Fidelity Bancorp Inc. (FSBI, Financial) filed Quarterly Report for the period ended 2009-06-30.
FIDELITY BANCORP INC. (PA) is a bank holding company. Fidelity Bancorp Inc. has a market cap of $20.6 million; its shares were traded at around $6.75 with a P/E ratio of 6.7 and P/S ratio of 0.4. The dividend yield of Fidelity Bancorp Inc. stocks is 4.1%. Fidelity Bancorp Inc. had an annual average earning growth of 0.4% over the past 5 years.
Total liabilities of the Company increased $5.5 million, or 0.8%, to $690.6 million at June 30, 2009 from $685.1 million at September 30, 2008. Significant changes include an increase in deposits of $27.4 million, an increase in securities sold under agreement to repurchase of $7.6 million, and an increase in advance payments by borrowers for taxes and insurance of $1.9 million, partially offset by a decrease in short-term debt of $32.1 million. The short-term debt decrease was primarily attributed to the increase in deposits and the decreases in securities held-to-maturity, and net loans. The increase in deposits is primarily attributed to an increase in checking accounts of $12.0 million, an increase in savings accounts of $4.1 million, an increase in time deposits of $8.5 million, and an increase in money market accounts of $2.8 million.
Stockholders equity increased to $50.0 million at June 30, 2009, compared to $42.2 million at September 30, 2008. This result reflects net income for the nine-month period ended June 30, 2009 of $1.8 million; stock options exercised of $1,000; stock issued under the Dividend Reinvestment Plan of $71,000; stock-based compensation of $75,000; a decrease in the accumulated other comprehensive loss of $624,000, which is a result of changes in the net unrealized losses on the available-for-sale securities and by the unrealized loss recognized on the cash flow hedge as discussed in Note 9, Derivative Instrument, on pages 22 and 23 above; common stock warrants issued of $302,000; and the issuance of Fixed Rate Cumulative Perpetual Preferred Stock, Series B (the Series B Preferred Stock) of $6.6 million. On December 12, 2008, the Company sold $7.0 million in preferred stock to the U.S. Department of Treasury as a participant in the federal governments TARP Capital Purchase Program. In connection with the investment, the Company also issued a ten-year warrant to the Treasury which permits the Treasury to purchase up to 121,387 shares of its common stock at an exercise price of $8.65 per share. The Series B Preferred Stock will pay dividends at the rate of 5% per annum until the fifth anniversary of issuance and, unless earlier redeemed, at the rate of 9% thereafter. Until the third anniversary of the issuance of the Series B Preferred Stock or its earlier redemption or transfer by the Treasury Department to an unaffiliated holder, the Company may not increase the dividend on the common stock or repurchase any shares of common stock. Offsetting these increases were common and preferred stock cash dividends paid of $1.3 million. Approximately $3.4 million of the balances in retained earnings as of June 30, 2009 and September 30, 2008 represent base year bad debt deductions for tax purposes only, as they are considered restricted accumulated earnings.
The Company recorded net income for the three months ended June 30, 2009 of $238,000 and net income available to common stockholders of $135,000 or $0.04 per diluted common share compared to net income of $1.2 million or $0.40 per diluted common share for the same period in 2008. The decrease in net income primarily reflects pre-tax charges of $1.4 million for other-than-temporary impairment (OTTI) on certain investment securities. Excluding the impairment charges of $1.4 million, net income would have been $1.2 million or $0.37 per diluted share. Other factors contributing to the decrease include a decrease in net interest income of $432,000, or 10.1% and an increase in operating expenses of $800,000, or 24.6%, primarily due to a $733,000 increase in FDIC insurance premiums, partially offset by a decrease in the provision for loan losses of $80,000, an increase in other income (excluding OTTI charges) of $629,000, or 65.9%, and a tax benefit of $542,000.
