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Fidelity D & D Bancorp, Inc. Reports 2022 Financial Results Improved 25%
DUNMORE, Pa., Jan. 25, 2023 (GLOBE NEWSWIRE) -- Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary, The Fidelity Deposit and Discount
About this update from Fidelity D & D Bancorp, Inc.
[{"type":"text","content":"DUNMORE, Pa., Jan. 25, 2023 (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 and twelve month periods ended December 31, 2022. Unaudited Financial Information Net income recorded for the year ended December 31, 2022 was $30.0 million, or $5.29 diluted earnings per share, compared to $24.0 million, or $4.48 diluted earnings per share, for the year ended December 31, 2021. The $6.0 million, or 25% improvement in net income stemmed from the $10.5 million improvement in net interest income partially offset by $1.6 million less non-interest income, $1.2 million in additional non-interest expenses and a $1.4 million higher provision for income taxes. The acquisition of Landmark Bancorp, Inc. (“Landmark”) during the third quarter of 2021 resulted in growth in the Company’s earning assets which contributed to net interest income growth. The Company continued to operate four community banking offices acquired from Landmark which contributed to the increased operating expenses. “We are pleased with our outstanding 2022 financial results. Fidelity Bank achieved record financial results and increased an already strong regulatory capital position. The year was marked by the successful execution of key strategic initiatives and synergies from the Landmark acquisition. Our asset quality metrics remain strong, and our solid capital position allowed us to increase our dividend payments to our shareholders for the eighth consecutive year,” stated Daniel J. Santaniello, President and Chief Executive Officer. “As we enter 2023, we are well positioned to continue to create shareholder value.” Net income for the quarter ended December 31, 2022 was $7.1 million, or $1.26 diluted earnings per share, compared to $7.8 million, or $1.37 diluted earnings per share, for the quarter ended December 31, 2021. The $0.6 million, or 8%, decline in net income resulted from the $0.5 million increase in the provision for income taxes, $0.3 million higher non-interest expenses and a $0.3 million decrease in non-interest income. The contributors to lower net income were partially offset by the $0.4 million improvement in net interest income quarter-over-quarter. Consolidated Fourth Quarter Operating Results Overview N...