Business
Fidelity D & D Bancorp, Inc. Reports Second Quarter 2022 Financial Results
DUNMORE, Pa., July 27, 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., July 27, 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 six month periods ended June 30, 2022. Unaudited Financial Information Net income for the quarter ended June 30, 2022 was $7.7 million, or $1.35 diluted earnings per share, compared to $5.7 million, or $1.13 diluted earnings per share, for the quarter ended June 30, 2021. The $2.0 million, or 35%, improvement in net income resulted from the $4.8 million increase in net interest income which more than offset a $1.9 million increase in non-interest expenses, $0.3 million less in non-interest income and $0.2 million higher provision for loan losses. Diluted earnings per share increased by $0.22 per share, or 19%, due to the higher net income. “Fidelity Bank had a very strong first half of 2022,” stated Daniel J. Santaniello, President and Chief Executive Officer. “The Company meaningfully improved net interest income and net interest margin, produced robust organic loan growth, maintained excellent asset quality, and expenses remained well controlled. The continued growth is reflective of the Fidelity Bankers’ commitment to building relationships and partnering with clients to achieve mutual financial success.” For the six months ended June 30, 2022, net income was $15.2 million, or $2.67 diluted earnings per share, compared to $11.4 million, or $2.26 diluted earnings per share, for the six months ended June 30, 2021. The $3.8 million, or 34% improvement in net income stemmed from the $8.6 million improvement in net interest income partially offset by $1.3 million less non-interest income and $3.1 million higher non-interest expenses. 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 three community banking offices acquired from Landmark which increased operating expenses. Consolidated Second Quarter Operating Results Overview Net interest income was $18.1 million for the second quarter of 2022, a 36% increase over the $13.3 million earned for the second quarter of 2021. The $4.8 million improvement in net interest income resulted pri...