WEST PALM BEACH, Fla., July 18 /PRNewswire/ -- Fidelity Bankshares, Inc.
(Nasdaq: FFFL), the holding company for Fidelity Federal Bank & Trust,
announced today the company's net income for the second fiscal quarter ended
June 30, 2000, was $1,733,000 or $.27 basic earnings per share of common stock
compared with $1,537,000 or $.24 basic earnings per share of common stock for
the comparable quarter a year earlier. Total assets at the end of the quarter
were $1.887 billion compared with $1.719 billion on Dec. 31, 1999.
Interest income for the quarter rose 20.9% to $32.6 million, compared to
$27 million for the same quarter ending June 30, 1999. Other income rose
23.5% to $2.3 million compared to $1.9 million in 1999, principally reflecting
increased fees on deposits, as well as income from insurance sales.
The company's net income for the six months ended June 30, 2000, was
$4,708,000 or $.73 basic earnings per share of common stock. This compared
with net income for the six months ended June 30, 1999, of $2,754,000 or $.43
basic earnings per share of common stock.
Vince Elhilow, President of Fidelity Bankshares, Inc., said, "The new
branches that we opened last year and early this year have so far produced
$159.7 million in new deposits, of which approximately 30.6% are core
deposits. This continues to be ahead of our original plan and expectations
and has contributed to the excellent growth in interest income and net
income."
In June 2000, the company's board of directors approved the payment of a
quarterly cash dividend of $.25 per share of common stock to stockholders,
excluding the 3,542,000 shares held by the company's mutual holding company
parent. This dividend was paid July 14, 2000, to stockholders of record as of
June 30, 2000.
The bank's deposits for the second quarter were relatively flat, declining
by approximately $2.6 million. During this quarter, State of Florida
certificates of deposit totaling $65 million matured and were permitted to
"run off". As a result, the bank's core deposits as a percentage of total
deposits improved from 35.9% at March 31, 2000, to 37.3% at June 30, 2000.
After improving from 2.79% at Dec. 31, 1999, to 2.88 % at March 31, 2000,
the company's net interest rate spread declined to 2.81% at June 30, 2000, as
the effects of the Federal Reserve's rate hikes began to be felt. The company
expects this interest margin compression to continue throughout the remainder
of 2000.
The company's operating expense increased by $2.2 million for the quarter
ending June 30, 2000, to $10.9 million, compared to $8.7 million for the same
quarter ended June 30, 1999. This increase is attributable to the operations
of twelve new branches, insurance operations begun in the second half of 1999
and the commencement of trust operations in 2000. During the quarter ended
June 30, 1999, only one of the new branches was in operation for the full
quarter, while two more opened during the quarter.
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 $1.9 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
filling, 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
Year Three Three Six Six
Ended Months Months Months Months
Ended Ended Ended Ended
December 31, June 30, June 30, June 30, June 30,
1999 2000 1999 2000 1999
FOR THE PERIOD
(In Thousands)
Interest income $110,925 $32,601 $26,970 $63,077 $53,024
Interest expense 72,255 20,768 17,597 39,857 35,023
Net interest
income 38,670 11,833 9,373 23,220 18,001
Net income 9,114 1,733 1,537 4,708 2,754
PER COMMON SHARE
Net income:
Basic EPS $1.42 $0.27 $0.24 $0.73 $0.43
Diluted EPS 1.40 0.27 0.24 0.72 0.42
Dividends declared 1.00 0.25 0.25 0.50 0.50
Book value 12.83 13.00 12.00 13.00 12.00
Stock price:
High 23.25 16.63 18.50 16.75 23.25
Low 14.13 13.84 15.25 13.38 15.25
Close 14.13 15.38 16.00 15.38 16.00
AVERAGE FOR
THE PERIOD
(In Thousands)
Assets $1,663,240 $1,835,739
$1,641,246 $1,794,814
$1,618,504
Loans
receivable,
net 1,067,107 1,248,559 1,038,609 1,220,708 1,017,684
Mortgage-backed
securities 409,653 356,900 419,586 362,427 423,346
Investments 86,181 103,963 86,643 87,849 83,061
Deposits 1,221,590 1,390,896 1,186,928 1,372,932 1,168,291
Borrowed funds 333,439 334,692 345,214 312,851 342,340
Stockholders'
equity 82,567 83,880 82,756 83,064 83,634
SELECTED RATIOS
Return on
average assets 0.55% 0.38% 0.37% 0.52% 0.34%
Return on
average equity 11.04% 8.26% 7.43% 11.34% 6.59%
Interest rate
spread on average
assets for
the period 2.45% 2.82% 2.39% 2.82% 2.32%
Net yield on
average interest
earning assets
for the period 2.47% 2.77% 2.43% 2.78% 2.36%
Net yield
on interest
earning assets
at end of period 2.76% 2.76% 2.58% 2.76% 2.58%
Interest rate
spread at
end of period 2.79% 2.81% 2.62% 2.81% 2.62%
Ratio of interest
earning assets to
interest bearing
liabilities at end
of period 99.36% 99.05% 100.80% 99.05% 100.80%
Ratio of
non-performing
assets to
total assets 0.20% 0.12% 0.17% 0.12% 0.17%
Ratio of
valuation
allowances
to non-performing
assets 102.59% 180.12% 113.07% 180.12% 113.07%
Ratio of valuation
allowances
to loans
receivable, net 0.31% 0.32% 0.30% 0.32% 0.30%
Stockholders'
equity as a
percentage
of assets 4.85% 4.48% 4.87% 4.48% 4.87%
PERIOD END
(In Thousands)
Total assets $1,718,933 $1,886,617
$1,677,097 $1,886,617
$1,677,097
Investments 61,477 125,721 90,471 125,721 90,471
Loans
receivable,
net 1,164,421 1,275,808 1,068,310 1,275,808 1,068,310
Mortgage-backed
securities 375,171 351,261 417,408 351,261 417,408
Deposits 1,321,510 1,396,914 1,217,232 1,396,914 1,217,232
Borrowed funds 290,479 373,418 346,774 373,418 346,774
Stockholders'
equity 83,304 84,487 81,806 84,487 81,806
Selected Unaudited Financial Data:
Fidelity Bankshares, Inc.
June 30, December 31,
2000 1999
(In Thousands)
Selected Financial Data:
Total assets $1,886,617 $1,718,933
Loans, net 1,275,808 1,164,421
Cash and cash equivalents 100,650 60,801
Assets available for sale 408,161 404,230
Real estate owned 63 775
Deposits 1,396,914 1,321,510
FHLB advances 328,216 247,073
Stockholders' equity 84,487 83,304
Selected Unaudited Operating Data:
Fidelity Bankshares, Inc.
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
(In Thousands, except per share data)
Selected Operating Data:
Interest income $32,601 $26,970 $63,077 $53,024
Interest expense 20,768 17,597 39,857 35,023
Net interest income 11,833 9,373 23,220 18,001
Provision for
loan losses 364 73 565 107
Net interest income
after provision
for loan losses 11,469 9,300 22,655 17,894
Other income 2,346 1,900 6,658 3,711
Operating expense 10,943 8,706 21,624 17,124
Income before taxes 2,872 2,494 7,689 4,481
Provision for
income taxes 1,139 957 2,981 1,727
Net income $1,733 $1,537 $4,708 $2,754
Basic EPS $.27 $ .24 $ .73 $ .43
Diluted EPS $.27 $ .24 $ .72 $ .42
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, 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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