-----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, UK/Qa8Kwc8Ad3aX2izBV3viovSTgTmGMK4IQHBVv2Rb0qbG1+QMDEfXdyZRC2ARG a62DqURdBbzUNor53aqpiw== 0000926274-04-000168.txt : 20040430 0000926274-04-000168.hdr.sgml : 20040430 20040430100345 ACCESSION NUMBER: 0000926274-04-000168 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040426 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040430 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: 04767660 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-4048k.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): April 26, 2004 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 April 26, 2004, 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, April 26, 2004. * * * * -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: April 29, 2004 By: /s/ DONALD R. NEEL -------------- ------------------------ Donald R. Neel President and CEO -3- Index to Exhibits Exhibit No. Description 99.1 Press Release dated April 26, 2004 -4- EX-99.1 2 ex99-1.txt EXHBIT 99.1 [LOGO OF FIDELITY FEDERAL BANCORP] Contacts: Donald R. Neel, President (812) 429-0550, ext. 3301 Mark A. Isaac, VP and CFO (812) 429-0550, ext. 3319 For Immediate Release: April 26, 2004 FIDELITY FEDERAL BANCORP REPORTS INCREASED FIRST QUARTER RESULTS (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 March 31, 2004 of $65,000 or $0.01 per share on a basic and diluted basis. The results are compared to net income of $55,000, or $0.01 per share on a basic and diluted basis for the quarter ended March 31, 2003. The Company's net interest margin for the quarter increased to 2.54%, up from 1.55% in last year's first quarter. The net interest margin was positively impacted in the first quarter of 2004 by a 47% increase in average loans outstanding compared to the first quarter of 2003. Non-interest income declined to $701,000 for the quarter, down from $1.2 million in the first quarter of last year, due primarily to decreases in gains on securities and loan sales. In addition, in the first quarter last year, the Company received approximately $125,000 in income from the Company's active participation in affordable housing activities, which ended in late 2002. Non-interest expense decreased by 10%, to $1.6 million in the first quarter of 2004, compared to the first quarter last year. The decline in non-interest expense for the quarter resulted from decreases in salaries and benefits costs and office supplies expense. In addition, the Company experienced a decline in its corporate insurance expense due to continued improvements in financial condition. Return on equity was 1.96% for the quarter ended March 31, 2004, compared to 2.30% for the same period last year. Return on assets for the quarter ended March 31, 2004 was 0.14% compared to 0.16% for the same period ended March 31, 2003. Capital ratios at the Bank remain well above regulatory "well-capitalized" minimums. Risk-based capital at March 31, 2004 was 14.19%, compared to 12.82% at March 31, 2003. The Bank's ratio of tangible equity to assets was 7.05% at March 31, 2004 compared to 7.98% at March 31, 2003. The Bank's Tier 1 risk-based capital to assets was 9.94% at March 31, 2004, compared to 10.34% at March 31, 2003. The Company recently completed a rights offering to shareholders in the amount of $2.3 million of 9% debentures, the proceeds of which were utilized to retire a portion of the Company's 10% debentures and were contributed as additional capital to the Company's savings bank subsidiary. An equity rights offering in the amount of $2.5 million is currently underway and is expected to expire on May 14, 2004. The Company expects to receive at least $2.0 million from this offering, and contribute a portion of the proceeds as additional capital to its savings bank subsidiary. The Company also expects to retire the remaining 10% debentures. Total classified, or problem assets declined by 77% to $1.5 million at March 31, 2004 compared to $6.4 million at March 31, 2003. The allowance for loan loss and valuation allowance for letters of credit to total loans and letters of credit at March 31, 2004 and 2003 was 0.78% and 1.20%, respectively. Non-performing assets as a percentage of total assets declined significantly to 0.63% at March 31, 2004, compared to 2.43% at March 31, 2003. -Next Page- President and CEO Donald R. Neel noted, "Net income in the first quarter was primarily the result of improvements in net interest margin and non-interest expense which offset reduced levels of gains on sales of loans and investments in the first quarter of 2004. Increases in our net interest income and margin resulted from the substantial increase in loans outstanding compared to last year, as well as a reduced cost of funds." Neel also noted, "Total assets have increased by $48 million, or 34%, in the last twelve months. Continued improvements in asset quality, as well as additional capital raised for our bank subsidiary during the last year, have facilitated the growth in the Company's balance sheet, including our loan portfolio, during the last twelve months. Although rising interest rates appear to have contributed to lower mortgage loan volume, we do not believe that interest rate changes have impacted our commercial and consumer lending activity." 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 $1.78. Information on FFED is available on the Internet at http://www.unitedfidelity.com -END- FINANCIAL HIGHLIGHTS (DOLLARS IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
THREE MONTHS ENDED MARCH 31, OPERATIONS: 2004 2003 - -------------------------------------- ----------- ----------- Interest income $ 2,042 $ 1,602 Interest expense 982 1,158 ----------- ----------- Net interest income 1,060 444 Provision for loan losses 170 (104) Non-interest income 701 1,218 Non-interest expense 1,586 1,761 ----------- ----------- Income before income tax 5 5 Income taxes (60) (50) ----------- ----------- Net income $ 65 $ 55 =========== =========== PER SHARE: - -------------------------------------- Basic net income $ 0.01 $ 0.01 Diluted net income 0.01 0.01 Book value at period end 1.62 1.40 Market price (bid) at period end 1.90 1.50 Average common and common equivalent shares outstanding 9,623,350 6,834,216 AVERAGE BALANCES: - -------------------------------------- Total assets $ 185,934 $ 135,488 Total earning assets 168,006 116,127 Total loans 106,256 72,302 Total deposits 124,368 108,885 Total stockholders' equity 13,381 9,665 FHLB advances 35,271 3,878 Borrowings 10,590 10,583 PERFORMANCE RATIOS: - -------------------------------------- Return on average assets 0.14% 0.16% Return on average equity 1.96% 2.30% Net interest margin 2.54% 1.55% LOAN QUALITY RATIOS: - -------------------------------------- Net charge-offs to average loans 0.63% 0.03% Allowance for loan and letter of credit losses to total loans and letters of credit at end of period 0.78% 1.20% Non-performing loans to total loans 0.84% 1.89% Non-performing assets to total assets 0.63% 2.43% SAVINGS BANK CAPITAL RATIOS: - -------------------------------------- Tangible equity to assets at end of period 7.05% 7.98% Risk-based capital ratios: Tier 1 capital 9.94% 10.34% Total capital 14.19% 12.82% AT PERIOD END: - -------------------------------------- Total assets $ 189,830 $ 142,085 Total earning assets 172,798 123,192 Total loans 106,098 70,821 Total deposits 129,270 113,076 Total stockholders' equity 15,586 9,596 FHLB Advances 34,000 6,000 Borrowings 6,802 10,579 Common shares outstanding 9,618,658 6,840,883
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