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FIRST FIDELITY REPORTS QUARTERLY EARNINGS OF $82.3 MILLION, AN INCREASE OF 48.8 PERCENT FROM THIRD QUARTER OF LAST YEAR

 FIRST FIDELITY REPORTS QUARTERLY EARNINGS OF $82.3 MILLION,
 AN INCREASE OF 48.8 PERCENT FROM THIRD QUARTER OF LAST YEAR
 LAWRENCEVILLE, N.J., Oct. 14 /PRNewswire/ -- First Fidelity Bancorporation (NYSE: FFB) today reported third quarter 1992 earnings of $82.3 million, up 48.8 percent from third quarter 1991 earnings of $55.3 million and an increase of 7.8 percent from second quarter 1992 earnings of $76.3 million. Earnings per share on a fully-diluted basis were $1.01 in the third quarter of 1992, up 24.7 percent from $.81 in the third quarter of 1991 and an increase of 8.6 percent from $.93 in the second quarter of 1992.
 "While we are pleased with these results, we are not yet seeing the full potential of the franchise," said Tony Terracciano, chairman and chief executive officer. "Consumer lending continues to grow but commercial loan demand remains weak. This, combined with a weak operating environment, requires that we maintain our vigilance in the areas of asset quality and expense control.
 "Our aggressive loan pricing policies are designed to support our customers and help stimulate business in the region. Our new corporate- wide advertising campaign emphasizes this commitment to our markets. Our recent acquisition of The Howard will further strengthen our ability to serve our customers and should provide First Fidelity shareholders with significant additional value," Terracciano added.
 Net interest income on a tax equivalent basis advanced in the quarter to $313.0 million from $307.2 million in the second quarter. The net interest margin in the third quarter rose to 4.73 percent from 4.59 percent in the second quarter of 1992. Non-interest expense of $224.3 million in the third quarter was flat compared to the second quarter.
 Return on average assets rose to 1.14 percent in the third quarter from 1.06 percent in the second quarter of 1992, while return on average common stockholders' equity increased to 16.53 percent in the third quarter from 16.10 percent in the year's second quarter.
 Non-performing loans declined by $55.5 million during the quarter ended September 30; the provision for possible credit losses was $56.0 million, down from $59.0 million in the previous quarter, and net charge-offs were $60.8 million compared to $64.2 million in the previous quarter. The credit loss reserve coverage of non-performing loans rose to 110 percent at September 30, 1992, from 101 percent at the end of the second quarter of 1992 and up from 78 percent at the end of the third quarter of 1991.
 Net Interest Income
 Taxable equivalent net interest income increased to $313.0 million for the 1992 third quarter, up $5.8 million from the $307.2 million posted in the second quarter of 1992 and up $27.7 million from the $285.2 million earned in the prior year's third quarter. This increase reflected the impact of declining rates on the company's large core deposit base as well as the growth of consumer loans. Consumer loans averaged 47 percent of total loans in the third quarter compared to 45 percent of total loans during the second quarter of 1992 and 42 percent in the prior year's third quarter.
 The net interest margin rose significantly during the quarter to 4.73 percent from 4.59 percent in the second quarter of 1992 and 4.29 percent in the third quarter of 1991. Because of recent declines in the overall interest rate structure, the reduction of First Fidelity's prime rate from 6.0 percent to 5.5 percent on October 1 should have a negligible impact on the net interest margin.
 Average earning assets in the third quarter were $26.2 billion, modestly lower than average earning assets of $26.6 billion during the second quarter of 1992 and $26.3 billion in the third quarter of last year. Demand for shelter loans, both first mortgages and home equity loans, remained strong. Because of the continued weak business climate, commercial loans outstanding continued to trend lower, offsetting the growth in consumer lending.
 Core deposits (demand deposits and other consumer deposits) averaged $23.2 billion in the third quarter of 1992, compared to $23.6 billion in the second quarter of 1992 and $23.4 billion in the third quarter of 1991. In the quarter, the industry-wide shift by consumers from certificates of deposit (CDs) to market investments continued, with significant numbers of medium-term CDs not being renewed on maturity.
