans receivable, net 1,222,459 1,012,716 1,164,421
Mortgage-backed securities 362,904 411,967 375,171
Deposits 1,399,534 1,161,869 1,321,510
Borrowed funds 293,139 338,065 290,479
Stockholders' equity 84,034 83,050 83,304
Fidelity Bankshares Inc. Selected Unaudited Financial Data
March 31, 2000 December 31, 1999
(In thousands)
Selected Financial Data:
Total assets $1,799,390 $1,718,933
Loans, net 1,222,459 1,164,421
Cash and cash equivalents 74,603 60,801
Assets available for sale 412,438 404,230
Real estate owned 285 775
Deposits 1,399,534 1,321,510
FHLB advances 250,144 247,073
Stockholders' equity 84,034 83,304
Fidelity Bankshares Inc. Selected Unaudited Operating Data
Three Months Ended
March 31, 2000 March 31, 1999
(In thousands)
Selected Operating Data:
Interest Income $30,476 $26,054
Interest expense 19,089 17,426
Net interest income 11,387 8,628
Provision for loan losses 201 34
Net interest income after
provision for loan losses 11,186 8,594
Other income 4,312 1,811
Operating expense 10,681 8,418
Income before taxes 4,817 1,987
Provision for income taxes 1,842 770
Net income $2,975 $1,217
Basic EPS $.46 $.19
Diluted EPS $.46 $.19
SOURCE Fidelity Bankshares, Inc.
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Related links:
http//: 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
info@hawkassociates.com, for Fidelity Bankshares
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