Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking
subsidiary The Fidelity Deposit and Discount Bank, announced net
income for the quarter ended March 31, 2020 of $2.6 million, or
$0.69 diluted earnings per share, compared to $2.8 million, or
$0.73 diluted earnings per share, for the quarter ended March 31,
2019. The $0.2 million, or 6%, reduction in net income resulted
primarily from a $0.5 million increase in non-interest expenses.
Operating expenses included $0.3 million, or $0.07 per share, of
nonrecurring merger-related expenses, net of tax, incurred during
the first quarter of 2020. If not for these merger-related
expenses, net income would have otherwise increased $0.1 million,
or 3%, when compared to the first quarter 2019 period, driven
primarily by higher non-interest income.
The Company achieved a $41.8 million, or 5%, increase in average
interest-earning assets funded by a $71.3 million increase in
average deposits and a $13.9 million increase in average
shareholders’ equity partially offset by a $33.0 million reduction
in average borrowings during the first quarter of 2020 compared to
the first quarter of 2019. Return on average assets (ROA) and
return on average equity (ROE) were 1.04% and 9.74%, respectively,
for the three months ended March 31, 2020 and 1.18% and 11.98%,
respectively, for the same 2019 period. The reduction in ROE was
caused primarily by the average balance increase in other
comprehensive income from the $5.3 million increase in average
unrealized gains on the investment portfolio, net of tax, compared
the first quarter of 2019.
“During these unprecedented times, Fidelity Bank remains
committed in the support of the bankers, clients, shareholders and
the communities. The Fidelity Bankers are dedicated to delivering
an extraordinary client experience and addressing the financial
hardships caused by COVID-19. The Company is resolved to continue
its long-standing history of supporting the families and businesses
within the communities we serve.” stated Daniel J. Santaniello,
President and Chief Executive Officer. “The first quarter financial
results continue to be strong, setting the stage for a successful
2020 as we prepare for the successful integration of Merchants Bank
during the 2nd quarter of 2020. With both a strong balance sheet
and capital, the Company is well positioned to navigate through the
current economic uncertainties.”
Excluding the $0.3 million in nonrecurring merger-related
expenses incurred in preparation for the acquisition of MNB
Corporation and Merchants Bank of Bangor as well as the
corresponding tax impact at the marginal tax rate, adjusted net
income (non-GAAP) for the three months ended March 31, 2020, would
have been $2.9 million, or $0.76 diluted earnings per share,
respectively, which represents an increase of 3% compared to the
three months ended March 31, 2019. Adjusted (non-GAAP) ROA and ROE
would have been 1.14% and 10.71% for the same periods.
The Company began proactive initiatives in March 2020 to assist
clients, Fidelity Bankers and communities impacted by the effects
of the novel coronavirus. Management activated its established
pandemic contingency plan response in March 2020 to ensure business
continuity while assuring the health, safety and well-being of
clients, Bankers and the community. Special measures include:
- Closing all branch lobbies for in-branch teller transactions
while drive-thru locations remained open;
- Providing Fidelity Bankers personal protective equipment and
disinfectant supplies when working on-site;
- Expanding use of online, mobile, telephone banking, night drop
and ATMs to meet clients’ banking needs;
- Adding resources to the Customer Call Center to manage
increased call and chat volume;
- Scheduling in-person meetings by appointment only, observing
the guidelines of social distancing and personal safety as
recommended by health and safety officials;
- Enhancing EPA approved cleaning and disinfecting protocols
implemented at all locations;
- Activating telecommunications capabilities to enable Fidelity
Bankers to work-from-home, as appropriate, with approximately 40%
of Fidelity Bankers currently working remotely;
- Conducting all meetings virtually, including the Special
Shareholder Meeting.
To address the pandemic’s economic impact on its clients, the
Company is in the process of providing hardship relief requested by
1,324 customers as of April 17, 2020 with balances totaling $165
million through March 31, 2020. This relief was offered in the form
of loan forbearance or interest-only modifications.