 Non-Interest Income
 Non-interest income was $81.1 million in the third quarter of 1992, compared to $82.2 million in the second quarter of 1992 and $86.8 million in the third quarter of 1991.
 Service fees on deposit accounts increased to $35.3 million in the third quarter of 1992 from $34.6 million in the second quarter of 1992 and from $30.1 million in the third quarter of 1991.
 The company enjoyed good performance in its foreign exchange and municipal underwriting businesses in the period and saw an improving trend in bankers' acceptance and letter of credit income. There were virtually no net securities gains or income from asset sales in the period.
 Non-Interest Expense
 Non-interest expense in the third quarter of $224.3 million was stable compared to the second quarter of the year and only about one percent higher than the $221.9 million recorded in the previous year's third quarter. Expenses have been flat for four consecutive quarters. The incremental operating expenses of banks acquired during the period and premium increases by the Federal Deposit Insurance Corporation accounted for virtually all of the nominal year-over-year increase.
 The efficiency ratio -- the ratio of non-interest expense to taxable equivalent operating income -- continued to improve, moving to 56.9 percent for the third quarter of 1992 from 57.4 percent in the prior 1992 quarter.
 Salaries and benefits expense for the third quarter of 1992 was $101.5 million compared to $99.8 million for the second quarter of the year. Equipment expense and occupancy expense respectively totaled $9.8 million and $25.7 million, compared to $10.2 million and $26.7 million, respectively, in the second quarter of 1992. Other expenses in the third quarter were $87.4 million compared to $86.7 million in the second quarter of this year.
 Normal expense increases, as well as the costs of managing the OREO (other real estate owned) portfolio, continue to be offset by the incremental benefits of the bank's continuing conversion and consolidation process. This program should provide significant savings in the integration of the recently-acquired Howard Savings Bank into First Fidelity.
 Asset Quality
 Asset quality continued to improve, a trend begun in the third quarter of 1991, with non-performing loans and the provision for possible credit losses down and the reserve coverage up.
 Non-performing loans declined $55.5 million or 9.3 percent during the third quarter to total $541.3 million at September 30, down from $596.7 million at June 30. On a year-over-year basis, non-performing loans declined more than $238.1 million from $779.4 million at September 30, 1991.
 The provision for possible credit losses was $56.0 million for the third quarter, down from $59.0 million for the previous quarter and $69.0 million for the year-earlier period. At September 30, the credit loss reserve was $597.2 million, compared to $602.0 million at June 30 and $607.8 million on September 30 a year ago, and represented 3.58 percent of loans. The reserve coverage -- the ratio of the credit loss reserve to non-performing loans -- rose to 110 percent from 101 percent at June 30 and from 78 percent at September 30, 1991.
 Net charge-offs in the quarter were $60.8 million compared to $64.2 million in the second quarter and $68.6 million in the prior year's comparable period.
 During the quarter, non-performing assets declined 7.2 percent or $58.5 million to $751.2 million, down from $809.7 million at June 30 and down $220.7 million from $971.8 million at September 30, 1991. The reserve coverage of non-performing assets advanced to 80 percent from 74 percent quarter to quarter and up from 63 percent at the end of the third quarter of 1991. OREO, net of the OREO reserve, was $209.9 million at quarter's end, compared to $213.0 million at June 30 and $192.5 million a year ago. OREO comprised $160.1 million in actually foreclosed properties and $55.8 million of in-substance foreclosures, less a reserve of $6.0 million.
 Contractually past-due loans declined by $10.3 million or 8.4 percent and stood at $112.9 mZ26ion at September 30, 1992, compared to $123.2 million at June 30, 1992, and $118.3 million at September 30 a year ago.
 As a result of the Howard acquisition on October 2, the net increase in First Fidelity's non-performing assets will be $25 million, primarily representing residential mortgages. All OREO was retained by the FDIC and all of Howard's non-performing commercial loans will be reported in the future as "segregated assets" net of a separate reserve.
