Fidelity Bankshares Inc. of West Palm Beach, Fla., said its first-quarter earnings rose 19.8% from the same period last year, to $6.8 million.
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Much of the increase was the result of a 51-basis-point increase in its net interest margin, to 3.65%, the $3.5 billion-asset company said Tuesday. Net interest income rose 19%, to $45.3 million.
Fidelity said that it had expected to close its $27 million deal to acquire the $153 million-asset First Community Bancorp in Pahokee in the first quarter, but the closing was delayed until April 1 because of complications in meeting Sarbanes-Oxley Act requirements.
