Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking
subsidiary Fidelity Deposit and Discount Bank, announced net income
for the year ended December 31, 2018 of $11.0 million, or $2.90
diluted earnings per share, compared to $8.7 million, or $2.33
diluted earnings per share, for the year ended December 31, 2017.
The $2.3 million, or 26%, growth in net income resulted primarily
from a $2.6 million increase in net interest income combined with
$0.8 million increase in non-interest income, partially offset by a
$0.9 million increase in the provision for income taxes and $0.2
million increase in operating expenses. The Company experienced a
$70.5 million, or 9%, increase in average interest-earning assets
funded by a $56.4 million increase in average deposits, $11.2
million in average borrowings and $4.7 million increase in average
shareholders’ equity during 2018 compared to 2017. This balance
sheet growth increased the year’s income before income taxes by
$3.2 million, or 32%. Return on average assets (ROA) and return on
average equity (ROE) were 1.20% and 12.36%, respectively, for 2018
and 1.03% and 10.34%, respectively, for 2017.
“2018 marked another successful year for Fidelity
Bank, with record net-income. Earnings per share increased, and our
returns on average assets and equity were strong,” stated Daniel J.
Santaniello, President and Chief Executive Officer. “Fidelity Bank
reached this mark by increasing loans, deposits, and non-interest
income, while coupling it with disciplined expense management. For
the first time in several years, Fidelity Bank expanded the branch
network by opening a new branch in Dallas, Pennsylvania and its
surrounding Back Mountain Region. Fidelity Bank is well positioned
for continued success in building long-term shareholder value,
supported by strong capital levels and Bankers that are committed
to a superior client experiences.”
For the quarter ended December 31, 2018, net income
increased $0.5 million, or 22%, to $2.8 million from $2.3 million
for the same 2017 period. Net income improved despite not having
the $1.1 million reduction to provision for income taxes that
occurred in the fourth quarter of 2017 resulting from the Tax Cuts
and Jobs Act (Tax Act). The quarter-over-quarter increase was
primarily driven by a 14% increase in total revenue from a $0.9
million increase in net interest income and a $0.4 million increase
in non-interest income combined with $0.4 million less non-interest
expenses and $0.2 million lower provision for loan losses. Earnings
per share on a diluted basis were $0.75 and $0.61 for the fourth
quarters of 2018 and 2017, respectively. ROA and ROE were 1.17% and
12.43%, respectively, for the fourth quarter of 2018 and 1.07% and
10.61%, respectively, for the fourth quarter of 2017.
Consolidated Fourth Quarter Operating
Results Overview
Net interest income was $8.0 million for the fourth
quarter of 2018, a $0.9 million, or 13%, increase over the $7.1
million earned for the fourth quarter of 2017. The net interest
income growth resulted from a $104.0 million larger average balance
of interest-earning assets that generated 23 basis point higher
fully-taxable equivalent (FTE) yields which increased interest
income by $1.7 million. The loan portfolio had the biggest impact,
producing a $1.3 million increase in interest income with all
portfolios contributing to the increase. Yields on average
quarterly balances of $338.5 million in floating rate loans at
December 31, 2018 benefited from 100 basis points in short-term
rate increases by the Federal Reserve in 2018, and mitigated the
effect of adding lower yields on shorter average life indirect
consumer loans which experienced the most growth in the loan
portfolio. The investment portfolio benefited from the Company
investing in $40.7 million more, on average, in mortgage backed
securities and municipal securities which caused interest income on
investments to increase $0.4 million. Partially offsetting the
increase in net interest income from higher interest income,
interest expense increased $0.8 million. The average balance of
interest-bearing deposits increased $16.9 million and the rates
paid on these deposits increased 23 basis points resulting in $0.4
million in additional interest expense. The Company also utilized
$60.8 million in average overnight borrowings and FHLB advances at
higher rates to fund earning asset growth at higher rates over
deposit costs, which contributed another $0.4 million to interest
expense. The Company’s lower tax rate in 2018 due to the Tax Act
decreased the FTE yields on nontaxable interest-earning assets and
had the effect of reducing FTE net interest rate spread and margin
both by eight basis points, respectively. As a result of the
negative impact of the FTE adjustment from the lower tax rate and
the higher volume and rates paid on interest-bearing liabilities,
net interest spread was 3.32% for the fourth quarter of 2018, or 18
basis points lower than the 3.50% recorded for the same 2017
quarter. The Company mitigated the effect on FTE net interest
margin and cost of funds by generating $26.7 million more in
average non-interest bearing deposits during the quarter. The cost
of funds increased 31 basis points despite a 41 basis point higher
rate paid on interest-bearing liabilities. The Company’s FTE net
interest margin decreased by only seven basis points to 3.58% for
the three months ended December 31, 2018 from 3.65% for the same
2017 period. Excluding the effect of the tax rate change, margin
would have increased by one basis point.
