Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking
subsidiary Fidelity Deposit and Discount Bank, announced net income
for the quarter ended March 31, 2019 of $2.8 million, or $0.73
diluted earnings per share, compared to $2.5 million, or $0.67
diluted earnings per share, for the quarter ended March 31,
2018. The $0.3 million, or 11%, growth in net income resulted
primarily from $0.7 million higher net interest income combined
with a $0.2 million increase in non-interest income, partially
offset by a $0.6 million increase in operating expenses. The
Company experienced a $78.5 million, or 10%, increase in average
interest-earning assets funded by a $43.2 million increase in
average deposits, $29.1 million more in average borrowings and a
$7.7 million increase in average shareholders’ equity for the first
quarter of 2019 compared to the first quarter of 2018. Return
on average assets (ROA) and return on average equity (ROE) were
1.18% and 11.98 %, respectively, for the first quarter of 2019 and
1.17% and 11.75%, respectively, for the first quarter of 2018.
“Fidelity Bank’s results during the first quarter continue to be
strong, setting the stage for a successful 2019,” stated Daniel J.
Santaniello, President and Chief Executive Officer. “The Bank
celebrated the grand opening of the new Back Mountain Office in
Dallas, Pa. The continued growth of earnings, capital and strong
financial results position the bank to continue to invest in the
strategic priorities that deliver an extraordinary client
experience and create long-term shareholder value.”
Consolidated First Quarter Operating Results
Overview
Net interest income was $7.9 million for the first quarter of
2019, a $0.7 million, or 9%, increase over the $7.2 million earned
for the first quarter of 2018. The net interest income growth
resulted from a $78.5 million larger average balance of
interest-earning assets that generated a 33 basis point higher
fully-taxable equivalent (FTE) yield which increased interest
income by $1.5 million. The loan portfolio had the biggest
impact, producing a $1.3 million increase in FTE interest income
with all portfolios contributing to the increase. Yields on
average quarterly balances of $334.4 million in floating rate loans
at March 31, 2019 benefited from 75 basis points in short-term rate
increases by the Federal Reserve since the first quarter of
2018. The investment portfolio benefited from the Company
investing $18.8 million more, on average, in mortgage backed
securities and municipal securities earning higher yields which
caused interest income on investments to increase $0.2
million. Partially offsetting the increase in net interest
income from higher interest income, interest expense increased $0.9
million. The average balance of interest-bearing deposits
increased $32.9 million and the rates paid on these deposits
increased 32 basis points resulting in $0.5 million in additional
interest expense. The Company also utilized $43.7 million in
average borrowings at a higher cost over deposit rates, which
contributed another $0.3 million to interest expense. The
cost of interest-bearing liabilities was 1.07% for the first
quarter of 2019, an increase of 47 basis points over the 0.60% paid
for the first quarter of 2018. The Company’s FTE net interest
spread was 3.38% for the first quarter of 2019, or 14 basis points
lower than the 3.52% recorded for the same 2018 quarter. The
decrease was due to the rates paid on interest-bearing liabilities
increasing faster than the yields earned on interest-earning
assets. The Company’s FTE net interest margin decreased by
only two basis points to 3.66% for the three months ended March 31,
2019 from 3.68% for the same 2018 period. The Company
mitigated the compression on FTE net interest margin from higher
rates paid on interest-bearing liabilities through managing cost of
funds by generating $10.3 million more in average non-interest
bearing deposits during the quarter. The cost of funds
increased 36 basis points despite a 47 basis point higher rate paid
on interest-bearing liabilities.
The provision for loan losses was $0.3 million for the first
quarter of 2019 practically unchanged from the first quarter of
2018. Continued provisioning was in response to the Company’s
level of attention to credit quality and to replenish loan net
charge-offs, $0.4 million of which was from one commercial
relationship, in order to maintain an allowance level that the
Company deemed adequate.
