Fidelity D & D Bancorp Posts 14% Profit Jump, Q4 Earnings Surge to $5.8M

Fidelity D & D Bancorp, Inc. Reports 2024 Financial Results

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Insights

Fidelity D & D Bancorp's 2024 performance reveals both strengths and emerging challenges in the current banking environment. The 14% increase in net income to $20.8 million is particularly impressive given the challenging interest rate environment, though it's important to note this was largely driven by the absence of securities losses that impacted 2023 results.

Several key trends warrant attention:

Deposit Evolution: The shift in deposit mix, with $110.4 million growth in money market accounts and $125.9 million in time deposits, while seeing $53.9 million decline in checking/savings, signals increased deposit costs and competitive pressures. The 76% insured/collateralized deposit ratio provides stability but suggests potential for higher funding costs.
Margin Management: The FTE net interest margin compression of 9 basis points to 2.72% reflects the broader industry challenge of funding costs rising faster than asset yields. However, Q4 showed signs of stabilization with margins improving 12 basis points quarter-over-quarter.
Asset Quality Watch: Non-performing assets increased to $7.8 million (0.30% of assets) from $3.3 million year-over-year, though still at manageable levels. The minimal net charge-offs of 0.03% suggest controlled credit risk despite the uptick in NPAs.

The bank's strong capital position, with tangible common equity ratio improving to 7.16%, provides a solid foundation for navigating potential economic headwinds. The growth in tangible book value per share to $31.98 represents meaningful shareholder value creation.

01/29/2025 - 07:00 AM

DUNMORE, Pa., Jan. 29, 2025 (GLOBE NEWSWIRE) -- Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary,听The Fidelity Deposit and Discount Bank ("the Company"), announced its unaudited, consolidated financial results for the three and twelve听month periods ended December 31, 2024.

Unaudited Financial Information

Net income recorded for the year ended December 31, 2024 was $20.8 million, or $3.60 diluted earnings per share, compared to $18.2 million, or $3.19 diluted earnings per share, for the year ended December 31, 2023. The $2.6 million, or 14% increase in net income听resulted primarily from the $7.6 million increase in non-interest income for 2024听compared to 2023. During 2023, the Company sold available-for-sale securities resulting in a $6.5 million 濒辞蝉蝉,听$5.1 million net of tax,听which was the primary reason for the change in non-interest income. This was听partially offset by the $3.7 million increase in non-interest expense.

Net income for the quarter ended December 31, 2024听was $5.8 million, or $1.01 diluted earnings per share, compared to $0.5 million, or $0.08 diluted earnings per share, for the quarter ended December 31, 2023.听The $5.3 million听increase in net income听stemmed from a $6.5 million 濒辞蝉蝉,听$5.1听尘颈濒濒颈辞苍 net of tax,听on the sale of securities which lowered non-interest income听for the fourth quarter of 2023. This is coupled with a $1.5 million increase in net interest income听to $16.4 million in the fourth quarter of 2024, compared to听$14.9听尘颈濒濒颈辞苍听in the same quarter of 2023. These increases are offset by a $1.6 million increase in non-interest expense.

鈥淲e are pleased to post solid performance in Q4, attributable to the execution of our strategic initiatives and improvement in our net interest margin,鈥� said Dan Santaniello, President and CEO. 鈥淪trong deposit and lending growth, along with positive balance sheet trends and credit metrics contributed to the achievement of year end asset balances of $2.6 billion and $20.8 million in net income. I would like to thank our bankers for their efforts and dedication in continuing to serve our clients, our shareholders and our communities well, positioning us for a strong 2025.鈥�

Consolidated Year-To-Date Operating Results Overview

Net interest income was $61.9 million for the year ended December 31, 2024 compared to $62.1 million for the year ended December 31, 2023. The $0.2听尘颈濒濒颈辞苍, or less than 1%, decline was the result of interest expense growing faster than interest income. On the asset side, the loan portfolio caused interest income growth听by producing $12.6 million more in interest income primarily听from an increase of 45 basis points in the fully-taxable equivalent ("FTE") loan yields on $106.1 million in higher average balances. On the funding side, total interest expense increased by $13.4 million due to an increase in interest expense paid on deposits of $14.2 million from a 72 basis point听higher rate paid on a $111.0 million larger average balance of interest-bearing deposits, partially offset by a听decrease in听interest expense on borrowings of听$0.8听尘颈濒濒颈辞苍听for听the twelve months ended December听31, 2024 compared to the same period in 2023.

The overall cost of interest-bearing liabilities was 2.60% for the听twelve听months ended December 31, 2024 compared to 1.93% for the twelve听months ended December 31, 2023. The cost of funds increased 55 basis points to 1.99% for the听twelve听months ended December 31, 2024 from 1.44% for the same period听of 2023. The FTE yield on interest-earning assets was 4.62% for the year ended December 31, 2024, an increase of 44听basis points from the 4.18% for the same period of听2023. The Company鈥檚 FTE听(non-GAAP measurement)听net interest spread was 2.02% for the twelve听months ended December 31, 2024, a decrease of听23 basis points from the 2.25% recorded for the same period of听2023. FTE net interest margin decreased by 9 basis points to 2.72% for the twelve听months ended December 31, 2024 from 2.81% for the same 2023听period听due to the increase of 67听basis points in听rates paid on interest-bearing liabilities听growing at a faster pace than the increase of 44听basis points in听yields on interest-earning assets.