Between April 3 and April 16, 2020, the Company processed 652
applications providing over $130 million in loans through Phase I
of the Small Business Administration (SBA) Paycheck Protection
Program (PPP) with an average loan amount of $200 thousand. On
April 27, 2020, the Company processed another 509 applications
providing over $19 million in loans through Phase II of the PPP
with an average loan amount of $39 thousand proving the Company’s
commitment to support all small businesses. Funding these loans
will generate approximately $5.2 million of SBA processing fees
which are expected to be earned primarily over the second and third
quarters of 2020. The Fidelity Deposit and Discount Bank is a
Paycheck Protection Program Liquidity Facility (PPPLF) eligible
depository institution that obtained an extension of credit under
the PPPLF to fund originated PPP loans.
Consolidated First Quarter Operating Results
Overview
Net interest income was $8.0 million for the first quarter of
2020, a 1%, increase over the $7.9 million earned for the first
quarter of 2019. The $0.1 million improvement in net interest
income resulted from a $41.8 million larger average balance of
interest-earning assets which offset the declining yields on these
assets. The loan portfolio had the biggest impact, producing a $0.2
million increase in interest income from $36.0 million in higher
average balances with primarily the consumer and residential
portfolios contributing to the increase. Interest income from the
investment portfolio declined $0.1 million due to lower yields
earned on mortgage-backed securities. Interest expense was mostly
unchanged as higher interest expense on deposits offset lower
interest expense on borrowings. The average balance of
interest-bearing deposits increased $71.3 million and the rates
paid on these deposits increased one basis point resulting in $0.2
million in additional interest expense. The Company utilized $33.0
million less in average overnight borrowings and FHLB advances
which mitigated the increased deposit costs reducing interest
expense from borrowings by $0.2 million. The overall cost of
interest-bearing liabilities was 0.98% for the first quarter of
2020, a decrease of nine basis points over the 1.07% paid for the
for the first quarter of 2019. The Company’s FTE (non-GAAP) net
interest spread was 3.21% for the first quarter of 2020, or 12
basis points lower than the 3.33% recorded for the same 2019
quarter. The decrease was due to yields earned on interest-earning
assets declining faster than the rates paid on interest-bearing
liabilities. Between July and October 2019, the Federal Reserve cut
short-term rates by 75 basis points. Then during the first quarter
of 2020, the Federal Reserve dropped short-term rates by another
150 basis points. As a result, yields on earning assets have
declined, but decreases in deposit rates have lagged. The cost of
funds decreased five basis points to 0.77% for the first quarter of
2020 from 0.82% for the first quarter of 2019. The Company’s FTE
net interest margin decreased by 15 basis points to 3.47% for the
three months ended March 31, 2020 from 3.62% for the same 2019
period.
The provision for loan losses was $300 thousand for the first
quarter of 2020, a $45 thousand increase compared to $255 thousand
for the first quarter of 2019. The first quarter of 2020 provision
required to adequately fund the Company’s allowance for loan losses
was limited due to the $0.2 million recovery received from a
reimbursement from FNMA for previously charged-off sold mortgages
along with a reduction in the loan portfolio from the end of
2019.
Total other income increased $0.3 million to $2.8 million for
the first quarter of 2020 compared to $2.5 million for the first
quarter of 2019. The increase in other income was primarily due to
$0.2 million higher service charges on loans and $0.1 million more
in interchange fees during the first quarter of 2020 compared to
the same 2019 period.
Other expenses increased $0.5 million, or 8%, for the first
quarter of 2020 to $7.3 million from $6.8 million for the same 2019
quarter. Most of the increase was due to $0.3 million in
nonrecurring merger-related expenses, primarily consisting of
professional service expenses, and $0.2 million in added salaries
and employee benefits.