Total other income increased $0.2 million to $2.5 million for
the first quarter of 2019 compared to $2.3 million for the first
quarter of 2018. Service charges on loans increased $0.1
million due to more service charges on commercial loans. Fees
from financial services were $58 thousand higher during the first
quarter of 2019 compared to the same 2018 quarter. In
addition, there was $64 thousand in unrealized losses recognized on
the fair value change of equity securities in the first quarter of
2018 and these equity securities were subsequently sold and no gain
or loss was recognized for the first quarter of 2019. These
increases were partially offset by $0.1 million less in trust
income due primarily to a $68 thousand estate fee recognized during
the first quarter of 2018.
Other expenses increased $0.6 million, or 9%, for the first
quarter of 2019 to $6.8 million from $6.2 million for the same 2018
quarter. The increase was primarily due to $0.3 million in
higher salaries and employee benefits, $0.1 million in additional
premises and equipment expense due to a new branch which opened in
December of 2018 and $57 thousand more data processing and
communication expense.
The provision for income taxes remained unchanged at $0.5
million for both the first quarter of 2019 and 2018. Higher
income before income taxes was offset by increases in tax exempt
income.
Consolidated Balance Sheet & Asset Quality
Overview
The Company’s total assets decreased $16.9 million, or 2%, to
$964.2 million at March 31, 2019 from $981.1 million at December
31, 2018. This asset decline resulted primarily from a $20.0
million net reduction in the loan portfolio. The decrease in
the loan portfolio was mostly due to 3 large payoffs from unrelated
commercial borrowers, a decline in the volume of dealer loans
originated and less mortgage loans held-for-sale. The cash
inflow from the decrease in the loan portfolio plus deposit growth
of $55.1 million was used to pay down $80.5 million in
borrowings. During the first quarter, deposits typically grow
due to the seasonal timing of public tax deposits. The
Company will 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 opening of the Back Mountain branch in
December 2018 while constructing the Mountain Top branch set to
open in the third quarter of 2019.
Total non-performing assets were $6.0 million, or 0.62% of total
assets, at March 31, 2019 compared to $6.3 million, or 0.64% of
total assets, at December 31, 2018. Non-performing assets
decreased $0.3 million from prior period, as a $0.5 million
decrease in accruing troubled debt restructured loans was partially
offset by an increase of $0.2 million in other real estate
owned. Net charge-offs to average total loans increased to
0.27% at March 31, 2019 compared to 0.13% at December 31,
2018.
During the first quarter of 2019, the Company purchased an
additional $2.0 million of bank-owned life insurance. On
January 1, 2019, the Company recognized right-of-use assets and
lease liabilities for leases classified as operating leases to
transition to ASU 2016-02, Leases (Topic 842). The Company
elected to apply the provisions of the new lease standard
prospectively as of the effective date, without adjusting
comparative periods. At March 31, 2019, the right-of-use
assets and operating lease liabilities amounted to $4.1 million and
$4.5 million, respectively.
Shareholders’ equity increased $4.2 million, or 4%, to $97.7
million at March 31, 2019 from $93.5 million at December 31, 2018.
Net income growth of $2.8 million was supplemented by a $2.0
million, after tax, improvement in net unrealized gains from the
investment portfolio. An additional $0.5 million recorded
from the issuance of common stock under the Company’s stock plans
and stock-based compensation expense, was offset by $1.0 million in
cash dividends paid to shareholders. The Company remains well
capitalized and is positioned for continued growth with total
shareholders’ equity at 10.14% of total assets at March 31,
2019. Book value per share was $25.85 at March 31, 2019
compared to $24.89 at December 31, 2018.