Net income for the nine months ended June 30, 2009 was $1.8 million and net income available to common stockholders was $1.6 million or $0.52 per diluted common share compared to $3.3 million or $1.07 per diluted common share for the same period in 2008. The decrease in net income primarily reflects OTTI charges of $3.1 million on certain investment securities. Excluding the impairment charges of $3.1 million, net income would have been $4.3 million or $1.33 per diluted share. Other factors contributing to the decrease include an increase in the provision for loan losses of $405,000 and an increase in operating expenses of $1.1 million, or 11.2%, primarily due to a $802,000 increase in FDIC insurance premiums, partially offset by an increase in net interest income of $903,000, or 7.4%, an increase in other income (excluding OTTI charges) of $623,000, or 22.6%, and a tax benefit of $298,000.
The provision for loan losses was $270,000 for the three-month period ended June 30, 2009, as compared to $350,000 for the same period in 2008. The provision for loan losses was $1.1 million for the nine months ended June 30, 2009 compared to $740,000 for the nine months ended June 30, 2008. At June 30, 2009, the allowance for loan losses increased to $3.6 million from $3.4 million at September 30, 2008. Net loan charge-offs were $399,000 for the three months ended June 30, 2009 as compared to net loan charge-offs of $229,000 for the three months ended June 30, 2008. Net loan charge-offs were $941,000 and $445,000 for the nine months ended June 30, 2009 and 2008, respectively. Charge-offs for the three months ended June 30, 2009 are primarily attributed to one commercial business loan totaling $235,000. Charge-offs for the nine months ended June 30, 2009 are primarily attributed to ten commercial business loans totaling $533,000, one home equity loan totaling $146,000, and three residential real estate loans totaling $58,000.
Read the The complete Report
FIDELITY BANCORP INC. (PA) is a bank holding company. Fidelity Bancorp Inc. has a market cap of $20.6 million; its shares were traded at around $6.75 with a P/E ratio of 6.7 and P/S ratio of 0.4. The dividend yield of Fidelity Bancorp Inc. stocks is 4.1%. Fidelity Bancorp Inc. had an annual average earning growth of 0.4% over the past 5 years.
Highlight of Business Operations:
Total assets of the Company increased $13.4 million, or 1.8%, to $740.6 million at June 30, 2009 from $727.2 million at September 30, 2008. Significant changes in individual categories include increases in cash and cash equivalents of $43.3 million, loans held for sale of $2.6 million, Federal Home Loan Bank stock of $2.1 million, office premises and equipment of $1.1 million and other assets of $1.6 million, partially offset by decreases in securities held-to-maturity of $10.4 million, net loans of $23.8 million, and cash surrender value of life insurance of $1.4 million. The decrease in cash surrender value of life insurance was primarily due to $2.7 million of bank owned life insurance proceeds received upon the death of the Companys former Chairman of the Board. The Company is currently experiencing increased levels of loan and mortgage-backed security prepayment and loan refinancing activity. The decrease in net loans reflects $83.9 million of prepayments, partially offset by $61.1 million in loan originations. The increase in cash equivalents is a result of the increases in loans and mortgage-backed securities prepayments. The increase in other assets is primarily due to an increase in deferred tax assets.Total liabilities of the Company increased $5.5 million, or 0.8%, to $690.6 million at June 30, 2009 from $685.1 million at September 30, 2008. Significant changes include an increase in deposits of $27.4 million, an increase in securities sold under agreement to repurchase of $7.6 million, and an increase in advance payments by borrowers for taxes and insurance of $1.9 million, partially offset by a decrease in short-term debt of $32.1 million. The short-term debt decrease was primarily attributed to the increase in deposits and the decreases in securities held-to-maturity, and net loans. The increase in deposits is primarily attributed to an increase in checking accounts of $12.0 million, an increase in savings accounts of $4.1 million, an increase in time deposits of $8.5 million, and an increase in money market accounts of $2.8 million.