The provision for loan losses was $0.3 million for
the fourth quarter of 2018 compared to $0.5 million for the fourth
quarter of 2017. Continued provisioning was in response to the
Company’s level of loan growth in order to maintain an allowance
level that the Company deemed adequate.
Total other income increased $0.4 million to $2.3
million for the fourth quarter of 2018 compared to $1.9 million for
the fourth quarter of 2017. The Company utilized a few tax
strategies at the end of 2017 in response to the passage of the Tax
Act that reduced net interest income by $0.3 million for the fourth
quarter of 2017. The remaining $0.1 million increase in
non-interest income was primarily due to higher debit card
interchange fees.
Other expenses declined $0.4 million, or 6%, for
the fourth quarter of 2018 to $6.5 million from $6.9 million for
the same 2017 quarter. In response to the Tax Act, the Company
strategically accelerated certain expenses to maximize the one time
benefits during the fourth quarter of 2017. These expenses included
$0.2 million in year-end employee bonuses, $0.1 million from the
early payoff of a lease and a $0.5 million charitable donation to a
newly formed community foundation. Excluding these expenses,
non-interest expense actually increased $0.4 million
quarter-over-quarter. The increase was primarily due to $0.2
million in additional advertising expense, $0.1 million more
donations and $0.1 million higher salaries.
The provision for income taxes increased $1.4
million from a $0.9 million credit for the fourth quarter of 2017
to $0.5 million for the fourth quarter of 2018. The increase was
primarily due to a $1.1 million deferred tax credit adjustment made
in the fourth quarter of 2017 resulting from the Tax Act. The
remaining increase was due to higher taxable income during the
fourth quarter of 2018.
Consolidated Year-To-Date Operating Results
Overview
Net interest income was $30.4 million for the year
ended December 31, 2018 compared to $27.8 million for the year
ended December 31, 2017. The $2.6 million, or 9%, improvement was
the result of a larger average balance of higher-yielding
interest-earning assets which generated $4.3 million in additional
interest income that more than offset a $1.7 million increase in
interest expense from higher rates paid on a larger average balance
of interest-bearing liabilities. The loan portfolio caused the most
impact, producing a $3.2 million increase in interest income, of
which $1.9 million was the result of higher average loan balances
and $1.3 million stemmed from higher yields earned on loans. The
investment portfolio contributed $0.9 million in additional
earnings, primarily from a larger average balance of
mortgage-backed securities earning a higher yield. On the liability
side, higher rates paid on $28.6 million more average
interest-bearing deposits caused interest expense to increase by
$1.1 million. Additionally, higher rates paid on larger average
overnight borrowings resulted in $0.5 million more interest expense
and higher rates paid on FHLB advances increased interest expense
$0.1 million. FTE net interest spread was 3.42% for 2018, or
fourteen basis points lower than the 3.56% recorded for 2017. The
lower FTE adjustment in 2018 from the Tax Act had the effect of
reducing the spread by eight basis points. Additionally, the rates
paid on interest-bearing liabilities rose faster than the yields
earned on interest-earning assets, which further reduced the FTE
net interest rate spread by 6 basis points. Over the same time
period, the Company’s FTE net interest margin decreased by six
basis points to 3.64% from 3.70%. If not for the negative impact of
the Tax Act, net interest margin would have increased by one basis
point due to the $27.7 million increase in average non-interest
bearing deposits.
