Fidelity D & D Bancorp, Inc. reported a net income of $20.8 million for the fiscal year ending December 31, 2024, translating to a diluted earnings per share of $3.60. This marks a 14% increase from the previous year's net income of $18.2 million, or $3.19 per share. The growth in profitability was primarily driven by a significant increase in non-interest income, which rose by $7.6 million compared to 2023. However, net interest income slightly declined to $61.9 million from $62.1 million, as the cost of interest-bearing liabilities outpaced the growth in interest income.
The company experienced a notable increase in total assets, which grew by 3% to $2.6 billion, largely due to a $113.6 million increase in the loan portfolio. The total loans and leases reached $1.8 billion, with commercial loans contributing significantly to this growth. The commercial portfolio increased by 13%, while residential loans also saw a rise of 5%. However, non-performing assets increased to 0.30% of total assets, up from 0.13% in the previous year, primarily due to a rise in non-accrual loans.
In terms of strategic developments, Fidelity D & D Bancorp opened a new branch in Easton and completed renovations on its main branch in Dunmore, Pennsylvania. The company is also in the process of constructing a new corporate headquarters in Scranton, with an expected completion date in 2026. The project is supported by $9 million in state grants aimed at revitalizing the historic Scranton Electric Building.
The company’s employee headcount stood at 320 as of December 31, 2024, with a focus on enhancing employee engagement and retention through competitive compensation and benefits. The bank's market share in its primary service areas remains strong, with 15.70% in Lackawanna County, 6.14% in Luzerne County, and 7.12% in Northampton County. Looking ahead, Fidelity D & D Bancorp anticipates operating in a moderately declining interest rate environment throughout 2025, with expectations for improved net interest margins as the company reallocates cash flow to focus on higher-yielding assets.
About FIDELITY D & D BANCORP INC
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