Consolidated Balance Sheet & Asset Quality
Overview
During the first quarter of 2020, the Company’s total assets
increased $52.6 million, or 5%, to $1,062.5 million at March 31,
2020 from $1,009.9 million at December 31, 2019. This asset growth
resulted primarily from a $43.3 million increase cash and cash
equivalents and a $18.9 million increase in investment securities,
partially offset by an $8.3 million decline in the loan portfolio.
Deposit growth of $83.9 million was used to pay down $37.9 million
in overnight borrowings and to fund the investment portfolio.
During the first quarter, deposits typically grow due to the
seasonal timing of public tax deposits. These deposits are
temporary and will mostly be withdrawn during the second quarter.
The Company experienced approximately $20 million in commercial
loan payoffs during the first quarter of 2020 but does not expect
this trend to continue at the same pace for the rest of 2020. The
Company will focus on increasing assets by continuing to grow
residential loans and using its acquisition strategy to offset loan
payoffs. During the second quarter of 2020, the Company expects the
majority of its loan growth to come from Paycheck Protection
Program loans funded through the Paycheck Protection Program
Liquidity Facility and the acquisition of MNB.
Total non-performing assets were $4.8 million, or 0.45% of total
assets, at March 31, 2020, compared to $5.0 million, or 0.50% of
total assets, at December 31, 2019. The $0.2 million reduction in
non-performing assets from December 31, 2019 resulted from a $0.2
million decrease in other real estate owned as accruing troubled
debt restructured loans and non-performing loans were virtually
unchanged from the prior period. Net charge-offs to average total
loans declined to 0.02% at March 31, 2020 compared to 0.15% at
December 31, 2019.
Shareholders’ equity increased $5.3 million, or 5%, to $112.1
million at March 31, 2020 from $106.8 million at December 31, 2019.
Net income of $2.6 million was supplemented by a $3.2 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, was offset by $1.1 million in cash dividends paid to
shareholders. The Company remains well capitalized and is
positioned for continued growth with total shareholders’ equity at
10.55% of total assets at March 31, 2020. Book value per share was
$29.53 at March 31, 2020 compared to $28.25 at December 31,
2019.
Fidelity D & D Bancorp, Inc. has built a strong history as
trusted financial advisors to the clients served by The Fidelity
Deposit and Discount Bank and is proud to be an active member of
the community of Northeastern Pennsylvania. Part of the Bank’s
mission is to be a good corporate partner within its market areas
by providing over 2,900 hours of volunteer time to non-profit
organizations yearly. The Company serves multiple office locations
throughout Lackawanna and Luzerne Counties providing personal and
business banking products and services, including wealth management
planning 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.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures to provide
information useful to the reader in understanding 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’s non-GAAP financial measures and key
performance indicators may differ from the non-GAAP financial
measures and key performance indicators other financial
institutions used to measure their performance and trends.
Non-GAAP financial measures should be supplemental to GAAP used
to prepare the Company’s operating results and should not be read
in isolation or relied upon as a substitute for GAAP measures. In
the event of such a disclosure or release, the Securities and
Exchange Commission’s (SEC) Regulation G requires: (i) the
presentation of the most directly comparable financial measure
calculated and presented in accordance with GAAP and (ii) a
reconciliation of the differences between the non-GAAP financial
measure presented and the most directly comparable financial
measure calculated and presented in accordance with GAAP.
Reconciliations of GAAP to non-GAAP operating measures to the most
directly comparable GAAP financial measures are included in the
tables at the end of this release.
Management believes merger-related expenses are not standard
costs necessary for operations. These charges principally represent
professional fees and system conversion and integration costs
related to the transaction. These costs are specific to each
individual transaction and may vary significantly based on the size
and complexity of the transaction.
Interest income was fully-taxable equivalent (FTE) adjusted to
recognize the income from tax exempt interest-earning assets as if
the interest was taxable 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 2020 and
2019.
