-----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, HT8sZaW65eZUbIbPL/e4JFo61whqMK0Zs+SvXbeRR8etXv/fq9jH5edCD2/iCj2N zCeleBoEasMhq1KoTkxd+A== 0000926274-05-000061.txt : 20050225 0000926274-05-000061.hdr.sgml : 20050225 20050225163809 ACCESSION NUMBER: 0000926274-05-000061 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050118 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050225 DATE AS OF CHANGE: 20050225 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: 05641780 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-2058k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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): January 18, 2005 --------------------------------- FIDELITY FEDERAL BANCORP (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) -------------------------------- - -------------------------------------------------------------------------------- 0-22880 (Commission File Number) Indiana 35-1894432 (State or other jurisdiction of (IRS Employer Identification No.) incorporation) - -------------------------------------------------------------------------------- 18 NW Fourth Street Evansville, Indiana 47708 (Address of Principal Executive Offices, including Zip Code) (812) 424-0921 (Registrant's Telephone Number, Including Area Code) -------------------------------- Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below): [ ] Written communications pursuant to Rule 425 under the Securities Act [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act Item 2.02. Results of Operations and Financial Condition. Fidelity Federal Bancorp has issued the press release attached hereto as Exhibit 99.1. The information in this report, including the exhibit attached hereto, is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as otherwise expressly stated in such filing. Item 9.01. Financial Statements and Exhibits. (a) - (b) Not applicable. (c) Exhibits. 99.1 Press Release by Fidelity Federal Bancorp. -2- SIGNATURE 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. Date: February 25, 2005 FIDELITY FEDERAL BANCORP By: /s/ Donald R. Neel -------------------------------- Donald R. Neel President and CEO -3- EXHIBIT INDEX Exhibit Number Description - -------------------------------------------------------------------------------- 99.1 Press Release of Fidelity Federal Bancorp -4- EX-99.1 2 ex99-1.txt EXHIBIT 99.1 [LOGO 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: January 18, 2005 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 December 31, 2004 of $176,000 or $0.02 per share on a basic and fully diluted basis. The results are compared to net income of $30,000 or $0.00 per share on a basic and diluted basis for the quarter ended December 31, 2003. For the year ended December 31, 2004, the Company reported net income of $472,000, or $0.04 per share on a basic and fully diluted basis compared to net income of $214,000 or $0.02 per share on a basic and fully diluted basis for the year ended December 31, 2003. Net interest income for the Company increased by $175,000 or 18% during the fourth quarter of 2004, compared to the fourth quarter last year. For the year ended December 31, 2004, net interest income increased by $1.7 million or 59% compared to the year ended December 31, 2003. The Company's net interest margin for the fourth quarter of 2004 was 2.49%, compared to 2.61% for the fourth quarter of 2003. For the year ended December 31, 2004, net interest margin was 2.51% compared to 2.15% for the year ended December 31, 2003. Capital ratios at the Bank remain well above regulatory "well-capitalized" minimums. Risk-based capital at December 31, 2004 was 14.48%, compared to 13.62% at December 31, 2003. The increase in the Bank's capital ratios resulted primarily from net income for the year, and a $1 million capital infusion in the first quarter of 2004. The Bank's ratio of core capital to assets was 7.24% at December 31, 2004 compared to 7.00% at December 31, 2003. The Bank's Tier 1 risk-based capital to assets was 10.52% at December 31, 2004, compared to 9.16% at December 31, 2003. Non-interest expense also decreased approximately 13% to $1.4 million for the fourth quarter of 2004 compared to $1.6 million for the fourth quarter of 2003. For the year ended December 31, 2004, non-interest expense decreased by approximately $574,000, or approximately 9% to $6.1 million compared to $6.7 million in 2003. The decrease from last year is primarily due to a reduction in human resource costs and expenses incurred in connection with its automobile loan origination program that was terminated in the third quarter of 2004, and a reduction in corporate insurance rates. Total classified assets decreased by approximately 6% to $1.6 million at December 31, 2004 compared to $1.7 million at December 31, 2003. The allowance for loan loss and valuation allowance for letters of credit to total