Fidelity D & D Bancorp, Inc. reported its financial results for the three and nine months ended September 30, 2024, reflecting a mixed performance compared to the previous fiscal period. For the three months ended September 30, 2024, total interest income increased to $27.3 million from $23.7 million in 2023, while total interest expense rose to $11.9 million from $9.0 million. Consequently, net interest income improved slightly to $15.4 million from $14.6 million. However, net income for the quarter decreased to $5.0 million, down from $5.3 million in the prior year, resulting in a decline in net income per share (basic) to $0.87 from $0.94.
For the nine-month period, net income was reported at $15.0 million, a decrease from $17.7 million in 2023. Basic earnings per share for this period also fell to $2.61 from $3.13. The company experienced a significant increase in total deposits, which rose to $2.34 billion from $2.16 billion, indicating strong customer retention and growth in deposit accounts.
The total loans and leases net of allowance for credit losses increased to $1.77 billion as of September 30, 2024, compared to $1.67 billion at the end of 2023. Notably, commercial and industrial loans grew from $152.6 million to $168.6 million, and non-owner occupied commercial real estate loans rose from $337.7 million to $382.1 million. The allowance for credit losses also increased to $19.6 million from $18.8 million, reflecting management's assessment of potential credit risks.
The company’s total cash and cash equivalents increased to $120.2 million from $111.9 million, while total shareholders' equity rose to $207.3 million from $189.5 million. The increase in capital stock to $119.1 million from $117.7 million indicates ongoing investment in the company’s growth.
Fidelity D & D Bancorp continues to manage its investment securities portfolio, with available-for-sale debt securities valued at $334.4 million as of September 30, 2024, down from $344.0 million at the end of 2023. The company also reported a slight increase in cash surrender values of Bank-Owned Life Insurance policies to $57.7 million from $54.6 million.
Overall, while the company showed growth in certain areas such as deposits and loans, profitability metrics reflected challenges, particularly in net income and earnings per share.
About FIDELITY D & D BANCORP INC
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