Business
Fidelity D & D Bancorp, Inc. Reports Fourth Quarter 2019 Financial Results
DUNMORE, Pa., Jan. 29, 2020 (GLOBE NEWSWIRE) -- Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary Fidelity Deposit and Discount Bank,
About this update from Fidelity D & D Bancorp, Inc.
[{"type":"text","content":"DUNMORE, Pa., Jan. 29, 2020 (GLOBE NEWSWIRE) -- Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary Fidelity Deposit and Discount Bank, announced net income for the year ended December 31, 2019 of $11.6 million, or $3.03 diluted earnings per share, compared to $11.0 million, or $2.90 diluted earnings per share, for the year ended December 31, 2018. The $0.6 million, or 5%, growth in net income resulted primarily from $1.3 million higher net interest income combined with a $1.0 million increase in non-interest income and $0.4 million lower provision for loan losses, partially offset by a $1.8 million increase in operating expenses. Operating expenses included $0.4 million, or $0.11 per share, of merger-related expenses incurred in the process of acquiring MNB Corporation during 2019. The Company achieved a $54.3 million, or 6%, increase in average interest-earning assets funded by a $55.5 million increase in average deposits and a $11.7 million increase in average shareholders’ equity partially offset by $6.4 million less in average borrowings during 2019 compared to 2018. Return on average assets (ROA) and return on average equity (ROE) were 1.18% and 11.49%, respectively, for 2019 and 1.20% and 12.36%, respectively, for 2018.\n “2019 marked a successful year for Fidelity Bank, with record net-income. Earnings per share increased, and our returns on average assets and equity continued to be strong.” stated Daniel J. Santaniello, President and Chief Executive Officer. “Fidelity Bank reached this mark by increasing loans, deposits, and non-interest income, while coupling it with disciplined expense management. In 2019, Fidelity Bank expanded the branch network by opening a new branch in Mountain Top, Pennsylvania.” Mr. Santaniello further commented, “Fidelity Bank’s strategy of building long-term shareholder value is supported through strong capital levels and bankers committed to superior client experiences. The continued success of the strategy is supplemented by inorganic market expansion. The Fidelity bankers are focused on successfully completing the anticipated acquisition and integration of MNB Bancorp, Inc. and its wholly owned subsidiary, Merchants Bank of Bangor, after receiving all proper approvals.” For the quarter ended December 31, 2019, net income decreased $0.1 million, or 5%, to $2.7 million fro...