Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking
subsidiary, Fidelity Deposit and Discount Bank, announced its most
recent dividend declaration and unaudited, consolidated financial
results for the three month period ended March 31, 2021.
Dividend Declared
The Board of Directors of Fidelity D & D Bancorp, Inc. (the
“Company”) announced their declaration of the Company’s second
quarter dividend of $0.30 per share to shareholders of record at
the close of business on May 21, 2021 payable June 10, 2021.
Unaudited Financial Information
Net income for the quarter ended March 31, 2021 was $5.7
million, or $1.13 diluted earnings per share, compared to $2.6
million, or $0.69 diluted earnings per share, for the quarter ended
March 31, 2020. The $3.1 million, or 115%, improvement in net
income resulted from a $5.4 million increase in net interest income
and $2.8 million in additional non-interest income partially offset
by an increase of $4.2 million in non-interest expenses and a $0.5
million increase in the provision for loan losses. The
biggest contributor to the net interest income growth was the
merger with MNB Corporation (“MNB”) during the second quarter of
2020. First quarter diluted earnings per share increased by $0.44
per share, or 64%, due to the higher net income.
Excluding merger-related expenses of $0.5 million and an FHLB
prepayment penalty of $0.3 million, each net of tax, adjusted net
income was $6.5 million for the first quarter of 2021, or $1.29
diluted earnings per share, compared to adjusted net income of $2.9
million, or $0.76 diluted earnings per share, for the first quarter
of 2020. For more detail on adjusted net income which is a non-GAAP
measurement, refer to the “Non-GAAP Measures” table within the
Selected Financial Ratios and Other Data section.
“The first quarter financial results continue to be strong,
setting the stage for a successful 2021 as we prepare for the
successful integration of Landmark Bank during the third quarter of
2021,” stated Daniel J. Santaniello, President and Chief Executive
Officer. “During the first quarter, we accomplished record net
income through a well-executed strategic plan that focuses on
building relationships and delivering value to our clients. With
strong asset quality and capital, the Company is positioned to
navigate through the current economic uncertainties. The key
metrics of credit, capital, and liquidity are at record
levels.”
The Company previously announced the execution of an agreement
and plan of reorganization to acquire Landmark Bancorp, Inc.
(“Landmark”) in a transaction valued on February 25, 2021 at $43.4
million. Under the terms of the agreement, Landmark shareholders
will receive as consideration 0.272 shares of Fidelity common stock
and $3.26 in cash for each share of Landmark common stock that they
own as of the closing date. Landmark is the holding company of
Landmark Community Bank (“Landmark Bank”) which operates 5 retail
community banking offices in Northeastern Pennsylvania. Subject to
the terms and conditions of the agreement, Landmark will merge with
and into an acquisition subsidiary of the Company and Landmark Bank
will merge with and into Fidelity Deposit and Discount Bank. The
merger which is subject to approval of Landmark’s shareholders,
regulatory approvals and other customary closing conditions, is
currently expected to close in the third quarter of
2021.
Paycheck Protection Program
As of March 31, 2021, the Company has processed 2,446
applications totaling over $233 million in loans through the Small
Business Administration (“SBA”) Paycheck Protection Program (“PPP”)
proving the Company’s commitment to support small businesses within
its service area, with 1,551 application totaling over $159 million
processed during the first round of PPP, which ended on August 8,
2020, and 895 applications totaling over $74 million processed
during the second round of PPP, which is set to end on May 31,
2021.
As of March 31, 2021, the outstanding PPP loan balances totaled
$149 million. Total PPP loans generated approximately $9.1 million
of SBA processing fees, net of origination expenses, of which $4.8
million was earned to date with $1.7 million recognized during the
first quarter of 2021. The $4.3 million remaining balance is
expected to continue to be earned over the remaining life of the
loans; however, the fees may be recognized earlier upon loan
forgiveness by the SBA or if paid off by the borrower.
