DUNMORE, Pa., Oct. 29, 2014 /PRNewswire/ -- Fidelity D
& D Bancorp, Inc. (OTC Bulletin Board: FDBC), parent company of
The Fidelity Deposit and Discount Bank, announced net income for
the quarter ended September 30, 2014
of $1.6 million, an increase of
$0.1 million, or 8%, compared to the
2013 third quarter. Earnings improvement occurred by
expanding net interest income by 7%, while the decline in other
income and incurring higher operating expenses was partially offset
by the decline in provision for loan losses compared to the
previous year's third quarter. Net interest income progress
was derived from the Company's successful growth over the past
year; with a $35 million growth in
quarterly average earning assets funded by a $30 million increase in average deposit balances,
plus a $10 million average balance
progression of shareholder's equity. Earnings per share on a
diluted basis for the quarters were $0.67 and $0.64 for
the three months ended September 30,
2014 and 2013, respectively. The return on average
assets was 0.98% and 0.96% with the return on average equity of
9.17% and 9.85% for the three months ended September 30, 2014 and 2013, each
respectively.
"We are very pleased with the third quarter financial results
and the continued improvement in the Company's performance," stated
Daniel J. Santaniello, President and
Chief Executive Officer. "The strong results are reflective
of the Fidelity Banker's commitment to
delivering value in customer-centric manner. We added
customers, increased deposits and loans, while effectively managing
expenses and balance sheet risks."
Net income for the nine months ended September 30, 2014 was $4.7 million, an increase of $0.3 million, or 7%, compared to net income of
$4.4 million for the same 2013
period. The year-to-date period earnings improvement occurred from
producing 4% more net interest income, with the halved provision
for loan losses more than offset the decline in other income, while
other expenses nominally increased 2% compared to the prior
year-to-date period. The return on average assets was 0.97%
and 0.96% with a return on average equity of 9.15% and 9.78%, each
respectively, for the nine months ended September 30, 2014 and 2013. Earnings per
share on a diluted basis were $1.95
and $1.88 for the nine months ended
September 30, 2014 and 2013,
respectively.
The Company's assets grew $50.1
million, or 8%, to total $673.9
million at September 30, 2014
from $623.8 million at December 31, 2013. Asset growth resulted
primarily from a $23.8 million growth
in the loans and leases, net, the $17.2
million added investment securities and a $6.5 million increase in cash and cash equivalent
balances. The asset growth was funded by the $30.1 million increase in interest-bearing
deposit balances, $12.0 million
increase in non-interest-bearing deposits, along with generating
$5.0 million more in total
shareholders' equity, during the first nine months of 2014.
Net interest income increased $0.4
million, or 7%, to $5.6
million for the quarter ended September 30, 2014 compared to the same quarter
of 2013. The 5 basis points in interest cost reductions,
primarily from lowering rates on certificate of deposit accounts,
enhanced the spread 4 basis points, while loan yields declined and
investment yields increased, in combination had reduced yield on
average earning assets by a single basis point. However, the
$34.6 million increase on average
earning assets was what increased net interest income by
$0.4 million in the third quarter of
2014 compared to the same year ago quarter. This asset growth
at similar overall earning yield with rates declining on costing
liabilities boosted the net interest margin up 4 basis points to
3.78% for the third quarter of 2014 compared to 3.74% for the same
2013 period.
Net interest income increased $0.7
million, or 4%, to $16.3
million for the nine months ended September 30, 2014 from $15.6 million recorded during the same period of
2013. Net interest margin was 3.79% during the first nine
months of 2014 compared to 3.81% during the first nine months of
2013, down primarily from the $30.8
million increase in average earning assets producing 7 basis
point lower yields on earning assets that was partially offset by 6
basis point rate reductions on interest-bearing liabilities.