 Balance Sheet and Capital
 At September 30, 1992, First Fidelity had total assets of $28.9 billion compared with $29.3 billion at the end of the previous quarter and $28.9 billion at September 30, 1991. Total deposits were $23.6 billion, compared with $24.1 billion at June 30, 1992 and $24.4 billion at September 30, 1991. Loans were $16.7 billion, compared to $17.2 billion at June 30, 1992 and $17.6 billion at September 30, 1991.
 Capital ratios continued to strengthen during the third quarter. At September 30, the Tier I leverage ratio was 6.76 percent, up from 6.46 percent at June 30, 1992, and 5.13 percent at September 30, 1991. The risk-adjusted Tier I capital ratio was approximately 10.36 percent and the total risk-adjusted capital ratio was approximately 13.94 percent at September 30, compared to 9.72 percent and 13.23 percent, respectively, at June 30 and 7.31 percent and 11.13 percent at September 30 a year ago.
 On October 2, following the close of the quarter, First Fidelity acquired the 70 branches and $3.0 billion in assets and assumed $3.4 billion in deposits of The Howard Savings Bank, of Newark, New Jersey from the Federal Deposit Insurance Corporation in a government- assisted transaction. Neither Howard's balance sheet nor its income statement is included in First Fidelity's third-quarter report but will be reflected in the company's fourth quarter results. The company also plans certain balance sheet adjustments prior to year-end, principally a reduction of money market assets.
 With the acquisition of The Howard, the company issued 2,376,250 shares of common stock to Banco Santander which exercised 25 percent of the warrants it acquired in 1991 as part of its equity investment in the company. The additional shares and proceeds are not reflected in the September 30 financial statements.
 First Fidelity is the largest banking organization headquartered in New Jersey. With more than 550 branches in eastern Pennsylvania, New Jersey and New York, its principal affiliates are the First Fidelity banks in New Jersey and New York, Fidelity Bank of Philadelphia, Merchants Bank of Allentown, Pennsylvania, and Merchants Bank (North) of Wilkes-Barre, Pennsylvania.
 FIRST FIDELITY BANCORPORATION AND SUBSIDIARIES
 Financial Summary
 (In thousands except per share)
 At period end Sept. 30 Sept. 30 June 30
 1992 1991 1992
 Assets $28,866,745 $28,903,148 $29,332,224
 Deposits 23,595,758 24,383,633 24,107,533
 Loans 16,673,476 17,562,769 17,209,180
 Reserve for possible
 credit losses 597,207 607,846 602,024
 Stockholders' equity 2,121,352 1,677,982 2,060,992
 Reserve for possible
 credit losses/loans (pct.) 3.58 3.46 3.50
 Tier I leverage ratio (pct.) 6.76 5.13 6.46
 Tier I capital/risk adjusted
 assets (pct.) (A) 10.36 7.31 9.72
 Total risk-based capital/risk
 adjusted assets (pct.) (A) 13.94 11.13 13.23
 Per common share:
 Book value $26.50 $23.89 $25.72
 Market price 34.88 31.88 37.88
 For the three months Sept. 30 Sept. 30 June 30
 ended 1992 1991 1992
 Net income $82,336 $55,315 $76,344
 Per common share:
 Net income - primary $1.03 $.83 $.95
 Net income - fully diluted 1.01 .81 .93
 Return on average assets (pct.) 1.14 .76 1.06
 Return on average
 stockholders' equity (pct.) 15.70 13.17 15.29
 Return on average common
 stockholders' equity (pct.) 16.53 13.80 16.10
 For the nine months Sept. 30 Sept. 30
 ended 1992 1991
 Net income $224,141 $163,413
 Per common share:
 Net income - primary $2.80 $2.52
 Net income - fully diluted 2.76 2.48
 Return on average assets (pct.) 1.03 .76
 Return on average
 stockholders' equity (pct.) 14.80 13.81
 Return on average common
 stockholders' equity (pct.) 15.54 14.45
 Average common shares and
 common stock equivalents
 outstanding:
 Primary 74,415,982 60,057,863
 Fully diluted 78,230,227 64,262,862
 (A) Sept. 30, 1992, ratios are estimated.
