WEST PALM BEACH, Fla., Dec. 20 /PRNewswire/ --
Fidelity Bankshares, Inc. (Nasdaq: FFFL), the holding company for Fidelity
Federal Bank & Trust, said today that it expects its financial results for the
quarter ending December 31, 2001 will exceed analysts' expectations by as much
as 20%. The current published consensus of analysts following Fidelity
Bankshares is that the company will report earnings per share of $.16 - $.17
for the quarter.
President and CEO Vince A. Elhilow said, "The company's projected increase
in net income is due to a substantial improvement in our net interest margin
resulting from better than expected repricing of certificates of deposit. For
the two months through November, our net interest margin has averaged 3.45%
compared to 3.01% for the quarter ended September 30, 2001. With all the bad
news we've been hearing about the economy, we're pleased to be able to share
some good news with our stockholders and the investment community in time for
the holiday season."
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Examples of
forward-looking statements include, but are not limited to, estimates with
respect to the financial condition, results of operations and business of the
company that are subject to various factors which could cause actual results
to differ materially from these estimates.
Factors that might cause a difference include, but are not limited to,
general economic conditions, changes in interest rates, deposit flows, loan
demand, real estate values and competition; changes in accounting principles,
policies, or guidelines; changes in legislation or regulation; and other
economic, competitive, governmental, regulatory, and technological factors
affecting Fidelity's operations, pricing, products and services.
Actual results may differ materially from the results discussed in these
forward-looking statements. Fidelity Bankshares, Inc. assumes no obligation
for updating such forward-looking statements at any time. Investors are
encouraged to access Fidelity Bankshares' periodic reports filed with the
Securities and Exchange Commission for financial and business information
regarding the Company.
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 Chief
Executive Officer, or Richard D. Aldred, Chief Financial Officer,
both of Fidelity Bankshares, +1-561-659-9900
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