-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CAi9kQHCJ8PUamSQ7PEG50INLVcHsRm6tHb8zpTx805Ele5jCwryPDx0PtbGAgsN gjDrpSvoqj0eHbpfdLdXig== 0000926274-03-000306.txt : 20030721 0000926274-03-000306.hdr.sgml : 20030721 20030718173904 ACCESSION NUMBER: 0000926274-03-000306 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030718 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030721 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY FEDERAL BANCORP CENTRAL INDEX KEY: 0000910492 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 351894432 STATE OF INCORPORATION: IN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22880 FILM NUMBER: 03793609 BUSINESS ADDRESS: STREET 1: 700 S GREEN RIVER ROAD STREET 2: SUITE 2000 CITY: EVANSVILLE STATE: IN ZIP: 47715 BUSINESS PHONE: 8124692100 MAIL ADDRESS: STREET 1: 18 NW FOURTH ST STREET 2: PO BOX 1347 CITY: EVANSVILLE STATE: IN ZIP: 47706-1347 8-K 1 ffb-7038k.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 18, 2003 FIDELITY FEDERAL BANCORP ------------------------ (Exact name of registrant as specified in its charter) Indiana 0-22880 35-1894432 ------- ------- ---------- (State of other jurisdiction Commission (Employer of Incorporation) File No. Identification No.) 18 NW Fourth Street Evansville, Indiana 47708 ---------------------------------------- (Address of principal executive offices) (812) 424-0921 -------------------------------------------------- Registrant's telephone number, including area code The information in this Current Report on Form 8-K, including the exhibit, is furnished pursuant to Item 9 and Item 12 and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities under that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibit, shall not be deemed to be incorporated by reference into the filings of Fidelity Federal Bancorp (the "Company") under the Securities Act of 1933. Item 7. Financial Statements and Exhibits Item 9. Regulation FD Disclosure On July 18, 2003, Fidelity Federal Bancorp issued the press release attached hereto as exhibit 99.1, pursuant to Item 9 and also pursuant to Item 12. (c) Exhibits 99.1 Press release, dated, July 18, 2003. * * * * -2- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. FIDELITY FEDERAL BANCORP (Registrant) Date: July 18, 2003 By: /s/ DONALD R. NEEL ------------- ------------------------- Donald R. Neel President and CEO -3- Index to Exhibits Exhibit No. Description 99.1 Press Release dated July 18, 2003 -4- EX-99.1 3 ex99-1.txt EXHIBIT 99.1 [LETTERHEAD OF FIDELITY FEDERAL BANCORP] Contacts: Donald R. Neel, President and CEO (812) 429-0550, ext. 3301 Mark A. Isaac, VP and CFO (812) 429-0550, ext. 3319 For Immediate Release: July 18, 2003 FIDELITY FEDERAL BANCORP REPORTS INCREASED EARNINGS (Evansville, IN) Fidelity Federal Bancorp (the "Company") (NASDAQ: FFED), the holding company of United Fidelity Bank, fsb (the "Bank"), reported net income for the quarter ended June 30, 2003 of $103,000 or $0.01 per share on a basic and diluted basis. The results are compared to net income of $44,000, or $0.01 per share on a basic and diluted basis for the quarter ended June 30, 2002. For the year-to-date period ended June 30, 2003, the Company reported net income of $158,000, or $0.02 on a basic and diluted basis compared to $130,000, or $0.02 for the same period last year. Return on equity was 3.06% for the quarter ended June 30, 2003, compared to 1.42% for the same period ended June 30, 2002. Return on assets for the quarter ended June 30, 2003 was 0.29% compared to 0.10% for the same period ended June 30, 2002. The Company's net interest margin for the quarter was 1.99%, compared to 2.41% last year, due primarily to a reduction in consumer loans outstanding during the quarter. During the second half of 2002, the Company completed a loan securitization transaction resulting in a sale of loans. These loans have not yet been replaced on the balance sheet. For the year-to-date period ended June 30, 2003, the net interest margin was 1.78% compared to 2.62% for the same period last year. Non-interest income increased 34.9% to $1.1 million for the quarter from $820,000 last year primarily due to gains on sales of foreclosed assets, and significant increase in mortgage loan volume. Non-interest income for the first half of 2003 increased 32.9% to $2.3 million compared to $1.8 million in 2002. Non-interest expense decreased to 5.5% $1.7 million for the second quarter of 2002 compared to $1.8 million last year. For the year-to-date period, non-interest expense decreased 6.0% to $3.4 million in 2003 compared to $3.6 million in 2002. Capital ratios at the Bank remain well above regulatory "well-capitalized" minimums. Risk-based capital at June 30, 2003 was 12.50%, compared to 12.70% at June 30, 2002. The Bank's ratio of tangible equity to assets was 7.63% at June 30, 2003 compared to 7.78% at June 30, 2002. The Bank's Tier 1 risk-based capital to assets was 10.17% at June 30, 2003, compared to 9.97% at June 30, 2002. Total classified assets decreased by 68.8% to $2.0 million at June 30, 2003 compared to $6.4 million at June 30, 2002. The Company and Bank sold $4.4 million in