 Consolidated Statements of Income
 (thousands)
 Increase/
 Three months ended Sept. 30 1992 1991 (Decrease)
 Interest income:
 Interest and fees
 on loans $367,026 $418,857 $(51,831)
 Interest on federal funds
 sold and securities
 purchased under
 agreements to resell 10,228 17,787 (7,559)
 Interest and dividends on
 investments securities:
 Taxable interest income 99,103 107,552 (8,449)
 Tax-exempt interest income 14,019 16,740 (2,721)
 Dividends 1,047 962 85
 Interest on bank deposits 22,077 29,015 (6,938)
 Interest on trading
 account securities 1,459 1,771 (312)
 Total interest income 514,959 592,684 (77,725)
 Interest expense:
 Interest on:
 Deposits 188,492 283,661 (95,169)
 Short-term borrowings 11,911 17,531 (5,620)
 Long-term debt 11,116 18,170 (7,054)
 Total interest expense 211,519 319,362 (107,843)
 Net interest income 303,440 273,322 30,118
 Provision for possible
 credit losses 56,000 69,000 (13,000)
 Net interest income after
 provision for possible
 credit losses 247,440 204,322 43,118
 Non-interest income:
 Trust income 20,465 21,845 (1,380)
 Service charges on
 deposit accounts 35,256 30,097 5,159
 Other service charges,
 commissions, and fees 18,234 21,879 (3,645)
 Net trading account gains 3,498 2,352 1,146
 Net securities transactions 6 5,815 (5,809)
 Other income 3,660 4,769 (1,109)
 Total non-interest income 81,119 86,757 (5,638)
 Non-interest expense:
 Salaries and benefits
 expense 101,501 99,373 2,128
 Occupancy expense 25,659 25,786 (127)
 Equipment expense 9,802 9,531 271
 Other expenses 87,375 87,247 128
 Total non-interest expense 224,337 221,937 2,400
 Income before income taxes 104,222 69,142 35,080
 Income taxes 21,886 13,827 8,059
 Net income 82,336 55,315 27,021
 Dividends on preferred stock 5,281 5,230 51
 Net income applicable
 to common stock 77,055 50,085 26,970
 Per common share:
 Net income:
 Primary $1.03 $.83 $.20
 Fully diluted 1.01 .81 .20
 Consolidated Statements of Income
 (thousands)
 Three months ended Sept. 30 June 30 Increase/
 1992 1992 (Decrease)
 Interest income:
 Interest and fees
 on loans $367,026 $375,695 $(8,669)
 Interest on federal funds
 sold and securities
 purchased under
 agreements to resell 10,228 8,905 1,323
 Interest and dividends on
 investments securities:
 Taxable interest income 99,103 102,639 (3,536)
 Tax-exempt interest income 14,019 14,935 (916)
 Dividends 1,047 1,030 17
 Interest on bank deposits 22,077 24,402 (2,325)
 Interest on trading
 account securities 1,459 1,917 (458)
 Total interest income 514,959 529,523 (14,564)
 Interest expense:
 Interest on:
 Deposits 188,492 206,294 (17,802)
 Short-term borrowings 11,911 11,361 550
 Long-term debt 11,116 15,021 (3,905)
 Total interest expense 211,519 232,676 (21,157)
 Net interest income 303,440 296,847 6,593
 Provision for possible
 credit losses 56,000 59,000 (3,000)
 Net interest income after
 provision for possible
 credit losses 247,440 237,847 9,593
 Non-interest income:
 Trust income 20,465 21,193 (728)
 Service charges on
 deposit accounts 35,256 34,627 629
 Other service charges,
 commissions, and fees 18,234 18,794 (560)
 Net trading account gains 3,498 3,427 71
 Net securities transactions 6 1,132 (1,126)
 Other income 3,660 3,037 623
 Total non-interest income 81,119 82,210 (1,091)
 Non-interest expense:
 Salaries and benefits
