Business
Fidelity D & D Bancorp, Inc. Reports First Quarter 2020 Financial Results
DUNMORE, Pa., April 29, 2020 (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., April 29, 2020 (GLOBE NEWSWIRE) -- Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary The Fidelity Deposit and Discount Bank, announced net income for the quarter ended March 31, 2020 of $2.6 million, or $0.69 diluted earnings per share, compared to $2.8 million, or $0.73 diluted earnings per share, for the quarter ended March 31, 2019. The $0.2 million, or 6%, reduction in net income resulted primarily from a $0.5 million increase in non-interest expenses. Operating expenses included $0.3 million, or $0.07 per share, of nonrecurring merger-related expenses, net of tax, incurred during the first quarter of 2020. If not for these merger-related expenses, net income would have otherwise increased $0.1 million, or 3%, when compared to the first quarter 2019 period, driven primarily by higher non-interest income. \n The Company achieved a $41.8 million, or 5%, increase in average interest-earning assets funded by a $71.3 million increase in average deposits and a $13.9 million increase in average shareholders’ equity partially offset by a $33.0 million reduction in average borrowings during the first quarter of 2020 compared to the first quarter of 2019. Return on average assets (ROA) and return on average equity (ROE) were 1.04% and 9.74%, respectively, for the three months ended March 31, 2020 and 1.18% and 11.98%, respectively, for the same 2019 period. The reduction in ROE was caused primarily by the average balance increase in other comprehensive income from the $5.3 million increase in average unrealized gains on the investment portfolio, net of tax, compared the first quarter of 2019. “During these unprecedented times, Fidelity Bank remains committed in the support of the bankers, clients, shareholders and the communities. The Fidelity Bankers are dedicated to delivering an extraordinary client experience and addressing the financial hardships caused by COVID-19. The Company is resolved to continue its long-standing history of supporting the families and businesses within the communities we serve.” stated Daniel J. Santaniello, President and Chief Executive Officer. “The first quarter financial results continue to be strong, setting the stage for a successful 2020 as we prepare for the successful integration of Merchants Bank during the 2nd quarter of 2020. With both a strong balance sheet an...