The provision for loan losses was $0.2
million and $0.5 million for
the third quarters ended September 30,
2014 and 2013, respectively. Provision for loan losses
was $0.8 million for the nine months
ended September 30, 2014, as compared
to $1.6 million for the same 2013
period. Although provision for loan losses was required on
loan growth each period, overall the provision was halved during
2014 from improvement in loan credit quality and fewer remaining
non-performing assets. The allowance for loan losses was
sustained at 1.84% of total loans at September 30, 2014, up from 1.81% at September 30, 2013, because of the uncertain
persistent economic effect in the marketplace afflicting potential
loan portfolio performance.
Total other income recorded for the quarter ended September 30, 2014 was $1.7 million compared with $1.9 million for the same quarter in 2013.
The decrease in other income was primarily due to the
$138 thousand investment gains
recovered in the third quarter of 2013 and fewer sales of loans
during 2014 producing $104 thousand
less in gains on loans sold compared to the same prior year
quarter. Other income fee based items that produced
$82 thousand additional revenue were
from $35
more rental income, $22 thousand more
fees from mortgage servicing, $17
increased trust fiduciary fees, plus the $14 thousand added interchange fees for the
quarter ended September 30, 2014,
compared to the same 2013 period.
Total other income for the nine months ended September 30, 2014 was $5.3 million compared to $6.0 million for the same period in 2013.
The decrease in other income was primarily due to the $745 thousand reduction in total gains recognized
from the sale of loans with $131
thousand less loan service charge activities and
$83 thousand fewer deposit service
charges. These reductions were partially offset by the net
improvement from $239 thousand added
revenue from $94 thousand more rental
income, $89 thousand more net
mortgage servicing fees and $71
thousand additional interchange fees for the nine months
ended September 30, 2014 compared to
the same 2013 period.
Total other operating expenses were $4.9
million, a $0.3 million, or
6%, increase for the quarter ended September
30, 2014 when compared to the same quarter in 2013.
The increase in other expenses resulted from $212 thousand increase in salary and benefits,
$147 thousand additional other real
estate owned expenses and $91
thousand more professional fees, partially offset by
$111 thousand lower advertising and
marketing expenses, $24 thousand
fewer loan collection costs, $20
thousand less FDIC assessment expense, and $18 thousand fewer automated transaction
processing costs, when comparing the third quarter of 2014 to
2013.
Total other operating expenses increased $0.3 million, or 2%, to $14.4 million for the nine months ended
September 30, 2014 from $14.1 million in the same 2013 period. The other
expense increase resulted primarily from $279 thousand growth in salary and benefits
expense, $153 thousand added
professional fees incurred, $124
thousand added premises and equipment costs and $47 thousand more automated transaction
processing costs, partially offset by $270
thousand lower collection expenses and $176 thousand less advertising and marketing
expenses. The other operating expenses also increased from
fewer numbers of loans booked, from refinancing activity that
capitalized $166 thousand more loan
origination costs in the 2013 year-to-date period than in the same
2014 period.
Fidelity D & D Bancorp, Inc. serves Lackawanna and Luzerne Counties through The Fidelity Deposit
and Discount Bank's 11 community banking office locations,
including wealth management assistance through providing fiduciary
activities with the Bank's full trust powers; as well as offering a
full array of asset management services. The Bank's deposits
are insured by the Federal Deposit Insurance Corporation up to the
full extent permitted by law.
Forward-looking statements
Certain of the matters discussed in this press release may
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 "expect," "anticipate," "intend," "plan,"
"believe," "estimate," and similar expressions are intended to
identify such forward-looking statements.
