Share of Total Loan Portfolio under COVID-19 Loan Forbearance falls to 2.2%
2020年10月16日 - 6:30AM
Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) announced today
that its wholly owned subsidiary, The Fidelity Deposit and Discount
Bank (“Fidelity Bank”), has substantially reduced its loan
forbearance by assisting local businesses impacted due to the
COVID-19 pandemic through the Federal Client Assistance Program or
forbearance process. Beginning the week of March 16, 2020, and
consistent with guidelines and directives issued by the Federal
Financial Institutions Examination Council (FFIEC), Fidelity Bank
provided accommodations to commercial and retail borrowers. The
program temporarily allowed businesses to defer principal and/or
interest portions of contractual payments for up to six (6) months.
Fidelity Bank granted initial forbearance to 1,429 borrowers,
all located within the communities the bank serves, totaling $201.8
million in principal balances, and representing 17.9% of the total
loan and lease portfolio as of June 30, 2020. Fidelity Bank has
received second forbearance requests from just 95 of those
borrowers, totaling $11.8 million in principal balances and
representing 1.0% of the September 30, 2020 total loan and lease
portfolio.
Fidelity Bank had a grand total of 212 borrowers in forbearance
totaling $25.1 million, or 2.2% of the total loan and lease
portfolio as of September 30, 2020. Grand total forbearance
includes borrowers still under initial forbearance terms, borrowers
whose initial terms expired and received a second forbearance, and
borrowers who received first-time forbearance during the third
quarter of 2020.
Fidelity Bank’s President & CEO, Daniel J. Santaniello,
stated, “The Client Assistance Program demonstrates how our
relationship banking strategy has built strong partnerships with
our commercial and retail borrowers. Our prudent and pragmatic
credit culture illustrates the resilience of Fidelity Bank’s asset
quality even during COVID’s economic uncertainty. The Fidelity
Bankers have worked hard to help their clients maneuver these
unprecedented times and remain committed to navigating them into
the future.”
About Fidelity D & D Bancorp, Inc. and
The Fidelity Deposit and
Discount Bank
Fidelity D & D Bancorp, Inc. and its wholly owned
subsidiary, The Fidelity Deposit and Discount Bank have built a
strong history as trusted financial advisors to the clients served
by Fidelity Bank, which has built a strong history as a locally
owned and operated community bank. Serving the individuals,
families, and businesses for over 118 years within Lackawanna and
Luzerne Counties and the Lehigh Valley, there are 20 branch offices
along with Fidelity Bank Wealth Management offices in Schuylkill
County. A full-service, 24-hour, 7 day a week Customer Care Center
serves as a virtual branch, accepting and assisting those clients
who prefer to open accounts and transact business via telephone,
chat or online. Additionally, Fidelity Bank offers full-service
Trust & Investment Departments, a Mortgage Center, and an array
of personal and business banking products and services.
Fidelity Bank has been recognized nationally for its sound
financial performance, and superior customer experience. It has
been identified as one of the Top 200 Community Banks in the
country by American Banker for six years in a row, and Forbes
ranked it one of the Best In-State Banks for the past two
years. The company has been the #1 mortgage lender in the
Lackawanna County market for over 8 years. Fidelity Bank is
passionate about success and committed to building strong
relationships through superior service. Fidelity 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 Fidelity D & D Bancorp,
Inc. (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, wide-ranging and continuing
disruptions caused by the spread of Coronavirus Disease 2019
(COVID-19) and responses thereto on current customers and the
operations of the Company, 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.
Contact:Eugene J. WalshExecutive
Vice President & Chief Operating Officer(570) 504-2249
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