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Fidelity Bancorp 2012 net income declines to $.13 per diluted share

Fidelity Bancorp has reported net income of $806,000 or $.13 per diluted share, for the fiscal 2012, against $1.535m or $.37 per diluted share during the same period last year.

The $729,000 decrease in earnings for the year ended on 30 September primarily reflects a decrease in net interest income of $925,000, an increase in the provision for loan losses of $375,000 and an increase in operating expenses of $832,000.

The decrease in earnings was also partially offset by an increase in other income of $1.03m (excluding impairment charges), and an increase in income tax benefit of $347,000.

Its net interest income before provision for loan losses decreased to $13.9m, versus $14.8m, during the comparable period earlier year.

The Company’s tax equivalent interest rate spread decreased to 2.32% for the current fiscal, against 2.39%, during the corresponding period last year.

Having assets of $660.9m and founded in 1993, Fidelity Bancorp operates principally as a holding company for its wholly owned subsidiary, Fidelity Bank.

The bank is a Pennsylvania-chartered, FDIC-insured stock savings bank that conducts business through 14 full-service offices located in Allegheny and Butler counties.