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Fidelity D & D Bancorp, Inc. Reports First Quarter 2024 Financial Results

DUNMORE, Pa., April 24, 2024 (GLOBE NEWSWIRE) -- Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary, The Fidelity Deposit and Discount Bank, announced its unaudited, consolidated financial results for the three-month period ended March 31, 2024.

Unaudited Financial Information

Net income for the quarter ended March 31, 2024 was $5.1 million, or $0.88 diluted earnings per share, compared to $7.0 million, or $1.24 diluted earnings per share, for the quarter ended March 31, 2023. The $1.9 million decline in net income resulted primarily from the $2.1 million decrease in net interest income led by higher interest expense. Non-interest expenses also increased $0.8 million partially offset by $0.5 million lower provision for income taxes and a $0.3 million reduction in the provision for credit losses on unfunded commitments.

"Our performance in the first quarter of 2024 demonstrates our resilience and adaptability in navigating through challenging economic conditions," stated Daniel J. Santaniello, President and Chief Executive Officer. "Despite the decline in net income related to the interest rate environment, our ongoing commitment to delivering value to our clients, our shareholders, our bankers, and the communities we serve has provided tremendous value. Our proactive measures to manage expenses and optimize resources have positioned us well for future growth opportunities. We are confident in our ability to drive sustainable results and create long-term shareholder value."

Consolidated First Quarter Operating Results Overview

Net interest income was $14.9 million for the first quarter of 2024, a 12% decrease from the $17.0 million earned for the first quarter of 2023. The $2.1 million decline in net interest income resulted primarily from the increase of $5.4 million in interest expense primarily due to a 123 basis point increase in the rates paid on interest-bearing deposits which resulted in $5.3 million in additional interest expense. The Company also utilized $5.0 million more in average short-term borrowings during the first quarter of 2024 which contributed additional interest expense compared to the first quarter of 2023. Partially offsetting the higher interest expense, interest income grew $3.3 million primarily due to an $87.0 million increase in the average balance of loans and leases and a 47 basis point increase in fully-taxable equivalent ("FTE") yields earned thereon, producing $3.2 million higher FTE interest income. Interest income from interest-bearing deposits with financial institutions increased $0.3 million primarily due to higher cash balances. Partially offsetting these increases to interest income, interest income on investments declined $0.1 million from carrying lower average balances.

The overall cost of interest-bearing liabilities was 2.51% for the first quarter of 2024, an increase of 118 basis points from the 1.33% paid for the first quarter of 2023. The cost of funds increased 95 basis points to 1.93% for the first quarter of 2024 from 0.98% for the first quarter of 2023. The FTE yield on earning assets was 4.52% for the first quarter of 2024, an increase of 46 basis points from the 4.06% for the first quarter of 2023. The Company's FTE (non-GAAP measurement) net interest spread was 2.01% for the first quarter of 2024, down 72 basis points from the 2.73% recorded for the first quarter of 2023. FTE net interest margin decreased by 44 basis points to 2.69% for the three months ended March 31, 2024 from 3.13% for the same 2023 period due to the increase in rates paid on interest-bearing liabilities growing at a faster pace than the yields on interest-earning assets.

The provision for credit losses on loans was $0.1 million partially offset by a net benefit in the provision for credit losses on unfunded loan commitments of $50 thousand for the first quarter of 2024. For the three months ended March 31, 2024, the provision for credit losses on loans declined $0.1 million compared to the three months ended March 31, 2023. The decrease in the provision for credit losses on loans was due to lower growth in the loan portfolio and a reduction in net charge-offs. For the three months ended March 31, 2024, the provision for credit losses on unfunded commitments decreased $0.3 million compared to the three months ended March 31, 2023. The change in the provision for credit losses on unfunded commitments was due to a reduction in unfunded commitments and a general decrease in loss rate and funding rate assumptions compared to the year earlier period.

Total non-interest income increased $0.1 million, or 2%, to $4.6 million for the first quarter of 2024 compared to $4.5 million for the first quarter of 2023. The increase in non-interest income was primarily attributable to $0.2 million higher trust income, which was partially offset by the prior year $0.1 million bank-owned life insurance gain on a death claim received during the first quarter of 2023.

