Fidelity Bancorp, Inc. Announces First Quarter EPS of $.04

Fidelity Bancorp, Inc. of Pittsburgh, Pennsylvania FSBI, the holding company for Fidelity Bank reported a net loss for the three-month period ended December 31, 2010 of $135,000 or ($0.08) per share (diluted), compared to net income of $232,000 or $0.04 per share (diluted) in the prior year quarter. The $367,000 decrease in net income primarily reflects a decrease in other income of $456,000 and an increase in operating expenses of $129,000, partially offset by an increase in net interest income of $97,000 and an increase in income tax benefit of $121,000. Included in other income for the three months ended December 31, 2010 were other-than-temporary impairment charges ("OTTI") of $1.1 million compared to $1.2 million recognized in the prior year period. Annualized return on assets was (0.08%) and return on equity was (1.09%) for the fiscal 2011 period, compared to 0.13% and 1.97%, respectively, for the same period in the prior year.