Financial Performance - Net income for Q2 2024 was $4.9 million, a decrease of 9.26% from $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% decline from $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% from $12,402 for the same period in 2023[32]. - Basic earnings per share for Q2 2024 was $0.86, a decrease of 2.3% compared to $0.88 in Q1 2024[36]. Income and Expenses - Net interest income for Q2 2024 was $15.1 million, down 2% from $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%[34]. - Loans and leases increased to $1,728,509 as of June 30, 2024, compared to $1,686,555 at December 31, 2023, reflecting a growth of approximately 2.5%[30]. - Loans and leases reached $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%[30]. - Total deposits decreased to $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% at December 31, 2023[20]. - The allowance for credit losses on loans was $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% from 0.21% in the prior quarter, indicating a rise in non-performing loans[37]. Efficiency and Ratios - Return on average equity decreased to 10.44% in Q2 2024 from 10.71% in Q1 2024[36]. - Net interest margin (FTE) improved to 2.71% in Q2 2024, compared to 2.69% in Q1 2024[36]. - The efficiency ratio (FTE) improved to 66.47% in Q2 2024 from 67.56% in Q1 2024[36]. - Efficiency ratio (non-GAAP) for Q2 2024 was reported at 66.48%, a slight improvement from 67.56% in Q1 2024[39]. - Pre-Provision Net Revenue to Average Assets (non-GAAP) was 1.00% for Q2 2024, up from 0.96% in Q1 2024[39]. Other Financial Metrics - Cash and cash equivalents increased to $78,085 million, up from $72,733 million in the previous quarter, a rise of 7.4%[34]. - The cost of funds increased to 1.96% in Q2 2024 from 1.93% in Q1 2024[36]. - Assets under management increased to $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% increase[37]. - Tangible common equity ratio improved to 7.06%, up from 6.98% in the previous quarter[37]. - Net interest income adjusted to FTE for Q2 2024 was $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].
Fidelity D & D Bancorp(FDBC) - 2024 Q2 - Quarterly Results