Exhibit 99.1

FIDELITY D & D BANCORP, INC.

FOR IMMEDIATE RELEASE



Date:  October 24, 2018



Contacts:





 

Daniel J. Santaniello

Salvatore R. DeFrancesco, Jr.

President and Chief Executive Officer

Treasurer and Chief Financial Officer

570-504-8035

570-504-8000



FIDELITY D & D BANCORP, INC.

REPORTS THIRD QUARTER 2018 FINANCIAL RESULTS IMPROVED 29%



Dunmore, PA – Fidelity D & D Bancorp, Inc.  (NASDAQ: FDBC) and its banking subsidiary Fidelity Deposit and Discount Bank,  announced net income for the quarter ended September 30, 2018 of $2.9 million, or $0.75 diluted earnings per share,  compared to $2.2 million, or $0.60 diluted earnings per share, for the quarter ended September 30, 2017The $0.7 million, or 29%, growth in net income resulted primarily from $0.7 million higher net interest income combined with $0.1 million reduction in the provision for income taxes, partially offset by $0.1 million higher operating expenses.    The Company experienced $72.5 million, or 9%, growth in average interest-earning assets funded by $42.3 million growth in average deposits, $25.1 million in average borrowings and $4.5 million growth in average shareholders’ equity during the third quarter of 2018 compared to the third quarter of 2017.    This balance sheet growth increased the third quarter’s income before income taxes by $0.5 million, or 19%.  Return on average assets (ROA) and return on average equity (ROE) were 1.22% and 12.65%, respectively, for the third quarter of 2018 and 1.03% and 10.36%, respectively, for the third quarter of 2017.



We are very pleased that that the third quarter and 2018 year-to-date financial results posted record net income,” stated Daniel J. Santaniello, President and Chief Executive Officer.  “The record results reflect the Fidelity Bankers’ commitment to building relationships and partnering with our clients to achieve financial success.  We continue to increase deposits, loans, and non-interest income, while effectively managing expenses.



Net income increased $1.8 million, or 28%, for the nine months ended September 30, 2018 to $8.2 million from $6.4 million for the same 2017 period.  The year-to-date increase was primarily driven by 8% higher total revenue from a $1.7 million increase in net interest income and $0.5 million more non-interest incomeThe 8% increase in net interest income was the result of $59.2 million growth in average interest-earning assets at  five basis points higher fully-taxable equivalent (FTE) yieldsThis total revenue growth more than offset the $0.7 million in additional non-interest expenses and a $0.2 million higher provision for loan losses.  Earnings per share on a diluted basis were $2.15 and $1.72 for the nine months ended September 30, 2018 and 2017, respectively.



Consolidated Third Quarter Operating Results Overview



Net interest income was $7.7 million for the third quarter of 2018, a $0.7 million, or 9%, increase over the  $7.0 million earned for the third quarter of 2017.    The net interest income growth resulted from a  $72.5 million larger average balance of interest-earning assets that generated nine basis point higher FTE yields which  increased interest income by $1.1 millionThe loan portfolio had the biggest impact, producing $0.9 million more interest income with all portfolios contributing to the increaseYields on average quarterly balances of $327.0 million in floating rate loans at September 30, 2018 benefited from 100 basis points in short-term rate increases by the Federal Reserve since the third quarter of 2017,  and mitigated the effect of adding lower yields on shorter average life indirect consumer loans which experienced the most growth in the loan portfolioThe investment portfolio benefited from the Company investing in $27.2 million more, on average, mortgage backed securities which caused interest income on investments to increase $0.2 millionPartially offsetting the increase in net interest income from higher interest income, interest expense increased $0.4 million.  The average balance of interest-bearing deposits increased $12.4 million and the rates paid on these deposits increased 16 basis points resulting in $0.2 million in additional interest expense.  The Company also utilized $27.7 million more in average overnight borrowings to fund earning asset growth over deposit growth which added another $0.2 million to interest expense.  The Company’s lower tax rate in 2018 due to the Tax Cuts and Jobs Act decreased the FTE yields on nontaxable interest-earning assets and had the effect of reducing FTE net interest rate spread and margin both by eight basis points, respectively.  As a result of the negative impact of the FTE adjustment from the lower tax rate and the higher volume and rates paid on interest-bearing liabilities, net interest spread was 3.37% for the third quarter of 2018, or 15 basis points lower than the 3.52% recorded for the same 2017 quarter.  The Company mitigated the effect on FTE net interest margin and cost of funds by generating $29.9 million more in average non-interest bearing deposits during the quarter.  The Company’s FTE net interest margin decreased by only seven basis points to 3.60% for the three months ended September 30, 2018 from 3.67% for the same 2017 period.  Excluding the effect of the tax rate change, margin increased by one basis pointThe cost of funds increased only 17 basis points despite a 24 basis point higher rate paid on interest-bearing liabilities.