Consolidated First Quarter Operating Results
Overview
Net interest income was $13.4 million for the first quarter of
2021, a 68% increase over the $8.0 million earned for the first
quarter of 2020. The $5.4 million improvement in net
interest income resulted primarily from a $707.6 million increase
in the average balance of interest-earning assets which offset the
declining yields on these assets supplemented by lower interest
expense from a decrease in rates paid on interest-bearing
liabilities. The loan portfolio had the biggest impact, producing a
$4.1 million increase in interest income from $405.9 million in
higher average balances. Higher interest income in the commercial
portfolio was the primary driver with $325.6 million in larger
average balances adding $3.8 million which included $1.7 million
from SBA fees recognized during the first quarter of 2021
attributable to PPP loans. The commercial loan growth was split
evenly between acquired loans and PPP lending with approximately
45% increase from each. Interest income from the investment
portfolio increased $0.5 million as increased average balances
offset lower yields. Interest expense was $0.8 million lower due to
decreases in deposit rates and lower rates paid on a lower average
balance of borrowings. The average balance of interest-bearing
deposits increased $482.0 million and the rates paid on these
deposits decreased 61 basis points resulting in $0.7 million less
in interest expense. The Company acquired approximately $277
million in interest-bearing deposits from the merger during the
second quarter of 2020. The overall cost of interest-bearing
liabilities was 0.31% for the first quarter of 2021, a decrease of
67 basis points over the 0.98% paid for the first quarter of 2020.
The cost of funds decreased 54 basis points to 0.23% for the first
quarter of 2021 from 0.77% for the first quarter of 2020. The
Company’s fully-taxable equivalent (“FTE”) (non-GAAP measurement)
net interest spread was 3.30% for the first quarter of 2021, or
nine basis points higher than the 3.21% recorded for the first
quarter of 2020. FTE net interest margin decreased by eight basis
points to 3.39% for the three months ended March 31, 2021 from
3.47% for the same 2020 period due to the increase in average
non-interest bearing deposits.
The provision for loan losses was $0.8 million for the first
quarter of 2021, a $0.5 million increase compared to $0.3 million
for the first quarter of 2020. The increase in the
provision compared to the quarter ended March 31, 2020 was
attributed to a $0.4 million specific reserve related to a single
commercial real estate loan that was deemed impaired during the
quarter along with qualitative factor increases stemming from the
continued public health and economic crisis caused by the COVID-19
pandemic. This amount of provisioning reflected what management
deemed necessary to maintain the allowance for loan and lease
losses at an adequate level.
Total non-interest income increased $2.8 million, or 100%, to
$5.5 million for the first quarter of 2021 compared to $2.7 million
for the first quarter of 2020. The increase in non-interest income
was primarily due to $2.1 million higher gains on loan sales during
the first quarter of 2021 compared to the same 2020 period due to
increased mortgage loan activity. The Company also recognized $0.4
million more in debit card interchange fees, $0.1 million higher
earnings on bank-owned life insurance, $0.1 higher mortgage loan
service charges and $0.1 million in additional trust fiduciary
fees.
Non-interest expenses increased $4.2 million, or 57%, for the
first quarter of 2021 to $11.5 million from $7.3 million for the
same quarter of 2020. The largest driver of the increase was $2.0
million more in salaries and employee benefits due to an increase
in the number of bankers post-merger with MNB. During the first
quarter of 2021, there were also increases of $0.5 million in
professional service expenses and $0.5 million in premises and
equipment expenses. The Company incurred a $0.4 million FHLB
prepayment penalty from the early payoff of a FHLB advance. During
the first quarter of 2021, the Company’s donation expense increased
$0.2 million due to a higher amount of contributions to local
education programs through the Pennsylvania Educational Improvement
Tax Credit (“EITC”) program and a donation to the Fidelity D &
D Charitable Foundation. Merger-related expenses increased $0.2
million due to higher professional fees incurred primarily due to
the timing of the Landmark acquisition when compared to the MNB
acquisition in 2020. The Company also experienced increases of $0.2
million in advertising expenses, $0.1 million in data processing
and communication expenses and $0.1 million in the FDIC assessment.
These increases were partially offset by $0.5 million in additional
loan cost origination deferrals from PPP lending and mortgage
activity.
The provision for income taxes increased $0.5 million during the
first quarter of 2021 due to higher income before income taxes
compared to the first quarter of 2020.
Consolidated Balance Sheet & Asset Quality
Overview
During the first quarter of 2021, the Company’s total assets
increased $213.6 million, or 13%, to $1.9 billion at March 31, 2021
from $1.7 billion at December 31, 2020. During the same time
period, total liabilities increased $216.7 million, or 14%, from
$1.5 billion to $1.7 billion. Deposit growth of $213.4 million was
used to pay down borrowings, purchase securities and fund loan
portfolio growth. During the first quarter, deposits
typically grow due to the seasonal timing of public tax deposits.
