Fidelity Bancorp 8-K 2008
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
FIDELITY BANCORP, INC.
On February 7, 2008, the Registrant issued a press release to report restated earnings for the quarter ended December 31, 2007. A copy of the release is furnished with this From 8-K as an exhibit.
On February 6, 2008, the Registrant determined to take a non-cash after-tax impairment charge of $244,000 or $0.08 per diluted share as a result of an other-than-temporary impairment in the value of a mutual fund investment. The net asset value of the fund, which invests in mortgage-related securities, has declined as the result of continuing uncertainty in spreads in the bond market for mortgage-related securities. As a result of the impairment charge, net income for the quarter ended December 31, 2007 will be reduced to $861,000, or $0.28 per diluted share. The Registrant does not anticipate any material cash expenditures in the future as the result of this impairment. For more information, reference is made to the Registrants press release dated February 7, 2008, which is filed as an exhibit hereto and incorporated by reference herein.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.