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Fidelity D & D Bancorp Inc. (FDBC+2.97%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing an increase in net income to $20.8 million, or $3.60 diluted earnings per share, up from $18.2 million, or $3.19 diluted earnings per share, in the previous year. The increase in net income is attributed to higher non-interest income and lower provision for credit losses.
Total assets grew by 3% to $2.6 billion, primarily due to loan portfolio growth. The loan portfolio increased by $113.6 million, or 7%, with significant growth in commercial loans.
The company's net interest income was $61.9 million, slightly down from $62.1 million in the previous year, as interest expense increased faster than interest income.
Non-performing assets represented 0.30% of total assets, up from 0.13% the previous year, mainly due to an increase in non-accrual loans.
Total deposits increased by $182.4 million, or 8%, to $2.3 billion, driven by growth in certificates of deposit and money market accounts.
The company reported a tangible common equity ratio of 7.16% and a tangible book value per share of $31.98.
Fidelity D & D Bancorp Inc. continues to focus on managing interest rate risk and liquidity, with available borrowing capacity from various sources totaling $1.7 billion.
The filing outlines various regulatory capital requirements, with the bank maintaining capital ratios above required minimums.
Fidelity D & D Bancorp Inc. plans to continue its growth strategy by expanding its loan portfolio and maintaining a strong liquidity position while managing interest rate risk.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fidelity D & D Bancorp Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.