Non-interest expenses increased $0.8 million, or 6%, for the first quarter of 2024 to $13.7 million from $12.9 million for the same quarter of 2023. The increase in non-interest expenses was primarily due to $0.6 million higher salaries and insurance expenses. There were also increases in professional services of $0.1 million and FDIC assessment of $0.1 million. Partially offsetting these increases, advertising and marketing expenses decreased by $0.2 million quarter-over-quarter from less advertising, donations and promotions.

The provision for income taxes decreased $0.5 million during the first quarter of 2023 primarily due to the lower level of operating income compared to the first quarter of 2023.

Consolidated Balance Sheet & Asset Quality Overview

The Company's total assets totaled to $2.5 billion as of March 31, 2024, a decrease of $34 million from December 31, 2023. Cash and cash equivalents declined $39 million and the investment portfolio was reduced by $10 million. The decline in the investment portfolio was primarily due to $5 million in paydowns and a $2 million decrease in market value of available-for-sale securities. During the first three months of 2024, the market value of held-to-maturity securities also declined by $3 million, with $31 million in unrealized losses at March 31, 2024. These decreases were partially offset by $11 million in growth in the loans and leases portfolio during the first quarter of 2024. During the same time period, total liabilities decreased $36 million, or 2%. Reductions of $92 million in short-term borrowings were partially offset by deposit growth of $58 million with the excess cash balances utilized to pay down borrowings. Transactional deposit balances are down primarily from reductions in customers' average account balances, stemming from investing part of their funds in higher yields and increased spending. This reduction was mitigated through promotional CD offerings during the first three months of 2024. As of March 31, 2024, the ratio of insured and collateralized deposits to total deposits was approximately 82%.

Shareholders' equity increased $2.1 million, or 1%, to $191.6 million at March 31, 2024 from $189.5 million at December 31, 2023. The increase was caused by retained earnings improvement from net income of $5.1 million, partially offset by $2.2 million in cash dividends paid to shareholders. An additional $0.8 million was recorded from the issuance of common stock under the Company's stock plans and stock-based compensation. Partially offsetting these increases, there was a $1.4 million, after tax, increase in accumulated other comprehensive loss from higher net unrealized losses recorded on available-for-sale investment securities. At March 31, 2024, there were no credit losses on available-for-sale and held-to-maturity debt securities. Accumulated other comprehensive income (loss) is excluded from regulatory capital ratios. The Fidelity Deposit and Discount Bank remains above well capitalized limits with Tier 1 capital at 9.15% of total average assets as of March 31, 2024. Total risk-based capital was 14.68% of risk-weighted assets and Tier 1 risk-based capital was 13.47% of risk-weighted assets as of March 31, 2024. Tangible book value per share was $29.80 at March 31, 2024 compared to $29.57 at December 31, 2023. Tangible common equity was 6.98% of total assets at March 31, 2024 compared to 6.79% at December 31, 2023.

Asset Quality

Total non-performing assets were $3.8 million, or 0.15% of total assets, at March 31, 2024, compared to $3.3 million, or 0.13% of total assets, at December 31, 2023. Past due and non-accrual loans to total loans were 0.34% at March 31, 2024 compared to 0.46% at December 31, 2023. Net charge-offs to average total loans were 0.01% at March 31, 2024 compared to 0.04% at December 31, 2023.

About Fidelity D & D Bancorp, Inc. And The Fidelity Deposit and Discount Bank

Fidelity D & D Bancorp, Inc. Has built a strong history as trusted financial advisor to the clients served by The Fidelity Deposit and Discount Bank ("Fidelity Bank"). Fidelity Bank continues its mission of exceeding client expectations through a unique banking experience. It operates 21 full-service offices throughout Lackawanna, Luzerne, Lehigh and Northampton Counties and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at www.Bankatfidelity.Com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and a full suite of personal and commercial banking products and services. Part of the Company's vision is to serve as the best bank for the community, which was accomplished by having provided over 5,980 hours of volunteer time and over $1.4 million in donations to non-profit organizations directly within the markets served throughout 2023. Fidelity 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 use 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 non-GAAP financial measures to GAAP are presented in the tables below.