The Company's actual results may differ materially from the
results anticipated in these forward-looking statements due to a
variety of factors, including, without limitation:
- the effects of economic deterioration on current customers,
specifically the effect of the economy on loan customers' ability
to repay loans;
- the costs and effects of litigation and of unexpected or
adverse outcomes in such litigation;
- the impact of new laws and regulations, including the
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
and the regulations promulgated there under;
- the adequacy of the allowance for loan losses;
- impacts of the new capital and liquidity requirements of the
Basel III standards and other regulatory pronouncements,
regulations and rules;
- governmental monetary and fiscal policies, as well as
legislative and regulatory changes;
- effects of short- and long-term federal budget and tax
negotiations and their effect on economic and business
conditions;
- the effect of changes in accounting policies and practices, as
may be adopted by banking regulatory agencies, as well as the
Financial Accounting Standards Board and other accounting standard
setters;
- the risks of changes in 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;
- 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;
- technological changes;
- acquisitions and integration of acquired businesses;
- the failure of assumptions underlying the establishment of
reserves for loan and lease losses and estimations of values of
collateral and various financial assets and liabilities;
- volatility in the securities markets;
- disruptions due to flooding, severe weather, or other natural
disasters or Acts of God;
- acts of war or terrorism; and
- disruption of credit and equity markets.
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)
|
|
|
|
|
|
At Period
End:
|
September 30,
2014
|
December 31,
2013
|
Assets
|
|
|
|
|
Total
cash and cash equivalents
|
$
|
19,685
|
$
|
13,218
|
Investment securities
|
|
114,425
|
|
97,423
|
Federal
Home Loan Bank Stock
|
|
2,282
|
|
2,640
|
Loans
and leases
|
|
503,453
|
|
479,061
|
Allowance for loan losses
|
|
(9,277)
|
|
(8,928)
|
Premises
and equipment, net
|
|
14,590
|
|
13,602
|
Life
insurance cash surrender value
|
|
10,654
|
|
10,402
|
Other
assets
|
|
18,073
|
|
16,407
|
|
|
|
|
|
Total
assets
|
$
|
673,885
|
$
|
623,825
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Non-interest-bearing deposits
|
$
|
134,943
|
$
|
122,919
|
Interest-bearing deposits
|
|
436,925
|
|
406,779
|
Total
deposits
|
|
571,868
|
|
529,698
|
Short-term borrowings
|
|
11,225
|
|
8,642
|
Long-term debt
|
|
16,000
|
|
16,000
|
Other
liabilities
|
|
3,734
|
|
3,425
|
Total
liabilities
|
|
602,827
|
|
557,765
|
|
|
|
|
|
Shareholders' equity
|
|
71,058
|
|
66,060
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
$
|
673,885
|
$
|
623,825
|
|
|
|
|
|
|
|
|
|
|
Average
Year-To-Date Balances:
|
September 30,
2014
|
December 31,
2013
|
Assets
|
|
|
|
|
Total
cash and cash equivalents
|
$
|
19,986
|
$
|
19,703
|
Investment securities
|
|
106,885
|
|
103,563
|
Loans
and leases, net
|
|
481,688
|
|
452,898
|
Premises
and equipment, net
|
|
14,181
|
|
13,852
|
Other
assets
|
|
27,632
|
|
28,756
|
|
|
|
|
|
Total
assets
|
$
|
650,372
|
$
|
618,772
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Non-interest-bearing deposits
|
$
|
129,348
|
$
|
126,149
|
Interest-bearing deposits
|
|
416,717
|
|
396,411
|
Total
deposits
|
|
546,065
|
|
522,560
|
Short-term borrowings and long-term debt
|
|
31,485
|
|
31,524
|
Other
liabilities
|
|
3,943
|
|
3,803
|
Total
liabilities
|
|
581,493
|
|
557,887
|
|
|
|
|
|
Shareholders' equity
|
|
68,879
|
|
60,885
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
$
|
650,372
|
$
|
618,772
|
FIDELITY D & D
BANCORP, INC.