These deposits are temporary and will mostly be disbursed during
the second quarter. The deposit growth also includes increases in
personal and business accounts, some of which are associated with
government-provided funding programs in response to the pandemic
and, although uncertain at this time, this funding may be
temporary.
Total non-performing assets were $6.9 million, or 0.36% of total
assets, at March 31, 2021, compared to $6.7 million, or 0.39% of
total assets, at December 31, 2020. Past due and non-accrual loans
to total loans were 0.43% at March 31, 2021 compared to 0.47% at
December 31, 2020. Net charge-offs to average total loans increased
to 0.06% at March 31, 2021 compared 0.02% at March 31, 2020 and
declining from 0.08% at December 31, 2020.
Shareholders’ equity decreased $3.1 million, or 2%, to $163.6
million at March 31, 2021 from $166.7 million at December 31, 2020.
The decrease was primarily caused by a $7.8 million, after tax,
reduction in net unrealized gains from the investment portfolio
stemming from the substantial increase in intermediate to long-term
U.S. treasury interest rates. Net income of $5.7 million was
partially offset by $1.5 million in cash dividends paid to
shareholders resulting in a net increase to retained earnings. An
additional $0.5 million recorded from the issuance of common stock
under the Company’s stock plans and stock-based compensation also
contributed to the increase in shareholders' equity. The Company
remains well capitalized and is positioned for continued growth
with Tier 1 capital at 8.72% of total average assets as of March
31, 2021. Tangible book value per share was $31.00 at
March 31, 2021 compared to $31.72 at December 31, 2020.
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 and the Lehigh Valley.
Part of the Company’s mission is to be a good corporate partner
within its market areas by providing nearly 1,400 hours of
volunteer time to non-profit organizations and has supported the
community with over $1.3 million in donations through the EITC
program and to Fidelity D & D Charitable Foundation along with
other non-profit organizations directly within the markets served
throughout 2020. The Company serves multiple office locations in
Eastern Pennsylvania providing personal and business banking
products and services, including wealth management planning through
fiduciary activities with the Company’s full trust powers; as well
as offering a full array of asset management services. The Company
provides continuous service to customers through branch offices,
online at www.bankatfidelity.com, and through the Customer Care
Center at 800-388-4380. The Company'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. 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. Management also believes the
FHLB prepayment fee incurred to payoff FHLB advances is
non-recurring and should be excluded from normal operating expenses
for proper comparison.
Interest income was adjusted to recognize the income from tax
exempt interest-earning assets as if the interest was taxable,
fully-taxable equivalent (FTE), 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
2021 and 2020.
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,
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;
- acquisitions and integration of