For the year ended December 31, 2018, the provision
for loan losses was $1.5 million which was unchanged from December
31, 2017. Loan growth combined with improving asset quality during
2018 supported the lower allowance for loan losses as a percentage
of total loans, which fell to 1.36% at December 31, 2018 compared
to 1.44% at December 31, 2017.
Total other income for the year ended December 31,
2018 was $9.2 million, an increase of $0.8 million, or 10%, from
$8.4 million for the year ended December 31, 2017. The increase in
other income was comprised of the following: $0.3 million in
interchange fees, $0.3 million in trust fees, and $0.2 million in
financial service fees. In addition, there were $0.3 million in
one-time losses realized in 2017 due to tax strategies. These
increases were partially offset by $0.2 million fewer gains on loan
sales and $0.1 million less service charges on loans.
Other expenses increased to $25.0 million for the
year ended December 31, 2018, an increase of $0.2 million from
$24.8 million for the year ended December 31, 2017. The largest
driver of this increase was a $0.6 million increase in salaries and
employee benefits expense due to $0.6 million higher salaries, $0.2
million in additional stock-based compensation expense and a $0.1
million increase in post-retirement benefit expenses partially
offset by a $0.2 million decrease in bonuses from a one-time payout
in 2017. In addition, there was a $0.2 million increase in data
processing expense and $0.2 million in additional advertising
expense. These increases were partially offset by a $0.3 million
decrease in professional fees, $0.4 million less donations, and
$0.1 million less collection expense.
Consolidated Balance Sheet & Asset
Quality Overview
The Company’s total assets increased $117.5
million, or 14%, to $981.1 million at December 31, 2018 from $863.6
million at December 31, 2017. This asset growth resulted primarily
from $82.0 million net growth in the loan portfolio and a $25.4
million increase in securities. Asset growth was funded by a $40.0
million increase in deposits plus $68.4 million in additional
borrowings. The Company continued to focus on increasing assets
using its relationship management strategy to grow loans and
deposits and achieve profitable returns. The Company has begun its
Luzerne County expansion plans with the Back Mountain branch
opening late in the fourth quarter of 2018 and construction on the
Mountain Top branch set to begin in 2019.
Total non-performing assets were $6.3 million, or
0.64% of total assets, at December 31, 2018 compared to $6.3
million, or 0.73% of total assets, at December 31, 2017.
Non-performing assets were relatively unchanged from prior period,
as a $0.8 million increase in non-accruing loans was offset by a
reduction of $0.8 million in other real estate owned. Net
charge-offs to average total loans decreased to 0.13% at December
31, 2018 compared to 0.26% at December 31, 2017. The improvement
was due to a $0.7 million reduction in net charge-offs compared to
December 31, 2017.
Shareholders’ equity increased $6.2 million, or 7%,
to $93.6 million at December 31, 2018 from $87.4 million at
December 31, 2017. Net income growth of $11.0 million was partially
offset by a $2.5 million, after tax, reduction in net unrealized
gains from the investment portfolio. An additional $1.4 million
recorded from the issuance of common stock under the Company’s
stock plans and stock-based compensation expense, was offset by
$3.7 million in cash dividends paid to shareholders. The Company
remains well capitalized and is positioned for continued growth
with total shareholders’ equity at 9.54% of total assets at
December 31, 2018. Book value per share was $24.89 at December 31,
2018 compared to $23.40 at December 31, 2017.
