WEST PALM BEACH, Fla., Oct. 16 /PRNewswire/ --
Fidelity Bankshares, Inc. (Nasdaq: FFFL), the holding company for Fidelity
Federal Bank & Trust, announced today the company's net income for the third
quarter ended September 30, 2001 was $2,313,000 or $.15 diluted earnings per
share. This compared with $1,847,000 or $.12 diluted earnings per share for
the comparable period in 2000. Core net income, which excluded non-recurring
income in both periods, increased by 51% in 2001, compared to 2000.
The company's total assets reached $2.11 billion and deposits, of which
42.4% were core deposits, rose 10.6% to $1.56 billion, compared to September
30, 2000.
Net income for the nine months ended Sept. 30, 2001 was $4,172,000 or $.27
diluted earnings per share compared to $6,555,000 or $.41 diluted earnings per
share for the nine months ended September 30, 2000. The results for 2001
included a one time, non-recurring charge against income of $1.1 million
relating to the company's pending computer conversion and $525,000 of non-
recurring income. By comparison, the same period in 2000 included non-
recurring income of $3.1 million, principally as the result of shares received
in the demutualization of John Hancock Financial.
While operating expenses increased by $2.4 million for the quarter ended
September 30, 2001 compared to the same period in 2000, this was offset by an
increase in net interest income after provision for loan losses of just over
$3 million. This increase reflected the decline in the cost of certificates
of deposit at a more rapid rate than declines in income resulting from
repricing of the company's investments in adjustable rate assets.
The company also benefited from an increase in fee income of $687,000 in
the quarter ended September 30, 2001 compared to 2000. The increase in fee
income is principally attributable to increased insurance sales and trust
fees.
Vince Elhilow, president and CEO of Fidelity Bankshares, Inc., said, "This
was a solid quarter of growth that keeps us on our plan for the year. It was
important that our core net income increased by 51% as we continued to realize
benefit from the growth in deposits and other services at our new branches.
Additionally, the increase in income was partially attributable to improvement
in the bank's interest rate margins," Elhilow said.
In September, the company's board of directors approved the payment of a
quarterly dividend of $.10 per share of common stock to stockholders. The
dividend was paid October 12, 2001 to stockholders of record as of
September 28, 2001.
Fidelity Bankshares Inc. operates through its wholly-owned subsidiary
Fidelity Federal Bank & Trust. As a result of the opening of the bank's
newest office in Boca Raton on September 10, 2001, the bank has 38 offices in
Palm Beach, Martin and St. Lucie counties. The bank offers traditional
community 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.
Financial highlights, selected unaudited financial data and selected
unaudited operating data follow.
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 .
Fidelity Bankshares, Inc. Unaudited Financial Highlights
Three Three Nine Nine
Year Months Months Months Months
Ended Ended Ended Ended Ended
Dec. 31, Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2000 2001 2000 2001 2000
FOR THE PERIOD
(In Thousands)
Interest income $132,580 $34,694 $34,446 $104,246 $97,523
Interest expense 85,671 19,733 22,639 64,583 62,496
Net interest income 46,909 14,961 11,807 39,663 35,027
Net income 8,521 2,313 1,847 4,172 6,555
PER COMMON SHARE
Net income:
Basic EPS $0.54 $0.15 $0.12 $0.27 $0.41
Diluted EPS 0.54 0.15 0.12 0.27 0.41
Dividends declared 0.41 0.10 0.10 0.30 0.30
Book value 5.83 11.23 5.25 11.23 5.25
Stock price:
High 8.59 15.35 8.59 15.35 8.59
Low 5.54 12.40 6.31 8.17 5.54
Close 8.12 13.35 8.48 13.35 8.48
AVERAGE FOR THE PERIOD
(In Thousands)
Assets $1,859,805 $2,085,447 $1,912,528 $2,042,081 $1,838,380
Loans receivable,
net 1,272,362 1,542,217 1,300,405 1,429,077 1,247,033
Mortgage-backed
securities 349,498 286,801 347,183 303,887 357,409
Investments 100,667 159,926 122,594 149,601 97,960
Deposits 1,400,130 1,535,669 1,409,450 1,526,829 1,385,141
Borrowed funds 336,065 330,475 372,999 328,396 330,853
Stockholders'
equity 85,461 176,065 85,719 134,101 83,983
SELECTED RATIOS
Return on
average assets 0.46% 0.44% 0.39% 0.27% 0.48%
Return on
average equity 9.97% 5.25% 8.62% 4.15% 10.41%
Interest rate
spread on
average assets
for the period 2.77% 2.75% 2.71% 2.74% 2.78%
Net yield on
average interest
earning assets
for the period 2.72% 3.01% 2.67% 2.81% 2.74%
Net yield on
interest earning
assets at end
of period 2.74% 3.32% 2.77% 3.32% 2.77%
Interest rate
spread at end
of period 2.78% 3.19% 2.80% 3.19% 2.80%
Ratio of interest
earning assets
to interest bearing
liabilities at
end of period 98.94% 103.39% 99.40% 103.39% 99.40%
Ratio of non
performing assets
to total assets 0.26% 0.23% 0.27% 0.23% 0.27%
Ratio of valuation
allowances to non
performing assets 98.41% 126.28% 86.01% 126.28% 86.01%
Ratio of valuation
allowances to loans
receivable, net 0.36% 0.41% 0.34% 0.41% 0.34%
Stockholders' equity
as a percentage
of assets 4.74% 8.38% 4.54% 8.38% 4.54%
PERIOD END
(In Thousands)
Total assets $1,933,449 $2,112,605 $1,915,175 $2,112,605 $1,915,175
Investments 105,163 172,917 102,027 172,917 102,027
Loans receivable,
net 1,361,232 1,512,363 1,328,192 1,512,363 1,328,192
Mortgage-backed
securities 322,223 231,915 342,633 231,915 342,633
Deposits 1,497,818 1,562,263 1,412,433 1,562,263 1,412,433
Borrowed funds 310,005 323,055 371,802 323,055 371,802
Stockholders'
equity 91,651 177,026 86,871 177,026 86,871
Selected Unaudited Operating Data:
Fidelity Bankshares, Inc.
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
(In Thousands, except per share data)
Selected Operating Data:
Interest income $34,694 $34,446 $104,246 $97,523
Interest expense 19,733 22,639 64,583 62,496
Net interest income 14,961 11,807 39,663 35,027
Provision for loan losses 483 363 1,389 928
Net interest income
after provision for
loan losses 14,478 11,444 38,274 34,099
Other income 3,185 2,983 9,051 9,641
Operating expense 13,839 11,464 40,422 33,088
Income before taxes 3,824 2,963 6,903 10,652
Provision for income taxes 1,511 1,116 2,731 4,097
Net income $2,313 $1,847 $4,172 $6,555
Basic EPS $.15 $.12 $.27 $ .41
Diluted EPS $.15 $.12 $.27 $ .41
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, Inc., +1-561-803-9900; or Frank Hawkins or Julie
Marshall, both of Hawk Associates, Inc., +1-305-852-2383, or
info@hawkassociates.com, for Fidelity Bankshares, Inc.
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