First Fidelity net up 13% dividend rises 19%, to 50

October 18, 1994|By a Sun Staff Writer

First Fidelity Bancorp. of Lawrenceville, N.J., yesterday reported a 13 percent increase in net income during the third quarter.

The company, which is soon to complete its purchase of Baltimore Bancorp, earned $115 million, or $1.33 a share, in the three months that ended Sept. 30. First Fidelity earned $101.5 million, or $1.17 a share, a year ago.

The company also announced a 19 percent increase in the quarterly dividend, to 50 cents a share from 42 cents. The new dividend will be paid Nov. 8 to shareholders of record on Oct. 31.

At the end of the third quarter, First Fidelity, which has operations in every East Coast state from Maryland to Connecticut, had $34.4 billion in assets.

First Fidelity

Bancorp. .. .. .. .. .. Ticker .. ... ... ... .. Yesterday's

Lawrenceville, N.J. ... Symbol .. .. .. .. .. .. Cls ... Chg.

.. .. .. .. ... ... ... FFB .. .. .. .. .. .. .. 43 1/2 + 7/8

Period ended

9/30 .. .. .. .. .. .. .. 3rd qtr. .. .. .. .. .. Year ago .. .. .. Chg.

Net Income .. .. .. .. .. $115,018 .. .. .. .. .. $101,542 .. .. .. +13.3%

Primary EPS ... ... .. .. $1.33 .. .. .. .. .. .. $1.17 .. .. .. .. +13.7%

Annualized return

on avg. assets ... .. ... 1.36% .. .. .. .. .. .. 1.24%

Add. to allowance

for loan losses .. .. ... $20 .. .. .. .. ... ... $33 .. .. .. .. .. -39.4%

.. .. .. .. .. .. .. .. 9 mos. .. .. .. .. .. .. Year ago .. .. .. Chg.

Net income .. .. .. .. $335,477 .. .. .. .. .. $294,456* .. .. .. +13.9%

Primary EPS .. .. .. $3.87 .. .. .. .. .. .. $3.46* .. .. .. .. +11.8%

Annualized return

on avg. assets .. .. .. 1.34% .. .. .. .. .. 1.26% .. .. .. .. ..

Add. to allowance

for loan losses .. .. .. $64,000 .. .. .. .. $119,000 .. .. .. -46.2%

.. .. .. .. .. .. .. .. .. Balances as of .. .. .. .. .. .. .. .. ..

.. .. .. .. .. .. .. .. .. .. 9/30/94 .. .. .. .. .. .. 9/30/93

Assets .. .. .. .. .. .. $34,402,922 .. .. .. $32,602,706 .. .. +5.5%

Deposits .. .. .. .. .. $27,635,557 .. .. .. $27,378,006 .. .. +0.9%

Loans outst. .. .. .. $22,376,553 .. .. .. $20,275,840 .. .. +10.4%

Loan loss

reserve .. .. .. .. .. $585,797 .. .. .. .. $605,172 .. .. .. -3.2%

Figures in thousands (except per share data.)

* Includes a gain of $2,373,000, or 3 cents a share, from a one-time accounting change.

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