Fidelity D & D Bancorp, Inc. has built a strong
history as trusted financial advisors to the customers served by
The Fidelity Deposit and Discount Bank, and is proud to be an
active member of the community of Northeastern Pennsylvania. The
Company serves Lackawanna and Luzerne Counties through The Fidelity
Deposit and Discount Bank’s 11 community banking office locations
providing personal and business banking products and services,
including wealth management assistance through fiduciary activities
with the Bank’s full trust powers; as well as offering a full array
of asset management services. The Bank provides 24 hour, 7 day a
week service to customers through branch offices, online at
www.bankatfidelity.com, and through the Customer Care Center at
800-388-4380. 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 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 conditions
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 or changes in
existing laws and regulations, including the Tax Cuts and Jobs Act
and Dodd-Frank Wall Street Reform and Consumer Protection Act of
2010 and the regulations promulgated there under;
- impacts of the 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 the 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;
- the interruption or breach in
security of our information systems 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;
- acquisitions and integration of
acquired businesses;
- the failure of assumptions
underlying the establishment of reserves for loan losses and
estimations of values of collateral and various financial assets
and liabilities;
- volatilities in the securities
markets;
- acts of war or terrorism;
- disruption of credit and equity
markets; and
- 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) |
|
|
|
|
|
At Period End: |
December 31, 2018 |
December 31, 2017 |
Assets |
|
|
|
|
Cash and cash
equivalents |
$ |
17,485 |
|
$ |
15,825 |
|
Investment securities |
|
182,810 |
|
|
157,385 |
|
Federal
Home Loan Bank stock |
|
6,339 |
|
|
2,832 |
|
Loans and
leases |
|
722,687 |
|
|
640,141 |
|
Allowance
for loan losses |
|
(9,747 |
) |
|
(9,193 |
) |
Premises
and equipment, net |
|
18,289 |
|
|
16,576 |
|
Life
insurance cash surrender value |
|
20,614 |
|
|
20,017 |
|
Other assets |
|
22,625 |
|
|
20,054 |
|
|
|
|
|
|
Total assets |
$ |
981,102 |
|
$ |
863,637 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Non-interest-bearing deposits |
$ |
194,731 |
|
$ |
178,631 |
|
Interest-bearing deposits |
|
575,452 |
|
|
551,515 |
|
Total
deposits |
|
770,183 |
|
|
730,146 |
|
Short-term borrowings |
|
76,366 |
|
|
18,502 |
|
FHLB
advances |
|
31,704 |
|
|
21,204 |
|
Other liabilities |
|
9,292 |
|
|
6,402 |
|
Total liabilities |
|
887,545 |
|
|
776,254 |
|
|
|
|
|
|
Shareholders' equity |
|
93,557 |
|
|
87,383 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
981,102 |
|
$ |
863,637 |
|
|