The provision for loan losses was $0.4 million for both the third quarter of 2018 and the third quarter of 2017.  Continued provisioning was in response to the Company’s loan growth in order to maintain an allowance level that the Company deemed adequate. 



Total other income was practically unchanged at $2.3 million for the third quarter of 2018 compared to the third quarter of 2017Increases of $0.1 million in interchange fees plus $0.1 million in trust fees were offset by $0.1 million less service charges on loans and $0.1 million fewer gains on loan sales.  



Other expenses increased $0.1 million, or 2%, for the third quarter of 2018 to $6.2 million from $6.1 million for the same 2017 quarterThe increase was primarily due to $0.2 million higher salaries and employee benefits expenses.    Data processing and communications expense also increased approximately $0.1 million.  These increases were partially offset by $0.1 million lower collection expenses.



The provision for income taxes decreased $0.1 million from $0.7 million for the third quarter of 2017 to $0.6 million for the third quarter of 2018The decrease was due to the Company's lower corporate tax rate in 2018.



Consolidated Year-To-Date Operating Results Overview



Net interest income was $22.5 million for the nine months ended September 30, 2018 compared to $20.8 million for the nine months ended September 30, 2017.  The $1.7 million, or 8%, improvement was the result of earnings from a larger average balance of higher-yielding interest-earning assets which more than offset the increased interest expense from higher rates paid on interest-bearing liabilities.  The loan portfolio caused the largest impact, producing $1.9 million more in interest income, of which $1.1 million was the result of higher average loan balances and $0.8 million stemmed from higher yields earned on loans.  The investment portfolio contributed $0.6 million in additional earnings, primarily from a larger average balance of mortgage-backed securities.  On the liability side, higher rates paid on $32.6 million more interest-bearing deposits caused interest expense to increase by $0.7 million.    Additionally, higher rates paid on overnight borrowings resulted in $0.1 million more interest expense.  FTE net interest spread was 3.47% for the first nine months of 2018, or eleven basis points lower than the 3.58% recorded for the first nine months of 2017.  The lower FTE adjustment in 2018 had the effect of reducing the spread by seven basis points.  Additionally, the rates paid on interest-bearing liabilities rose faster than the yields earned on interest-earning assets, which further reduced the FTE net interest rate spread.  Over the same time period, the Company’s FTE net interest margin decreased by six basis points to 3.66% from 3.72%.  If not for the negative impact of the reduction in the FTE adjustment from the lower tax rate, net interest margin would have increased by one basis point due to the $28.1 million increase in average non-interest bearing deposits. 





For the nine months ended September 30, 2018, the provision for loan losses was $1.1 million compared to $0.9 million for the same 2017 period.  The $0.2 million increase in the provision was due to loan growth.  Loan growth combined with improving asset quality during 2018 supported the lower allowance for loan losses as a percentage of total loans, which fell to 1.42% at September 30, 2018 compared to 1.47% at September 30, 2017.