classified assets in the second quarter of 2003 at or above book value. The allowance for loan loss and valuation allowance for letters of credit to total loans and letters of credit at June 30, 2003 and 2002 was 0.93% and 1.42%, respectively. The decrease was due to the elimination of required reserves for assets that were sold. Non-performing assets as a percentage of total assets was 1.13% at June 30, 2003 compared to 1.66% at June 30, 2002. -Next Page- President and CEO Donald R. Neel noted, "Second quarter 2003 results reflect substantial improvements in non-interest income and asset quality, which largely offset the reduction in net interest margin from the second quarter of 2002. The second quarter also saw the maturity of approximately $21 million in certificates of deposit with an average rate of around 6.0%, which has recently improved the Bank's overall cost of funds." Neel also noted, "Origination fees from mortgage lending and gains on asset sales drove the increase in non-interest income. In addition, the second quarter saw increased commercial lending and stable consumer lending activity for the Bank." Neel stated finally, "The Company's asset quality improved sharply with the sale of $4.4 million in classified assets, which were sold in excess of book value." This news release contains forward-looking statements that are based upon the Company's current expectations, but are subject to certain risks and uncertainties that may cause actual results to differ materially. Among the risks and uncertainties that could cause actual results to vary materially are economic conditions generally and in the market areas of the Company, the Bank, overall loan demand, increased competition in the financial services industry, retention of key personnel, and the impact of the Bank's Supervisory Agreement with the Office of Thrift Supervision. Actions by the Federal Reserve Board and changes in interest rates, loan prepayments by, and the financial health of, the Bank's borrowers, and other factors described in the reports filed by the Company with the Securities and Exchange Commission could also impact current expectations. The Company is a unitary savings and loan holding company based in Evansville, Indiana. Its savings bank subsidiary, United Fidelity Bank, fsb, maintains five locations, four in Evansville and one in Warrick County. The Company's stock, which is quoted on NASDAQ under the symbol FFED, most recently traded at $1.50. Information on FFED is available on the Internet at http://www.unitedfidelity.com -- END -- FIDELITY FEDERAL BANCORP FINANCIAL HIGHLIGHTS (DOLLARS IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, (Unaudited) (Unaudited) OPERATIONS: 2003 2002 2003 2002 - ----------------------------- ----------- ----------- ----------- ----------- Interest income $ 1,596 $ 2,510 $ 3,199 $ 5,083 Interest expense 980 1,630 2,139 3,232 ----------- ----------- ----------- ----------- Net interest income 616 880 1,060 1,851 Provision for loan losses (18) -- (122) -- Non-interest income 1,106 820 2,325 1,750 Non-interest expense 1,658 1,754 3,420 3,640 ----------- ----------- ----------- ----------- Income before income tax 82 (54) 87 (39) Income taxes (21) (98) (71) (169) ----------- ----------- ----------- ----------- Net income (loss) $ 103 $ 44 $ 158 $ 130 =========== =========== =========== =========== PER SHARE: - ----------------------------- Basic net income (loss) $ 0.01 $ 0.01 $ 0.02 $ 0.02 Diluted net income (loss) 0.01 0.01 0.02 0.02 Book value at period end 1.43 2.06 Market price (bid) at period end 1.30 2.40 Average common and common equivalent shares outstanding 9,618,659 6,071,627 8,234,129 6,047,163 AVERAGE BALANCES: - ----------------------------- Total assets $ 143,225 $ 168,580 $ 139,363 $ 164,037 Total earning assets 124,287 146,692 120,214 142,545 Total loans 73,816 102,801 73,047 103,003 Total deposits 107,367 123,861 108,124 120,044 Total stockholders' equity 13,554 12,297 11,659 12,137 FHLB advances 12,153 16,996 8,038 16,140 Borrowings 7,723 12,532 9,092 12,433 PERFORMANCE RATIOS: - ----------------------------- Return on average assets 0.29% 0.10% 0.23% 0.16% Return on average equity 3.06% 1.42% 2.74% 2.16% Net interest margin 1.99% 2.41% 1.78% 2.62% LOAN QUALITY RATIOS: - ----------------------------- Net charge-offs to average loans and letters of credit 0.11% -1.91% 0.06% 1.05% Allowance for loan and letter of credit losses to total loans and letters of credit at end of period 0.93% 1.42% Non-performing loans to total loans 1.88% 0.74% Non-performing assets to total assets 1.13% 1.66% SAVINGS BANK CAPITAL RATIOS: - ----------------------------- Tangible equity to assets at end of period 7.63% 7.78% Risk-based capital ratios: Tier 1 capital 10.17% 9.97% Total capital 12.50% 12.70% AT PERIOD END: - ----------------------------- Total assets $ 147,928 $ 164,972 Total earning assets 130,645 145,229 Total loans 77,294 103,569 Total deposits 110,342 125,546 Total stockholders' equity 13,747 12,464 FHLB Advances 17,000 13,157 Borrowings 4,302 11,747 Common shares outstanding 9,618,658 6,063,914
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