acquired businesses including but not limited to the recent
acquisition of MNB Corporation (“MNB”);
- 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;
- 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, 2021 |
|
|
December 31, 2020 |
|
Assets |
|
|
|
|
Cash and cash equivalents |
$ |
222,953 |
|
$ |
69,346 |
|
Investment securities |
|
436,622 |
|
|
392,420 |
|
Restricted investments in bank stock |
|
2,931 |
|
|
2,813 |
|
Loans and leases |
|
1,153,160 |
|
|
1,149,438 |
|
Allowance for loan losses |
|
(14,839 |
) |
|
(14,202 |
) |
Premises and equipment, net |
|
27,275 |
|
|
27,626 |
|
Life insurance cash surrender value |
|
44,582 |
|
|
44,285 |
|
Goodwill and core deposit intangible |
|
8,697 |
|
|
8,787 |
|
Other assets |
|
31,711 |
|
|
18,997 |
|
|
|
|
|
|
Total assets |
$ |
1,913,092 |
|
$ |
1,699,510 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Non-interest-bearing deposits |
$ |
518,352 |
|
$ |
407,496 |
|
Interest-bearing deposits |
|
1,204,548 |
|
|
1,102,009 |
|
Total deposits |
|
1,722,900 |
|
|
1,509,505 |
|
Short-term borrowings |
|
- |
|
|
- |
|
FHLB advances |
|
- |
|
|
5,000 |
|
Other liabilities |
|
26,610 |
|
|
18,335 |
|
Total liabilities |
|
1,749,510 |
|
|
1,532,840 |
|
|
|
|
|
|
Shareholders' equity |
|
163,582 |
|
|
166,670 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,913,092 |
|
$ |
1,699,510 |
|
|
|
|
|
|
Average Year-To-Date Balances: |
|
March 31, 2021 |
|
|
December 31, 2020 |
|
Assets |
|
|
|
|
Cash and cash equivalents |
$ |
111,904 |
|
$ |
126,155 |
|
Investment securities |
|
414,626 |
|
|
280,983 |
|
Restricted investments in bank stock |
|
2,891 |
|
|
3,044 |
|
Loans and leases |
|
1,162,112 |
|
|
1,019,373 |
|
Allowance for loan losses |
|
(14,500 |
) |
|
(11,277 |
) |
Premises and equipment, net |
|
27,203 |
|
|
25,433 |
|
Life insurance cash surrender value |
|
44,478 |
|
|
29,912 |
|
Goodwill and core deposit intangible |
|
8,746 |
|
|
5,316 |
|
Other assets |
|
21,819 |
|
|
16,726 |
|
|
|
|
|
|
Total assets |
$ |
1,779,279 |
|
$ |
1,495,665 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Non-interest-bearing deposits |
$ |
437,740 |
|
$ |
340,211 |
|
Interest-bearing deposits |
|
1,151,855 |
|
|
933,981 |
|
Total deposits |
|
1,589,595 |
|
|
1,274,192 |
|
Short-term borrowings |
|
144 |
|
|
49,165 |
|
FHLB advances |
|
3,389 |
|
|
10,608 |
|
Other liabilities |
|
18,944 |
|
|
17,765 |
|
Total liabilities |
|
1,612,072 |
|
|
1,351,730 |
|
|
|
|
|
|
Shareholders' equity |
|
167,207 |
|
|
143,935 |
|
Total liabilities and shareholders' equity |
$ |
1,779,279 |
|
$ |
1,495,665 |
|
|
|
|
|
|
|
|
FIDELITY D & D BANCORP,
INC.Unaudited Condensed Consolidated Statements of
Income(dollars in thousands)
|
|
Three Months Ended |
|
|
|
|
|
|
Mar. 31, 2021 |
|
|
Mar. 31, 2020 |
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
|
|
Loans and leases |
$ |
12,508 |
|
$ |
8,360 |
|
|
|
|
|
|
|
Securities and other |
|
1,832 |
|
|
1,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
14,340 |
|
|
9,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
864 |
|
|
1,516 |
|
|
|
|
|
|
|
Borrowings and debt |
|
26 |
|
|
189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest expense |
|
890 |
|
|
1,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
13,450 |
|
|