|
|
|
|
|
|
|
|
|
Average Year-To-Date Balances: |
December 31, 2018 |
December 31, 2017 |
Assets |
|
|
|
|
Cash and
cash equivalents |
$ |
18,639 |
|
$ |
15,644 |
|
Investment securities |
|
172,085 |
|
|
154,738 |
|
Loans and
leases, net |
|
668,090 |
|
|
621,440 |
|
Premises
and equipment, net |
|
16,389 |
|
|
16,961 |
|
Other assets |
|
42,739 |
|
|
35,564 |
|
|
|
|
|
|
Total assets |
$ |
917,942 |
|
$ |
844,347 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Non-interest-bearing deposits |
$ |
196,790 |
|
$ |
169,075 |
|
Interest-bearing deposits |
|
564,763 |
|
|
536,123 |
|
Total
deposits |
|
761,553 |
|
|
705,198 |
|
Short-term borrowings |
|
37,558 |
|
|
28,673 |
|
FHLB
advances |
|
22,109 |
|
|
19,778 |
|
Other liabilities |
|
7,697 |
|
|
6,379 |
|
Total liabilities |
|
828,917 |
|
|
760,028 |
|
|
|
|
|
|
Shareholders' equity |
|
89,025 |
|
|
84,319 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
917,942 |
|
$ |
844,347 |
|
FIDELITY D & D BANCORP, INC. |
Unaudited Condensed Consolidated Statements of
Income |
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
Dec. 31, 2018 |
|
Dec. 31, 2017 |
|
Dec. 31, 2018 |
|
Dec. 31, 2017 |
|
|
Interest
income |
|
|
|
|
|
|
|
|
|
|
Loans and
leases |
$ |
8,173 |
|
$ |
6,850 |
|
$ |
30,113 |
|
$ |
26,895 |
|
|
|
Securities and other |
|
1,451 |
|
|
1,066 |
|
|
5,217 |
|
|
4,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
9,624 |
|
|
7,916 |
|
|
35,330 |
|
|
31,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
1,140 |
|
|
779 |
|
|
3,811 |
|
|
2,750 |
|
|
|
Borrowings and debt |
|
520 |
|
|
87 |
|
|
1,062 |
|
|
473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest expense |
|
1,660 |
|
|
866 |
|
|
4,873 |
|
|
3,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
7,964 |
|
|
7,050 |
|
|
30,457 |
|
|
27,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses |
|
(325 |
) |
|
(525 |
) |
|
(1,450 |
) |
|
(1,450 |
) |
|
|
Other
income |
|
2,263 |
|
|
1,883 |
|
|
9,200 |
|
|
8,367 |
|
|
|
Other expenses |
|
(6,530 |
) |
|
(6,953 |
) |
|
(25,072 |
) |
|
(24,836 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
3,372 |
|
|
1,455 |
|
|
13,135 |
|
|
9,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for/ benefit from income taxes |
|
(525 |
) |
|
872 |
|
|
(2,129 |
) |
|
(1,206 |
) |
|
|
Net income |
$ |
2,847 |
|
$ |
2,327 |
|
$ |
11,006 |
|
$ |
8,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Dec. 31, 2018 |
|
Sep. 30, 2018 |
|
Jun. 30, 2018 |
|
Mar. 31, 2018 |
|
Dec. 31, 2017 |
Interest
income |
|
|
|
|
|
|
|
|
|
|
Loans and leases |
$ |
8,173 |
|
$ |
7,779 |
|
$ |
7,250 |
|
$ |
6,911 |
|
$ |
6,850 |
|
Securities and other |
|
1,451 |
|
|
1,249 |
|
|
1,285 |
|
|
1,232 |
|
|
1,066 |
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
9,624 |
|
|
9,028 |
|
|
8,535 |
|
|
8,143 |
|
|
7,916 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
1,140 |
|
|
981 |
|
|
886 |
|
|
