Business
Fidelity D & D Bancorp, Inc. Reports Third Quarter 2021 Financial Results
DUNMORE, Pa., Oct. 27, 2021 (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., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary, The Fidelity Deposit and Discount Bank, announced its most recent dividend declaration and unaudited, consolidated financial results for the three and nine month periods ended September 30, 2021. Unaudited Financial Information Net income for the three months ended September 30, 2021 was $4.9 million, or $0.85 diluted earnings per share, compared to $5.0 million, or $0.99 diluted earnings per share, for the three months ended September 30, 2020. The $0.1 million, or 2%, reduction in net income resulted from a $5.7 million increase in non-interest expenses which more than offset the $4.6 million increase in net interest income and reduction of $1.1 million in the provision for loan losses. Merger-related expenses were $2.2 million for the third quarter of 2021, or $2.0 million higher than merger-related expenses for the third quarter of 2020 due to the timing of the mergers. Diluted earnings per share decreased by $0.14 per share due to the higher non-interest expenses from merger-related expenses incurred from the merger during the third quarter of 2021 which also resulted in an increase in the average shares outstanding. As previously announced, Fidelity D & D Bancorp, Inc. (the “Company”) acquired Landmark Bancorp, Inc. (“Landmark”) and its wholly-owned subsidiary Landmark Community Bank effective July 1, 2021. The fair value of assets acquired included $375.5 million in total assets, $308.5 million in deposits and $298.9 million in loans added to the Company’s balance sheet. The reported results include provisional estimates of the accounting for the acquisition of Landmark which are subject to revision in future periods when the application of the accounting guidance for business combinations is finalized. Based on the closing price on June 30, 2021, the merger valuation was $42.9 million. Excluding merger-related expenses, adjusted net income was $6.6 million for the third quarter of 2021, or $1.16 diluted earnings per share, compared to adjusted net income of $5.1 million, or $1.03 diluted earnings per share, for the third quarter of 2020. For more detail on adjusted net income, which is a non-GAAP measurement, refer to the “Non-GAAP Measures” table within the Selected Financial Ratios and Other Data sect...