8,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
(800 |
) |
|
(300 |
) |
|
|
|
|
|
|
Non-interest income |
|
5,516 |
|
|
2,755 |
|
|
|
|
|
|
|
Non-interest expense |
|
(11,456 |
) |
|
(7,304 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
6,710 |
|
|
3,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
(1,043 |
) |
|
(523 |
) |
|
|
|
|
|
|
Net income |
$ |
5,667 |
|
$ |
2,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Mar. 31, 2021 |
|
Dec. 31, 2020 |
|
Sep. 30, 2020 |
|
Jun. 30, 2020 |
|
Mar. 31, 2020 |
Interest income |
|
|
|
|
|
|
|
|
|
|
Loans and leases |
$ |
12,508 |
|
$ |
12,115 |
|
$ |
11,994 |
|
$ |
10,772 |
|
$ |
8,360 |
|
Securities and other |
|
1,832 |
|
|
1,720 |
|
|
1,705 |
|
|
1,478 |
|
|
1,351 |
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
14,340 |
|
|
13,835 |
|
|
13,699 |
|
|
12,250 |
|
|
9,711 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
864 |
|
|
975 |
|
|
1,070 |
|
|
1,195 |
|
|
1,516 |
|
Borrowings and debt |
|
26 |
|
|
39 |
|
|
93 |
|
|
234 |
|
|
189 |
|
|
|
|
|
|
|
|
|
|
|
|
Total interest expense |
|
890 |
|
|
1,014 |
|
|
1,163 |
|
|
1,429 |
|
|
1,705 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
13,450 |
|
|
12,821 |
|
|
12,536 |
|
|
10,821 |
|
|
8,006 |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
(800 |
) |
|
(1,550 |
) |
|
(1,500 |
) |
|
(1,900 |
) |
|
(300 |
) |
Non-interest income |
|
5,516 |
|
|
4,835 |
|
|
4,370 |
|
|
2,708 |
|
|
2,755 |
|
Non-interest expense |
|
(11,456 |
) |
|
(10,230 |
) |
|
(9,474 |
) |
|
(11,311 |
) |
|
(7,304 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
6,710 |
|
|
5,876 |
|
|
5,932 |
|
|
318 |
|
|
3,157 |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
(1,043 |
) |
|
(704 |
) |
|
(955 |
) |
|
(66 |
) |
|
(523 |
) |
Net income |
$ |
5,667 |
|
$ |
5,172 |
|
$ |
4,977 |
|
$ |
252 |
|
$ |
2,634 |
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY D & D BANCORP,
INC.Unaudited Condensed Consolidated Balance
Sheets(dollars in thousands)
At Period End: |
|
Mar. 31, 2021 |
|
Dec. 31, 2020 |
|
Sep. 30, 2020 |
|
Jun. 30, 2020 |
|
Mar. 31, 2020 |
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
222,953 |
|
$ |
69,346 |
|
$ |
131,778 |
|
$ |
264,798 |
|
$ |
58,960 |
|
Investment securities |
|
436,622 |
|
|
392,420 |
|
|
340,310 |
|
|
293,073 |
|
|
203,984 |
|
Restricted investments in bank stock |
|
2,931 |
|
|
2,813 |
|
|
2,766 |
|
|
3,065 |
|
|
2,732 |
|
Loans and leases |
|
1,153,160 |
|
|
1,149,438 |
|
|
1,151,010 |
|
|
1,141,692 |
|
|
746,715 |
|
Allowance for loan losses |
|
(14,839 |
) |
|
(14,202 |
) |
|
(12,884 |
) |
|
(11,671 |
) |
|
(10,017 |
) |
Premises and equipment, net |
|
27,275 |
|
|
27,626 |
|
|
28,411 |
|
|
28,479 |
|
|
21,412 |
|
Life insurance cash surrender value |
|
44,582 |
|
|
44,285 |
|
|
33,068 |
|
|
32,852 |
|
|
23,426 |
|
Goodwill and core deposit intangible |
|
8,697 |
|
|
8,787 |
|
|
8,877 |
|
|
8,967 |
|
|
209 |
|
Other assets |
|
31,711 |
|
|
18,997 |
|
|
27,707 |
|
|
40,275 |
|
|
15,074 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,913,092 |
|
$ |
1,699,510 |
|
$ |
1,711,043 |
|
$ |
1,801,530 |
|
$ |
1,062,495 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
$ |
518,352 |
|
$ |
407,496 |
|
$ |
408,840 |
|
$ |
414,918 |
|
$ |
243,942 |
|
Interest-bearing deposits |
|
1,204,548 |
|
|
1,102,009 |
