Fidelity Bancorp Inc. (FSBI, Financial) filed Quarterly Report for the period ended 2010-03-31.
Fidelity Bancorp Inc. has a market cap of $22.8 million; its shares were traded at around $7.51 with and P/S ratio of 0.6. The dividend yield of Fidelity Bancorp Inc. stocks is 1.1%.
Total liabilities of the Company decreased $23.2 million, or 3.4%, to $659.7 million at March 31, 2010 from $682.9 million at September 30, 2009. Significant changes include a decrease in long-term debt of $25.1 million, partially offset by an increase in deposits of $2.3 million. As mentioned above, the decrease in long-term debt was a result of the Company repaying $25.0 million in Federal Home Loan Bank advances that matured during the current quarter. The increase in deposits is primarily attributed to an increase in checking accounts of $3.3 million, an increase in savings accounts of $5.2 million, partially offset by a decrease in time deposits of $4.9 million and a decrease in money market accounts of $1.3 million.
The Company recorded net income for the three months ended March 31, 2010 of $479,000 and net income available to common stockholders of $376,000 or $0.12 per diluted common share compared to a net loss of $129,000 and a net loss available to common stockholders of $250,000 or ($0.08) per diluted common share for the same period in 2009. The increase in net income primarily reflects a decrease in other-than-temporary impairment (OTTI) charges on certain investment securities of $1.3 million. Other factors contributing to the increase include an increase in other income (excluding OTTI charges) of $358,000, or 38.0%, a decrease in the provision for loan losses of $20,000, and a decrease in the income tax provision of $280,000, partially offset by a decrease in net interest income of $1.1 million, or 23.2%, and an increase in operating expenses of $338,000, or 9.9%.
The Company recorded net income for the six months ended March 31, 2010 of $711,000 and net income available to common stockholders of $506,000 or $0.17 per diluted common share compared to net income of $1.6 million and net income available to common stockholders of $1.4 million or $0.45 per diluted common share for the same period in 2009. Factors contributing to the decrease include a decrease in net interest income of $2.1 million, or 22.7%, and an increase in operating expenses of $807,000, or 12.1%, partially offset by a decrease in the provision for loan losses of $275,000, a decrease in OTTI charges on certain investment securities of $190,000, an increase in other income (excluding OTTI charges) of $1.2 million, or 68.4%, and a decrease in the income tax provision of $368,000.
Interest on subordinated debt decreased $2,000 or 2.0% to $100,000 for the three months ended March 31, 2010, as compared to $102,000 in the same period in 2009. Interest on subordinated debt decreased $2,000 or 1.0% to $204,000 for the six months ended March 31, 2010, as compared to $206,000 in the same period in 2009. The decrease for both periods reflects a decrease in the average cost of these floating-rate debentures while the average balance remained unchanged. For the three-month period ended March 31, 2010 the average cost decreased by 4 basis points from 5.32% in the prior period to 5.28% in the current period. For the six-month period ended March 31, 2010 the average cost decreased by 5 basis points from 5.33% in the prior period to 5.28% in the current period. The decrease in interest expense on subordinated debt for the three months ended March 31, 2010 and 2009 was net of $69,000 and $39,000, respectively, in interest expense on an interest rate swap contract to hedge its interest rate exposure from the subordinated debt. The decrease in interest expense on subordinated debt for the six months ended March 31, 2010 and 2009 was net of $140,000 and $64,000, respectively, in interest expense on an interest rate swap contract to hedge its interest rate exposure from the subordinated debt.
The provision for loan losses was $300,000 for the three-month period ended March 31, 2010, as compared to $320,000 for the same period in 2009. The provision for loan losses was $600,000 for the six-month period ended March 31, 2010, as compared to $875,000 during the same period in 2009. At March 31, 2010, the allowance for loan losses decreased to $5.5 million from $5.7 million at September 30, 2009. Net loan charge-offs were $776,000 for the three months ended March 31, 2010 as compared to net loan charge-offs of $148,000 for the three months ended March 31, 2009. Net loan charge-offs were $815,000 for the six months ended March 31, 2010 as compared to net loan charge-offs of $542,000 for the six months ended March 31, 2009. Significant charge-offs during the current periods include one installment loan with a balance of $25,000, one commercial real estate loan with a balance of $75,000, and fourteen commercial business loans with an aggregate balance of $643,000.
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Fidelity Bancorp Inc. has a market cap of $22.8 million; its shares were traded at around $7.51 with and P/S ratio of 0.6. The dividend yield of Fidelity Bancorp Inc. stocks is 1.1%.