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 2024 and 2023.

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:

local, regional and national economic conditions and changes thereto;

the short-term and long-term effects of inflation, and rising costs to the Company, its customers and on the economy;

the risks of changes and volatility of 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;

securities markets and monetary fluctuations and volatility;

disruption of credit and equity markets;

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 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 laws and regulations concerning taxes, banking, securities and insurance and their application with which the Company and its subsidiaries must comply;

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 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;

the effects of economic conditions of any other pandemic, epidemic or other health-related crisis such as 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 effects of bank failures, banking system instability, deposit fluctuations, loan and securities value changes;

technological changes;

the interruption or breach in security of our information systems, continually evolving cybersecurity 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;

acts of war or terrorism; 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, 2024 December 31, 2023 Assets Cash and cash equivalents $ 72,733 $ 111,949 Investment securities 559,016 568,273 Restricted investments in bank stock 3,959 3,905 Loans and leases 1,697,299 1,686,555 Allowance for credit losses on loans (18,886 ) (18,806 ) Premises and equipment, net 34,899 34,232 Life insurance cash surrender value 54,921 54,572 Goodwill and core deposit intangible 20,728 20,812 Other assets 44,227 41,667 Total assets $ 2,468,896 $ 2,503,159 Liabilities Non-interest-bearing deposits $ 537,824 $ 536,143 Interest-bearing deposits 1,678,172 1,622,282 Total deposits 2,215,996 2,158,425 Short-term borrowings 25,000 117,000 Secured borrowings 7,299 7,372 Other liabilities 28,966 30,883 Total liabilities 2,277,261 2,313,680 Shareholders' equity 191,635 189,479 Total liabilities and shareholders' equity $ 2,468,896 $ 2,503,159 Average Year-To-Date Balances: March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 54,887 $ 35,462 Investment securities 563,674 597,359 Restricted investments in bank stock 3,934 4,212 Loans and leases 1,696,669 1,635,286 Allowance for credit losses on loans (19,013 ) (18,680 ) Premises and equipment, net 34,591 32,215 Life insurance cash surrender value 54,796 54,085 Goodwill and core deposit intangible 20,759 20,977 Other assets 40,871 44,180 Total assets $ 2,451,168 $ 2,405,096 Liabilities Non-interest-bearing deposits $ 519,856 $ 558,962 Interest-bearing deposits 1,647,615 1,586,527 Total deposits 2,167,471 2,145,489 Short-term borrowings 53,952 49,860 Secured borrowings 7,335 7,489 Other liabilities 32,434 29,881 Total liabilities 2,261,192 2,232,719 Shareholders' equity 189,976 172,377 Total liabilities and shareholders' equity $ 2,451,168 $ 2,405,096 FIDELITY D & D BANCORP, INC.Unaudited Condensed Consolidated Statements of Income(dollars in thousands) Three Months Ended Mar. 31, 2024 Mar. 31, 2023 Interest income Loans and leases $ 