Total other income for the nine months ended September 30, 2018 was $6.9 million, an increase of $0.4 million, or 7%, from $6.5 million for the nine months ended September 30, 2017.  The increase in other income was comprised of the following: $0.3 million in trust income primarily due to more assets under management, $0.2 million in interchange fees, $0.1 million in financial service fees and $0.1 million in gains on the sale of securities. These increases were partially offset by $0.2 million fewer gains on loan sales and $0.2 million less service charges on loans. 



Other expenses increased to $18.5 million for the nine months ended September 30, 2018, an increase of $0.7 million from $17.9 million for the nine months ended September 30, 2017.  The largest driver of this increase was a $0.7 million increase in salaries and employee benefits expense.  In addition, there was a $0.2 million increase in data processing expense.  These increases were partially offset by a $0.1 million decrease professional fees, $0.1 million lower other real estate owned expenses and $0.1 million less collection expense.



Consolidated Balance Sheet & Asset Quality Overview



The Company’s total assets increased $86.2 million, or 10%, to $949.8 million at September 30, 2018 from $863.6 million at December 31, 2017.  This asset growth resulted primarily from $64.0 million net growth in the loan portfolio and a $14.1 million increase in securitiesAsset growth was mostly funded by a $48.9 million increase in deposits plus $32.3 million in additional borrowingsThe Company continued to focus on increasing assets using its relationship management strategy to grow loans and deposits and achieve profitable returns.  The Company has begun its Luzerne County expansion plans with the Back Mountain branch scheduled to open in November and construction on the Mountain Top branch set to begin next year.



Total non-performing assets were $6.2 million, or 0.65% of total assets, at September 30, 2018 compared to $6.3 million, or 0.73% of total assets, at December 31, 2017.  This $0.1 million decrease in non-performing assets was due to the reduction of $0.4 million in other real estate owned and repossessed assets partially offset by a $0.3 million increase in non-accruing loans.   Net charge-offs to average total loans decreased to 0.08% at September 30, 2018 compared to 0.26% at December 31, 2017 and 0.20% at September 30, 2017.  The improvement was due to a $1.2 million and $0.6 million reduction in net charge-offs compared to December 31, 2017 and September 30, 2017, respectively.



Shareholders’ equity increased $2.7 million, or 3%, to $90.1 million at September 30, 2018 from $87.4 million at December 31, 2017.  Net income growth of $8.2 million was partially offset by a  $3.9 million, after tax, reduction in net unrealized gains from the investment portfolio.  An additional $1.2 million recorded from the issuance of common stock under the Company’s stock plans and stock-based compensation expense, was offset by $2.7 million in cash dividends paid to shareholdersThe Company remains well capitalized and is positioned for continued growth with total shareholders’ equity at 9.48% of total assets at September 30, 2018.  Book value per share was $23.97 at September 30, 2018 compared to $23.40 at December 31, 2017.



Fidelity D & D Bancorp, Inc. has built a strong history as trusted financial advisors to the customers served by The Fidelity Deposit and Discount Bank, and is proud to be an active member of the community of Northeastern Pennsylvania.  The Company serves Lackawanna and Luzerne Counties through The Fidelity Deposit and Discount Bank’s 10 community banking office locations providing personal and business banking products and services, including wealth management assistance through fiduciary activities with the Bank’s full trust powers; as well as offering a full array of asset management services.  The Bank provides 24 hour, 7 day a week service to customers through branch offices, online at www.bankatfidelity.com, and through the Customer Care Center at 800-388-4380.  The Bank's deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law.



Forward-looking statements

Certain of the matters discussed in this press release constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.  The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” and similar expressions are intended to identify such forward-looking statements.