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 multiple office locations throughout Lackawanna and Luzerne
Counties 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: |
March 31, 2019 |
December 31, 2018 |
Assets |
|
|
|
|
Cash and cash
equivalents |
$ |
15,310 |
|
$ |
17,485 |
|
Investment securities |
|
182,496 |
|
|
182,810 |
|
Federal
Home Loan Bank stock |
|
3,663 |
|
|
6,339 |
|
Loans and
leases |
|
702,496 |
|
|
722,687 |
|
Allowance
for loan losses |
|
(9,522 |
) |
|
(9,747 |
) |
Premises
and equipment, net |
|
18,186 |
|
|
18,289 |
|
Life
insurance cash surrender value |
|
22,761 |
|
|
20,615 |
|
Other assets |
|
28,830 |
|
|
22,624 |
|
|
|
|
|
|
Total assets |
$ |
964,220 |
|
$ |
981,102 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Non-interest-bearing deposits |
$ |
230,610 |
|
$ |
194,731 |
|
Interest-bearing deposits |
|
594,675 |
|
|
575,452 |
|
Total
deposits |
|
825,285 |
|
|
770,183 |
|
Short-term borrowings |
|
5,906 |
|
|
76,366 |
|
FHLB
advances |
|
21,704 |
|
|
31,704 |
|
Other liabilities |
|
13,583 |
|
|
9,292 |
|
Total liabilities |
|
866,478 |
|
|
887,545 |
|
|
|
|
|
|
Shareholders' equity |
|
97,742 |
|
|
93,557 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
964,220 |
|
$ |
981,102 |
|
|
|
|
|
|
|
|
|
|
|
Average Year-To-Date Balances: |
March 31, 2019 |
December 31, 2018 |
Assets |
|
|
|
|
Cash and
cash equivalents |
$ |
16,548 |
|
$ |
18,639 |
|
Investment securities |
|
184,017 |
|
|
172,085 |
|
Loans and
leases, net |
|
699,156 |
|
|
668,090 |
|
Premises
and equipment, net |
|
18,281 |
|
|
16,389 |
|
Other assets |
|
47,793 |
|
|
42,739 |
|
|
|
|
|
|
Total assets |
$ |
965,795 |
|
$ |
917,942 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Non-interest-bearing deposits |
$ |
195,349 |
|
$ |
196,790 |
|
Interest-bearing deposits |
|
598,582 |
|
|
564,763 |
|
Total
deposits |
|
793,931 |
|
|
761,553 |
|
Short-term borrowings |
|
40,587 |
|
|
37,558 |
|
FHLB
advances |
|
23,593 |
|
|
22,109 |
|
Other liabilities |
|
12,783 |
|
|
7,697 |
|
Total liabilities |
|
870,894 |
|
|
828,917 |
|
|
|
|
|
|
Shareholders' equity |
|
94,901 |
|
|
89,025 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
965,795 |
|
$ |
917,942 |
|
FIDELITY D & D BANCORP,
INC.Unaudited Condensed Consolidated Statements of
Income(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
Mar. 31, 2019 |
|
Mar. 31, 2018 |
|
|
|
|
|
|
Interest
income |
|
|
|
|
|
|
|
|
|
|
Loans and
leases |
$ |
8,158 |
|
$ |
6,911 |
|
|
|
|
|
|
|
Securities and other |
|
1,497 |
|
|
1,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
9,655 |
|
|
8,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
1,331 |
|
|
804 |
|
|
|
|
|
|
|
Borrowings and debt |
|
414 |
|
|
80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest expense |
|
1,745 |
|
|
884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
7,910 |
|
|