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
particularly with regard to the negative impact of severe and
wide-ranging disruptions caused by the spread of Coronavirus
Disease 2019 (COVID-19) 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, 2020 |
December 31, 2019 |
Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
58,960 |
|
|
$ |
15,663 |
|
Investment securities |
|
203,984 |
|
|
|
185,117 |
|
Federal Home Loan Bank stock |
|
2,732 |
|
|
|
4,383 |
|
Loans and leases |
|
746,715 |
|
|
|
755,053 |
|
Allowance for loan losses |
|
(10,017 |
) |
|
|
(9,747 |
) |
Premises and equipment, net |
|
21,412 |
|
|
|
21,557 |
|
Life insurance cash surrender value |
|
23,426 |
|
|
|
23,261 |
|
Other assets |
|
15,283 |
|
|
|
14,640 |
|
|
|
|
|
|
|
Total assets |
$ |
1,062,495 |
|
|
$ |
1,009,927 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Non-interest-bearing deposits |
$ |
243,942 |
|
|
$ |
192,023 |
|
Interest-bearing deposits |
|
675,719 |
|
|
|
643,714 |
|
Total deposits |
|
919,661 |
|
|
|
835,737 |
|
Short-term borrowings |
|
- |
|
|
|
37,839 |
|
FHLB advances |
|
15,000 |
|
|
|
15,000 |
|
Other liabilities |
|
15,694 |
|
|
|
14,516 |
|
Total liabilities |
|
950,355 |
|
|
|
903,092 |
|
|
|
|
|
|
|
Shareholders' equity |
|
112,140 |
|
|
|
106,835 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,062,495 |
|
|
$ |
1,009,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Year-To-Date Balances: |
March 31, 2020 |
December 31, 2019 |
Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
22,444 |
|
|
$ |
15,364 |
|
Investment securities |
|
192,515 |
|
|
|
189,720 |
|
Loans and leases, net |
|
746,248 |
|
|
|
722,466 |
|
Premises and equipment, net |
|
21,002 |
|
|
|
18,465 |
|
Other assets |
|
37,343 |
|
|
|
38,537 |
|
|
|
|
|
|
|
Total assets |
$ |
1,019,552 |
|
|
$ |
984,552 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Non-interest-bearing deposits |
$ |
194,847 |
|
|
$ |
195,393 |
|
Interest-bearing deposits |
|
669,867 |
|
|
|
621,618 |
|
Total deposits |
|
864,714 |
|
|
|
817,011 |
|
Short-term borrowings |
|
16,174 |
|
|
|
35,243 |
|
FHLB advances |
|
15,000 |
|
|
|
18,074 |
|
Other liabilities |
|
14,891 |
|
|
|
13,517 |
|
Total liabilities |
|
910,779 |
|
|
|
883,845 |
|
|
|
|
|
|
|
Shareholders' equity |
|
108,773 |
|
|
|
100,707 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,019,552 |
|
|
$ |
984,552 |
|
FIDELITY D & D BANCORP,
INC.Unaudited Condensed Consolidated Statements of
Income(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
Mar. 31, 2020 |
|
Mar. 31, 2019 |
|
|
|
|
|
|
Interest
income |
|
|
|
|
|
|
|
|
|
|
Loans and leases |
$ |
8,360 |
|
$ |
8,158 |
|
|
|
|
|
|
|
Securities and other |
|
1,351 |
|
|
1,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
9,711 |
|
|
9,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
1,516 |
|
|
1,331 |
|
|
|
|
|
|
|
Borrowings and debt |
|
189 |
|
|