Highlight of Business Operations:
Total assets of the Company decreased $22.0 million, or 3.0%, to $708.0 million at March 31, 2010 from $730.0 million at September 30, 2009. Significant changes in individual categories include decreases in cash and cash equivalents of $13.3 million, securities available-for-sale of $4.7 million, and net loans of $20.0 million, partially offset by increases in securities held-to-maturity of $12.6 million and other assets of $2.8 million. The decrease in cash and cash equivalents is a result of the Company repaying $25.0 million in Federal Home Loan Bank advances that matured during the current quarter. The decrease in net loans reflects $54.3 million of prepayments, partially offset by $32.9 million in loan originations. 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 decreased $23.2 million, or 3.4%, to $659.7 million at March 31, 2010 from $682.9 million at September 30, 2009. Significant changes include a decrease in long-term debt of $25.1 million, partially offset by an increase in deposits of $2.3 million. As mentioned above, the decrease in long-term debt was a result of the Company repaying $25.0 million in Federal Home Loan Bank advances that matured during the current quarter. The increase in deposits is primarily attributed to an increase in checking accounts of $3.3 million, an increase in savings accounts of $5.2 million, partially offset by a decrease in time deposits of $4.9 million and a decrease in money market accounts of $1.3 million.
The Company recorded net income for the three months ended March 31, 2010 of $479,000 and net income available to common stockholders of $376,000 or $0.12 per diluted common share compared to a net loss of $129,000 and a net loss available to common stockholders of $250,000 or ($0.08) per diluted common share for the same period in 2009. The increase in net income primarily reflects a decrease in other-than-temporary impairment (OTTI) charges on certain investment securities of $1.3 million. Other factors contributing to the increase include an increase in other income (excluding OTTI charges) of $358,000, or 38.0%, a decrease in the provision for loan losses of $20,000, and a decrease in the income tax provision of $280,000, partially offset by a decrease in net interest income of $1.1 million, or 23.2%, and an increase in operating expenses of $338,000, or 9.9%.
The Company recorded net income for the six months ended March 31, 2010 of $711,000 and net income available to common stockholders of $506,000 or $0.17 per diluted common share compared to net income of $1.6 million and net income available to common stockholders of $1.4 million or $0.45 per diluted common share for the same period in 2009. Factors contributing to the decrease include a decrease in net interest income of $2.1 million, or 22.7%, and an increase in operating expenses of $807,000, or 12.1%, partially offset by a decrease in the provision for loan losses of $275,000, a decrease in OTTI charges on certain investment securities of $190,000, an increase in other income (excluding OTTI charges) of $1.2 million, or 68.4%, and a decrease in the income tax provision of $368,000.
Interest on subordinated debt decreased $2,000 or 2.0% to $100,000 for the three months ended March 31, 2010, as compared to $102,000 in the same period in 2009. Interest on subordinated debt decreased $2,000 or 1.0% to $204,000 for the six months ended March 31, 2010, as compared to $206,000 in the same period in 2009. The decrease for both periods reflects a decrease in the average cost of these floating-rate debentures while the average balance remained unchanged. For the three-month period ended March 31, 2010 the average cost decreased by 4 basis points from 5.32% in the prior period to 5.28% in the current period. For the six-month period ended March 31, 2010 the average cost decreased by 5 basis points from 5.33% in the prior period to 5.28% in the current period. The decrease in interest expense on subordinated debt for the three months ended March 31, 2010 and 2009 was net of $69,000 and $39,000, respectively, in interest expense on an interest rate swap contract to hedge its interest rate exposure from the subordinated debt. The decrease in interest expense on subordinated debt for the six months ended March 31, 2010 and 2009 was net of $140,000 and $64,000, respectively, in interest expense on an interest rate swap contract to hedge its interest rate exposure from the subordinated debt.
The provision for loan losses was $300,000 for the three-month period ended March 31, 2010, as compared to $320,000 for the same period in 2009. The provision for loan losses was $600,000 for the six-month period ended March 31, 2010, as compared to $875,000 during the same period in 2009. At March 31, 2010, the allowance for loan losses decreased to $5.5 million from $5.7 million at September 30, 2009. Net loan charge-offs were $776,000 for the three months ended March 31, 2010 as compared to net loan charge-offs of $148,000 for the three months ended March 31, 2009. Net loan charge-offs were $815,000 for the six months ended March 31, 2010 as compared to net loan charge-offs of $542,000 for the six months ended March 31, 2009. Significant charge-offs during the current periods include one installment loan with a balance of $25,000, one commercial real estate loan with a balance of $75,000, and fourteen commercial business loans with an aggregate balance of $643,000.
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