7,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses |
|
(255 |
) |
|
(300 |
) |
|
|
|
|
|
|
Other
income |
|
2,457 |
|
|
2,283 |
|
|
|
|
|
|
|
Other expenses |
|
(6,770 |
) |
|
(6,208 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
3,342 |
|
|
3,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
(540 |
) |
|
(506 |
) |
|
|
|
|
|
|
Net income |
$ |
2,802 |
|
$ |
2,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
Sep. 30, 2018 |
|
Jun. 30, 2018 |
|
Mar. 31, 2018 |
Interest
income |
|
|
|
|
|
|
|
|
|
|
Loans and
leases |
$ |
8,158 |
|
$ |
8,173 |
|
$ |
7,779 |
|
$ |
7,250 |
|
$ |
6,911 |
|
Securities and other |
|
1,497 |
|
|
1,451 |
|
|
1,249 |
|
|
1,285 |
|
|
1,232 |
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
9,655 |
|
|
9,624 |
|
|
9,028 |
|
|
8,535 |
|
|
8,143 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
1,331 |
|
|
1,140 |
|
|
981 |
|
|
886 |
|
|
804 |
|
Borrowings and debt |
|
414 |
|
|
520 |
|
|
336 |
|
|
126 |
|
|
80 |
|
|
|
|
|
|
|
|
|
|
|
|
Total interest expense |
|
1,745 |
|
|
1,660 |
|
|
1,317 |
|
|
1,012 |
|
|
884 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
7,910 |
|
|
7,964 |
|
|
7,711 |
|
|
7,523 |
|
|
7,259 |
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses |
|
(255 |
) |
|
(325 |
) |
|
(400 |
) |
|
(425 |
) |
|
(300 |
) |
Other
income |
|
2,457 |
|
|
2,263 |
|
|
2,283 |
|
|
2,371 |
|
|
2,283 |
|
Other expenses |
|
(6,770 |
) |
|
(6,530 |
) |
|
(6,172 |
) |
|
(6,162 |
) |
|
(6,208 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
3,342 |
|
|
3,372 |
|
|
3,422 |
|
|
3,307 |
|
|
3,034 |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
(540 |
) |
|
(525 |
) |
|
(559 |
) |
|
(539 |
) |
|
(506 |
) |
Net income |
$ |
2,802 |
|
$ |
2,847 |
|
$ |
2,863 |
|
$ |
2,768 |
|
$ |
2,528 |
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY D & D BANCORP,
INC.Unaudited Condensed Consolidated Balance
Sheets(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At Period End: |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
Sep. 30, 2018 |
|
Jun. 30, 2018 |
|
Mar. 31, 2018 |
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
15,310 |
|
$ |
17,485 |
|
$ |
16,944 |
|
$ |
17,972 |
|
$ |
36,305 |
|
Investment securities |
|
182,496 |
|
|
182,810 |
|
|
171,451 |
|
|
164,403 |
|
|
165,768 |
|
Federal
Home Loan Bank stock |
|
3,663 |
|
|
6,339 |
|
|
4,717 |
|
|
3,490 |
|
|
2,320 |
|
Loans and
leases |
|
702,496 |
|
|
722,687 |
|
|
704,886 |
|
|
686,993 |
|
|
642,705 |
|
Allowance
for loan losses |
|
(9,522 |
) |
|
(9,747 |
) |
|
(9,944 |
) |
|
(9,527 |
) |
|
(9,408 |
) |
Premises
and equipment, net |
|
18,186 |
|
|
18,289 |
|
|
16,204 |
|
|
16,189 |
|
|
16,350 |
|
Life
insurance cash surrender value |
|
22,761 |
|
|
20,615 |
|
|
20,464 |
|
|
20,315 |
|
|
20,168 |
|
Other assets |
|
28,830 |
|
|
22,624 |
|
|
25,132 |
|
|
22,766 |
|
|
23,209 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
