Fidelity D & D Bancorp(FDBC) - 2024 Q2 - Quarterly Results

Financial Performance - Net income for Q2 2024 was $4.9 million, a decrease of 9.26$5.4 million in Q2 2023, resulting in diluted earnings per share of $0.86 compared to$0.94[3]. - For the six months ended June 30, 2024, net income was $10.0 million, a 19$12.4 million in the same period of 2023[4]. - Net income for the six months ended June 30, 2024, was $9,993, down 19.4$12,402 for the same period in 2023[32]. - Basic earnings per share for Q2 2024 was $0.86, a decrease of 2.3$0.88 in Q1 2024[36]. Income and Expenses - Net interest income for Q2 2024 was $15.1 million, down 2$15.5 million in Q2 2023, primarily due to a $3.4 million increase in interest expense[5]. - Total non-interest income for Q2 2024 was$4.6 million, a 2% increase from $4.5 million in Q2 2023, driven by higher fees from trust fiduciary activities[9]. - Non-interest expenses rose to$13.6 million in Q2 2024, a 1% increase from $13.4 million in Q2 2023, mainly due to higher salaries and benefits[10]. - Total interest income for the three months ended June 30, 2024, was$26,039, an increase of 9.1% from $22,979 for the same period in 2023[32]. - Interest expense for the three months ended June 30, 2024, was$10,922, an increase of 45.5% from $7,497 in the same period last year[32]. Assets and Liabilities - Total assets as of June 30, 2024, were$2.5 billion, a slight decrease of $2.5 million from December 31, 2023[18]. - Total assets as of June 30, 2024, were$2,500,645, a slight decrease from $2,503,159 at December 31, 2023[30]. - Total assets increased to$2,500,645 million as of June 30, 2024, up from $2,468,896 million in the previous quarter, representing a growth of 1.1$1,728,509 as of June 30, 2024, compared to $1,686,555 at December 31, 2023, reflecting a growth of approximately 2.5$1,728,509 million, an increase of 1.8% from $1,697,299 million in the prior quarter[34]. - Total deposits increased to$2,169,130 as of June 30, 2024, from $2,158,425 at December 31, 2023, indicating a growth of approximately 0.5$2,169,130 million, down 2.1% from $2,215,996 million in the previous quarter[34]. Equity and Capital - Shareholders' equity increased by$6.2 million, or 3%, to $195.7 million at June 30, 2024, from$189.5 million at December 31, 2023[19]. - Shareholders' equity increased to $195,692 as of June 30, 2024, from$189,479 at December 31, 2023[30]. - Total shareholders' equity increased to $195,692 thousand as of June 30, 2024, from$191,635 thousand in the previous quarter[39]. - The total risk-based capital ratio remained stable at 14.69% as of June 30, 2024, consistent with the previous quarter[37]. Credit Quality - The provision for credit losses on loans decreased by $0.5 million for the six months ended June 30, 2024, reflecting lower growth in the loan portfolio[14]. - Total non-performing assets were$6.9 million, or 0.28% of total assets, at June 30, 2024, compared to $3.3 million, or 0.13$18,975 as of June 30, 2024, compared to $18,806 at December 31, 2023[30]. - The company reported a net benefit for credit losses on loans of$(275) for the three months ended June 30, 2024, compared to $(675) for the same period in 2023[32]. - Non-accrual loans to total loans ratio increased to 0.40$78,085 million, up from $72,733 million in the previous quarter, a rise of 7.4$906,861 thousand as of June 30, 2024, up from $900,964 thousand in the previous quarter[37]. - Book value per share rose to$34.12, compared to $33.41 in the prior quarter, reflecting a 2.12$15,868 thousand, an increase from $15,690 thousand in Q1 2024[39]. - Average assets for Q2 2024 were$2,456,828 thousand, compared to $2,451,168 thousand in Q1 2024[39].