For the year ended December 31, 2024, the provision for credit losses on loans was $1.3 million and the provision for credit losses on unfunded commitments was $0.1 million, compared to a $1.5 million provision for credit losses on loans and a $0.2 million net benefit for the provision for unfunded commitments for the year ended December 31, 2023. For the year ended December 31, 2024, the decrease in the provision for credit losses on loans compared to the prior year period was due to lower net charge-offs听coupled with improved economic forecast听assumptions. For the year ended December 31, 2024, the increase in the provision for credit losses on unfunded commitments compared to the prior period was due to growth in unfunded commitments, specifically in commercial construction commitments.

Total non-interest income for the year ended December 31, 2024听was $19.0 million, an increase of $7.6 million, or 67%, from $11.4听尘颈濒濒颈辞苍 for the year ended December 31, 2023. The primary driver of the large increase was a听$6.5 million loss recognized on the sale of securities during听2023.听The remaining $1.1 million increase resulted from increases of $0.6 million in additional trust fiduciary fees, $0.3 million in additional service charges on loans, $0.2 million more in debit card interchange fees听and $0.1 million higher fees from financial services. Partially offsetting these increases, the Company received $0.3 million in recoveries from acquired charged-off loans during 2023. Additionally, the Company experienced a听decrease of $0.2 million in fees from commercial loans with interest rate hedges compared to 2023.

Non-interest expenses increased to $55.5 million for the year听ended December 31, 2024, an increase of $3.6 million, or 7%, from $51.9 million for the year ended December 31, 2023. Salaries and benefits expense increased $3.2 million due to an increase in employees and incentive-based compensation throughout the year ended December 31, 2024. There were additional increases throughout the period in professional fees of听$0.6听尘颈濒濒颈辞苍, and PA shares tax of $0.3 million. The increases were partially offset by $0.5 million less in fraud losses and $0.3 million less advertising and marketing expenses.

The provision for income taxes increased $1.0 million during 2024 compared to 2023 due to $3.6听尘颈濒濒颈辞苍 higher听income before taxes.

Consolidated Fourth听Quarter Operating Results Overview

Net interest income was $16.4 million for the fourth quarter of 2024, a听10% increase over the听$14.9 million earned for the fourth quarter of 2023. The $1.5 million increase in net interest income resulted听from the increase of听$3.2 million in interest income primarily due to a $131.7听尘颈濒濒颈辞苍 increase in听the average balance of interest-earning assets and a听32听basis point increase听in the FTE yield. The loan portfolio had the biggest impact, producing a $3.2 million increase in interest income from $132.1 million in higher quarterly average balances and an increase of 37听basis points in the FTE loan yield.听Slightly offsetting the higher interest income is听a $1.7 million听increase in听interest expense due to a 24听basis point increase in the rates paid on interest-bearing liabilities听coupled with a $152.4 million quarter-over-quarter increase in average interest-bearing deposit balances. The largest contributor to the increase in interest expense was due to growth in average balances and听a 31 basis point increase in the rates paid on interest-bearing deposits.

The overall cost of interest-bearing liabilities was 2.60% for the fourth quarter of 2024, an increase of 24听basis points from the 2.36% paid for the听fourth quarter of 2023.听The cost of funds increased 21 basis points to 2.00% for the fourth quarter of 2024 from 1.79% for the fourth quarter of 2023.听The Company鈥檚 FTE听(non-GAAP measurement)听net interest spread was 2.08% for the fourth quarter of 2024, up 8听basis points from the 2.00% recorded for the fourth quarter of 2023. FTE net interest margin increased by 12 basis points to 2.78% for the three months ended December 31, 2024 from 2.66% for the same 2023听period due to the increase of 32听basis points in听the yields on interest-earning assets听growing slightly faster than听increase of 24听basis points in rates paid on interest-bearing liabilities.

For the three months ended December 31, 2024, the provision for credit losses on loans was $0.2 million partially offset by a $0.1 million net benefit in the provision for unfunded commitments, compared to a $0.1 million provision for credit losses on loans听and a $0.1 million net benefit in the provision for听credit losses听on unfunded loan commitments for the three months ended December 31, 2023. For the three听months ended December 31, 2024, the increase in the provision for credit losses on loans compared to the prior year period was due to higher net charge-offs compared to the same period of 2023.听For the three months ended December 31, 2024, the $0.1 million net benefit for credit losses on unfunded commitments, which was unchanged from the prior year period, was due to a reduction in听unfunded commitments as funds were advanced during the quarter.

Total non-interest income increased $6.8 million to $4.8 million in the fourth quarter of 2024 compared to the same period of 2023听primarily due to the $6.5 million loss recognized on the sale of securities during the fourth quarter of 2023. Additionally, the Company experienced an increase of $0.2 million in听trust fiduciary activities revenue.

Non-interest expenses increased听$1.6听尘颈濒濒颈辞苍, or 12%, for the fourth听quarter of 2024 to $14.4 million from $12.8听尘颈濒濒颈辞苍 for the same quarter of 2023. The increase in non-interest expenses was primarily due to $1.2 million听increase in salaries and benefits听expense from higher salaries related听to new hires听and banker听incentives. There were also increases in professional services of $0.3 million, data center services of $0.1 million,听and PA shares tax of $0.1 million.

The provision for income taxes increased $1.2 million during the fourth quarter of 2024 primarily due to the higher level of operating income compared to the fourth quarter of 2023.