|
Unaudited Condensed
Consolidated Statements of Income
|
(dollars in
thousands)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
Sep. 30,
2014
|
|
Sep. 30,
2013
|
|
Sep. 30,
2014
|
|
Sep. 30,
2013
|
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
|
$
|
5,656
|
$
|
5,455
|
$
|
16,588
|
$
|
16,380
|
|
|
Securities and other
|
|
639
|
|
499
|
|
1,854
|
|
1,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest income
|
|
6,295
|
|
5,954
|
|
18,442
|
|
17,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
507
|
|
525
|
|
1,495
|
|
1,551
|
|
|
Borrowings and debt
|
|
223
|
|
223
|
|
663
|
|
664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest expense
|
|
730
|
|
748
|
|
2,158
|
|
2,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
5,565
|
|
5,206
|
|
16,284
|
|
15,619
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
|
(210)
|
|
(450)
|
|
(810)
|
|
(1,600)
|
|
|
Other income
|
|
1,748
|
|
1,908
|
|
5,307
|
|
6,027
|
|
|
Other expenses
|
|
(4,910)
|
|
(4,644)
|
|
(14,456)
|
|
(14,131)
|
|
|
Provision for income taxes
|
|
(562)
|
|
(515)
|
|
(1,611)
|
|
(1,503)
|
|
|
Net
income
|
$
|
1,631
|
$
|
1,505
|
$
|
4,714
|
$
|
4,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Sep. 30,
2014
|
|
Jun. 30,
2014
|
|
Mar. 31,
2014
|
|
Dec. 31,
2013
|
|
Sep. 30,
2013
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
|
$
|
5,656
|
$
|
5,524
|
$
|
5,407
|
$
|
5,438
|
$
|
5,455
|
Securities and other
|
|
639
|
|
621
|
|
595
|
|
581
|
|
499
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest income
|
|
6,295
|
|
6,145
|
|
6,002
|
|
6,019
|
|
5,954
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
507
|
|
498
|
|
489
|
|
530
|
|
525
|
Borrowings and debt
|
|
223
|
|
223
|
|
218
|
|
223
|
|
223
|
|
|
|
|
|
|
|
|
|
|
|
Total
interest expense
|
|
730
|
|
721
|
|
707
|
|
753
|
|
748
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
5,565
|
|
5,424
|
|
5,295
|
|
5,266
|
|
5,206
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
|
(210)
|
|
(300)
|
|
(300)
|
|
(950)
|
|
(450)
|
Other income
|
|
1,748
|
|
1,821
|
|
1,738
|
|
4,514
|
|
1,908
|
Other expenses
|
|
(4,910)
|
|
(4,761)
|
|
(4,785)
|
|
(4,989)
|
|
(4,644)
|
Provision for income taxes
|
|
(562)
|
|
(557)
|
|
(492)
|
|
(1,131)
|
|
(515)
|
Net
income
|
$
|
1,631
|
$
|
1,627
|
$
|
1,456
|
$
|
2,710
|
$
|
1,505
|
FIDELITY D
& D BANCORP, INC.
|
Unaudited Condensed
Consolidated Balance Sheets
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
At Period
End:
|
|
Sep. 30,
2014
|
|
Jun. 30,
2014
|
|
Mar. 31,
2014
|
|
Dec. 31,
2013
|
|
Sep. 30,
2013
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Total
cash and cash equivalents
|
$
|
19,685
|
$
|
14,439
|
$
|
32,099
|
$
|
13,218
|
$
|
35,885
|
Investment securities
|
|
114,425
|
|
102,699
|
|
102,213
|
|
97,423
|
|
103,111
|
Federal
Home Loan Bank Stock
|
|
2,282
|
|
2,954
|
|
2,176
|
|
2,640
|
|
2,160
|
Loans
