Tue, May 14, 9:01 PM (73 days ago)
Fidelity D & D Bancorp, Inc. reported its financial performance for the quarter ended March 31, 2024. Key financial indicators include a total asset base of $2.47 billion, a slight decrease from $2.50 billion at the end of 2023. The net income for the quarter was $5.06 million, down from $7.04 million in the same period last year, translating to a diluted EPS of $0.88, compared to $1.24 in Q1 2023. Net interest income stood at $14.94 million, a decrease from $17.03 million in the previous year, primarily due to higher interest expenses on deposits and borrowings. The provision for credit losses was $0.13 million, indicating a cautious approach to potential loan defaults. Total loans and leases increased marginally to $1.68 billion, with the allowance for credit losses at $18.89 million. The bank's liquidity position showed a decline, with cash and equivalents dropping to $72.73 million from $111.95 million at the end of 2023. Shareholders' equity rose to $191.64 million, up from $189.48 million. The bank's non-performing assets were relatively stable, with non-accrual loans at $3.56 million. Overall, the financial performance indicates a cautious but stable approach amidst rising interest rates and economic uncertainties, with a focus on maintaining credit quality and liquidity.