Fidelity D&D Bancorp Q2 2024: Assets $193.6M, Net Income $1.48M

TL;DR

**FDBC Q2 2024: Assets $193.6M, Net Income $1.48M. Loans $5M, Deposits $10M.**

AI Summary

Fidelity D & D Bancorp Inc. reported its Q2 2024 financial results, with total assets reaching $193.6 million and total liabilities at $18.8 million. The company's net income for the quarter was $1.48 million. Key financial figures include $5.0 million in loans and $10.0 million in deposits.

Why It Matters

This 10-Q filing provides a snapshot of Fidelity D&D Bancorp's financial health and performance for the second quarter of 2024, impacting investor confidence and potential lending decisions.

Risk Assessment

Risk Level: low — The filing appears to be a routine quarterly report with no immediately apparent significant negative trends or events.

Key Numbers

• $193.6M — Total Assets (As of June 30, 2024)
• $18.8M — Total Liabilities (As of June 30, 2024)
• $1.48M — Net Income (For the quarter ended June 30, 2024)
• $5.0M — Loans (As of June 30, 2024)
• $10.0M — Deposits (As of June 30, 2024)

Key Players & Entities

• FIDELITY D & D BANCORP INC (company) — Filer
• 20240630 (date) — Reporting Period End Date
• $193,627 (dollar_amount) — Total Assets
• $18,806 (dollar_amount) — Total Liabilities
• $1,483 (dollar_amount) — Net Income
• $5,000,000 (dollar_amount) — Loans
• $10,000,000 (dollar_amount) — Deposits

FAQ

Filing Documents

• fdbc20240630_10q.htm (10-Q) — 5634KB
• ex_687182.htm (EX-31.1) — 10KB
• ex_687183.htm (EX-31.2) — 9KB
• ex_687184.htm (EX-32.1) — 6KB
• ex_687185.htm (EX-32.2) — 6KB
• 0001437749-24-026070.txt ( ) — 22443KB
• fdbc-20240630.xsd (EX-101.SCH) — 65KB
• fdbc-20240630_cal.xml (EX-101.CAL) — 67KB
• fdbc-20240630_def.xml (EX-101.DEF) — 576KB
• fdbc-20240630_lab.xml (EX-101.LAB) — 504KB
• fdbc-20240630_pre.xml (EX-101.PRE) — 606KB
• fdbc20240630_10q_htm.xml (XML) — 6678KB

Financial Information

Part I. Financial Information Page Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited): Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 8

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3. Quantitative and Qualitative Disclosure about Market Risk 52 Item 4.

Controls and Procedures

Controls and Procedures 57

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 57 Item 1A.

Risk Factors

Risk Factors 57 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57 Item 3. Defaults upon Senior Securities 57 Item 4. Mine Safety Disclosures 57 Item 5. Other Information 57 Item 6. Exhibits 58

Signatures

Signatures 60 2 Table of Contents

– Financial Information

PART I – Financial Information

: Financial Statements

Item 1: Financial Statements Fidelity D & D Bancorp, Inc. and Subsidiary Consolidated Balance Sheets (Unaudited) (dollars in thousands) June 30, 2024 December 31, 2023 Assets: Cash and due from banks $ 25,559 $ 28,949 Interest-bearing deposits with financial institutions 52,526 83,000 Total cash and cash equivalents 78,085 111,949 Available-for-sale securities 327,506 344,040 Held-to-maturity securities (fair value of $ 193,627 in 2024; $ 197,176 in 2023) 224,989 224,233 Restricted investments in bank stock 3,968 3,905 Loans and leases, net (allowance for credit losses of $ 18,975 in 2024; $ 18,806 in 2023) 1,708,843 1,666,292 Loans held-for-sale (fair value $ 701 in 2024; $ 1,483 in 2023) 691 1,457 Foreclosed assets held-for-sale 9 1 Bank premises and equipment, net 35,808 34,232 Leased property under finance leases, net 1,060 1,173 Right-of-use assets 8,952 7,771 Cash surrender value of bank owned life insurance 57,278 54,572 Accrued interest receivable 9,877 9,092 Goodwill 19,628 19,628 Core deposit intangible, net 1,021 1,184 Other assets 22,930 23,630 Total assets $ 2,500,645 $ 2,503,159 Liabilities: Deposits: Interest-bearing $ 1,641,558 $ 1,622,282 Non-interest-bearing 527,572 536,143 Total deposits 2,169,130 2,158,425 Allowance for credit losses on off-balance sheet credit exposures 1,034 944 Finance lease obligation 1,092 1,201 Operating lease liabilities 9,848 8,549 Short-term borrowings 98,120 117,000 Secured borrowings 7,237 7,372 Accrued interest payable and other liabilities 18,492 20,189 Total liabilities 2,304,953 2,313,680 Shareholders' equity: Preferred stock authorized 5,000,000 shares with no par value; none issued - - Capital stock, no par value ( 10,000,000 shares authorized; shares issued and outstanding; 5,735,728 at June 30, 2024; and 5,703,636 at December 31, 2023) 118,777 117,695 Retained earnings 133,840 128,251 Accumulated other c

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) 1. Nature of operations and critical accounting policies Nature of operations Fidelity D & D Bancorp, Inc. (the Company) is a bank holding company and the parent of The Fidelity Deposit and Discount Bank (the Bank). The Bank is a commercial bank and trust company chartered under the laws of the Commonwealth of Pennsylvania and a wholly-owned subsidiary of the Company. Having commenced operations in 1903, the Bank is committed to provide superior customer service, while offering a full range of banking products and financial and trust services to both our consumer and commercial customers from our main office located in Dunmore and other branches located throughout Lackawanna, Northampton and Luzerne Counties and Wealth Management offices in Schuylkill and Lebanon Counties. Principles of consolidation The accompanying unaudited consolidated financial statements of the Company and the Bank have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to this Form 10 -Q and Rule 8 - 03 of Regulation S- X. Accordingly, they do not include all of the information and footnote disclosures required by GAAP for complete financial statements. In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financial condition and results of operations for the periods have been included. All significant inter-company balances and transactions have been eliminated in consolidation. For additional information and disclosures required under U.S. GAAP, refer to the Company's Annual Report on Form 10 -K for the year ended December 31, 2023 . Management is responsible for the fairness, integrity and objectivity of the unaudited financial statements included in this report. Management prepared the unaudited financial statements in accordance with U.S. GAAP. In

View Full Filing

View this 10-Q filing on SEC EDGAR