414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest expense |
|
1,705 |
|
|
1,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
8,006 |
|
|
7,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
(300 |
) |
|
(255 |
) |
|
|
|
|
|
|
Other income |
|
2,755 |
|
|
2,457 |
|
|
|
|
|
|
|
Other expenses |
|
(7,304 |
) |
|
(6,770 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
3,157 |
|
|
3,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
(523 |
) |
|
(540 |
) |
|
|
|
|
|
|
Net income |
$ |
2,634 |
|
$ |
2,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Mar. 31, 2020 |
|
Dec. 31, 2019 |
|
Sep. 30, 2019 |
|
Jun. 30, 2019 |
|
Mar. 31, 2019 |
Interest
income |
|
|
|
|
|
|
|
|
|
|
Loans and leases |
$ |
8,360 |
|
$ |
8,591 |
|
$ |
8,499 |
|
$ |
8,193 |
|
$ |
8,158 |
|
Securities and other |
|
1,351 |
|
|
1,358 |
|
|
1,509 |
|
|
1,464 |
|
|
1,497 |
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
9,711 |
|
|
9,949 |
|
|
10,008 |
|
|
9,657 |
|
|
9,655 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
1,516 |
|
|
1,687 |
|
|
1,683 |
|
|
1,474 |
|
|
1,331 |
|
Borrowings and debt |
|
189 |
|
|
251 |
|
|
325 |
|
|
389 |
|
|
414 |
|
|
|
|
|
|
|
|
|
|
|
|
Total interest expense |
|
1,705 |
|
|
1,938 |
|
|
2,008 |
|
|
1,863 |
|
|
1,745 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
8,006 |
|
|
8,011 |
|
|
8,000 |
|
|
7,794 |
|
|
7,910 |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
(300 |
) |
|
(255 |
) |
|
(320 |
) |
|
(255 |
) |
|
(255 |
) |
Other income |
|
2,755 |
|
|
2,615 |
|
|
2,632 |
|
|
2,489 |
|
|
2,457 |
|
Other expenses |
|
(7,304 |
) |
|
(7,073 |
) |
|
(6,643 |
) |
|
(6,435 |
) |
|
(6,770 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
3,157 |
|
|
3,298 |
|
|
3,669 |
|
|
3,593 |
|
|
3,342 |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
(523 |
) |
|
(584 |
) |
|
(611 |
) |
|
(591 |
) |
|
(540 |
) |
Net income |
$ |
2,634 |
|
$ |
2,714 |
|
$ |
3,058 |
|
$ |
3,002 |
|
$ |
2,802 |
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY D & D BANCORP,
INC.Unaudited Condensed Consolidated Balance
Sheets(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
At Period End: |
|
Mar. 31, 2020 |
|
Dec. 31, 2019 |
|
Sep. 30, 2019 |
|
Jun. 30, 2019 |
|
Mar. 31, 2019 |
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
58,960 |
|
$ |
15,663 |
|
$ |
18,687 |
|
$ |
19,190 |
|
$ |
15,310 |
|
Investment securities |
|
203,984 |
|
|
185,117 |
|
|
189,246 |
|
|
189,899 |
|
|
182,496 |
|
Federal Home Loan Bank stock |
|
2,732 |
|
|
4,383 |
|
|
3,818 |
|
|
4,396 |
|
|
3,663 |
|
Loans and leases |
|
746,715 |
|
|
755,053 |
|
|
750,470 |
|
|
735,685 |
|
|
713,761 |
|
Allowance for loan losses |
|
(10,017 |
) |
|
(9,747 |
) |
|
(9,441 |
) |
|
(9,495 |
) |
|
(9,522 |
) |
Premises and equipment, net |
|
21,412 |
|
|
21,557 |
|
|
18,149 |
|
|
18,353 |
|
|
18,186 |
|
Life insurance cash surrender value |
|
23,426 |
|
|
23,261 |
|
|
23,094 |
|
|
22,926 |
|
|
22,761 |