The Company’s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:

§

the effects of economic conditions on current customers, specifically the effect of the economy on loan customers’ ability to repay loans;

§

the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;

§

the impact of new or changes in existing laws and regulations, including the Tax Cuts and Jobs Act and Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the regulations promulgated there under;

§

impacts of the capital and liquidity requirements of the Basel III standards and other regulatory pronouncements, regulations and rules;

§

governmental monetary and fiscal policies, as well as legislative and regulatory changes;

§

effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions;

§

the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters;

§

the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks;

§

the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;

§

technological changes;

§

the interruption or breach in security of our information systems and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom including additional costs, reputational damage, regulatory penalties, and financial losses;

§

acquisitions and integration of acquired businesses;

§

the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities;

§

volatilities in the securities markets;

§

acts of war or terrorism;

§

disruption of credit and equity markets; and

§

the risk that our analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

The Company cautions readers not to place undue reliance on forward-looking statements, which reflect analyses only as of the date of this release.  The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

For more information please visit our investor relations web site located through www.bankatfidelity.com.


 



FIDELITY D & D BANCORP, INC.

Unaudited Condensed Consolidated Balance Sheets

(dollars in thousands)

 



 

 

 

 



 

 

 

 

At Period End:

September 30, 2018

December 31, 2017

Assets

 

 

 

 

Cash and cash equivalents

$

16,944 

$

15,825 

Investment securities

 

171,451 

 

157,385 

Federal Home Loan Bank stock

 

4,717 

 

2,832 

Loans and leases

 

704,886 

 

640,141 

Allowance for loan losses

 

(9,944)

 

(9,193)

Premises and equipment, net

 

16,204 

 

16,576 

Life insurance cash surrender value

 

20,464 

 

20,017 

Other assets

 

25,132 

 

20,054 



 

 

 

 

Total assets

$

949,854 

$

863,637 



 

 

 

 

Liabilities

 

 

 

 

Non-interest-bearing deposits

$

206,588 

$

178,631 

Interest-bearing deposits

 

572,473 

 

551,515 

Total deposits

 

779,061 

 

730,146 

Short-term borrowings

 

40,269 

 

18,502 

FHLB advances

 

31,704 

 

21,204 

Other liabilities

 

8,768 

 

6,402 

Total liabilities

 

859,802 

 

776,254 



 

 

 

 

Shareholders' equity

 

90,052 

 

87,383 



 

 

 

 

Total liabilities and shareholders' equity

$

949,854 

$

863,637 



 

 

 

 



 

 

 

 

Average Year-To-Date Balances:

September 30, 2018

December 31, 2017

Assets

 

 

 

 

Cash and cash equivalents

$

19,973 

$

15,644 

Investment securities

 

168,222 

 

154,738 

Loans and leases, net

 

655,582 

 

621,440 

Premises and equipment, net

 

16,352 

 

16,961 

Other assets

 

42,081 

 

35,564 



 

 

 

 

Total assets

$

902,210 

$

844,347 



 

 

 

 

Liabilities

 

 

 

 

Non-interest-bearing deposits

$

195,392 

$

169,075 

Interest-bearing deposits

 

561,916 

 

536,123 

Total deposits

 

757,308 

 

705,198 

Short-term borrowings

 

30,235 

 

28,673 

FHLB advances

 

18,876 

 

19,778 

Other liabilities

 

7,384 

 

6,379 

Total liabilities

 

813,803 

 

760,028 



 

 

 

 

Shareholders' equity

 

88,407 

 

84,319 



 

 

 

 

Total liabilities and shareholders' equity

$

902,210 

$

844,347 




 



FIDELITY D & D BANCORP, INC.

Unaudited Condensed Consolidated Statements of Income

(dollars in thousands)







 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

Nine Months Ended

 

 



 

Sep. 30, 2018

 

Sep. 30, 2017

 

Sep. 30, 2018

 

Sep. 30, 2017

 

 

Interest income

 

 

 

 

 

 

 

 

 

 

Loans and leases

$

7,779 

$

6,892 

$

21,940 

$

20,045 

 

 

Securities and other

 

1,249 

 

1,036 

 

3,766 

 

3,103 

 

 



 

 

 

 

 

 

 

 

 

 

Total interest income

 

9,028 

 

7,928 

 

25,706 

 

23,148 

 

 



 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

Deposits

 