|
|
1,108,283 |
|
|
1,018,771 |
|
|
675,719 |
|
Total deposits |
|
1,722,900 |
|
|
1,509,505 |
|
|
1,517,123 |
|
|
1,433,689 |
|
|
919,661 |
|
Short-term borrowings |
|
- |
|
|
- |
|
|
- |
|
|
152,791 |
|
|
- |
|
FHLB advances |
|
- |
|
|
5,000 |
|
|
5,000 |
|
|
5,000 |
|
|
15,000 |
|
Other liabilities |
|
26,610 |
|
|
18,335 |
|
|
27,309 |
|
|
52,890 |
|
|
15,694 |
|
Total liabilities |
|
1,749,510 |
|
|
1,532,840 |
|
|
1,549,432 |
|
|
1,644,370 |
|
|
950,355 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
163,582 |
|
|
166,670 |
|
|
161,611 |
|
|
157,160 |
|
|
112,140 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
1,913,092 |
|
$ |
1,699,510 |
|
$ |
1,711,043 |
|
$ |
1,801,530 |
|
$ |
1,062,495 |
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances: |
|
Mar. 31, 2021 |
|
Dec. 31, 2020 |
|
Sep. 30, 2020 |
|
Jun. 30, 2020 |
|
Mar. 31, 2020 |
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
111,904 |
|
$ |
116,964 |
|
$ |
180,030 |
|
$ |
184,692 |
|
$ |
22,444 |
|
Investment securities |
|
414,626 |
|
|
363,728 |
|
|
322,875 |
|
|
246,879 |
|
|
189,081 |
|
Restricted investments in bank stock |
|
2,891 |
|
|
2,826 |
|
|
2,763 |
|
|
3,159 |
|
|
3,434 |
|
Loans and leases |
|
1,162,112 |
|
|
1,150,652 |
|
|
1,143,590 |
|
|
1,024,234 |
|
|
756,208 |
|
Allowance for loan losses |
|
(14,500 |
) |
|
(13,085 |
) |
|
(11,814 |
) |
|
(10,222 |
) |
|
(9,960 |
) |
Premises and equipment, net |
|
27,203 |
|
|
27,671 |
|
|
27,502 |
|
|
25,507 |
|
|
21,002 |
|
Life insurance cash surrender value |
|
44,478 |
|
|
33,512 |
|
|
32,978 |
|
|
29,716 |
|
|
23,370 |
|
Goodwill and core deposit intangible |
|
8,746 |
|
|
8,837 |
|
|
8,926 |
|
|
3,124 |
|
|
209 |
|
Other assets |
|
21,819 |
|
|
17,059 |
|
|
18,682 |
|
|
17,462 |
|
|
13,764 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,779,279 |
|
$ |
1,708,164 |
|
$ |
1,725,532 |
|
$ |
1,524,551 |
|
$ |
1,019,552 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits |
$ |
437,740 |
|
$ |
408,623 |
|
$ |
407,605 |
|
$ |
348,275 |
|
$ |
194,847 |
|
Interest-bearing deposits |
|
1,151,855 |
|
|
1,111,291 |
|
|
1,055,183 |
|
|
896,304 |
|
|
669,867 |
|
Total deposits |
|
1,589,595 |
|
|
1,519,914 |
|
|
1,462,788 |
|
|
1,244,579 |
|
|
864,714 |
|
Short-term borrowings |
|
144 |
|
|
- |
|
|
78,056 |
|
|
102,652 |
|
|
16,174 |
|
FHLB advances |
|
3,389 |
|
|
5,000 |
|
|
5,000 |
|
|
17,555 |
|
|
15,000 |
|
Other liabilities |
|
18,944 |
|
|
19,051 |
|
|
19,462 |
|
|
17,624 |
|
|
14,891 |
|
Total liabilities |
|
1,612,072 |
|
|
1,543,965 |
|
|
1,565,306 |
|
|
1,382,410 |
|
|
910,779 |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
167,207 |
|
|
164,199 |
|
|
160,226 |
|
|
142,141 |
|
|
108,773 |
|
Total liabilities and shareholders' equity |
$ |
1,779,279 |
|
$ |
1,708,164 |
|
$ |
1,725,532 |
|
$ |
1,524,551 |
|
$ |
1,019,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIDELITY D & D BANCORP,
INC.Selected Financial Ratios and Other Data
|
|
Three Months Ended |
|
|
Mar. 31, 2021 |
|
Dec. 31, 2020 |
|
Sep. 30, 2020 |
|
Jun. 30, 2020 |
|
Mar. 31, 2020 |
Selected returns and financial ratios |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
1.14 |
|
$ |
1.04 |
|
$ |
1.00 |
|
$ |
0.05 |
|
$ |
0.69 |
|
Diluted earnings per share |
$ |
1.13 |
|
$ |
1.03 |
|
$ |
0.99 |
|
$ |
0.05 |
|
$ |