Consolidated Balance Sheet & Asset Quality Overview

The Company鈥檚 total assets grew to $2.6听产颈濒濒颈辞苍 as of December 31, 2024,听an increase of $81.5 million from December 31, 2023. The increase resulted from听$114.3 million in growth in the loans and leases portfolio during the twelve months ended December 31, 2024. Asset growth was offset by a decline in cash and cash equivalents by $28.6 million and a decrease in the investment portfolio by $11.1 million. The decline in the investment portfolio was primarily due to听$22.0 million in paydowns听partially offset by a听$15.4 million in purchases within听the听available-for-sale securities portfolio. As of December 31,听2024, the market value of held-to-maturity securities听decreased by $2.6 million compared to December 31, 2023, bringing the portfolio down听to a听$31.2 million unrealized loss position.

During the same time period, total liabilities increased $67.0 million, or 3%.听Deposit growth of $182.4 million听was utilized to fund loan growth and pay-off of听short-term borrowings as of December 31, 2024. The Company experienced an increase of $110.4 million in money market deposits and an increase of $125.9 million in time deposits due to promotional rates offered as a result of market competition. The growth in these products was partially offset by a decrease of $53.9 million in checking and savings account balances as of December 31, 2024. This decrease resulted primarily from declines experienced in average balances per checking and saving account, even though the number of accounts in each product grew throughout 2024. Also as of December 31, 2024, checking deposit balances remained at more than half of total deposits. As听of December 31, 2024, the ratio of insured and collateralized deposits to total deposits was approximately 76%.

Shareholders鈥� equity increased $14.5 million, or 8%, to $204.0 million at December 31, 2024 from $189.5听尘颈濒濒颈辞苍 at December 31, 2023. The increase was caused by $11.9 million higher retained earnings听from net income of $20.8 million plus a $0.9 million, after tax, improvement in accumulated听other comprehensive income from lower net unrealized losses听recorded on available-for-sale securities, partially offset by $8.9 million in cash dividends paid to shareholders.听An additional $1.7 million was recorded from the issuance of common stock under the Company鈥檚 stock plans and听stock-based compensation expense.听At December 31, 2024, there were no credit losses on available-for-sale and held-to-maturity debt securities. Accumulated other comprehensive income (loss) is excluded from regulatory capital ratios. The Company remains well capitalized with Tier 1 capital at 9.22% of total average assets as of听December 31, 2024. Total risk-based capital was 14.78% of risk-weighted assets and Tier 1 risk-based capital was 13.60% of risk-weighted assets as of December 31, 2024. Tangible book value per share was $31.98听at December 31, 2024 compared to $29.57听at December 31, 2023. Tangible common equity was 7.16% of total assets at December 31, 2024 compared to 6.79% at December 31, 2023.

Asset Quality

Total non-performing assets were $7.8听尘颈濒濒颈辞苍, or 0.30% of total assets听at December 31, 2024, compared to $3.3 million, or 0.13% of total assets听at December 31, 2023. Past due and non-accrual loans to total loans were 0.71% at December 31, 2024 compared to 0.46% at December 31, 2023.听Net charge-offs to average total loans were 0.03% at December 31, 2024 compared to 0.04% at December 31, 2023.

About Fidelity D & D Bancorp, Inc. and The Fidelity Deposit and Discount Bank

Fidelity D & D Bancorp, Inc. has built a strong history as trusted financial advisor to the clients served by The Fidelity Deposit and Discount Bank (鈥淔idelity Bank鈥�). Fidelity Bank continues听its mission of exceeding client expectations through a unique banking experience. It operates 21听full-service offices throughout Lackawanna, Luzerne, Lehigh and Northampton Counties and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and a full suite of personal and commercial banking products and services. Part of the Company鈥檚 vision is to serve as the best bank for the community, which was听accomplished by having provided听over 5,960 hours of volunteer time and over $1.3 million in donations to non-profit organizations directly within the markets听served throughout 2024. Fidelity Bank's deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures to provide information useful to the reader in understanding听its operating performance and trends, and to facilitate comparisons with the performance of other financial institutions. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The Company鈥檚 non-GAAP financial measures and key performance indicators may differ from the non-GAAP financial measures and key performance indicators other financial institutions use听to measure their performance and trends.听Non-GAAP financial measures should be supplemental to GAAP used to prepare the Company鈥檚 operating results and should not be read in isolation or relied upon as a substitute for GAAP measures. Reconciliations of non-GAAP financial measures to GAAP are presented in the tables below.

Interest income was adjusted to recognize the income from tax exempt interest-earning assets as if the interest was taxable, fully-taxable equivalent ("FTE"), in order to calculate certain ratios within this document. This treatment allows a uniform comparison among yields on interest-earning assets. Interest income was FTE adjusted, using the corporate federal tax rate of 21% for 2024 and 2023.

Forward-looking statements

Certain of the matters discussed in this press release听constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥減lan,鈥� 鈥渂elieve,鈥� 鈥渆stimate,鈥� and similar expressions are intended to identify such forward-looking statements.

