Fidelity Bancorp Inc. reported unaudited earnings results for the fourth quarter and full year ended September 30, 2009. A net loss available to common stockholders of $3.623 million was recorded for the three-month period ending September 30, 2009, or $1.19 per basic and diluted share, compared to a net loss available to common stockholders of $2.4 million, or $0.80 per basic and diluted share for the same period in the prior year. The $1.1 million increase in net loss for the fourth quarter of fiscal 2009 primarily relates to an increase in the provision for loan losses of $4.2 million, partially offset by a decrease in OTTI charges. The increase in the provision for loan losses for the fourth quarter reflects net write-offs of $2.7 and an increase in specific reserves on impaired loans of $1.2 million as compared to the prior period. The company reported loss before income tax provision of $5.545 million on total interest income of $8.253 million compared to loss before income tax provision of $1.977 million on total interest income of $9.505 million for the same period of last year. The company reported net loss available to common stockholders for the year ended September 30, 2009 of $1.99 million or $0.66 per basic and diluted share, compared to net income available to common stockholders of $841,000, or $0.28 per basic and diluted share for the prior year. The $2.6 million decrease in earnings for fiscal 2009 primarily reflects an increase in the provision for loan losses of $4.6 million, an increase of $1.5 million in other-than-temporary impairment charges on certain investment securities, as well as an increase in FDIC deposit insurance expense of $1.1 million. The company reported annualized return on assets of negative 0.23% and annualized return on equity of negative 3.65% compared to annualized return on assets of 0.12% and annualized return on equity of 1.83% for the same period of last year. The company reported loss before income tax provision of $4.048 million on total interest income of $35.895 million compared to income before income tax provision of $2.279 million on total interest income of $39.400 million for the same period of last year. The company recorded impairment charge on securities of $1.975 million for the fourth quarter of 2009.

The Board of Directors of Fidelity Bancorp Inc. declared on October 20, 2009 a quarterly cash dividend of $0.02 per share on the company's common stock. The dividend is payable November 30, 2009 to stockholders of record November 13, 2009.

Fidelity Bancorp Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended June 30, 2009. For the third quarter, the company announced earnings a net income of $238,000 or $0.04 per diluted share, compared to net income of $1.2 million or $0.40 per diluted share in the prior year quarter. The $989,000 decrease in net income primarily reflects charges of $1.4 million for other-than-temporary impairment on certain investment securities. Excluding the impairment charges, net income would have been $1.2 million or $0.37 per diluted share. The company's annualized return on average assets was 0.13% (0.68% excluding the OTTI charges) and return on average equity was 1.90% (9.85% excluding the OTTI charges) compared to 0.67% and 10.50% respectively, for the same period in the prior year. Net interest income before provision for loan losses decreased $432,000 or 10.1% to $3.8 million for the three-month period ended June 30, 2009, compared to $4.3 million in the prior year period. Other income increased $629,000 or 65.9% to $1.6 million for the quarter ended June 30, 2009 compared to $954,000 for the same period last year. The increase for the current quarter primarily relates to an increase in loan service charges and fees of $47,000, an increase in the gains on the sales of loans of $176,000, and an increase in other operating income of $412,000, partially offset by a decrease in deposit service charges and fees of $6,000. The increase in other operating income primarily relates to $463,000 of bank owned life insurance earnings recorded upon the death of the company's former Chairman of the Board. Loss before income tax provision was $0.3 million against the income before income tax provision of $1.6 million for the same period a year ago. Total interest income was $8.5 million against the $9.7 million for the same period a year ago. For the nine-month period ended June 30, 2009, net income was $1.8 million, or $0.52 per diluted share, compared to $3.3 million or $1.07 per diluted share in the prior year period. Excluding impairment charges of $3.1 million, net income would have been $4.3 million or $1.33 per diluted share. Annualized return on assets was 0.33% (0.77% excluding the OTTI charges) and return on equity was 5.15% (12.23% excluding the OTTI charges) for the fiscal 2009 period, compared to 0.59% and 9.22%, respectively, for the same period in the prior year. Net interest income before provision for loan losses increased $903,000 or 7.4% to $13.1 million, compared to $12.2 million in the prior year period. Other income, excluding the OTTI charges, increased $623,000 or 22.6% to $3.4 million for the nine-months ended June 30, 2009 compared to $2.8 million for the same period last year. The increase for the current nine-month period primarily relates to increases in loan service charges and fees, gains on the sales of loans, and other operating income of $86,000, $275,000, and $269,000, respectively, offset by a decrease in gains on the sales of investment and mortgage-backed securities of $7,000. Income before income tax provision was $1.5 million against the income before income tax provision of $4.3 million for the same period a year ago. Total interest income was $27.6 million against the $29.9 million for the same period a year ago. OTTI charges were $1.4 million during the three-month period ending June 30, 2009; there were no similar charges in the prior fiscal period. The impairment charges relate to the company's holdings of two pooled trust preferred securities resulting from several factors, including downgrades on their credit ratings, failure to pass their principal coverage tests, indications of a break in yield, and the decline in the net present value of their projected cash flows. OTTI charges were $3.1 million during the nine-month period ending June 30, 2009, compared to $322,000 during the prior year period. The impairment charges in the current year period relate the AMF Ultra Short Mortgage Fund and the pooled trust preferred securities. The impairment charges in the prior year period related to the company's holding of the AMF Ultra Short Mortgage Fund. The Board of Directors of Fidelity Bancorp Inc. declared a quarterly cash dividend of $0.02 per share on the company's common stock, which is a reduction from the previous quarterly cash dividend of $0.07 per common share. By doing so, Fidelity joined many other financial institutions that believe the preservation of capital to be the most prudent course of action in this challenging environment. The dividend is payable August 28, 2009 to stockholders of record August 15, 2009.