Fidelity D&D Bancorp Q3 2024: Assets $203M, Net Income $1.8M

TL;DR

FDBC Q3: Assets $203M, Net Income $1.8M. Equity $5.7M.

AI Summary

Fidelity D & D Bancorp Inc. reported its Q3 2024 results, showing total assets of $203.2 million and total liabilities of $197.2 million as of September 30, 2024. Net income for the nine months ended September 30, 2024, was $1.8 million, a decrease from $1.5 million in the same period of 2023. The company's total equity stood at $5.7 million.

Why It Matters

This filing provides insight into the financial health and performance of Fidelity D&D Bancorp, which can influence investor decisions and market perception of regional banks.

Risk Assessment

Risk Level: medium — The filing indicates a decrease in net income compared to the prior year, suggesting potential operational or market challenges.

Key Numbers

• $203.2M — Total Assets (As of September 30, 2024)
• $197.2M — Total Liabilities (As of September 30, 2024)
• $1.8M — Net Income (9 months 2024) (Year-to-date performance)
• $1.5M — Net Income (9 months 2023) (Prior year-to-date comparison)
• $5.7M — Total Equity (As of September 30, 2024)

Key Players & Entities

• FIDELITY D & D BANCORP INC (company) — Filer
• 20240930 (date) — Reporting period end date
• $203,222,000 (dollar_amount) — Total assets as of September 30, 2024
• $197,176,000 (dollar_amount) — Total liabilities as of September 30, 2024
• $1,792,000 (dollar_amount) — Net income for the nine months ended September 30, 2024
• $1,483,000 (dollar_amount) — Net income for the nine months ended September 30, 2023
• $5,736,025 (dollar_amount) — Total equity as of September 30, 2024

FAQ

Filing Documents

• fdbc20240930c_10q.htm (10-Q) — 5755KB
• ex_721846.htm (EX-31.1) — 10KB
• ex_721847.htm (EX-31.2) — 9KB
• ex_721848.htm (EX-32.1) — 5KB
• ex_721849.htm (EX-32.2) — 6KB
• 0001437749-24-034533.txt ( ) — 22926KB
• fdbc-20240930.xsd (EX-101.SCH) — 67KB
• fdbc-20240930_cal.xml (EX-101.CAL) — 67KB
• fdbc-20240930_def.xml (EX-101.DEF) — 590KB
• fdbc-20240930_lab.xml (EX-101.LAB) — 507KB
• fdbc-20240930_pre.xml (EX-101.PRE) — 620KB
• fdbc20240930c_10q_htm.xml (XML) — 6849KB

Financial Information

Part I. Financial Information Page Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited): Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the nine months ended September 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 35 Item 3. Quantitative and Qualitative Disclosure about Market Risk 53 Item 4.

Controls and Procedures

Controls and Procedures 58

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 58 Item 1A.

Risk Factors

Risk Factors 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 Item 3. Defaults upon Senior Securities 58 Item 4. Mine Safety Disclosures 58 Item 5. Other Information 58 Item 6. Exhibits 59

Signatures

Signatures 61 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) September 30, 2024 December 31, 2023 Assets: Cash and due from banks $ 36,302 $ 28,949 Interest-bearing deposits with financial institutions 83,867 83,000 Total cash and cash equivalents 120,169 111,949 Available-for-sale securities, at fair value 334,446 344,040 Held-to-maturity securities (fair value of $ 203,222 in 2024; $ 197,176 in 2023) 225,373 224,233 Restricted investments in bank stock 3,944 3,905 Loans and leases, net (allowance for credit losses of $ 19,630 in 2024; $ 18,806 in 2023) 1,774,156 1,666,292 Loans held-for-sale (fair value $ 1,792 in 2024; $ 1,483 in 2023) 1,762 1,457 Foreclosed assets held-for-sale 440 1 Bank premises and equipment, net 36,057 34,232 Leased property under finance leases, net 1,004 1,173 Right-of-use assets 8,869 7,771 Cash surrender value of bank owned life insurance 57,672 54,572 Accrued interest receivable 9,802 9,092 Goodwill 19,627 19,628 Core deposit intangible, net 949 1,184 Other assets 21,663 23,630 Total assets $ 2,615,933 $ 2,503,159 Liabilities: Deposits: Interest-bearing $ 1,792,796 $ 1,622,282 Non-interest-bearing 549,710 536,143 Total deposits 2,342,506 2,158,425 Allowance for credit losses on off-balance sheet credit exposures 1,169 944 Finance lease obligation 1,039 1,201 Operating lease liabilities 9,782 8,549 Short-term borrowings 25,000 117,000 Secured borrowings 6,323 7,372 Accrued interest payable and other liabilities 22,853 20,189 Total liabilities 2,408,672 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; 5,736,025 at September 30, 2024; and 5,703,636 at December 31, 2023) 119,112 117,695 Retained earnings 136,601

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

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