The Company鈥檚 actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:

听	鈻�	local, regional and national economic conditions and changes thereto;
听	鈻�	the short-term and long-term effects of inflation, and rising costs to the Company, its customers and on the economy;
听	鈻�	the risks of changes and volatility of interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks;
听	鈻�	securities markets and monetary fluctuations and volatility;
听	鈻�	disruption of credit and equity markets;
听	鈻�	impacts of the capital and liquidity requirements of the Basel III standards and other regulatory pronouncements, regulations and rules;
听	鈻�	governmental monetary and fiscal policies, as well as legislative and regulatory changes;
听	鈻�	effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions;
听	鈻�	the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
听	鈻�	the impact of new or changes in existing laws and regulations, including laws and regulations concerning taxes, banking, securities and insurance and their application with which the Company and its subsidiaries must comply;

听	鈻�	the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters;
听	鈻�	the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;
听	鈻犔�	the effects of economic conditions of any pandemic, epidemic or other health-related crisis such as COVID-19 and responses thereto on current customers and the operations of the Company, specifically the effect of the economy on loan customers鈥櫶齛bility to repay loans;
听	鈻犔�	the effects of bank failures, banking system instability, deposit fluctuations, loan and securities value changes;
听	鈻犔�	technological changes;
听	鈻犔�	the interruption or breach in security of our information systems, continually evolving cybersecurity and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom including additional costs, reputational damage, regulatory penalties, and financial losses;
听	鈻犔�	acquisitions and integration of acquired businesses;
听	鈻犔�	the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities;
听	鈻犔�	acts of war or terrorism; and
听	鈻犔�	the risk that our analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

The Company cautions readers not to place undue reliance on forward-looking statements, which reflect analyses only as of the date of this release. The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

For more information please visit our investor relations web site located through www.bankatfidelity.com.

FIDELITY D & D BANCORP, INC. Unaudited Condensed Consolidated Balance Sheets (dollars in thousands)
听
At Period End:	听	December 31, 2024		听	听	December 31, 2023		听
Assets	听	听	听	听	听	听	听	听
Cash and cash equivalents	听	$	83,353	听	听	$	111,949	听
Investment securities	听	听	557,221	听	听	听	568,273	听
Restricted investments in bank stock	听	听	3,961	听	听	听	3,905	听
Loans and leases	听	听	1,800,856	听	听	听	1,686,555	听
Allowance for credit losses on loans	听	听	(19,666	)	听	听	(18,806	)
Premises and equipment, net	听	听	35,914	听	听	听	34,232	听
Life insurance cash surrender value	听	听	58,069	听	听	听	54,572	听
Goodwill and core deposit intangible	听	听	20,504	听	听	听	20,812	听
Other assets	听	听	44,404	听	听	听	41,667	听
听	听	听	听	听	听	听	听	听
Total assets	听	$	2,584,616	听	听	$	2,503,159	听
听	听	听	听	听	听	听	听	听
Liabilities	听	听	听	听	听	听	听	听
Non-interest-bearing deposits	听	$	533,935	听	听	$	536,143	听
Interest-bearing deposits	听	听	1,806,885	听	听	听	1,622,282	听
Total deposits	听	听	2,340,820	听	听	听	2,158,425	听
Short-term borrowings	听	听	-	听	听	听	117,000	听
Secured borrowings	听	听	6,266	听	听	听	7,372	听
Other liabilities	听	听	33,561	听	听	听	30,883	听
Total liabilities	听	听	2,380,647	听	听	听	2,313,680	听
听	听	听	听	听	听	听	听	听
Shareholders' equity	听	听	203,969	听	听	听	189,479	听
听	听	听	听	听	听	听	听	听
Total liabilities and shareholders' equity	听	$	2,584,616	听	听	$	2,503,159	听

Average Year-To-Date Balances:	听	December 31, 2024		听	听	December 31, 2023		听
Assets	听	听	听	听	听	听	听	听
Cash and cash equivalents	听	$	55,773	听	听	$	35,462	听
Investment securities	听	听	557,537	听	听	听	597,359	听
Restricted investments in bank stock	听	听	3,960	听	听	听	4,212	听
Loans and leases	听	听	1,741,349	听	听	听	1,635,286	听
Allowance for credit losses on loans	听	听	(19,391	)	听	听	(18,680	)
Premises and equipment, net	听	听	35,580	听	听	听	32,215	听
Life insurance cash surrender value	听	听	56,455	听	听	听	54,085	听
Goodwill and core deposit intangible	听	听	20,641	听	听	听	20,977	听
Other assets	听	听	41,755	听	听	听	44,180	听
听	听	听	听	听	听	听	听	听
Total assets	听	$	2,493,659	听	听	$	2,405,096	听
听	听	听	听	听	听	听	听	听
Liabilities	听	听	听	听	听	听	听	听
Non-interest-bearing deposits	听	$	527,825	听	听	$	558,962	听
Interest-bearing deposits	听	听	1,697,529	听	听	听	1,586,527	听
Total deposits	听	听	2,225,354	听	听	听	2,145,489	听
Short-term borrowings	听	听	32,446	听	听	听	49,860	听
Secured borrowings	听	听	6,830	听	听	听	7,489	听
Other liabilities	听	听	32,471	听	听	听	29,881	听
Total liabilities	听	听	2,297,101	听	听	听	2,232,719	听
听	听	听	听	听	听	听	听	听
Shareholders' equity	听	听	196,558	听	听	听	172,377	听
听	听	听	听	听	听	听	听	听
Total liabilities and shareholders' equity	听	$	2,493,659	听	听	$	2,405,096	听

FIDELITY D & D BANCORP, INC.
Unaudited Condensed Consolidated Statements of Income
(dollars in thousands)

听

Three Months Ended

听

Twelve Months Ended

听

Dec. 31, 2024

听

Dec. 31, 2023

听

Dec. 31, 2024

听

Dec. 31, 2023

听

Interest income

听

Loans and leases

听

24,584

听

21,406

听

93,269

听

80,629

听

Securities and other

听

3,475

听

3,434

听

13,753

听

13,206

听

Total interest income

听

28,059

听

24,840

听

107,022

听

93,835

听

Interest expense

听

Deposits

听

(11,468

)