Stockholders equity increased to $50.0 million at June 30, 2009, compared to $42.2 million at September 30, 2008. This result reflects net income for the nine-month period ended June 30, 2009 of $1.8 million; stock options exercised of $1,000; stock issued under the Dividend Reinvestment Plan of $71,000; stock-based compensation of $75,000; a decrease in the accumulated other comprehensive loss of $624,000, which is a result of changes in the net unrealized losses on the available-for-sale securities and by the unrealized loss recognized on the cash flow hedge as discussed in Note 9, Derivative Instrument, on pages 22 and 23 above; common stock warrants issued of $302,000; and the issuance of Fixed Rate Cumulative Perpetual Preferred Stock, Series B (the Series B Preferred Stock) of $6.6 million. On December 12, 2008, the Company sold $7.0 million in preferred stock to the U.S. Department of Treasury as a participant in the federal governments TARP Capital Purchase Program. In connection with the investment, the Company also issued a ten-year warrant to the Treasury which permits the Treasury to purchase up to 121,387 shares of its common stock at an exercise price of $8.65 per share. The Series B Preferred Stock will pay dividends at the rate of 5% per annum until the fifth anniversary of issuance and, unless earlier redeemed, at the rate of 9% thereafter. Until the third anniversary of the issuance of the Series B Preferred Stock or its earlier redemption or transfer by the Treasury Department to an unaffiliated holder, the Company may not increase the dividend on the common stock or repurchase any shares of common stock. Offsetting these increases were common and preferred stock cash dividends paid of $1.3 million. Approximately $3.4 million of the balances in retained earnings as of June 30, 2009 and September 30, 2008 represent base year bad debt deductions for tax purposes only, as they are considered restricted accumulated earnings.
The Company recorded net income for the three months ended June 30, 2009 of $238,000 and net income available to common stockholders of $135,000 or $0.04 per diluted common share compared to net income of $1.2 million or $0.40 per diluted common share for the same period in 2008. The decrease in net income primarily reflects pre-tax charges of $1.4 million for other-than-temporary impairment (OTTI) on certain investment securities. Excluding the impairment charges of $1.4 million, net income would have been $1.2 million or $0.37 per diluted share. Other factors contributing to the decrease include a decrease in net interest income of $432,000, or 10.1% and an increase in operating expenses of $800,000, or 24.6%, primarily due to a $733,000 increase in FDIC insurance premiums, partially offset by a decrease in the provision for loan losses of $80,000, an increase in other income (excluding OTTI charges) of $629,000, or 65.9%, and a tax benefit of $542,000.
Net income for the nine months ended June 30, 2009 was $1.8 million and net income available to common stockholders was $1.6 million or $0.52 per diluted common share compared to $3.3 million or $1.07 per diluted common share for the same period in 2008. The decrease in net income primarily reflects OTTI charges of $3.1 million on certain investment securities. Excluding the impairment charges of $3.1 million, net income would have been $4.3 million or $1.33 per diluted share. Other factors contributing to the decrease include an increase in the provision for loan losses of $405,000 and an increase in operating expenses of $1.1 million, or 11.2%, primarily due to a $802,000 increase in FDIC insurance premiums, partially offset by an increase in net interest income of $903,000, or 7.4%, an increase in other income (excluding OTTI charges) of $623,000, or 22.6%, and a tax benefit of $298,000.
The provision for loan losses was $270,000 for the three-month period ended June 30, 2009, as compared to $350,000 for the same period in 2008. The provision for loan losses was $1.1 million for the nine months ended June 30, 2009 compared to $740,000 for the nine months ended June 30, 2008. At June 30, 2009, the allowance for loan losses increased to $3.6 million from $3.4 million at September 30, 2008. Net loan charge-offs were $399,000 for the three months ended June 30, 2009 as compared to net loan charge-offs of $229,000 for the three months ended June 30, 2008. Net loan charge-offs were $941,000 and $445,000 for the nine months ended June 30, 2009 and 2008, respectively. Charge-offs for the three months ended June 30, 2009 are primarily attributed to one commercial business loan totaling $235,000. Charge-offs for the nine months ended June 30, 2009 are primarily attributed to ten commercial business loans totaling $533,000, one home equity loan totaling $146,000, and three residential real estate loans totaling $58,000.
Read the The complete Report
