Fidelity Bancorp Inc. (FSBI, Financial) filed Quarterly Report for the period ended 2009-12-31.
Fidelity Bancorp Inc. has a market cap of $15.51 million; its shares were traded at around $5.09 with and P/S ratio of 0.44. The dividend yield of Fidelity Bancorp Inc. stocks is 1.57%. Fidelity Bancorp Inc. had an annual average earning growth of 0.4% over the past 5 years.
Total liabilities of the Company increased $6.1 million, or 0.9%, to $689.0 million at December 31, 2009 from $682.9 million at September 30, 2009. Significant changes include an increase in deposits of $6.7 million and an increase in advance payments by borrowers for taxes and insurance of $1.2 million, partially offset by a decrease in securities sold under agreement to repurchase of $997,000. The increase in deposits is primarily attributed to an increase in checking accounts of $8.5 million, an increase in savings accounts of $2.0 million, partially offset by a decrease in time deposits of $3.9 million.
Stockholders equity decreased to $47.0 million at December 31, 2009, compared to $47.1 million at September 30, 2009. This result reflects common and preferred stock cash dividends paid of $150,000 and an increase in the accumulated other comprehensive loss of $238,000, 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. Offsetting these decreases were net income for the three-month period ended December 31, 2009 of $232,000; stock issued under the Dividend Reinvestment Plan of $5,000; and stock-based compensation of $22,000. 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 redeemed earlier, 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. Approximately $3.4 million of the balances in retained earnings as of December 31, 2009 and September 30, 2009 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 December 31, 2009 of $232,000 and net income available to common stockholders of $129,000 or $0.04 per diluted common share compared to net income and net income available to common stockholders of $1.7 million or $0.53 per diluted common share for the same period in 2008. The decrease in net income primarily reflects pre-tax charges of $1.2 million for other-than-temporary impairment (OTTI) on certain investment securities. Other factors contributing to the decrease include a decrease in net interest income of $1.0 million, or 22.2%, and an increase in operating expenses of $468,000, or 14.5%, primarily due to a $289,000 increase in FDIC insurance premiums, partially offset by a decrease in the provision for loan losses of $255,000, an increase in other income (excluding OTTI charges and gain on sales of securities) of $218,000, or 25.6%, and an increase in the tax benefit of $88,000.
The provision for loan losses was $300,000 for the three-month period ended December 31, 2009, as compared to $555,000 for the same period in 2008. At December 31, 2009, the allowance for loan losses increased to $6.0 million from $5.7 million at September 30, 2009. Net loan charge-offs were $39,000 for the three months ended December 31, 2009 as compared to net loan charge-offs of $394,000 for the three months ended December 31, 2008.
Excluding OTTI charges and gains on sales of securities of $1.2 million and $650,000 for the three months ended December 31, 2009, respectively, and $75,000 and $0 for the three months ended December 31, 2008, respectively, total non-interest or other income increased $218,000 or 25.6% to $1.1 million for the three-month period ended December 31, 2009 as compared to $850,000 in the same period in 2008. The increase for the three-month period ended December 31, 2009 is primarily attributed to an increase in loan service charges and fees, an increase in gains on sales of loans, an increase in gains on loan interest rate swaps, an increase in ATM fees, and an increase in non-insured investment products income, partially offset by a decrease in earnings on cash surrender value of life insurance.
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Fidelity Bancorp Inc. has a market cap of $15.51 million; its shares were traded at around $5.09 with and P/S ratio of 0.44. The dividend yield of Fidelity Bancorp Inc. stocks is 1.57%. 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 $6.0 million, or 0.8%, to $736.0 million at December 31, 2009 from $730.0 million at September 30, 2009. Significant changes in individual categories include increases in cash and cash equivalents of $3.5 million, securities held-to-maturity of $11.1 million, and other assets of $4.8 million, partially offset by decreases in securities available-for-sale of $5.7 million and net loans of $8.2 million. The decrease in net loans reflects $27.1 million of prepayments, partially offset by $23.2 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 the FDIC requiring all insured depository institutions to prepay their federal deposit insurance assessment through 2012. The prepayment was due on December 30, 2009 and was based on the institutions assessment base and assessment rate as of September 30, 2009 assuming a 5% annual growth in deposits and a three basis point increase in the assessment rate during years 2011 and 2012.Total liabilities of the Company increased $6.1 million, or 0.9%, to $689.0 million at December 31, 2009 from $682.9 million at September 30, 2009. Significant changes include an increase in deposits of $6.7 million and an increase in advance payments by borrowers for taxes and insurance of $1.2 million, partially offset by a decrease in securities sold under agreement to repurchase of $997,000. The increase in deposits is primarily attributed to an increase in checking accounts of $8.5 million, an increase in savings accounts of $2.0 million, partially offset by a decrease in time deposits of $3.9 million.
Stockholders equity decreased to $47.0 million at December 31, 2009, compared to $47.1 million at September 30, 2009. This result reflects common and preferred stock cash dividends paid of $150,000 and an increase in the accumulated other comprehensive loss of $238,000, 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. Offsetting these decreases were net income for the three-month period ended December 31, 2009 of $232,000; stock issued under the Dividend Reinvestment Plan of $5,000; and stock-based compensation of $22,000. 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 redeemed earlier, 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. Approximately $3.4 million of the balances in retained earnings as of December 31, 2009 and September 30, 2009 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 December 31, 2009 of $232,000 and net income available to common stockholders of $129,000 or $0.04 per diluted common share compared to net income and net income available to common stockholders of $1.7 million or $0.53 per diluted common share for the same period in 2008. The decrease in net income primarily reflects pre-tax charges of $1.2 million for other-than-temporary impairment (OTTI) on certain investment securities. Other factors contributing to the decrease include a decrease in net interest income of $1.0 million, or 22.2%, and an increase in operating expenses of $468,000, or 14.5%, primarily due to a $289,000 increase in FDIC insurance premiums, partially offset by a decrease in the provision for loan losses of $255,000, an increase in other income (excluding OTTI charges and gain on sales of securities) of $218,000, or 25.6%, and an increase in the tax benefit of $88,000.
The provision for loan losses was $300,000 for the three-month period ended December 31, 2009, as compared to $555,000 for the same period in 2008. At December 31, 2009, the allowance for loan losses increased to $6.0 million from $5.7 million at September 30, 2009. Net loan charge-offs were $39,000 for the three months ended December 31, 2009 as compared to net loan charge-offs of $394,000 for the three months ended December 31, 2008.
Excluding OTTI charges and gains on sales of securities of $1.2 million and $650,000 for the three months ended December 31, 2009, respectively, and $75,000 and $0 for the three months ended December 31, 2008, respectively, total non-interest or other income increased $218,000 or 25.6% to $1.1 million for the three-month period ended December 31, 2009 as compared to $850,000 in the same period in 2008. The increase for the three-month period ended December 31, 2009 is primarily attributed to an increase in loan service charges and fees, an increase in gains on sales of loans, an increase in gains on loan interest rate swaps, an increase in ATM fees, and an increase in non-insured investment products income, partially offset by a decrease in earnings on cash surrender value of life insurance.
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