981 

 

742 

 

2,671 

 

1,971 

 

 

Borrowings and debt

 

336 

 

140 

 

542 

 

386 

 

 



 

 

 

 

 

 

 

 

 

 

Total interest expense

 

1,317 

 

882 

 

3,213 

 

2,357 

 

 



 

 

 

 

 

 

 

 

 

 

Net interest income

 

7,711 

 

7,046 

 

22,493 

 

20,791 

 

 



 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

(400)

 

(375)

 

(1,125)

 

(925)

 

 

Other income

 

2,283 

 

2,248 

 

6,937 

 

6,484 

 

 

Other expenses

 

(6,171)

 

(6,035)

 

(18,542)

 

(17,883)

 

 



 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

3,423 

 

2,884 

 

9,763 

 

8,467 

 

 



 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

(559)

 

(658)

 

(1,604)

 

(2,078)

 

 

Net income

$

2,864 

$

2,226 

$

8,159 

$

6,389 

 

 



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



Three Months Ended



 

Sep. 30, 2018

 

Jun. 30, 2018

 

Mar. 31, 2018

 

Dec. 31, 2017

 

Sep. 30, 2017

Interest income

 

 

 

 

 

 

 

 

 

 

Loans and leases

$

7,779 

$

7,250 

$

6,911 

$

6,850 

$

6,892 

Securities and other

 

1,249 

 

1,285 

 

1,232 

 

1,066 

 

1,036 



 

 

 

 

 

 

 

 

 

 

Total interest income

 

9,028 

 

8,535 

 

8,143 

 

7,916 

 

7,928 



 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

Deposits

 

981 

 

886 

 

804 

 

779 

 

742 

Borrowings and debt

 

336 

 

126 

 

80 

 

87 

 

140 



 

 

 

 

 

 

 

 

 

 

Total interest expense

 

1,317 

 

1,012 

 

884 

 

866 

 

882 



 

 

 

 

 

 

 

 

 

 

Net interest income

 

7,711 

 

7,523 

 

7,259 

 

7,050 

 

7,046 



 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

(400)

 

(425)

 

(300)

 

(525)

 

(375)

Other income

 

2,283 

 

2,371 

 

2,283 

 

1,883 

 

2,248 

Other expenses

 

(6,171)

 

(6,162)

 

(6,208)

 

(6,953)

 

(6,035)



 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

3,423 

 

3,307 

 

3,034 

 

1,455 

 

2,884 



 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

(559)

 

(539)

 

(506)

 

872 

 

(658)

Net income

$

2,864 

$

2,768 

$

2,528 

$

2,327 

$

2,226 



 

 

 

 

 

 

 

 

 

 


 



FIDELITY D & D BANCORP, INC.

Unaudited Condensed Consolidated Balance Sheets

(dollars in thousands)





 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

At Period End:

 

Sep. 30, 2018

 

Jun. 30, 2018

 

Mar. 31, 2018

 

Dec. 31, 2017

 

Sep. 30, 2017

Assets

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

16,944 

$

17,972 

$

36,305 

$

15,825 

$

41,881 

Investment securities

 

171,451 

 

164,403 

 

165,768 

 

157,385 

 

151,995 

Federal Home Loan Bank stock

 

4,717 

 

3,490 

 

2,320 

 

2,832 

 

2,543 

Loans and leases

 

704,886 

 

686,993 

 

642,705 

 

640,141 

 

636,096 

Allowance for loan losses

 

(9,944)

 

(9,527)

 

(9,408)

 

(9,193)

 

(9,356)

Premises and equipment, net

 

16,204 

 

16,189 

 

16,350 

 

16,576 

 

16,899 

Life insurance cash surrender value

 

20,464 

 

20,315 

 

20,168 

 

20,017 

 

19,857 

Other assets

 

25,132 

 

22,766 

 

23,209 

 

20,054 

 

18,351 



 

 

 

 

 

 

 

 

 

 