804 |
|
|
779 |
|
Borrowings and debt |
|
520 |
|
|
336 |
|
|
126 |
|
|
80 |
|
|
87 |
|
|
|
|
|
|
|
|
|
|
|
|
Total interest expense |
|
1,660 |
|
|
1,317 |
|
|
1,012 |
|
|
884 |
|
|
866 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
7,964 |
|
|
7,711 |
|
|
7,523 |
|
|
7,259 |
|
|
7,050 |
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses |
|
(325 |
) |
|
(400 |
) |
|
(425 |
) |
|
(300 |
) |
|
(525 |
) |
Other
income |
|
2,263 |
|
|
2,283 |
|
|
2,371 |
|
|
2,283 |
|
|
1,883 |
|
Other expenses |
|
(6,530 |
) |
|
(6,172 |
) |
|
(6,162 |
) |
|
(6,208 |
) |
|
(6,953 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
3,372 |
|
|
3,422 |
|
|
3,307 |
|
|
3,034 |
|
|
1,455 |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for/ benefit from income taxes |
|
(525 |
) |
|
(559 |
) |
|
(539 |
) |
|
(506 |
) |
|
872 |
|
Net income |
$ |
2,847 |
|
$ |
2,863 |
|
$ |
2,768 |
|
$ |
2,528 |
|
$ |
2,327 |
|
FIDELITY D & D BANCORP, INC. |
Unaudited Condensed Consolidated Balance Sheets |
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
At Period End: |
|
Dec. 31, 2018 |
|
Sep. 30, 2018 |
|
Jun. 30, 2018 |
|
Mar. 31, 2018 |
|
Dec. 31, 2017 |
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
17,485 |
|
$ |
16,944 |
|
$ |
17,972 |
|
$ |
36,305 |
|
$ |
15,825 |
|
Investment securities |
|
182,810 |
|
|
171,451 |
|
|
164,403 |
|
|
165,768 |
|
|
157,385 |
|
Federal
Home Loan Bank stock |
|
6,339 |
|
|
4,717 |
|
|
3,490 |
|
|
2,320 |
|
|
2,832 |
|
Loans and
leases |
|
722,687 |
|
|
704,886 |
|
|
686,993 |
|
|
642,705 |
|
|
640,141 |
|
Allowance
for loan losses |
|
(9,747 |
) |
|
(9,944 |
) |
|
(9,527 |
) |
|
(9,408 |
) |
|
(9,193 |
) |
Premises
and equipment, net |
|
18,289 |
|
|
16,204 |
|
|
16,189 |
|
|
16,350 |
|
|
16,576 |
|
Life
insurance cash surrender value |
|
20,614 |
|
|
20,464 |
|
|
20,315 |
|
|
20,168 |
|
|
20,017 |
|
Other assets |
|
22,625 |
|
|
25,132 |
|
|
22,766 |
|
|
23,209 |
|
|
20,054 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
981,102 |
|
$ |
949,854 |
|
$ |
922,601 |
|
$ |
897,417 |
|
$ |
863,637 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
$ |
194,731 |
|
$ |
206,588 |
|
$ |
212,364 |
|
$ |
206,729 |
|
$ |
178,631 |
|
Interest-bearing deposits |
|
575,452 |
|
|
572,473 |
|
|
565,894 |
|
|
568,562 |
|
|
551,515 |
|
Total
deposits |
|
770,183 |
|
|
779,061 |
|
|
778,258 |
|
|
775,291 |
|
|
730,146 |
|
Short-term borrowings |
|
76,366 |
|
|
40,269 |
|
|
29,553 |
|
|
8,642 |
|
|
18,502 |
|
FHLB
advances |
|
31,704 |
|
|
31,704 |
|
|
18,704 |
|
|
18,704 |
|
|
21,204 |
|
Other liabilities |
|
9,292 |
|
|
8,768 |
|
|
7,234 |
|
|
7,278 |
|
|
6,402 |
|
Total liabilities |
|
887,545 |
|
|
859,802 |
|
|
833,749 |
|
|
809,915 |
|
|
776,254 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
93,557 |
|
|
90,052 |
|
|
88,852 |
|
|
87,502 |
|
|
87,383 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
981,102 |
|
$ |
949,854 |
