WEST PALM BEACH, Fla., Sept. 17 /PRNewswire-FirstCall/ --
Fidelity Bankshares, Inc. (Nasdaq: FFFL) said today the company expects to
meet analysts' consensus estimates for earnings per share for the company's
third fiscal quarter that ends September 30, 2002 and also expects to exceed
the company's own earnings guidance for the year.
President and CEO Vince A. Elhilow said, "The company experienced
unprecedented levels of refinance-related loan prepayments during the second
quarter of 2002 which have continued into this third quarter. We also have
received a high volume of borrower requests for rate-related loan
modifications. Our overall new loan volume has been exceeding the prepayments
and modifications and as a result the company's profits have continued to
grow. As a portfolio lender, we have no deferred servicing costs on our books
and therefore the prepayments will not cause us to recognize any such
additional expense."
Mr. Elhilow said, "Because the levels of prepayments and modifications are
varying so widely on a month to month basis, we are unable at this point to
offer earnings guidance for the fourth quarter. Nevertheless, we expect to
exceed the estimate of annual earnings per share of $0.96 per share that we
made at the beginning of the year."
Fidelity Bankshares, Inc., through Fidelity Federal Bank & Trust, has
assets of $2.35 billion and deposits of $1.74 billion and operates in Florida
through 39 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.
An investment profile on Fidelity Bankshares may be found on the website
http://www.hawkassociates.com/fffl/profile.htm.
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.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.
SOURCE Fidelity Bankshares, Inc.
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Related links:
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, both of Fidelity
Bankshares, +1-561-803-9900; or Frank Hawkins or Julie Marshall,
both of Hawk Associates, Inc., +1-305-852-2383, or e-mail,
info@hawkassociates.com
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