Total assets

$

949,854 

$

922,601 

$

897,417 

$

863,637 

$

878,266 



 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

   

Non-interest-bearing deposits

$

206,588 

$

212,364 

$

206,729 

$

178,631 

$

185,858 

Interest-bearing deposits

 

572,473 

 

565,894 

 

568,562 

 

551,515 

 

562,719 

Total deposits

 

779,061 

 

778,258 

 

775,291 

 

730,146 

 

748,577 

Short-term borrowings

 

40,269 

 

29,553 

 

8,642 

 

18,502 

 

12,920 

FHLB advances

 

31,704 

 

18,704 

 

18,704 

 

21,204 

 

23,704 

Other liabilities

 

8,768 

 

7,234 

 

7,278 

 

6,402 

 

6,781 

Total liabilities

 

859,802 

 

833,749 

 

809,915 

 

776,254 

 

791,982 



 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

90,052 

 

88,852 

 

87,502 

 

87,383 

 

86,284 



 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

949,854 

$

922,601 

$

897,417 

$

863,637 

$

878,266 



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

Average Quarterly Balances:

 

Sep. 30, 2018

 

Jun. 30, 2018

 

Mar. 31, 2018

 

Dec. 31, 2017

 

Sep. 30, 2017

Assets

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

14,597 

$

21,017 

$

24,412 

$

19,623 

$

15,152 

Investment securities

 

169,280 

 

168,981 

 

166,374 

 

155,943 

 

154,867 

Loans and leases, net

 

686,318 

 

648,006 

 

631,821 

 

629,489 

 

631,938 

Premises and equipment, net

 

16,257 

 

16,295 

 

16,507 

 

16,802 

 

16,977 

Other assets

 

43,483 

 

42,047 

 

40,685 

 

37,997 

 

37,969 



 

 

 

 

 

 

 

 

 

 

Total assets

$

929,935 

$

896,346 

$

879,799 

$

859,854 

$

856,903 



 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

   

Non-interest-bearing deposits

$

203,530 

$

197,355 

$

185,090 

$

174,282 

$

173,627 

Interest-bearing deposits

 

554,652 

 

565,560 

 

565,655 

 

556,354 

 

542,271 

Total deposits

 

758,182 

 

762,915 

 

750,745 

 

730,636 

 

715,898 

Short-term borrowings

 

55,141 

 

19,250 

 

15,885 

 

12,984 

 

25,086 

FHLB advances

 

18,725 

 

18,704 

 

19,204 

 

21,801 

 

23,704 

Other liabilities

 

8,077 

 

7,330 

 

6,729 

 

7,442 

 

6,942 

Total liabilities

 

840,125 

 

808,199 

 

792,563 

 

772,863 

 

771,630 



 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

89,810 

 

88,147 

 

87,236 

 

86,991 

 

85,273 



 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

929,935 

$

896,346 

$

879,799 

$

859,854 

$

856,903 




 



FIDELITY D & D BANCORP, INC.

Selected Financial Ratios and Other Data



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



 

Three Months Ended



 

Sep. 30, 2018

 

Jun. 30, 2018

 

Mar. 31, 2018

 

Dec. 31, 2017

 

Sep. 30, 2017

Selected returns and financial ratios

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.76 

$

0.74 

$

0.67 

$

0.63 

$

0.60 

Diluted earnings per share

$

0.75 

$

0.73 

$

0.67 

$

0.61 

$

0.60 

Dividends per share

$

0.24 

$

0.24 

$

0.24 

$

0.26 

$

0.21 

Yield on interest-earning assets (FTE)

 

4.20% 

 

4.17% 

 

4.12% 

 

4.08% 

 

4.11% 

Cost of interest-bearing liabilities

 

0.83% 

 

0.67% 

 

0.60% 

 

0.58% 

 

0.59% 

Cost of funds

 

0.63% 

 

0.51% 

 

0.46% 

 

0.45% 

 

0.46% 

Net interest spread (FTE)

 

3.37% 

 