loans and letters of credit at December 31, 2004 and 2003 was 0.74% and 0.80%, respectively. Non-performing assets as a percentage of total assets was 0.70% at December 31, 2004 compared to 0.87% at December 31, 2003. -Next Page- Non-interest income decreased approximately 13% to $555,000 for the fourth quarter of 2004 compared to $640,000 for the fourth quarter of 2003. This decrease was primarily due to gains on sales of foreclosed assets in the fourth quarter of 2003, and in consumer loan fees, which resulted primarily from the termination of the Bank's automobile loan origination program in the third quarter of 2004. Non-interest income for the year ended December 31, 2004 decreased approximately 36% to $2.5 million compared to $3.9 million for the year ended December 31, 2003. For the fourth quarter of 2004, return on average assets and average equity were 0.35% and 4.28%, respectively, compared to 0.07% and 0.89% for the fourth quarter of 2003. For the year ended December 31, 2004, return on average assets and average equity were 0.24% and 3.09%, respectively, compared to 0.14% and 1.69% for the year ended December 31, 2003. President and CEO Donald R. Neel noted, "Fourth quarter 2004 results reflect continued improvements in net interest income, asset quality, and reduced non-interest expense. These improvements were partially offset by a decline in income from the termination of indirect automobile lending activities earlier in the year." Neel further noted, "Expected increases in interest rates may contribute to an increase in cost of funds during 2005, and could negatively impact mortgage loan volume. However, interest rate increases to date have not impacted commercial loan demand as originations increased substantially in the fourth quarter of 2004, a trend expected to continue in the coming year." 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 and the Bank, overall loan demand, and increased competition in the financial services industry which could negatively impact the Company's ability to increase total earning assets, and retention of key personnel. 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, closed on January 18, 2005 at $1.84 Information on FFED is available on the Internet at http://www.unitedfidelity.com -- END -- [LOGO OF FIDELITY FEDERAL BANCORP] FINANCIAL HIGHLIGHTS (DOLLARS IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, (Unaudited) (Unaudited) OPERATIONS: 2004 2003 2004 2003 - --------------------------- ---------- ---------- ---------- ---------- Interest income $ 2,203 $ 1,836 $ 8,483 $ 6,650 Interest expense 1,048 856 4,004 3,827 ---------- ---------- ---------- ---------- Net interest income 1,155 980 4,479 2,823 Provision for loan losses 105 36 448 13 Non-interest income 555 640 2,495 3,878 Non-interest expense 1,409 1,613 6,120 6,694 ---------- ---------- ---------- ---------- Income (loss) before income tax 196 (29) 406 (6) Income taxes 20 (59) (66) (220) ---------- ---------- ---------- ---------- Net income (loss) $ 176 $ 30 $ 472 $ 214 ========== ========== ========== ========== PER SHARE: - --------------------------- Basic net income $ 0.02 $ 0.00 $ 0.04 $ 0.02 Diluted net income 0.02 0.00 0.04 0.02 Book value at period end 1.48 1.39 Market price (bid) at period end 1.86 1.62 Average common and common equivalent shares outstanding 11,002,609 9,618,658 10,493,187 8,932,084 AVERAGE BALANCES: - --------------------------- Total assets $ 201,471 $ 166,889 $195,959 $ 149,577 Total earning assets 184,189 149,063 178,274 131,080 Total loans (including held for sale) 115,544 98,666 111,819 83,126 Total deposits 131,330 119,538 128,238 111,888 Total stockholders' equity 16,350 13,335 15,274 12,668 FHLB advances 39,073 24,605 37,650 15,172 Borrowings 12,915 7,397 12,776 7,611 PERFORMANCE RATIOS: - --------------------------- Return on average assets 0.35% 0.07% 0.24% 0.14% Return on average equity 4.28% 0.89% 3.09% 1.69% Net interest margin 2.49% 2.61% 2.51% 2.15% LOAN QUALITY RATIOS: - --------------------------- Net charge-offs to average loans and letters of credit 0.39% 0.18% 0.31% 0.10% Allowance for loan and letter of credit losses to total loans and letters of credit at end of period 0.74% 0.80% Non-performing loans to total loans 0.91% 1.48% Non-performing assets to total assets 0.70% 0.87% SAVINGS BANK CAPITAL RATIOS: - --------------------------- Tangible equity to assets at end of period 7.24% 7.00% Risk-based capital ratios: Tier 1 capital 10.52% 9.16% Total capital 14.48% 13.62% AT PERIOD END: - --------------------------- Total assets $ 200,558 $ 175,390 Total earning assets 183,978 158,111 Total loans (including held for sale) 111,527 101,174 Total deposits 127,701 120,680 Total stockholders' equity 16,261 13,367 FHLB Advances 44,090 31,550 Borrowings 10,460 8,077 Common shares outstanding 10,999,871 9,618,658
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