听

(9,232

)

听

(43,165

)

听

(28,945

)

Borrowings and debt

听

(217

)

听

(707

)

听

(1,992

)

听

(2,843

)

听

Total interest expense

听

(11,685

)

听

(9,939

)

听

(45,157

)

听

(31,788

)

听

Net interest income

听

16,374

听

14,901

听

61,865

听

62,047

听

Provision for credit losses on loans

听

(250

)

听

(111

)

听

(1,325

)

听

(1,491

)

Net benefit (provision) for credit losses on unfunded loan commitments

听

(140

)

听

165

听

Non-interest income (loss)

听

4,847

听

(1,944

)

听

19,013

听

11,405

听

Non-interest expense

听

(14,395

)

听

(12,804

)

听

(55,541

)

听

(51,870

)

听

Income before income taxes

听

6,661

听

107

听

23,872

听

20,256

听

(Provision) benefit for income taxes

听

(826

)

听

361

听

(3,078

)

听

(2,046

)

Net income

听

5,835

听

468

听

20,794

听

18,210

听

Three Months Ended

听

Dec. 31, 2024

听

Sep. 30, 2024

听

Jun. 30, 2024

听

Mar. 31, 2024

听

Dec. 31, 2023

听

Interest income

听

Loans and leases

听

24,584

听

24,036

听

22,516

听

22,133

听

21,406

听

Securities and other

听

3,475

听

3,263

听

3,523

听

3,492

听

3,434

听

Total interest income

听

28,059

听

27,299

听

26,039

听

25,625

听

24,840

听

Interest expense

听

Deposits

听

(11,468

)

听

(11,297

)

听

(10,459

)

听

(9,941

)

听

(9,232

)

Borrowings and debt

听

(217

)

听

(571

)

听

(463

)

听

(741

)

听

(707

)

听

Total interest expense

听

(11,685

)

听

(11,868

)

听

(10,922

)

听

(10,682

)

听

(9,939

)

听

Net interest income

听

16,374

听

15,431

听

15,117

听

14,943

听

14,901

听

Provision for credit losses on loans

听

(250

)

听

(675

)

听

(275

)

听

(125

)

听

(111

)

Net benefit (provision) for credit losses on unfunded loan commitments

听

(135

)

听

(140

)

听

Non-interest income (loss)

听

4,847

听

4,979

听

4,615

听

4,572

听

(1,944

)

Non-interest expense

听

(14,395

)

听

(13,840

)

听

(13,616

)

听

(13,689

)

听

(12,804

)

听

Income before income taxes

听

6,661

听

5,760

听

5,701

听

5,751

听

107

听

(Provision) benefit for income taxes

听

(826

)

听

(793

)

听

(766

)

听

(694

)

听

361

听

Net income

听

5,835

听

4,967

听

4,935

听

5,057

听

468

听

FIDELITY D & D BANCORP, INC.
Unaudited Condensed Consolidated Balance Sheets
(dollars in thousands)

听

At Period End:

听

Dec. 31, 2024

听

Sep. 30, 2024

听

Jun. 30, 2024

听

Mar. 31, 2024

听

Dec. 31, 2023

听

Assets

听

Cash and cash equivalents

听

83,353

听

120,169

听

78,085

听

72,733

听

111,949

听

Investment securities

听

557,221

听

559,819

听

552,495

听

559,016

听

568,273

听

Restricted investments in bank stock

听

3,961

听

3,944

听

3,968

听

3,959

听

3,905

听

Loans and leases

听

1,800,856

听

1,795,548

听

1,728,509

听

1,697,299

听

1,686,555

听

Allowance for credit losses on loans

听

(19,666

)

听

(19,630

)

听

(18,975

)

听

(18,886

)

听

(18,806

)

Premises and equipment, net

听

35,914

听

36,057

听

35,808

听

34,899

听

34,232

听

Life insurance cash surrender value

听

58,069

听

57,672

听

57,278

听

54,921

听

54,572

听

Goodwill and core deposit intangible

听

20,504

听

20,576

听

20,649

听

20,728

听

20,812

听

Other assets

听

44,404

听

41,778

听

42,828

听

44,227

听

41,667

听

Total assets

听

2,584,616

听

2,615,933

听

2,500,645

听

2,468,896

听

2,503,159

听

Liabilities

听

Non-interest-bearing deposits

听

533,935

听

549,710

听

527,572

听

537,824

听

536,143

听

Interest-bearing deposits

听

1,806,885

听

1,792,796

听

1,641,558

听

1,678,172

听

1,622,282

听

Total deposits

听

2,340,820

听

2,342,506

听

2,169,130

听

2,215,996

听

2,158,425

听

Short-term borrowings

听

25,000

听

98,120

听

25,000

听

117,000

听

Secured borrowings

听

6,266

听

6,323

听

7,237

听

7,299

听

7,372

听

Other liabilities

听

33,561

听

34,843

听

30,466

听

28,966

听

30,883

听

Total liabilities

听

2,380,647

听

2,408,672

听

2,304,953

听

2,277,261

听

2,313,680

听

Shareholders' equity

听

203,969

听

207,261

听

195,692

听

191,635

听

189,479

听

Total liabilities and shareholders' equity

听

2,584,616

听

2,615,933

听

2,500,645

听

2,468,896

听

2,503,159

听

Average Quarterly Balances:

听

Dec. 31, 2024

听

Sep. 30, 2024

听

Jun. 30, 2024

听

Mar. 31, 2024

听

Dec. 31, 2023

听

Assets

听

Cash and cash equivalents

听

67,882

听

41,991

听

58,351

听

54,887

听

42,176

听

Investment securities

听

560,453

听

554,578

听

551,445

听

563,674

听

558,423

听

Restricted investments in bank stock

听

3,957

听

3,965

听

3,983

听

3,934

听

3,854

听

Loans and leases

听

1,797,023

听

1,763,254

听

1,707,598

听

1,696,669

听

1,664,905

听

Allowance for credit losses on loans

听

(20,050

)

听

(19,323

)

听

(19,171

)

听

(19,013

)

听

(19,222

)

Premises and equipment, net

听

36,065

听

36,219

听

35,433

听

34,591

听

33,629

听

Life insurance cash surrender value

听

57,919

听

57,525

听

55,552

听

54,796

听

54,449

听

Goodwill and core deposit intangible

听

20,529

听

20,602

听

20,677

听

20,759

听

20,844

听

Other assets

听

41,454

听

41,734

听

42,960

听

40,871

听

46,028

听

Total assets

听

2,565,232

听

2,500,545

听

2,456,828

听

2,451,168

听

2,405,086

听

Liabilities

听

Non-interest-bearing deposits

听

538,506

听

522,827

听

530,048

听

519,856

听

533,663

听

Interest-bearing deposits

听

1,769,265

听

1,702,187

听

1,670,211

听

1,647,615

听

1,616,826

听

Total deposits

听

2,307,771

听

2,225,014

听

2,200,259

听

2,167,471

听

2,150,489

听

Short-term borrowings

听

10,326

听

37,220

听

28,477

听

53,952

听

48,490

听

Secured borrowings

听

6,297

听

6,429

听

7,269

听

7,335

听

7,412

听

Other liabilities

听

34,695

听

31,999

听

30,734

听

32,434

听

30,745

听

Total liabilities

听

2,359,089

听

2,300,662

听

2,266,739

听

2,261,192

听

2,237,136

听

Shareholders' equity

听

206,143

听

199,883

听

190,089

听

189,976

听

167,950

听

Total liabilities and shareholders' equity

听

2,565,232

听

2,500,545

听

2,456,828

听

2,451,168

听

2,405,086

听

FIDELITY D & D BANCORP, INC.
Selected Financial Ratios and Other Financial听Data

听

Three Months Ended

听

Dec. 31, 2024

听

Sep. 30, 2024

听

Jun. 30, 2024

听

Mar. 31, 2024

听

Dec. 31, 2023

听

Selected returns and financial ratios

听

Basic earnings per share

听

1.02

听

0.87

听

0.86

听

0.88

听

0.08

听

Diluted earnings per share

听

1.01

听

0.86

听

0.86

听

0.88

听

0.08

听

Dividends per share

听

0.40

听

0.38

听

0.38

听

0.38

听

0.38

听

Yield on interest-earning assets (FTE)*

听

4.68

听

4.68

听

4.58

听

4.52

听

4.36

Cost of interest-bearing liabilities

听

2.60

听

2.70

听

2.58

听

2.51

听

2.36

Cost of funds

听

2.00

听

2.08

听

1.96

听

1.93

听

1.79

Net interest spread (FTE)*

听

2.08

听

1.98

听

2.00

听

2.01

听

2.00

Net interest margin (FTE)*

听

2.78

听

2.70

听

2.71

听

2.69

听

2.66

Return on average assets

听

0.90

听

0.79

听

0.81

听

0.83

听

0.08

Pre-provision net revenue to average assets*

听

1.06

听

1.05

听

1.00

听

0.96

听

0.03

Return on average equity

听

11.26

听

9.89

听

10.44

听

10.71

听

1.10

Return on average tangible equity*

听

12.50

听

11.02

听

11.72

听

12.02

听

1.26

Efficiency ratio (FTE)*

听

65.48

听

65.33

听

66.47

听

67.56

听

63.74

Expense ratio

听

1.48

听

1.41

听

1.47

听

1.50

听

2.43

听	听	Years ended						听
听	听	Dec. 31, 2024		听	听	Dec. 31, 2023		听
Basic earnings per share	听	$	3.63	听	听	$	3.21	听
Diluted earnings per share	听	$	3.60	听	听	$	3.19	听
Dividends per share	听	$	1.54	听	听	$	1.46	听
Yield on interest-earning assets (FTE)*	听	听	4.62	%	听	听	4.18	%
Cost of interest-bearing liabilities	听	听	2.60	%	听	听	1.93	%
Cost of funds	听	听	1.99	%	听	听	1.44	%
Net interest spread (FTE)*	听	听	2.02	%	听	听	2.25	%
Net interest margin (FTE)*	听	听	2.72	%	听	听	2.81	%
Return on average assets	听	听	0.83	%	听	听	0.76	%
Pre-provision net revenue to average assets*	听	听	1.02	%	听	听	0.90	%
Return on average equity	听	听	10.58	%	听	听	10.56	%
Return on average tangible equity*	听	听	11.82	%	听	听	12.03	%
Efficiency ratio (FTE)*	听	听	66.19	%	听	听	62.67	%
Expense ratio	听	听	1.47	%	听	听	1.69	%

FIDELITY D & D BANCORP, INC.
Selected Financial Ratios and Other Financial听Data

听

Non-GAAP Measures

听

Three Months Ended

听

Twelve Months Ended

听

(dollars in thousands except per share data)