22,133 $ 19,018 Securities, interest-bearing cash and other 3,492 3,320 Total interest income 25,625 22,338 Interest expense Deposits (9,941 ) (4,618 ) Borrowings and debt (741 ) (695 ) Total interest expense (10,682 ) (5,313 ) Net interest income 14,943 17,025 Provision for credit losses on loans (125 ) (180 ) Net benefit (provision) for credit losses on unfunded loan commitments 50 (225 ) Non-interest income 4,572 4,489 Non-interest expense (13,689 ) (12,857 ) Income before income taxes 5,751 8,252 (Provision) benefit for income taxes (694 ) (1,212 ) Net income $ 5,057 $ 7,040 Three Months Ended Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 Interest income Loans and leases $ 22,133 $ 21,406 $ 20,502 $ 19,703 $ 19,018 Securities, interest-bearing cash and other 3,492 3,434 3,176 3,276 3,320 Total interest income 25,625 24,840 23,678 22,979 22,338 Interest expense Deposits (9,941 ) (9,232 ) (8,488 ) (6,607 ) (4,618 ) Borrowings and debt (741 ) (707 ) (551 ) (890 ) (695 ) Total interest expense (10,682 ) (9,939 ) (9,039 ) (7,497 ) (5,313 ) Net interest income 14,943 14,901 14,639 15,482 17,025 Provision for credit losses on loans (125 ) (111 ) (525 ) (675 ) (180 ) Net benefit (provision) for credit losses on unfunded loan commitments 50 65 275 50 (225 ) Non-interest income (loss) 4,572 (1,944 ) 4,325 4,535 4,489 Non-interest expense (13,689 ) (12,804 ) (12,784 ) (13,425 ) (12,857 ) Income before income taxes 5,751 107 5,930 5,967 8,252 (Provision) benefit for income taxes (694 ) 361 (590 ) (605 ) (1,212 ) Net income $ 5,057 $ 468 $ 5,340 $ 5,362 $ 7,040 FIDELITY D & D BANCORP, INC.Unaudited Condensed Consolidated Balance Sheets(dollars in thousands) At Period End: Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 Assets Cash and cash equivalents $ 72,733 $ 111,949 $ 110,471 $ 69,632 $ 63,038 Investment securities 559,016 568,273 576,688 604,264 614,526 Restricted investments in bank stock 3,959 3,905 3,800 3,728 5,968 Loans and leases 1,697,299 1,686,555 1,647,552 1,631,472 1,627,155 Allowance for credit losses on loans (18,886 ) (18,806 ) (18,757 ) (18,350 ) (17,910 ) Premises and equipment, net 34,899 34,232 32,625 31,329 31,408 Life insurance cash surrender value 54,921 54,572 54,226 53,892 53,567 Goodwill and core deposit intangible 20,728 20,812 20,897 20,981 21,071 Other assets 44,227 41,667 49,318 44,284 44,198 Total assets $ 2,468,896 $ 2,503,159 $ 2,476,820 $ 2,441,232 $ 2,443,021 Liabilities Non-interest-bearing deposits $ 537,824 $ 536,143 $ 549,741 $ 582,473 $ 591,055 Interest-bearing deposits 1,678,172 1,622,282 1,602,018 1,569,519 1,552,036 Total deposits 2,215,996 2,158,425 2,151,759 2,151,992 2,143,091 Short-term borrowings 25,000 117,000 124,000 76,111 88,989 Secured borrowings 7,299 7,372 7,439 7,498 7,560 Other liabilities 28,966 30,883 28,190 27,887 27,494 Total liabilities 2,277,261 2,313,680 2,311,388 2,263,488 2,267,134 Shareholders' equity 191,635 189,479 165,432 177,744 175,887 Total liabilities and shareholders' equity $ 2,468,896 $ 2,503,159 $ 2,476,820 $ 2,441,232 $ 2,443,021 Average Quarterly Balances: Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 Assets Cash and cash equivalents $ 54,887 $ 42,176 $ 33,238 $ 37,125 $ 29,192 Investment securities 563,674 558,423 598,604 610,009 623,097 Restricted investments in bank stock 3,934 