and leases
|
|
503,453
|
|
497,133
|
|
484,015
|
|
479,061
|
|
464,008
|
Allowance for loan losses
|
|
(9,277)
|
|
(9,029)
|
|
(8,899)
|
|
(8,928)
|
|
(8,405)
|
Premises
and equipment, net
|
|
14,590
|
|
14,341
|
|
14,410
|
|
13,602
|
|
13,709
|
Life
insurance cash surrender value
|
|
10,654
|
|
10,569
|
|
10,485
|
|
10,402
|
|
10,316
|
Other
assets
|
|
18,073
|
|
17,200
|
|
17,930
|
|
16,407
|
|
19,510
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
673,885
|
$
|
650,306
|
$
|
654,429
|
$
|
623,825
|
$
|
640,294
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits
|
$
|
134,943
|
$
|
126,008
|
$
|
132,096
|
$
|
122,919
|
$
|
134,114
|
Interest-bearing deposits
|
|
436,925
|
|
412,495
|
|
422,670
|
|
406,779
|
|
410,716
|
Total
deposits
|
|
571,868
|
|
538,503
|
|
554,766
|
|
529,698
|
|
544,830
|
Short-term borrowings
|
|
11,225
|
|
21,872
|
|
12,327
|
|
8,642
|
|
14,197
|
Long-term debt
|
|
16,000
|
|
16,000
|
|
16,000
|
|
16,000
|
|
16,000
|
Other
liabilities
|
|
3,734
|
|
4,005
|
|
3,487
|
|
3,425
|
|
3,471
|
Total
liabilities
|
|
602,827
|
|
580,380
|
|
586,580
|
|
557,765
|
|
578,498
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
71,058
|
|
69,926
|
|
67,849
|
|
66,060
|
|
61,796
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
$
|
673,885
|
$
|
650,306
|
$
|
654,429
|
$
|
623,825
|
$
|
640,294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly
Balances:
|
|
Sep. 30,
2014
|
|
Jun. 30,
2014
|
|
Mar. 31,
2014
|
|
Dec. 31,
2013
|
|
Sep. 30,
2013
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Total
cash and cash equivalents
|
$
|
15,766
|
$
|
19,461
|
$
|
24,831
|
$
|
17,177
|
$
|
18,296
|
Investment securities
|
|
111,335
|
|
106,034
|
|
103,197
|
|
104,729
|
|
102,617
|
Loans
and leases, net
|
|
490,712
|
|
482,406
|
|
471,738
|
|
462,528
|
|
456,479
|
Premises
and equipment, net
|
|
14,432
|
|
14,428
|
|
13,674
|
|
13,692
|
|
13,841
|
Other
assets
|
|
28,142
|
|
27,098
|
|
27,651
|
|
29,173
|
|
29,622
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
660,387
|
$
|
649,427
|
$
|
641,091
|
$
|
627,299
|
$
|
620,855
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits
|
$
|
131,201
|
$
|
129,069
|
$
|
127,736
|
$
|
126,200
|
$
|
124,794
|
Interest-bearing deposits
|
|
424,256
|
|
415,555
|
|
410,185
|
|
404,633
|
|
400,305
|
Total
deposits
|
|
555,457
|
|
544,624
|
|
537,921
|
|
530,833
|
|
525,099
|
Short-term borrowings and long-term debt
|
|
30,071
|
|
31,907
|
|
32,503
|
|
30,058
|
|
31,263
|
Other
liabilities
|
|
4,285
|
|
3,942
|
|
3,595
|
|
3,848
|
|
3,892
|
Total
liabilities
|
|
589,813
|
|
580,473
|
|
574,019
|
|
564,739
|
|
560,254
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
70,574
|
|
68,954
|
|
67,072
|
|
62,560
|
|
60,601
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
$
|
660,387
|
$
|
649,427
|
$
|
641,091
|
$
|
627,299
|
$
|
620,855
|
FIDELITY D & D
BANCORP, INC.