964,220 |
|
$ |
981,102 |
|
$ |
949,854 |
|
$ |
922,601 |
|
$ |
897,417 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
$ |
230,610 |
|
$ |
194,731 |
|
$ |
206,588 |
|
$ |
212,364 |
|
$ |
206,729 |
|
Interest-bearing deposits |
|
594,675 |
|
|
575,452 |
|
|
572,473 |
|
|
565,894 |
|
|
568,562 |
|
Total
deposits |
|
825,285 |
|
|
770,183 |
|
|
779,061 |
|
|
778,258 |
|
|
775,291 |
|
Short-term borrowings |
|
5,906 |
|
|
76,366 |
|
|
40,269 |
|
|
29,553 |
|
|
8,642 |
|
FHLB
advances |
|
21,704 |
|
|
31,704 |
|
|
31,704 |
|
|
18,704 |
|
|
18,704 |
|
Other liabilities |
|
13,583 |
|
|
9,292 |
|
|
8,768 |
|
|
7,234 |
|
|
7,278 |
|
Total liabilities |
|
866,478 |
|
|
887,545 |
|
|
859,802 |
|
|
833,749 |
|
|
809,915 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
97,742 |
|
|
93,557 |
|
|
90,052 |
|
|
88,852 |
|
|
87,502 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
964,220 |
|
$ |
981,102 |
|
$ |
949,854 |
|
$ |
922,601 |
|
$ |
897,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances: |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
Sep. 30, 2018 |
|
Jun. 30, 2018 |
|
Mar. 31, 2018 |
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
16,548 |
|
$ |
14,682 |
|
$ |
14,597 |
|
$ |
21,017 |
|
$ |
24,412 |
|
Investment securities |
|
184,017 |
|
|
183,548 |
|
|
169,280 |
|
|
168,981 |
|
|
166,374 |
|
Loans and
leases, net |
|
699,156 |
|
|
705,209 |
|
|
686,318 |
|
|
648,006 |
|
|
631,821 |
|
Premises
and equipment, net |
|
18,281 |
|
|
16,499 |
|
|
16,257 |
|
|
16,295 |
|
|
16,507 |
|
Other assets |
|
47,793 |
|
|
44,686 |
|
|
43,483 |
|
|
42,047 |
|
|
40,685 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
965,795 |
|
$ |
964,624 |
|
$ |
929,935 |
|
$ |
896,346 |
|
$ |
879,799 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
$ |
195,349 |
|
$ |
200,936 |
|
$ |
203,530 |
|
$ |
197,355 |
|
$ |
185,090 |
|
Interest-bearing deposits |
|
598,582 |
|
|
573,211 |
|
|
554,652 |
|
|
565,560 |
|
|
565,655 |
|
Total
deposits |
|
793,931 |
|
|
774,147 |
|
|
758,182 |
|
|
762,915 |
|
|
750,745 |
|
Short-term borrowings |
|
40,587 |
|
|
59,289 |
|
|
55,141 |
|
|
19,250 |
|
|
15,885 |
|
FHLB
advances |
|
23,593 |
|
|
31,704 |
|
|
18,725 |
|
|
18,704 |
|
|
19,204 |
|
Other liabilities |
|
12,783 |
|
|
8,625 |
|
|
8,077 |
|
|
7,330 |
|
|
6,729 |
|
Total liabilities |
|
870,894 |
|
|
873,765 |
|
|
840,125 |
|
|
808,199 |
|
|
792,563 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
94,901 |
|
|
90,859 |
|
|
89,810 |
|
|
88,147 |
|
|
87,236 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
965,795 |
|
$ |
964,624 |
|
$ |
929,935 |
|
$ |
896,346 |
|
$ |
879,799 |
|
FIDELITY D & D BANCORP,
INC.Selected Financial Ratios and Other Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
Sep. 30, 2018 |
|
Jun. 30, 2018 |
|
Mar. 31, 2018 |
Selected
returns and financial ratios |
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.74 |