3,854 3,763 3,834 5,418 Loans and leases 1,696,669 1,664,905 1,640,411 1,625,509 1,609,655 Allowance for credit losses on loans (19,013 ) (19,222 ) (18,812 ) (18,296 ) (18,380 ) Premises and equipment, net 34,591 33,629 31,746 31,989 31,477 Life insurance cash surrender value 54,796 54,449 54,110 53,782 53,995 Goodwill and core deposit intangible 20,759 20,844 20,930 21,018 21,120 Other assets 40,871 46,028 44,346 42,630 43,690 Total assets $ 2,451,168 $ 2,405,086 $ 2,408,336 $ 2,407,600 $ 2,399,264 Liabilities Non-interest-bearing deposits $ 519,856 $ 533,663 $ 548,682 $ 568,202 $ 585,987 Interest-bearing deposits 1,647,615 1,616,826 1,607,793 1,561,412 1,559,212 Total deposits 2,167,471 2,150,489 2,156,475 2,129,614 2,145,199 Short-term borrowings 53,952 48,490 37,595 64,558 48,937 Secured borrowings 7,335 7,412 7,470 7,529 7,548 Other liabilities 32,434 30,745 29,638 29,479 29,651 Total liabilities 2,261,192 2,237,136 2,231,178 2,231,180 2,231,335 Shareholders' equity 189,976 167,950 177,158 176,420 167,929 Total liabilities and shareholders' equity $ 2,451,168 $ 2,405,086 $ 2,408,336 $ 2,407,600 $ 2,399,264 FIDELITY D & D BANCORP, INC.Selected Financial Ratios and Other Financial Data Three Months Ended Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 Selected returns and financial ratios Basic earnings per share $ 0.88 $ 0.08 $ 0.94 $ 0.95 $ 1.25 Diluted earnings per share $ 0.88 $ 0.08 $ 0.93 $ 0.94 $ 1.24 Dividends per share $ 0.38 $ 0.38 $ 0.36 $ 0.36 $ 0.36 Yield on interest-earning assets (FTE)* 4.52 % 4.36 % 4.18 % 4.12 % 4.06 % Cost of interest-bearing liabilities 2.51 % 2.36 % 2.17 % 1.84 % 1.33 % Cost of funds 1.93 % 1.79 % 1.63 % 1.37 % 0.98 % Net interest spread (FTE)* 2.01 % 2.00 % 2.01 % 2.28 % 2.73 % Net interest margin (FTE)* 2.69 % 2.66 % 2.63 % 2.82 % 3.13 % Return on average assets 0.83 % 0.08 % 0.88 % 0.89 % 1.19 % Pre-provision net revenue to average assets* 0.96 % 0.03 % 1.02 % 1.10 % 1.46 % Return on average equity 10.71 % 1.10 % 11.96 % 12.19 % 17.00 % Return on average tangible equity* 12.02 % 1.26 % 13.56 % 13.84 % 19.45 % Efficiency ratio (FTE)* 67.56 % 63.74 % 65.01 % 64.72 % 57.72 % Expense ratio 1.50 % 2.43 % 1.39 % 1.48 % 1.41 % Other financial data At period end: (dollars in thousands except per share data) Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 Assets under management $ 900,964 $ 876,287 $ 799,968 $ 840,068 $ 809,897 Book value per share $ 33.41 $ 33.22 $ 29.04 $ 31.29 $ 31.05 Tangible book value per share* $ 29.80 $ 29.57 $ 25.37 $ 27.59 $ 27.33 Equity to assets 7.76 % 7.57 % 6.68 % 7.28 % 7.20 % Tangible common equity ratio* 6.98 % 6.79 % 5.89 % 6.48 % 6.39 % Allowance for credit losses on loans to: Total loans 1.11 % 1.12 % 1.14 % 1.13 % 1.10 % Non-accrual loans 5.31x 5.68x 6.24x 5.25x 5.36x Non-accrual loans to total loans 0.21 % 0.20 % 0.18 % 0.21 % 0.21 % Non-performing assets to total assets 0.15 % 0.13 % 0.14 % 0.15 % 0.14 % Net charge-offs to average total loans 0.01 % 0.04 % 0.04 % 0.05 % 0.04 % Fidelity Bank Capital Adequacy Ratios Total risk-based capital ratio 14.68 % 14.57 % 14.69 % 14.65 % 14.55 % Common equity tier 1 risk-based capital ratio 13.47 % 13.32 % 13.51 % 13.46 % 13.37 % Tier 1 risk-based capital ratio 13.47 % 13.32 % 13.51 % 13.46 % 13.37 % Leverage ratio 9.15 % 9.08 % 9.17 % 9.04 % 8.89 %

