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FIDELITY SAVINGS BANK ANNOUNCES SECOND QUARTER EARNINGS, CASH DIVIDEND AND STOCK DIVIDEND

 FIDELITY SAVINGS BANK ANNOUNCES SECOND QUARTER EARNINGS,
 CASH DIVIDEND AND STOCK DIVIDEND
 PITTSBURGH, April 22 /PRNewswire/ -- Fidelity Savings Bank (NASDAQ-NMS: FSVA) Tuesday announced results for the second fiscal quarter ended March 31, 1992, it was announced today.
 Net income for the period increased to $247,000 or $.25 per share compared to net income of $46,000 or $.05 per share for the same period last year. Fidelity attributed the increased earnings to improved net interest income and a lower provision for loan losses, partially offset by increased operating expenses primarily related to recent branch acquisitions.
 Net interest income for the quarter rose to $1,864,000 vs. $1,380,000 for the second quarter a year ago. At March 31, 1992, Fidelity had total assets of $255,514,000 and stockholders' equity of $15,888,000 or $15.97 per share.
 For the first six months of fiscal 1992, net income was $562,000 or $0.57 per share compared to net income of $310,000 or $0.32 per share in the same period last year. Net interest income was $3,492,000 vs. $2,717,000 for the six-month period a year ago.
 The board of directors of Fidelity Savings Bank Tuesday declared a quarterly cash dividend of $.06 per share on the bank's common stock. The dividend is payable May 8, 1992, to stockholders of record on May 1, 1992. This represents the 15th consecutive cash dividend paid by Fidelity Savings Bank. In addition, the board declared a stock dividend of 10 percent on the common stock of the bank payable in whole shares of common stock with fractional shares to be paid in cash. The stock dividend is payable May 8, 1992, to stockholders of record on May 1, 1992.
 Fidelity Savings Bank is a Pennsylvania-chartered, FDIC-insured state savings bank conducting business through nine offices in Allegheny and Butler counties.
 FIDELITY SAVINGS BANK
 Financial Data
 (in thousands, except per share data)
 Period Ended Three Months Six Months
 March 31 1992 1991 1992 1991
 Interest income $5,151 $4,076 $9,817 $8,118
 Interest expense 3,287 2,696 6,325 5,401
 Net interest income
 before provision for
 loan losses 1,864 1,380 3,492 2,717
 Provision for loan
 losses 105 470 210 581
 Net interest income after
 provision for loan
 losses 1,759 910 3,282 2,136
 Gain (loss) on sale
 of investments (18) 46 (18) 80
 Other income 134 87 225 167
 Other expenses 1,454 899 2,528 1,771
 Income before income
 taxes 421 144 961 612
 Provision for income
 taxes 174 98 399 302
 Net income 247 46 562 310
 Earnings per common
 share $.25 $.05 $.57 $.32
 Dividends per share $.06 $.06 $.12 $.12
 Book value per share $15.97 $14.95 $15.97 $14.95
 Shares outstanding 995,185 977,720 995,185 977,720
 -0- 4/22/92
 /CONTACT: Richard G. Spencer, chief financial officer of Fidelity Savings, 412-931-4300/
 (FSVA) CO: Fidelity Savings Bank ST: Pennsylvania IN: FIN SU: ERN


CD-DM -- PG022 -- 1509 04/22/92 17:33 EDT
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Date:Apr 22, 1992
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