PITTSBURGH, PA, January 20, 2012 -- Fidelity Bancorp,
Inc. of Pittsburgh, Pennsylvania (NASDAQ: FSBI), the holding
company for Fidelity Bank reported net income for the
three-month period ended December 31, 2011 of $565,000 or
$0.15 per share (diluted), compared to a net loss of $135,000
or ($0.08) per share (diluted) in the prior year quarter. The
$700,000 increase in net income primarily reflects an
increase in other income of $1.1 million and a decrease in
operating expenses of $115,000, partially offset by a
decrease in net interest income of $86,000, an increase in
the provision for loan losses of $50,000, and an increase in
income tax provision of $367,000. Included in other
income for the three months ended December 31, 2011 were
other-than-temporary impairment charges ("OTTI") of
$52,000 compared to $1.1 million recognized in the prior year
period. Annualized return on assets was 0.34% and return
on equity was 4.46% for the fiscal 2011 period, compared to
(0.08%) and (1.09%), respectively, for the same period in the
prior year.
The Company's net interest income before provision
for loan losses decreased $86,000 or 2.3% to $3.6 million for
the quarter ended December 31, 2011, compared to $3.7 million
in the prior year period. The decrease reflects a decrease in
net interest-earning assets, partially offset by an increase
in the interest rate spread. The Company's tax
equivalent interest rate spread increased to 2.23% for the
three months ended December 31, 2011 compared to 2.14% in the
prior year.
The provision for loan losses was $350,000 for the
quarter ended December 31, 2011, compared to $300,000 for the
prior year quarter. The provision for loan losses is charged
to operations to bring the total allowance for loan losses to
a level that reflects management's best estimates of the
losses inherent in the portfolio. When determining the
provision for loan losses, the Company considers a number of
factors some of which include specific credit reviews,
non-performing, delinquency and charge-off trends,
concentrations of credit, loan volume trends and broader
local and national economic trends. Net charge-offs for
the three-months ended December 31, 2011 were $1.4 million
compared to $156,000 in the prior year
period. Non-performing assets and foreclosed real estate
were 2.19% of total assets at December 31, 2011, and the
allowance for loan losses was 67.4% of non-performing loans
and 1.35% of gross loansat that date. Non-performing
assets and foreclosed real estate were 1.49% of total assets
at September 30, 2011, and the allowance for loan losses was
84.5% of non-performing loans and 1.64% of gross loans at
that date. Non-performing assets increased $4.6 million
from September 30, 2011, primarily due to four commercial
real-estate loans totaling $4.7 million that were performing
at September 30, 2011, however, were non-performing at
December 31, 2011. Non-performing assets and foreclosed
real estate were 1.89% of total assets at December 31, 2010,
and the allowance for loan losses was 48.8% of non-performing
loans and 1.62% of gross loansat that date.
Other income, excluding gains on sales of securities
and impairment charges on securities, was relatively
unchanged at $1.1 million for the quarter ended December 31,
2011 compared to the prior year period. Gains on sales of
securities were $66,000 for the quarter ended December 31,
2011, compared to $5,000 in the prior year. Impairment
charges on securities were $52,000 for the quarter ended
December 31, 2011, compared to $1.1 million in the prior
year. The impairment charges for the current period
relate to the Company's holdings of a private label
mortgage-backed security, whereas the impairment charges for
the prior year period relate to the Company's holdings of
five pooled trust preferred securities
('"trups"), a private label mortgage-backed
security, and common stock of a local financial institution.
The impairment charges incurred during the current period
primarily resulted from the decline in the net present value
of the security's projected cash flows. Management
of the Company has deemed the impairment on this investment
to be other-than-temporary based upon the cash flow
analysis. At December 31, 2011, the Company had holdings
in 18 different trust preferred offerings with a book value
of $14.4 million. The unrealized loss on these securities
amounted to $6.1 million at December 31, 2011.
Operating expenses decreased $115,000 or 3.0% to $3.7
million for the quarter ended December 31, 2011, compared to
$3.8 million in the prior year period. Changes within
operating expenses include decreases in compensation and
benefits expense, federal deposit insurance premiums, and net
gains on sales of real estate owned, of $78,000, $76,000, and
$24,000 respectively. These decreases were offset by an
increase in occupancy and equipment of $36,000.
For the three-months ended December 31, 2011, the tax
provision increased $367,000 to a provision of $133,000
compared to a benefit of $234,000 for the same period last
year. The tax benefit for the prior period was
significantly impacted by the impairment charges during the
period. The OTTI charges recorded in the prior period
caused pre-tax income to be lower than tax-exempt income;
therefore a tax benefit was recorded.
Total assets were $660.9 million at December 31, 2011,
a decrease of $6.0 million or 0.90% compared to September 30,
2011, anda decrease of $33.5 million or 4.8% compared to
December 31, 2010. Net loans outstanding increased $1.7
million or 0.50% to $348.0 million at December 31, 2011 as
compared to September 30, 2011, anddecreased$13.1 million or
3.6% as compared to December 31, 2010. Deposits increased
$9.4 million or 2.1% to $455.5 million at December 31, 2011
as compared to September 30, 2011, and increased $10.7
million or 2.4% as compared to December 31, 2010. There
were no short-term borrowings outstanding at December 31,
2011 and at September 30, 2011 compared to $537,000 at
December 31, 2010. Long-term debt decreased to $65.0 million
at December 31, 2011 as compared to $80.0 million at
September 30, 2011 and at December 31, 2010.
Stockholders' equity was $51.4 million at December 31,
2011, compared to $50.5 million at September 30, 2011 and
$49.0 million at December 31, 2010.
The Company's filings with the Securities and Exchange
Commission are available on-line through the Company's
Internetwebsite at
www.fidelitybancorp-pa.com
.
Fidelity Bancorp, Inc. is the holding company for
Fidelity Bank, a Pennsylvania-chartered, FDIC-insured savings
bank conducting business through thirteen offices in
Allegheny and Butler counties.
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.
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