Financial Performance - Net income for Q1 2024 was 0.88 diluted earnings per share, down from 1.24 diluted earnings per share in Q1 2023, reflecting a 2.1 million decrease in net interest income[3] - Net income for the three months ended March 31, 2024, was 7,040 thousand for the same period in 2023, a decrease of about 28.3%[26] - Basic earnings per share for the three months ended March 31, 2024, were 0.08 in the previous quarter[30] - Income before taxes (GAAP) surged to 107,000 in Q4 2023, a significant increase of 5,280.37%[33] Interest Income and Expenses - Net interest income decreased by 12% to 17.0 million in Q1 2023, driven by a 25,625 thousand for the three months ended March 31, 2024, compared to 25,625,000, an increase from 15,690,000, slightly down from 34 million to 39 million[12] - Total assets as of March 31, 2024, were 2,503,159 on December 31, 2023[28] - Total liabilities decreased from 2,277,261 thousand as of March 31, 2024, a decline of approximately 1.6%[24] - Average assets for Q1 2024 were 2,405,086,000 in Q4 2023, representing a growth of 1.92%[33] Shareholders' Equity - Shareholders' equity increased by 191.6 million at March 31, 2024, driven by retained earnings from net income[13] - Shareholders' equity increased from 191,635 thousand as of March 31, 2024, an increase of about 1.1%[24] - Book value per share increased to 33.22 at the end of December 2023[31] Non-Interest Income and Expenses - Total non-interest income increased by 2% to 4.5 million in Q1 2023, primarily due to higher trust income[9] - Non-interest income for the three months ended March 31, 2024, was 4,489 thousand for the same period in 2023, indicating a growth of approximately 1.9%[26] - Non-interest expenses rose by 6% to 12.9 million in Q1 2023, mainly due to higher salaries and insurance expenses[10] Asset Quality - Total non-performing assets were 3.3 million, or 0.13% at December 31, 2023[14] - The provision for credit losses on loans was 50 thousand in Q1 2024[8] - Non-performing assets to total assets ratio was 0.15% as of March 31, 2024, compared to 0.13% in the previous quarter, indicating a slight increase in asset quality concerns[31] Capital Ratios - The Fidelity Deposit and Discount Bank maintained a Tier 1 capital ratio of 9.15% of total average assets as of March 31, 2024, remaining above well-capitalized limits[13] - The total risk-based capital ratio stood at 14.68% as of March 31, 2024, slightly up from 14.57% at the end of December 2023[31] - Tangible common equity ratio improved to 6.98% in Q1 2024 from 6.79% in Q4 2023, reflecting a stronger capital position[33] Operational Efficiency - The efficiency ratio (FTE) for the quarter was 67.56%, compared to 63.74% in the previous quarter, indicating a decline in operational efficiency[30] - Efficiency ratio (non-GAAP) increased to 67.56% in Q1 2024 from 63.74% in Q4 2023, indicating a decline in operational efficiency[33]
Fidelity D & D Bancorp(FDBC) - 2024 Q1 - Quarterly Results