0.69 |
|
Dividends per share |
$ |
0.30 |
|
$ |
0.30 |
|
$ |
0.28 |
|
$ |
0.28 |
|
$ |
0.28 |
|
Yield on interest-earning assets (FTE)* |
|
3.61% |
|
|
3.53% |
|
|
3.49% |
|
|
3.77% |
|
|
4.19% |
|
Cost of interest-bearing liabilities |
|
0.31% |
|
|
0.36% |
|
|
0.41% |
|
|
0.57% |
|
|
0.98% |
|
Cost of funds |
|
0.23% |
|
|
0.26% |
|
|
0.30% |
|
|
0.42% |
|
|
0.77% |
|
Net interest spread (FTE)* |
|
3.30% |
|
|
3.17% |
|
|
3.08% |
|
|
3.20% |
|
|
3.21% |
|
Net interest margin (FTE)* |
|
3.39% |
|
|
3.28% |
|
|
3.20% |
|
|
3.34% |
|
|
3.47% |
|
Return on average assets |
|
1.29% |
|
|
1.20% |
|
|
1.15% |
|
|
0.07% |
|
|
1.04% |
|
Return on average equity |
|
13.75% |
|
|
12.53% |
|
|
12.36% |
|
|
0.71% |
|
|
9.74% |
|
Return on average tangible equity* |
|
14.50% |
|
|
13.25% |
|
|
12.61% |
|
|
0.73% |
|
|
9.73% |
|
Efficiency ratio (FTE)* |
|
59.11% |
|
|
56.68% |
|
|
55.08% |
|
|
82.28% |
|
|
66.69% |
|
Expense ratio |
|
1.35% |
|
|
1.26% |
|
|
1.18% |
|
|
2.27% |
|
|
1.79% |
|
|
|
|
|
|
|
|
|
|
Non-GAAP Measures |
|
Three Months Ended |
|
|
(dollars in thousands except per share data) |
|
Mar. 31, 2021 |
|
|
Mar. 31, 2020 |
|
|
|
|
|
Net income |
$ |
5,667 |
|
$ |
2,634 |
|
|
|
|
|
Merger-related expenses, net of income taxes |
|
515 |
|
|
262 |
|
|
|
|
|
FHLB prepayment penalty, net of income taxes |
|
291 |
|
|
- |
|
|
|
|
|
Adjusted net income* |
$ |
6,473 |
|
$ |
2,896 |
|
|
|
|
|
Adjusted basic earnings per share* |
$ |
1.30 |
|
$ |
0.76 |
|
|
|
|
|
Adjusted diluted earnings per share* |
$ |
1.29 |
|
$ |
0.76 |
|
|
|
|
|
Interest income adjustment to FTE* |
$ |
416 |
|
$ |
191 |
|
|
|
|
|
Adjusted return on average assets* |
|
1.48% |
|
|
1.14% |
|
|
|
|
|
Adjusted return on average tangible equity* |
|
16.57% |
|
|
10.73% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial data |
|
At period end: |
(dollars in thousands except per share data) |
|
Mar. 31, 2021 |
|
Dec. 31, 2020 |
|
Sep. 30, 2020 |
|
Jun. 30, 2020 |
|
Mar. 31, 2020 |
Book value per share |
$ |
32.75 |
|
$ |
33.48 |
|
$ |
32.47 |
|
$ |
31.57 |
|
$ |
29.53 |
|
Tangible book value per share* |
$ |
31.00 |
|
$ |
31.72 |
|
$ |
30.68 |
|
$ |
29.77 |
|
$ |
29.47 |
|
Equity to assets |
|
8.55% |
|
|
9.81% |
|
|
9.45% |
|
|
8.72% |
|
|
10.55% |
|
Allowance for loan losses to: |
|
|
|
|
|
|
|
|
|
|
Total loans |
|
1.30% |
|
|
1.27% |
|
|
1.13% |
|
|
1.04% |
|
|
1.34% |
|
Non-accrual loans |
|
3.78x |
|
|
3.77x |
|
|
3.27x |
|
|
2.74x |
|
|
2.74x |
|
Non-accrual loans to total loans |
|
0.34% |
|
|
0.33% |
|
|
0.34% |
|
|
0.37% |
|
|
0.49% |
|
Non-performing assets to total assets |
|
0.36% |
|
|
0.39% |
|
|
0.41% |
|
|
0.31% |
|
|
0.45% |
|
Net charge-offs to average total loans |
|
0.06% |
|
|
0.08% |
|
|
0.08% |
|
|
0.06% |
|
|
0.02% |
|
|
|
|
|
|
|
|
|
|
|
|
Capital Adequacy Ratios |
|
|
|
|
|
|
|
|
|
|
Total risk-based capital ratio |
|
16.47% |
|
|
16.46% |
|
|
16.39% |
|
|
15.83% |
|
|
15.80% |
|
Common equity tier 1
risk-based capital ratio |
|
15.21% |
|
|
15.21% |
|
|
15.14% |
|
|
14.61% |
|
|
14.55% |
|
Tier 1 risk-based capital
ratio |
|
15.21% |
|
|
15.21% |
|
|
15.14% |
|
|
14.61% |
|
|
14.55% |
|
Leverage ratio |
|
8.72% |
|
|
8.81% |
|
|
8.90% |
|
|
10.02% |
|
|
10.37% |
|
* See non-GAAP Financial Measures above.
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