Business
Fidelity D & D Bancorp, Inc. Reports Fourth Quarter and Annual 2021 Financial Results
DUNMORE, Pa., Jan. 26, 2022 (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. 26, 2022 (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, 2021 reporting new record high results. Unaudited Financial Information Net income for the three months ended December 31, 2021 was $7.8 million, or $1.37 diluted earnings per share, compared to $5.2 million, or $1.03 diluted earnings per share, for the three months ended December 31, 2020. The $2.6 million, or 51%, improvement in net income resulted from the $5.1 million increase in net interest income and $1.1 million reduction in the provision for loan losses which more than offset a $2.4 million increase in non-interest expenses and $0.6 million less in non-interest income. Diluted earnings per share increased by $0.34 per share, or 33%, due to the higher net income. “Fidelity Bank is very pleased with the 2021 financial results. We have achieved record financial results and increased our already strong capital position. During the year we successfully executed the acquisition of Landmark Bancorp, Inc.,” stated Daniel J. Santaniello, President and Chief Executive Officer. “During the fourth quarter of 2021, the benefits of the Landmark Bancorp, Inc. acquisition were realized. The continued growth in loans, deposits, and non-interest income, while effectively managing expenses, reflects the Fidelity Bankers’ commitment to building relationships and partnering with our clients to achieve mutual financial success.” Net income recorded for the year ended December 31, 2021 was $24.0 million, or $4.48 diluted earnings per share, compared to $13.0 million, or $2.82 diluted earnings per share, for the same 2020 period. The $11.0 million, or 84%, increase was driven by higher net interest income and additional non-interest income which resulted in $21.3 million, or 36%, total revenue growth. Additionally, the provision for loan losses was $3.3 million lower year-over-year which also contributed to the net income growth. Partially offsetting this growth were $11.8 million, or 31%, higher non-interest expenses. Excluding merger-related expenses of $2.5 million and an FHLB prepayment penalty of $0.3 million, each net of tax, adjusted net income was $26.8 million, or $...