|
Other assets |
|
15,283 |
|
|
14,640 |
|
|
17,401 |
|
|
16,085 |
|
|
17,565 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,062,495 |
|
$ |
1,009,927 |
|
$ |
1,011,424 |
|
$ |
997,039 |
|
$ |
964,220 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
$ |
243,942 |
|
$ |
192,023 |
|
$ |
203,816 |
|
$ |
215,973 |
|
$ |
230,610 |
|
Interest-bearing deposits |
|
675,719 |
|
|
643,714 |
|
|
648,506 |
|
|
623,650 |
|
|
594,675 |
|
Total deposits |
|
919,661 |
|
|
835,737 |
|
|
852,322 |
|
|
839,623 |
|
|
825,285 |
|
Short-term borrowings |
|
- |
|
|
37,839 |
|
|
24,355 |
|
|
29,105 |
|
|
5,906 |
|
FHLB advances |
|
15,000 |
|
|
15,000 |
|
|
15,000 |
|
|
15,000 |
|
|
21,704 |
|
Other liabilities |
|
15,694 |
|
|
14,516 |
|
|
14,958 |
|
|
11,885 |
|
|
13,583 |
|
Total liabilities |
|
950,355 |
|
|
903,092 |
|
|
906,635 |
|
|
895,613 |
|
|
866,478 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
112,140 |
|
|
106,835 |
|
|
104,789 |
|
|
101,426 |
|
|
97,742 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,062,495 |
|
$ |
1,009,927 |
|
$ |
1,011,424 |
|
$ |
997,039 |
|
$ |
964,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances: |
|
Mar. 31, 2020 |
|
Dec. 31, 2019 |
|
Sep. 30, 2019 |
|
Jun. 30, 2019 |
|
Mar. 31, 2019 |
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
22,444 |
|
$ |
15,048 |
|
$ |
15,357 |
|
$ |
14,518 |
|
$ |
16,548 |
|
Investment securities |
|
192,515 |
|
|
190,909 |
|
|
194,125 |
|
|
189,704 |
|
|
184,017 |
|
Loans and leases, net |
|
746,248 |
|
|
746,867 |
|
|
727,441 |
|
|
704,748 |
|
|
710,351 |
|
Premises and equipment, net |
|
21,002 |
|
|
18,924 |
|
|
18,288 |
|
|
18,362 |
|
|
18,281 |
|
Other assets |
|
37,343 |
|
|
39,362 |
|
|
40,008 |
|
|
38,135 |
|
|
36,598 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,019,552 |
|
$ |
1,011,110 |
|
$ |
995,219 |
|
$ |
965,467 |
|
$ |
965,795 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
$ |
194,847 |
|
$ |
194,313 |
|
$ |
198,188 |
|
$ |
193,702 |
|
$ |
195,349 |
|
Interest-bearing deposits |
|
669,867 |
|
|
654,205 |
|
|
630,810 |
|
|
602,161 |
|
|
598,582 |
|
Total deposits |
|
864,714 |
|
|
848,518 |
|
|
828,998 |
|
|
795,863 |
|
|
793,931 |
|
Short-term borrowings |
|
16,174 |
|
|
27,160 |
|
|
34,096 |
|
|
39,291 |
|
|
40,587 |
|
FHLB advances |
|
15,000 |
|
|
15,000 |
|
|
15,000 |
|
|
18,831 |
|
|
23,593 |
|
Other liabilities |
|
14,891 |
|
|
14,773 |
|
|
14,008 |
|
|
12,477 |
|
|
12,783 |
|
Total liabilities |
|
910,779 |
|
|
905,451 |
|
|
892,102 |
|
|
866,462 |
|
|
870,894 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
108,773 |
|
|
105,659 |
|
|
103,117 |
|
|
99,005 |
|
|
94,901 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,019,552 |
|
$ |
1,011,110 |
|
$ |
995,219 |
|
$ |
965,467 |
|
$ |
965,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY D & D BANCORP,
INC.Selected Financial Ratios and Other Data
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Mar. 31, 2020 |