|
$ |
0.76 |
|
$ |
0.76 |
|
$ |
0.74 |
|
$ |
0.67 |
|
Diluted
earnings per share |
$ |
0.73 |
|
$ |
0.75 |
|
$ |
0.75 |
|
$ |
0.73 |
|
$ |
0.67 |
|
Dividends
per share |
$ |
0.26 |
|
$ |
0.26 |
|
$ |
0.24 |
|
$ |
0.24 |
|
$ |
0.24 |
|
Yield on
interest-earning assets (FTE)* |
|
4.45 |
% |
|
4.31 |
% |
|
4.20 |
% |
|
4.17 |
% |
|
4.12 |
% |
Cost of
interest-bearing liabilities |
|
1.07 |
% |
|
0.99 |
% |
|
0.83 |
% |
|
0.67 |
% |
|
0.60 |
% |
Cost of
funds |
|
0.82 |
% |
|
0.76 |
% |
|
0.63 |
% |
|
0.51 |
% |
|
0.46 |
% |
Net
interest spread (FTE)* |
|
3.38 |
% |
|
3.32 |
% |
|
3.37 |
% |
|
3.50 |
% |
|
3.52 |
% |
Net
interest margin (FTE)* |
|
3.66 |
% |
|
3.58 |
% |
|
3.60 |
% |
|
3.69 |
% |
|
3.68 |
% |
Return on
average assets |
|
1.18 |
% |
|
1.17 |
% |
|
1.22 |
% |
|
1.24 |
% |
|
1.17 |
% |
Return on
average equity |
|
11.98 |
% |
|
12.43 |
% |
|
12.65 |
% |
|
12.60 |
% |
|
11.75 |
% |
Efficiency ratio (FTE)* |
|
64.15 |
% |
|
62.66 |
% |
|
60.65 |
% |
|
61.20 |
% |
|
63.95 |
% |
Expense
ratio |
|
1.81 |
% |
|
1.76 |
% |
|
1.66 |
% |
|
1.70 |
% |
|
1.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial data |
|
At period end: |
(dollars
in thousands except per share data) |
|
Mar. 31, 2019 |
|
Dec. 31, 2018 |
|
Sep. 30, 2018 |
|
Jun. 30, 2018 |
|
Mar. 31, 2018 |
Interest
income adjustment to FTE* |
$ |
187 |
|
$ |
196 |
|
$ |
182 |
|
$ |
175 |
|
$ |
165 |
|
Book
value per share |
$ |
25.85 |
|
$ |
24.89 |
|
$ |
23.97 |
|
$ |
23.68 |
|
$ |
23.32 |
|
Equity to
assets |
|
10.14 |
% |
|
9.54 |
% |
|
9.48 |
% |
|
9.63 |
% |
|
9.75 |
% |
Allowance
for loan losses to: |
|
|
|
|
|
|
|
|
|
|
Total loans |
|
1.36 |
% |
|
1.36 |
% |
|
1.42 |
% |
|
1.39 |
% |
|
1.47 |
% |
Non-accrual loans |
|
2.54 |
x |
|
2.27 |
x |
|
2.63 |
x |
|
3.45 |
x |
|
3.24 |
x |
Non-accrual loans to total loans |
|
0.53 |
% |
|
0.59 |
% |
|
0.54 |
% |
|
0.40 |
% |
|
0.45 |
% |
Non-performing assets to total assets |
|
0.62 |
% |
|
0.64 |
% |
|
0.65 |
% |
|
0.66 |
% |
|
0.79 |
% |
Net
charge-offs to average total loans |
|
0.27 |
% |
|
0.13 |
% |
|
0.08 |
% |
|
0.12 |
% |
|
0.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
Capital
Adequacy Ratios |
|
|
|
|
|
|
|
|
|
|
Total risk-based
capital ratio |
|
15.24 |
% |
|
14.75 |
% |
|
14.87 |
% |
|
14.82 |
% |
|
15.19 |
% |
Common equity tier 1
risk-based capital ratio |
|
13.99 |
% |
|
13.50 |
% |
|
13.61 |
% |
|
13.57 |
% |
|
13.93 |
% |
Tier 1 risk-based
capital ratio |
|
13.99 |
% |
|
13.50 |
% |
|
13.61 |
% |
|
13.57 |
% |
|
13.93 |
% |
Leverage ratio |
|
9.99 |
% |
|
9.79 |
% |
|
9.93 |
% |
|
10.02 |
% |
|
9.98 |
% |
|
|
|
|
|
|
|
|
|
|
|
* Interest income was FTE adjusted, using the corporate federal
tax rate of 21% for 2019 and 2018, to recognize the income from
tax-exempt interest-earning assets as if the interest was
taxable.
|
|
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