听

Dec. 31, 2024

听

Dec. 31, 2023

听

Dec. 31, 2024

听

Dec. 31, 2023

听

Net income

听

5,835

听

468

听

20,794

听

18,210

听

Loss (gain) on the sale of available-for-sale debt securities, net of income taxes

听

5,109

听

5,110

听

Adjusted net income*

听

5,835

听

5,577

听

20,794

听

23,320

听

Adjusted basic earnings per share*

听

1.02

听

0.98

听

3.63

听

4.11

听

Adjusted diluted earnings per share*

听

1.01

听

0.97

听

3.60

听

4.08

听

Adjusted return on average assets*

听

0.90

听

0.92

听

0.83

听

0.97

Adjusted return on average tangible equity*

听

12.51

听

15.04

听

11.82

听

15.40

Other financial data

听

At period end:

听

(dollars in thousands except per share data)

听

Dec. 31, 2024

听

Sep. 30, 2024

听

Jun. 30, 2024

听

Mar. 31, 2024

听

Dec. 31, 2023

听

Assets under management

听

921,994

听

942,190

听

906,861

听

900,964

听

876,287

听

Book value per share

听

35.56

听

36.13

听

34.12

听

33.41

听

33.22

听

Tangible book value per share*

听

31.98

听

32.55

听

30.52

听

29.80

听

29.57

听

Equity to assets

听

7.89

听

7.92

听

7.83

听

7.76

听

7.57

Tangible common equity ratio*

听

7.16

听

7.19

听

7.06

听

6.98

听

6.79

Allowance for credit losses on loans to:

听

Total loans

听

1.09

听

1.09

听

1.10

听

1.11

听

1.12

Non-accrual loans

听

2.68x

听

2.77x

听

2.75x

听

5.31x

听

5.68x

听

Non-accrual loans to total loans

听

0.41

听

0.39

听

0.40

听

0.21

听

0.20

Non-performing assets to total assets

听

0.30

听

0.29

听

0.28

听

0.15

听

0.13

Net charge-offs to average total loans

听

0.03

听

0.02

听

0.03

听

0.01

听

0.04

听

Capital Adequacy Ratios

听

Total risk-based capital ratio

听

14.78

听

14.56

听

14.69

听

14.68

听

14.67

Common equity tier 1 risk-based capital ratio

听

13.60

听

13.38

听

13.52

听

13.47

听

13.42

Tier 1 risk-based capital ratio

听

13.60

听

13.38

听

13.52

听

13.47

听

13.42

Leverage ratio

听

9.22

听

9.30

听

9.30

听

9.15

听

9.15

* Non-GAAP Financial Measures - see reconciliations below

FIDELITY D & D BANCORP, INC.
Reconciliations of Non-GAAP Financial Measures to GAAP

听

Reconciliations of Non-GAAP Measures to GAAP

听

Three Months Ended

听

(dollars in thousands)

听

Dec. 31, 2024

听

Sep. 30, 2024

听

Jun. 30, 2024

听

Mar. 31, 2024

听

Dec. 31, 2023

听

FTE net interest income (non-GAAP)

听

Interest income (GAAP)

听

28,059

听

27,299

听

26,039

听

25,625

听

24,840

听

Adjustment to FTE

听

764

听

775

听

751

听

747

听

664

听

Interest income adjusted to FTE (non-GAAP)

听

28,823

听

28,074

听

26,790

听

26,372

听

25,504

听

Interest expense (GAAP)

听

11,685

听

11,868

听

10,922

听

10,682

听

9,939

听

Net interest income adjusted to FTE (non-GAAP)

听

17,138

听

16,206

听

15,868

听

15,690

听

15,565

听

Efficiency Ratio (non-GAAP)

听

Non-interest expenses (GAAP)

听

14,395

听

13,840

听

13,616

听

13,689

听

12,804

听

Net interest income (GAAP)

听

16,374

听

15,431

听

15,117

听

14,943

听

14,901

听

Plus: taxable equivalent adjustment

听

764

听

775

听

751

听

747

听

664

听

Non-interest income (GAAP)

听

4,847

听

4,979

听

4,615

听

4,572

听

(1,944

)

Less: (Loss) gain on sales of securities

听

(6,467

)

Net interest income (FTE) plus adjusted non-interest income (non-GAAP)

听

21,985

听

21,185

听

20,483

听

20,262

听

20,088

听

Efficiency ratio (non-GAAP) ⁽¹⁾

听

65.47

听

65.33

听

66.48

听

67.56

听

63.74

⁽¹⁾ The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest (loss) income.

听

Tangible Book Value per Share/Tangible Common Equity Ratio (non-GAAP)

听

Total assets (GAAP)

听

2,584,616

听

2,615,933

听

2,500,645

听

2,468,896

听

2,503,159

听

Less: Intangible assets, primarily goodwill

听

(20,504

)

听

(20,576

)

听

(20,649

)

听

(20,728

)

听

(20,812

)

Tangible assets

听

2,564,112

听

2,595,357

听

2,479,996

听

2,448,168

听

2,482,347

听

Total shareholders' equity (GAAP)

听

203,969

听

207,261

听

195,692

听

191,635

听

189,479

听

Less: Intangible assets, primarily goodwill

听

(20,504

)

听

(20,576

)

听

(20,649

)

听

(20,728

)

听

(20,812

)