|
Selected Financial
Ratios and Other Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Sep. 30,
2014
|
|
Jun. 30,
2014
|
|
Mar. 31,
2014
|
|
Dec. 31,
2013
|
|
Sep. 30,
2013
|
Selected returns
and financial ratios
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
$
|
0.68
|
$
|
0.67
|
$
|
0.61
|
$
|
1.15
|
$
|
0.64
|
Diluted
earnings per share
|
$
|
0.67
|
|
0.67
|
$
|
0.61
|
$
|
1.14
|
$
|
0.64
|
Dividends per share
|
$
|
0.25
|
$
|
0.25
|
$
|
0.25
|
$
|
0.35
|
$
|
0.25
|
Yield on
interest-earning assets (FTE)
|
|
4.25%
|
|
4.27%
|
|
4.27%
|
|
4.27%
|
|
4.26%
|
Cost of
interest-bearing liabilities
|
|
0.64%
|
|
0.65%
|
|
0.65%
|
|
0.69%
|
|
0.69%
|
Net
interest spread
|
|
3.61%
|
|
3.62%
|
|
3.62%
|
|
3.58%
|
|
3.57%
|
Net
interest margin
|
|
3.78%
|
|
3.79%
|
|
3.79%
|
|
3.76%
|
|
3.74%
|
Return
on average assets
|
|
0.98%
|
|
1.01%
|
|
0.92%
|
|
1.71%
|
|
0.96%
|
Return
on average equity
|
|
9.17%
|
|
9.47%
|
|
8.80%
|
|
17.19%
|
|
9.85%
|
Efficiency ratio
|
|
64.92%
|
|
64.68%
|
|
67.89%
|
|
67.48%
|
|
64.51%
|
Expense
ratio
|
|
1.90%
|
|
1.87%
|
|
2.06%
|
|
2.02%
|
|
1.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
Sep. 30,
2014
|
|
Sep. 30,
2013
|
|
|
|
|
|
|
Basic
earnings per share
|
$
|
1.96
|
$
|
1.88
|
|
|
|
|
|
|
Diluted
earnings per share
|
$
|
1.95
|
$
|
1.88
|
|
|
|
|
|
|
Dividends per share
|
$
|
0.75
|
$
|
0.75
|
|
|
|
|
|
|
Yield on
interest-earning assets (FTE)
|
|
4.26%
|
|
4.33%
|
|
|
|
|
|
|
Cost of
interest-bearing liabilities
|
|
0.64%
|
|
0.70%
|
|
|
|
|
|
|
Net
interest spread
|
|
3.62%
|
|
3.63%
|
|
|
|
|
|
|
Net
interest margin
|
|
3.79%
|
|
3.81%
|
|
|
|
|
|
|
Return
on average assets
|
|
0.97%
|
|
0.96%
|
|
|
|
|
|
|
Return
on average equity
|
|
9.15%
|
|
9.78%
|
|
|
|
|
|
|
Efficiency ratio
|
|
65.71%
|
|
64.18%
|
|
|
|
|
|
|
Expense
ratio
|
|
1.94%
|
|
1.81%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial
data
|
|
Three Months
Ended
|
|
|
Sep. 30,
2014
|
|
Jun. 30,
2014
|
|
Mar. 31,
2014
|
|
Dec. 31,
2013
|
|
Sep. 30,
2013
|
Book
value per share
|
$
|
29.37
|
$
|
28.90
|
$
|
28.13
|
$
|
27.62
|
$
|
26.06
|
Equity
to assets
|
|
10.54%
|
|
10.75%
|
|
10.37%
|
|
10.59%
|
|
9.65%
|
Allowance for loan losses to:
|
|
|
|
|
|
|
|
|
|
|
Total loans
|
|
1.84%
|
|
1.82%
|
|
1.84%
|
|
1.86%
|
|
1.81%
|
Non-accrual
loans
|
|
2.07x
|
|
2.22x
|
|
2.40x
|
|
1.58x
|
|
1.37x
|
Non-accrual loans to total loans
|
|
0.89%
|
|
0.82%
|
|
0.77%
|
|
1.18%
|
|
1.32%
|
Non-performing assets to total assets
|
|
1.09%
|
|
1.08%
|
|
1.07%
|
|
1.44%
|
|
1.82%
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Fidelity D & D Bancorp, Inc.