 expense 101,501 99,805 1,696
 Occupancy expense 25,659 26,730 (1,071)
 Equipment expense 9,802 10,166 (364)
 Other expenses 87,375 86,718 657
 Total non-interest expense 224,337 223,419 918
 Income before income taxes 104,222 96,638 7,584
 Income taxes 21,886 20,294 1,592
 Net income 82,336 76,344 5,992
 Dividends on preferred stock 5,281 5,288 (1)
 Net income applicable
 to common stock 77,055 71,056 5,999
 Per common share:
 Net income:
 Primary $1.03 $.95 $.08
 Fully diluted 1.01 .93 .08
 Consolidated Statements of Income
 (Thousands)
 Increase/
 Nine months ended Sept. 30 1992 1991 (decrease)
 Interest income:
 Interest and fees
 on loans $1,126,338 $1,285,494 $(159,156)
 Interest on federal funds
 sold and securities
 purchased under
 agreements to resell 26,996 45,449 (18,453)
 Interest and dividends on
 investments securities:
 Taxable interest income 309,806 340,319 (30,513)
 Tax-exempt interest income 44,119 51,307 (7,188)
 Dividends 3,033 2,819 214
 Interest on bank deposits 78,428 73,890 4,538
 Interest on trading
 account securities 5,047 5,637 (590)
 Total interest income 1,593,767 1,804,915 (211,148)
 Interest expense:
 Interest on:
 Deposits 632,398 901,738 (269,340)
 Short-term borrowings 34,778 56,366 (21,588)
 Long-term debt 42,260 61,987 (19,727)
 Total interest expense 709,436 1,020,091 (310,655)
 Net interest income 884,331 784,824 99,507
 Provision for possible
 credit losses 176,000 219,000 (43,000)
 Net interest income after
 provision for possible
 credit losses 708,331 565,824 142,507
 Non-interest income:
 Trust income 63,590 62,454 1,136
 Service charges on
 deposit accounts 101,142 86,544 14,598
 Other service charges,
 commissions and fees 56,259 62,501 (6,242)
 Net trading account gains 10,067 5,308 4,759
 Net securities transactions 4,905 28,237 (23,332)
 Other income 9,376 44,846 (35,470)
 Total non-interest income 245,339 289,890 (44,551)
 Non-interest expense:
 Salaries and benefits
 expense 301,132 295,965 5,167
 Occupancy expense 79,982 77,146 2,836
 Equipment expense 30,035 30,840 (805)
 Other expenses 259,834 244,034 15,800
 Total non-interest expense 670,983 647,985 22,998
 Income before income taxes 282,687 207,729 74,958
 Income taxes 58,546 44,316 14,230
 Net income 224,141 163,413 60,728
 Dividends on preferred stock 15,840 11,878 3,962
 Net income applicable to
 common stock 208,301 151,535 56,766
 Per common share:
 Net income:
 Primary $2.80 $2.52 $.28
 Fully diluted 2.76 2.48 .28
 Consolidated Statements of Condition
 (Thousands)
 Sept. 30 1992 1991
 Assets:
 Cash and due from banks $1,662,567 $1,745,255
 Interest bearing time
 deposits 1,885,012 1,678,351
 Securities at amortized cost 5,690,692 6,454,476
 (market value of $5,869,152
 at Sept. 30, 1992, and
 $6,605,606 at Sept. 30, 1991)
 Securities at lower of cost
 or market 777,270 ---
 (market value of $813,410
 at Sept. 30, 1992)
 Trading account securities
 at market value 125,048 111,711
 Federal funds sold and
 securities purchased under
 agreements to resell 1,285,500 480,061
 Loans, net of unearned
 income 16,673,476 17,562,769
 Reserve for possible
 credit losses (597,207) (607,846)
 Premises and equipment 296,641 327,229
 Customers' acceptance
 liability 164,616 200,275
 Other assets 903,130 950,867
 Total assets 28,866,745 28,903,148
 Liabilities:
 Deposits in domestic offices:
 Demand deposits (non-interest
 bearing) 4,312,625 4,349,246
 Savings/NOW deposits 6,658,719 5,746,300
 Money market deposit
 accounts 3,661,407 3,852,915
 Other consumer time
 deposits 8,208,440 9,638,299
 Corporate certificates of
 deposit 477,858 548,497
 Deposits in overseas
 offices 276,709 248,376
 Total deposits 23,595,758 24,383,633
 Short-term borrowings 1,987,128 1,314,477
 Acceptances outstanding 165,540 201,861
 Other liabilities 407,424 400,143
 Long-term debt 589,543 925,052
 Total liabilities 26,745,393 27,225,166
 Stockholders' equity:
 Preferred stock 232,236 232,236
 Common stock ($1 par)
 Authorized: 150 million shares
 Issued and outstanding: 71,274,154
 shares at Sept. 30, 1992;
 60,529,483 shares at
 Sept. 30, 1991 71,274 60,529
 Surplus 944,012 701,815
 Retained earnings 873,830 683,402
 Total common stockholders'
 equity 1,889,116 1,445,746
 Total stockholders' equity 2,121,352 1,677,982
 Total liabilities and
 stockholders' equity 28,866,745 28,903,148
 Non-Performing Assets and Contractually Past Due Loans
 (Thousands)
 1992 1991
 Sept. 30 June 30 March 31 Dec. 31 Sept. 30
 Non performing
 assets:
 Non-accruing loans:
 Domestic:
 Real estate $270,925 $288,119 $311,175 $324,318 $348,655
 Other 257,858 299,379 299,511 321,190 419,350
 Foreign 3,493 3,927 5,436 10,212 9,975
 Restructured
 loans 8,984 5,301 40,674 60,786 1,391
 Total non-
 performing
 loans 541,260 596,726 656,796 716,506 779,371
 Other real estate
 owned:
 Foreclosed
 property 160,146 144,776 94,312 79,384 70,567
 In-substance
 foreclosures 55,811 74,240 123,527 140,339 131,906
 Total other
 real estate
 owned 215,957 219,016 217,839 219,723 202,473
 Less reserve (6,027) (6,016) (5,978) (7,306) (10,004)
 Net other
 real estate
 owned 209,930 213,000 211,861 212,417 192,469
 Total non-
 performing
 assets 751,190 809,726 868,657 928,923 971,840
 Contractually
 past due
 loans:
 Consumer 107,338 113,177 130,747 134,720 89,867
 Other 5,519 9,987 11,005 10,686 28,451
 Total
 contractually
 past due
 loans (A) 112,857 123,164 141,752 145,406 118,318
 Non-performing
 loans/loans
 (pct.) 3.25 3.47 3.81 4.13 4.44
 Non-performing
 assets/loans and
 other real estate
 owned (pct.) 4.45 4.65 4.97 5.29 5.47
 (A) Accruing loans past due 90 days or more.
 Reconciliation of Reserve for Possible Credit Losses
 (Thousands)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Beginning balance $602,024 $607,487 $609,599 $556,172
 Provision 56,000 69,000 176,000 219,000
 Total 658,024 676,487 785,599 775,172
 Charge-offs 69,779 75,438 221,035 231,575
 Recoveries 8,962 6,797 32,643 25,649
 Net charge-offs 60,817 68,641 188,392 205,926
 Balance related to
 sale of subsidiary --- --- --- (10,800)
 Acquired reserves --- --- --- 49,400
 Ending balance 597,207 607,846 597,207 607,846
 Ratios:
 Net charge-offs as a
 percent of average
 loans (annualized) 1.43 1.56 1.47 1.56
 Reserve as a percent
 of loans 3.58 3.46 3.58 3.46
 Reserve as a percent
 of non-performing
 loans 110 78 110 78
 /delval/
 -0- 10/14/92
 /CONTACT: Paul J. Levine, 201-565-2949, or Laura A. Schaible (analysts), 201-565-3397, both of First Fidelity Bancorporation/
 (FFB) CO: First Fidelity Bancorporation ST: New Jersey IN: FIN SU: ERN


MK-JS -- PH011 -- 9897 10/14/92 13:04 EDT
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