|
$ |
922,601 |
|
$ |
897,417 |
|
$ |
863,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances: |
|
Dec. 31, 2018 |
|
Sep. 30, 2018 |
|
Jun. 30, 2018 |
|
Mar. 31, 2018 |
|
Dec. 31, 2017 |
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
14,682 |
|
$ |
14,597 |
|
$ |
21,017 |
|
$ |
24,412 |
|
$ |
19,623 |
|
Investment securities |
|
183,548 |
|
|
169,280 |
|
|
168,981 |
|
|
166,374 |
|
|
155,943 |
|
Loans and
leases, net |
|
705,209 |
|
|
686,318 |
|
|
648,006 |
|
|
631,821 |
|
|
629,489 |
|
Premises
and equipment, net |
|
16,499 |
|
|
16,257 |
|
|
16,295 |
|
|
16,507 |
|
|
16,802 |
|
Other assets |
|
44,686 |
|
|
43,483 |
|
|
42,047 |
|
|
40,685 |
|
|
37,997 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
964,624 |
|
$ |
929,935 |
|
$ |
896,346 |
|
$ |
879,799 |
|
$ |
859,854 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
$ |
200,936 |
|
$ |
203,530 |
|
$ |
197,355 |
|
$ |
185,090 |
|
$ |
174,282 |
|
Interest-bearing deposits |
|
573,211 |
|
|
554,652 |
|
|
565,560 |
|
|
565,655 |
|
|
556,354 |
|
Total
deposits |
|
774,147 |
|
|
758,182 |
|
|
762,915 |
|
|
750,745 |
|
|
730,636 |
|
Short-term borrowings |
|
59,289 |
|
|
55,141 |
|
|
19,250 |
|
|
15,885 |
|
|
12,984 |
|
FHLB
advances |
|
31,704 |
|
|
18,725 |
|
|
18,704 |
|
|
19,204 |
|
|
21,801 |
|
Other liabilities |
|
8,625 |
|
|
8,077 |
|
|
7,330 |
|
|
6,729 |
|
|
7,442 |
|
Total liabilities |
|
873,765 |
|
|
840,125 |
|
|
808,199 |
|
|
792,563 |
|
|
772,863 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
90,859 |
|
|
89,810 |
|
|
88,147 |
|
|
87,236 |
|
|
86,991 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
964,624 |
|
$ |
929,935 |
|
$ |
896,346 |
|
$ |
879,799 |
|
$ |
859,854 |
|
FIDELITY D & D BANCORP, INC. |
Selected Financial Ratios and Other Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Dec. 31, 2018 |
|
Sep. 30, 2018 |
|
Jun. 30, 2018 |
|
Mar. 31, 2018 |
|
Dec. 31, 2017 |
Selected
returns and financial ratios |
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
$ |
0.76 |
|
$ |
0.76 |
|
$ |
0.74 |
|
$ |
0.67 |
|
$ |
0.63 |
|
Diluted
earnings per share |
$ |
0.75 |
|
$ |
0.75 |
|
$ |
0.73 |
|
$ |
0.67 |
|
$ |
0.61 |
|
Dividends
per share |
$ |
0.26 |
|
$ |
0.24 |
|
$ |
0.24 |
|
$ |
0.24 |
|
$ |
0.26 |
|
Yield on
interest-earning assets (FTE) |
|
4.31 |
% |
|
4.20 |
% |
|
4.17 |
% |
|
4.12 |
% |
|
4.08 |
% |
Cost of
interest-bearing liabilities |
|
0.99 |
% |
|
0.83 |
% |
|
0.67 |
% |
|
0.60 |
% |
|
0.58 |
% |
Cost of
funds |
|
0.76 |
% |
|
0.63 |
% |
|
0.51 |
% |
|
0.46 |
% |
|
0.45 |
% |
Net
interest spread (FTE) |
|
3.32 |
% |
|
3.37 |
% |
|
3.50 |
% |
|
3.52 |
% |
|
3.50 |
% |
Net
interest margin (FTE) |
|
3.58 |
% |
|
3.60 |
% |
|
3.69 |
% |
|
3.68 |
% |
|
3.65 |
% |
Return on
average assets |
|
1.17 |
% |
|
1.22 |
% |
|
1.24 |
% |
|
1.17 |
% |
|
1.07 |
% |
Return on
average equity |
|
12.43 |
% |
|
12.65 |
% |
|
12.60 |
% |
|
11.75 |
% |
|