* Non-GAAP Financial Measures - see reconciliations below

FIDELITY D & D BANCORP, INC.Reconciliations of Non-GAAP Financial Measures to GAAP Reconciliations of Non-GAAP Measures to GAAP Three Months Ended (dollars in thousands) Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 FTE net interest income (non-GAAP) Interest income (GAAP) $ 25,625 $ 24,840 $ 23,678 $ 22,979 $ 22,338 Adjustment to FTE 747 664 700 725 760 Interest income adjusted to FTE (non-GAAP) 26,372 25,504 24,378 23,704 23,098 Interest expense (GAAP) 10,682 9,939 9,039 7,497 5,313 Net interest income adjusted to FTE (non-GAAP) $ 15,690 15,565 15,339 16,207 17,785 Efficiency Ratio (non-GAAP) Non-interest expenses (GAAP) $ 13,689 $ 12,804 $ 12,784 $ 13,425 $ 12,857 Net interest income (GAAP) 14,943 14,901 14,639 15,482 17,025 Plus: taxable equivalent adjustment 747 664 700 725 760 Non-interest income (GAAP) 4,572 (1,944 ) 4,325 4,535 4,489 Less: (Loss) gain on sales of securities - (6,467 ) - - (1 ) Net interest income (FTE) plus adjusted non-interest income (non-GAAP) $ 20,262 $ 20,088 $ 19,664 $ 20,742 $ 22,275 Efficiency ratio (non-GAAP) (1) 67.56 % 63.74 % 65.01 % 64.72 % 57.72 % (1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest (loss) income. Tangible Book Value per Share/Tangible Common Equity Ratio (non-GAAP) Total assets (GAAP) $ 2,468,896 $ 2,503,159 $ 2,476,820 $ 2,441,232 $ 2,443,021 Less: Intangible assets, primarily goodwill (20,728 ) (20,812 ) (20,897 ) (20,981 ) (21,071 ) Tangible assets 2,448,168 2,482,347 2,455,923 2,420,251 2,421,950 Total shareholders' equity (GAAP) 191,635 189,479 165,432 177,744 175,887 Less: Intangible assets, primarily goodwill (20,728 ) (20,812 ) (20,897 ) (20,981 ) (21,071 ) Tangible common equity 170,907 168,667 144,535 156,763 154,816 Common shares outstanding, end of period 5,735,732 5,703,636 5,696,351 5,681,260 5,665,255 Tangible Common Book Value per Share $ 29.80 $ 29.57 $ 25.37 $ 27.59 $ 27.33 Tangible Common Equity Ratio 6.98 % 6.79 % 5.89 % 6.48 % 6.39 % Pre-Provision Net Revenue to Average Assets Income before taxes (GAAP) $ 5,751 $ 107 $ 5,930 $ 5,967 $ 8,252 Plus: Provision for credit losses 75 47 250 625 405 Total pre-provision net revenue (non-GAAP) 5,826 154 6,180 6,592 8,657 Total (annualized) (non-GAAP) $ 23,432 $ 609 $ 24,517 $ 26,440 $ 35,110 Average assets $ 2,451,168 $ 2,405,086 $ 2,408,336 $ 2,407,600 $ 2,399,264 Pre-Provision Net Revenue to Average Assets (non-GAAP) 0.96 % 0.03 % 1.02 % 1.10 % 1.46 %

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 & D Bancorp, Inc. Second Quarter 2024 Dividend

DUNMORE, Pa., April 17, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC), parent company of The Fidelity Deposit and Discount Bank, announce their declaration of the Company's second quarter dividend of $0.38 per share. The dividend is payable June 10, 2024 to shareholders of record at the close of business on May 20, 2024.

Fidelity D & D Bancorp, Inc. Serves Lackawanna, Luzerne, Northampton and Lehigh Counties through The Fidelity Deposit and Discount Bank's 21 full-service community banking offices, along with the Fidelity Bank Wealth Management Minersville Office in Schuylkill County. Fidelity Bank provides a digital and virtual experience via digital services and digital account opening through Online Banking and the Fidelity Mobile Banking app.

For more information visit our investor relations web site through www.Bankatfidelity.Com.