3.50% 

 

3.52% 

 

3.50% 

 

3.52% 

Net interest margin (FTE)

 

3.60% 

 

3.69% 

 

3.68% 

 

3.65% 

 

3.67% 

Return on average assets

 

1.22% 

 

1.24% 

 

1.17% 

 

1.07% 

 

1.03% 

Return on average equity

 

12.65% 

 

12.60% 

 

11.75% 

 

10.61% 

 

10.36% 

Efficiency ratio (FTE)

 

60.65% 

 

61.20% 

 

63.95% 

 

75.13% 

 

62.73% 

Expense ratio

 

1.66% 

 

1.70% 

 

1.81% 

 

2.34% 

 

1.75% 



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



 

Nine Months Ended

 

 

 

 

 

 



 

Sep. 30, 2018

 

Sep. 30, 2017

 

 

 

 

 

 

Basic earnings per share

$

2.17 

$

1.72 

 

 

 

 

 

 

Diluted earnings per share

$

2.15 

$

1.72 

 

 

 

 

 

 

Dividends per share

$

0.72 

$

0.62 

 

 

 

 

 

 

Yield on interest-earning assets (FTE)

 

4.17% 

 

4.12% 

 

 

 

 

 

 

Cost of interest-bearing liabilities

 

0.70% 

 

0.54% 

 

 

 

 

 

 

Cost of funds

 

0.53% 

 

0.42% 

 

 

 

 

 

 

Net interest spread (FTE)

 

3.47% 

 

3.58% 

 

 

 

 

 

 

Net interest margin (FTE)

 

3.66% 

 

3.72% 

 

 

 

 

 

 

Return on average assets

 

1.21% 

 

1.02% 

 

 

 

 

 

 

Return on average equity

 

12.34% 

 

10.24% 

 

 

 

 

 

 

Efficiency ratio (FTE)

 

61.91% 

 

62.79% 

 

 

 

 

 

 

Expense ratio

 

1.72% 

 

1.79% 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

Other financial data

 

At period end:

(dollars in thousands except per share data)

 

Sep. 30, 2018

 

Jun. 30, 2018

 

Mar. 31, 2018

 

Dec. 31, 2017

 

Sep. 30, 2017

Interest income adjustment to FTE

$

182 

$

175 

$

165 

$

322 

$

325 

Book value per share

$

23.97 

$

23.68 

$

23.32 

$

23.40 

$

23.13 

Equity to assets

 

9.48% 

 

9.63% 

 

9.75% 

 

10.12% 

 

9.82% 

Allowance for loan losses to:

 

 

 

 

 

 

 

 

 

 

Total loans

 

1.42% 

 

1.39% 

 

1.47% 

 

1.44% 

 

1.47% 

Non-accrual loans

 

2.63x

 

3.45x

 

3.24x

 

2.67x

 

2.42x

Non-accrual loans to total loans

 

0.54% 

 

0.40% 

 

0.45% 

 

0.54% 

 

0.61% 

Non-performing assets to total assets

 

0.65% 

 

0.66% 

 

0.79% 

 

0.73% 

 

0.76% 

Net charge-offs to average total loans

 

0.08% 

 

0.12% 

 

0.05% 

 

0.26% 

 

0.20% 



 

 

 

 

 

 

 

 

 

 

Capital Adequacy Ratios

 

 

 

 

 

 

 

 

 

 

Total risk-based capital ratio

 

14.87% 

 

14.82% 

 

15.19% 

 

14.90% 

 

14.75% 

Common equity tier 1 risk-based capital ratio

 

13.61% 

 

13.57% 

 

13.93% 

 

13.65% 

 

13.50% 

Tier 1 risk-based capital ratio

 

13.61% 

 

13.57% 

 

13.93% 

 

13.65% 

 

13.50% 

Leverage ratio

 

9.93% 

 

10.02% 

 

9.98% 

 

9.91% 

 

9.80% 



 

 

 

 

 

 

 

 

 

 




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