10.61 |
% |
Efficiency ratio (FTE) |
|
62.66 |
% |
|
60.65 |
% |
|
61.20 |
% |
|
63.95 |
% |
|
75.13 |
% |
Expense
ratio |
|
1.76 |
% |
|
1.66 |
% |
|
1.70 |
% |
|
1.81 |
% |
|
2.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
|
|
|
|
|
|
Dec. 31, 2018 |
|
Dec. 31, 2017 |
|
|
|
|
|
|
Basic
earnings per share |
$ |
2.93 |
|
$ |
2.35 |
|
|
|
|
|
|
|
Diluted
earnings per share |
$ |
2.90 |
|
$ |
2.33 |
|
|
|
|
|
|
|
Dividends
per share |
$ |
0.98 |
|
$ |
0.88 |
|
|
|
|
|
|
|
Yield on
interest-earning assets (FTE) |
|
4.20 |
% |
|
4.11 |
% |
|
|
|
|
|
|
Cost of
interest-bearing liabilities |
|
0.78 |
% |
|
0.55 |
% |
|
|
|
|
|
|
Cost of
funds |
|
0.59 |
% |
|
0.43 |
% |
|
|
|
|
|
|
Net
interest spread (FTE) |
|
3.42 |
% |
|
3.56 |
% |
|
|
|
|
|
|
Net
interest margin (FTE) |
|
3.64 |
% |
|
3.70 |
% |
|
|
|
|
|
|
Return on
average assets |
|
1.20 |
% |
|
1.03 |
% |
|
|
|
|
|
|
Return on
average equity |
|
12.36 |
% |
|
10.34 |
% |
|
|
|
|
|
|
Efficiency ratio (FTE) |
|
62.10 |
% |
|
62.04 |
% |
|
|
|
|
|
|
Expense
ratio |
|
1.73 |
% |
|
1.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial data |
|
At period end: |
(dollars
in thousands except per share data) |
|
Dec. 31, 2018 |
|
Sep. 30, 2018 |
|
Jun. 30, 2018 |
|
Mar. 31, 2018 |
|
Dec. 31, 2017 |
Interest
income adjustment to FTE |
$ |
718 |
|
$ |
182 |
|
$ |
175 |
|
$ |
165 |
|
$ |
322 |
|
Book
value per share |
$ |
24.89 |
|
$ |
23.97 |
|
$ |
23.68 |
|
$ |
23.32 |
|
$ |
23.40 |
|
Equity to
assets |
|
9.54 |
% |
|
9.48 |
% |
|
9.63 |
% |
|
9.75 |
% |
|
10.12 |
% |
Allowance
for loan losses to: |
|
|
|
|
|
|
|
|
|
|
Total
loans |
|
1.36 |
% |
|
1.42 |
% |
|
1.39 |
% |
|
1.47 |
% |
|
1.44 |
% |
Non-accrual loans |
|
2.27 |
x |
|
2.63 |
x |
|
3.45 |
x |
|
3.24 |
x |
|
2.67 |
x |
Non-accrual loans to total loans |
|
0.59 |
% |
|
0.54 |
% |
|
0.40 |
% |
|
0.45 |
% |
|
0.54 |
% |
Non-performing assets to total assets |
|
0.64 |
% |
|
0.65 |
% |
|
0.66 |
% |
|
0.79 |
% |
|
0.73 |
% |
Net
charge-offs to average total loans |
|
0.13 |
% |
|
0.08 |
% |
|
0.12 |
% |
|
0.05 |
% |
|
0.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
Capital
Adequacy Ratios |
|
|
|
|
|
|
|
|
|
|
Total risk-based
capital ratio |
|
14.75 |
% |
|
14.87 |
% |
|
14.82 |
% |
|
15.19 |
% |
|
14.90 |
% |
Common equity tier 1
risk-based capital ratio |
|
13.50 |
% |
|
13.61 |
% |
|
13.57 |
% |
|
13.93 |
% |
|
13.65 |
% |
Tier 1 risk-based
capital ratio |
|
13.50 |
% |
|
13.61 |
% |
|
13.57 |
% |
|
13.93 |
% |
|
13.65 |
% |
Leverage ratio |
|
9.79 |
% |
|
9.93 |
% |
|
10.02 |
% |
|
9.98 |
% |
|
9.91 |
% |
Contacts: |
|
|
|
|
|
Daniel J.
Santaniello |
|
Salvatore
R. DeFrancesco, Jr. |
President
and Chief Executive Officer |
|
Treasurer
and Chief Financial Officer |
570-504-8035 |
|
570-504-8000 |
|
|
|
Fidelity D and D Bancorp (NASDAQ:FDBC)
過去 株価チャート
から 6 2024 まで 7 2024
Fidelity D and D Bancorp (NASDAQ:FDBC)
過去 株価チャート
から 7 2023 まで 7 2024