This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include the possibility that increased demand or prices for the company's financial services and products may not occur, changing economic, interest rate and competitive conditions, technological developments and other risks and uncertainties, including those detailed in the company's filings with the Securities and Exchange Commission. Contacts: Daniel J. SantanielloPresident and Chief Executive Officer570-504-8035 Salvatore R. DeFrancesco, Jr.Treasurer and Chief Financial Officer570-504-8000

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The Canada Pension Plan Investment Board on Wednesday divested a 2.8 per cent stake in supply chain and logistics firm Delhivery for ₹908 crore through an open market transaction. US-based financial services company Capital Group, Fidelity Investments, HSBC, and the Master Trust Banker Japan Ltd A/C HSBC Indian Equity Mother Fund were the buyers on the NSE. According to the block deal data available with the National Stock Exchange, Canada Pension Plan Investment Board (CPPIB) sold 2,04,50,000 shares, amounting to a 2.8 per cent stake at an average price of ₹444.30.

Rallis India has filed an appeal with the Commissioner of Income Tax (Appeals) against the Demand Order dated March 26, 2024, from National Faceless Assessment Centre, Income Tax Department, aggregating to ₹408.50 crore, including interest, as tax liability for the assessment year 2022-23. The said liability is due to a mistake apparent from the record in calculation of the total income by the Income Tax Department. The company does not foresee any material impact on its financial, or operational or other activities

Jubilant Pharmova has announced that the United States Food and Drug Administration (USFDA) on April 23 concluded an audit of its radiopharmaceutical manufacturing facility in Canada -- Jubilant Draximage Inc., a subsidiary of its wholly-owned subsidiary of Jubilant Pharma Ltd. The USFDA has issued 5 observations on the completion of audit. The company will submit an action plan on the observations.

Hindustan Unilever Ltd (HUL), today announced a change in its Management Committee. BP Biddappa will join the Management Committee as Executive Director, Human Resources and Chief People, Transformation and Sustainability Officer for South Asia. Biddappa will also join the HUL Board as a Whole Time Director, subject to shareholder approval. Anuradha Razdan, currently Executive Director, Human Resources, HUL and Chief HR Officer, South Asia, will be appointed to a global role as Chief Reward & Organization Development Officer for Unilever. This change will be effective June 1.

RITES Ltd, a prime transport infrastructure consultancy, has signed an MoU with Damodar Valley Corporation (DVC), a statutory body under the Ministry of Power, to collaborate in Project Management Consultancy for rail infra works. The partnership aims at finding novel infrastructure solutions for upgradation, renovation and development of rail connectivity for power plants and surrounding areas. As part of this collaboration, RITES will work with DVC to develop rail infrastructure facilities and associated civil, structural, S&T, OHE works.

The foundation stone for Azad Engineering's new lean manufacturing facility was laid by Global President & CEO of GE Vernova Steam Power at AZAD's new upcoming plant at Tunikibollaram IP, Hyderabad, to serve and support in increasing the capabilities to supply critical rotating airfoils for their nuclear, industrial & thermal turbines.

Khanij Bidesh India Ltd (KABIL) has signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research - National Geophysical Research Institute (CSIR-NGRI) for long-term collaboration in the field of geophysical investigations to bolster its ongoing projects and activities in critical and strategic minerals. KABIL is a JV company of three Indian public sector undertakings - National Aluminium Company Ltd (NALCO), Hindustan Copper Ltd (HCL) and Mineral Exploration and Consultancy Ltd (MECL), under the aegis of the Mines Ministry.

Motilal Oswal Asset Management Company has elevated Prateek Agrawal as MD & CEO with effect from Friday. He will take charge from Navin Agarwal, who will return to the parent company. Prateek, who is currently executive director, joined MO AMC in October 2022. Akhil Chaturvedi, currently Chief Business Officer, has been elevated as Executive Director. He was associated with MO AMC for over 11 years and currently leads sales and operations. All of them will start on their new roles from Friday.

Rail Vikas Nigam Ltd emerges as the Lowest Bidder (L1) from Southern Railway for "Provision of Automatic Block Signaling system from Jolarpettai Junction to Erode Junction of Salem Division in Southern Railway." The order value is ₹239.10 crore.

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Published on April 25, 2024

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