Fidelity D & D Bancorp, Inc. reports news as the bank holding company for The Fidelity Deposit and Discount Bank, a Pennsylvania community bank serving Lackawanna, Luzerne, Northampton and Lehigh Counties. Company updates center on consolidated financial results, net interest income, credit-loss provisioning, loan growth, deposit trends, asset quality and commercial lending activity.
Recurring announcements also cover quarterly cash dividends, board and executive appointments, risk-management and lending leadership, wealth management offices, full-service community banking locations and digital banking services through online banking, digital account opening and the Fidelity Mobile Banking app.
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Fidelity D & D Bancorp (NASDAQ: FDBC) reported a net income of $7.0 million for the first quarter of 2023, down 6% from $7.5 million in Q1 2022. Diluted earnings per share also fell 6% to $1.24, attributed to a decline in net interest income and increased non-interest expenses. Net interest income decreased to $17.0 million, primarily due to a 99 basis point rise in interest expense. The company’s total assets grew to $2.4 billion, reflecting a $65 million increase since December 2022. Shareholder equity increased 8% to $175.9 million. Non-performing assets rose to $3.4 million, a 0.14% ratio of total assets. The bank maintains a solid capital position with Tier 1 capital at 8.92%.
The Board of Directors of Fidelity D & D Bancorp has declared a second quarter dividend of $0.36 per share, payable on June 9, 2023 to shareholders on record as of May 19, 2023. This announcement underscores the company's ongoing commitment to returning value to its shareholders. Fidelity D & D Bancorp, operating through The Fidelity Deposit and Discount Bank, offers comprehensive banking services across several counties in Pennsylvania, including digital services through its Online Banking and Mobile Banking app. The firm continues to adapt to changing market conditions, as noted in their mention of potential risks impacting future results.
Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) reported a net income of $30.0 million for the year ended December 31, 2022, a 25% increase from $24.0 million in 2021, leading to a diluted earnings per share of $5.29. This growth was driven by a $10.5 million rise in net interest income, despite $1.6 million lower non-interest income and higher expenses. The quarter showed a decline in net income to $7.1 million, primarily due to increased tax provisions and non-interest expenses. Total assets decreased to $2.4 billion, while total liabilities rose. The company remains well-capitalized with a Tier 1 capital ratio of 8.69%.