Business
Fidelity D & D Bancorp, Inc. Reports Second Quarter 2023 Financial Results
DUNMORE, Pa., July 26, 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., July 26, 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 six-month periods ended June 30, 2023. Unaudited Financial Information Net income for the quarter ended June 30, 2023 was $5.4 million, or $0.94 diluted earnings per share, compared to $7.7 million, or $1.35 diluted earnings per share, for the quarter ended June 30, 2022. The $2.3 million decline in net income resulted primarily from the $2.7 million decline in net interest income, led primarily from higher interest expense, and $0.6 million higher non-interest expenses, partially offset by $0.8 million lower provision for income taxes and $0.3 million more non-interest income. “Despite the challenging operating environment, the bank produced strong loan growth, grew non-interest income, maintained excellent asset quality, and controlled expenses. While the rising costs of deposits and borrowed funds resulted in decreased earnings this quarter, our continued focus on a well-executed strategic plan sets the stage for future growth,” stated Daniel J. Santaniello, President and Chief Executive Officer. He continued, “Fidelity Bank continues to make prudent investments based on a relationship banking strategy, attracting new retail and business households. Our strong capital position, and commitment to the communities we serve provide the foundation for consistent financial performance.” For the six months ended June 30, 2023, net income was $12.4 million, or $2.18 diluted earnings per share, compared to $15.2 million, or $2.67 diluted earnings per share, for the six months ended June 30, 2022. The $2.8 million, or 18% decline in net income stemmed from the $2.9 million reduction in net interest income and $0.8 million higher non-interest expenses partially offset by $0.7 million lower provision for income taxes and $0.2 million higher non-interest income. Consolidated Second Quarter Operating Results Overview Net interest income was $15.4 million for the second quarter of 2023, a 15% decrease over the $18.1 million earned for the second quarter of 2022. The $2.7 million decline in net interest income resulted primarily from the increase of $6.6 million in interest expense primarily due to a 146 basis p...