Tangible common equity

听

183,465

听

186,685

听

175,043

听

170,907

听

168,667

听

Common shares outstanding, end of period

听

5,736,252

听

5,736,025

听

5,735,728

听

5,735,732

听

5,703,636

听

Tangible Common Book Value per Share

听

31.98

听

32.55

听

30.52

听

29.80

听

29.57

听

Tangible Common Equity Ratio

听

7.16

听

7.19

听

7.06

听

6.98

听

6.79

听

Pre-Provision Net Revenue to Average Assets

听

Income before taxes (GAAP)

听

6,661

听

5,760

听

5,701

听

5,751

听

107

听

Plus: Provision for credit losses

听

165

听

810

听

415

听

Total pre-provision net revenue (non-GAAP)

听

6,826

听

6,570

听

6,116

听

5,826

听

154

听

Total (annualized) (non-GAAP)

听

27,157

听

26,423

听

24,600

听

23,432

听

609

听

Average assets

听

2,565,232

听

2,500,545

听

2,456,828

听

2,451,168

听

2,405,086

听

Pre-Provision Net Revenue to Average Assets (non-GAAP)

听

1.06

听

1.05

听

1.00

听

0.96

听

0.03

FIDELITY D & D BANCORP, INC. Reconciliations of Non-GAAP Financial Measures to GAAP
听
Reconciliations of Non-GAAP Measures to GAAP	听	Years ended						听
(dollars in thousands)	听	Dec. 31, 2024		听	听	Dec. 31, 2023		听
FTE net interest income (non-GAAP)	听	听	听	听	听	听	听	听
Interest income (GAAP)	听	$	107,022	听	听	$	93,835	听
Adjustment to FTE	听	听	3,036	听	听	听	2,850	听
Interest income adjusted to FTE (non-GAAP)	听	听	110,058	听	听	听	96,685	听
Interest expense (GAAP)	听	听	45,157	听	听	听	31,788	听
Net interest income adjusted to FTE (non-GAAP)	听	$	64,901	听	听	听	64,897	听
听	听	听	听	听	听	听	听	听
Efficiency Ratio (non-GAAP)	听	听	听	听	听	听	听	听
Non-interest expenses (GAAP)	听	$	55,541	听	听	$	51,870	听
听	听	听	听	听	听	听	听	听
Net interest income (GAAP)	听	听	61,865	听	听	听	62,047	听
Plus: taxable equivalent adjustment	听	听	3,036	听	听	听	2,850	听
Non-interest income (GAAP)	听	听	19,013	听	听	听	11,405	听
Less: (Loss) gain on sales of securities	听	听	-	听	听	听	(6,468	)
Net interest income (FTE) plus non-interest income (non-GAAP)	听	$	83,914	听	听	$	82,770	听
Efficiency ratio (non-GAAP) ⁽¹⁾	听	听	66.19	%	听	听	62.67	%
⁽¹⁾ The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest (loss) income.	听	听	听	听	听	听	听	听
听	听	听	听	听	听	听	听	听
Pre-Provision Net Revenue to Average Assets	听	听	听	听	听	听	听	听
Income before taxes (GAAP)	听	$	23,873	听	听	$	20,256	听
Plus: Provision for credit losses	听	听	1,465	听	听	听	1,327	听
Total pre-provision net revenue (non-GAAP)	听	$	25,338	听	听	$	21,583	听
听	听	听	听	听	听	听	听	听
Average assets	听	$	2,493,659	听	听	$	2,405,096	听
Pre-Provision Net Revenue to Average Assets (non-GAAP)	听	听	1.02	%	听	听	0.90	%

Contacts:	听
听	听
Daniel J. Santaniello	Salvatore R. DeFrancesco, Jr.
President and Chief Executive Officer	Treasurer and听Chief Financial Officer
570-504-8035	570-504-8000

FAQ

What was FDBC's net income for full year 2024?

FDBC reported net income of $20.8 million, or $3.60 diluted earnings per share, for the full year 2024.

How much did FDBC's loan portfolio grow in 2024?

FDBC's loan portfolio grew by $114.3 million during 2024.

What was FDBC's total asset value at the end of 2024?

FDBC's total assets reached $2.6 billion as of December 31, 2024.

How did FDBC's Q4 2024 performance compare to Q4 2023?

FDBC's Q4 2024 net income was $5.8 million ($1.01 per share), significantly higher than $0.5 million ($0.08 per share) in Q4 2023.

What percentage of FDBC's deposits were insured or collateralized in 2024?

Approximately 76% of FDBC's total deposits were insured and collateralized as of December 31, 2024.

AG真人官方

Fidelity D & D Bancorp, Inc. Reports 2024 Financial Results

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FAQ

What was FDBC's net income for full year 2024?

How much did FDBC's loan portfolio grow in 2024?

What was FDBC's total asset value at the end of 2024?

How did FDBC's Q4 2024 performance compare to Q4 2023?

What percentage of FDBC's deposits were insured or collateralized in 2024?

NASDAQ:FDBC

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Fidelity D & D Bancorp, Inc. Reports 2024 Financial Results

Insights

Financial Analyst positive

FAQ

What was FDBC's net income for full year 2024?

How much did FDBC's loan portfolio grow in 2024?

What was FDBC's total asset value at the end of 2024?

How did FDBC's Q4 2024 performance compare to Q4 2023?

What percentage of FDBC's deposits were insured or collateralized in 2024?

NASDAQ:FDBC

FDBC Rankings

FDBC Latest News

FDBC Latest SEC Filings

FDBC Stock Data

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