|
Dec. 31, 2019 |
|
Sep. 30, 2019 |
|
Jun. 30, 2019 |
|
Mar. 31, 2019 |
Selected returns and
financial ratios |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.69 |
$ |
0.71 |
$ |
0.82 |
$ |
0.79 |
$ |
0.74 |
Diluted earnings per share |
$ |
0.69 |
$ |
0.71 |
$ |
0.80 |
$ |
0.79 |
$ |
0.73 |
Dividends per share |
$ |
0.28 |
$ |
0.28 |
$ |
0.26 |
$ |
0.26 |
$ |
0.26 |
Yield on interest-earning assets (FTE)* |
|
4.19% |
|
4.26% |
|
4.35% |
|
4.36% |
|
4.40% |
Cost of interest-bearing liabilities |
|
0.98% |
|
1.10% |
|
1.17% |
|
1.13% |
|
1.07% |
Cost of funds |
|
0.77% |
|
0.86% |
|
0.91% |
|
0.88% |
|
0.82% |
Net interest spread (FTE)* |
|
3.21% |
|
3.16% |
|
3.18% |
|
3.23% |
|
3.33% |
Net interest margin (FTE)* |
|
3.47% |
|
3.45% |
|
3.49% |
|
3.54% |
|
3.62% |
Return on average assets |
|
1.04% |
|
1.06% |
|
1.22% |
|
1.25% |
|
1.18% |
Return on average equity |
|
9.74% |
|
10.19% |
|
11.77% |
|
12.16% |
|
11.98% |
Efficiency ratio (FTE)* |
|
66.69% |
|
65.38% |
|
61.41% |
|
61.47% |
|
64.15% |
Expense ratio |
|
1.79% |
|
1.75% |
|
1.60% |
|
1.64% |
|
1.81% |
|
|
|
|
|
|
Non-GAAP Measures |
|
Three Months Ended |
(dollars in thousands except per share data) |
|
Mar. 31, 2020 |
|
|
Mar. 31, 2019 |
Net income |
$ |
2,634 |
|
$ |
2,802 |
Merger-related expenses, net of income taxes |
|
263 |
|
|
- |
Adjusted net income* |
$ |
2,897 |
|
$ |
2,802 |
Adjusted basic earnings per share* |
$ |
0.76 |
|
$ |
0.74 |
Adjusted diluted earnings per share* |
$ |
0.76 |
|
$ |
0.73 |
Interest income adjustment to FTE* |
$ |
191 |
|
$ |
187 |
* See non-GAAP Financial
Measures above. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial data |
At period end: |
(dollars in thousands except per share data) |
|
Mar. 31, 2020 |
|
Dec. 31, 2019 |
|
Sep. 30, 2019 |
|
Jun. 30, 2019 |
|
Mar. 31, 2019 |
Book value per share |
$ |
29.53 |
$ |
28.25 |
$ |
27.71 |
$ |
26.82 |
$ |
25.85 |
Equity to assets |
|
10.55% |
|
10.58% |
|
10.36% |
|
10.17% |
|
10.14% |
Allowance for loan losses to: |
|
|
|
|
|
|
|
|
|
|
Total loans |
|
1.34% |
|
1.29% |
|
1.26% |
|
1.29% |
|
1.34% |
Non-accrual loans |
|
2.74x |
|
2.65x |
|
2.45x |
|
2.31x |
|
2.54x |
Non-accrual loans to total loans |
|
0.49% |
|
0.49% |
|
0.51% |
|
0.56% |
|
0.53% |
Non-performing assets to total assets |
|
0.45% |
|
0.50% |
|
0.55% |
|
0.62% |
|
0.62% |
Net charge-offs to average total loans |
|
0.02% |
|
0.15% |
|
0.21% |
|
0.21% |
|
0.27% |
|
|
|
|
|
|
|
|
|
|
|
Capital Adequacy Ratios |
|
|
|
|
|
|
|
|
|
|
Total risk-based capital
ratio |
|
15.80% |
|
15.76% |
|
15.56% |
|
15.01% |
|
15.24% |
Common equity tier 1
risk-based capital ratio |
|
14.55% |
|
14.51% |
|
14.31% |
|
13.76% |
|
13.99% |
Tier 1 risk-based capital
ratio |
|
14.55% |
|
14.51% |
|
14.31% |
|
13.76% |
|
13.99% |
Leverage ratio |
|
10.37% |
|
10.39% |
|
10.20% |
|
10.26% |
|
9.99% |
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