FIDELITY BANCORP, INC. 
By The Company's net interest income before provision for loan losses increased
The provision for loan losses increased to
Other income, excluding impairment charges on securities, decreased
Operating expenses increased
For the three-months ended
Total assets were
QUARTERLY DIVIDEND
The Board of Directors of Fidelity Bancorp, Inc. yesterday declared a quarterly cash dividend of
The Company's filings with the Securities and Exchange Commission are available on-line through the Company's Internet website at www.fidelitybancorp-pa.com.
Fidelity Bancorp, Inc. is the holding company for Fidelity Bank, a
Statements contained in this news release which are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by Fidelity Bancorp, Inc. with the Securities and Exchange Commission from time to time.
Mr. Richard G. Spencer
President and Chief Executive Officer
(412) 367-3300
E-mail: rspencer@fidelitybank-pa.com
Fidelity Bancorp, Inc. and Subsidiaries
Income Statements for the Three Months Ended
December 31, 2008 and 2007 - Unaudited
(In thousands, except per share data)
Three Months Ended
------------------
December 31,
------------
2008 2007
---- ----
Interest income:
Loans $7,074 $7,329
Mortgage-backed
securities 1,137 940
Investment
securities 1,567 1,923
Deposits with
other institutions 2 5
- -
Total interest
income 9,780 10,197
----- ------
Interest expense:
Savings deposits 2,351 3,379
Borrowed funds 2,650 2,880
SWAP's 25 -
Subordinated debt 80 137
-- ---
Total interest
expense 5,106 6,396
----- -----
Net interest income before
provision for loan losses 4,674 3,801
Provision for loan losses 555 180
--- ---
Net interest income after
provision for loan losses 4,119 3,621
----- -----
Other income:
Loan service charges
and fees 127 114
Impairment charge on
securities (75) (322)
Gain on sale of loans 30 12
Deposit service charges
and fees 388 398
Other operating income 305 377
--- ---
Total other income 775 579
--- ---
Operating expenses:
Compensation and
benefits 1,927 1,872
Office occupancy and
equipment 236 233
Depreciation and
amortization 122 130
Loss on sales of
foreclosed real estate 5 5
Foreclosed real estate
expense 1 21
Intangible amortization 7 8
Service bureau expense 106 68
Other operating expenses 828 749
--- ---
Total operating
expenses 3,232 3,086
----- -----
Income before income tax
provision 1,662 1,114
Income tax
provision (25) 253
--- ---
Net income $1,687 $861
====== ====
Basic earnings per share $0.56 $0.29
===== =====
Diluted earnings per
share $0.53 $0.28
===== =====
Balance Sheets - Unaudited
(In thousands, except share data)
December 31, September 30, December 31,
2008 2008 2007
----------- ------------ -----------
Assets:
Cash and due from
depository
institutions $6,163 $6,701 $8,098
Interest-earning
demand deposits 1,473 4,071 332
Securities
available-for-sale 143,515 146,680 153,743
Securities
held-to-maturity 79,177 75,404 68,983
Loans receivable,
net 473,107 460,786 463,839
Loans held-for-sale 443 225 216
Foreclosed real
estate, net 157 170 25
Federal Home Loan
Bank stock, at cost 10,034 7,943 7,466
Accrued interest
receivable 3,392 3,512 3,688
Office premises and
equipment 7,037 6,949 5,634
Other assets 16,810 14,769 12,819
------ ------ ------
Total assets $741,308 $727,210 $724,843
======== ======== ========
Liabilities and
Stockholders' Equity:
Liabilities:
Deposits $411,244 $416,414 $421,350
Short-term
borrowings 44,729 32,258 34,041
Subordinated notes
payable 7,732 7,732 7,732
Securities sold
under agreement to
repurchase 103,762 104,003 104,588
Advance payments by
borrowers for taxes
and insurance 2,989 1,483 3,071
Long-term debt 118,736 118,800 103,988
Other liabilities 5,408 4,365 3,125
----- ----- -----
Total
liabilities 694,600 685,055 677,895
------- ------- -------
Stockholders' equity:
Preferred stock, $.01
par value per share,
5,000,000 shares
authorized, 7,000
shares issued 6,640 - -
Common stock, $.01
par value per share,
10,000,000 shares
authorized, 3,658,714,
3,647,854, and
3,629,846 shares issued 36 36 36
Treasury stock,
619,129, 619,129,
and 619,129 shares (10,382) (10,382) (10,382)
Additional paid-in
capital 46,289 45,931 45,673
Retained earnings 13,011 12,268 13,557
Accumulated other
comprehensive loss,
net of tax (8,886) (5,698) (1,936)
------ ------ ------
Total stockholders'
equity 46,708 42,155 46,948
------ ------ ------
Total liabilities
and stockholders'
equity $741,308 $727,210 $724,843
======== ======== ========
Other Data:
At or For the Three Month Period Ended
December 31,
------------
2008 2007
---- ----
Annualized return on average assets 0.91% 0.47%
Annualized return on average equity 15.66% 7.33%
Equity to assets 6.30% 5.80%
Interest rate spread (tax equivalent) 2.52% 1.96%
Net interest margin (tax equivalent) 2.75% 2.27%
Non-interest expense to average assets 1.75% 1.69%
Loan loss allowance to net loans 0.76% 0.67%
Non-performing loans and foreclosed
real estate to total assets at
end-of-period 1.24% 1.23%
SOURCE Fidelity Bancorp, Inc.
