Financial Performance - Net income for Q3 2024 was $5.0 million, or $0.86 diluted earnings per share, a decrease from $5.3 million, or $0.93 per share in Q3 2023 [2]. - For the nine months ended September 30, 2024, net income was $15.0 million, or $2.59 diluted earnings per share, down 15% from $17.7 million, or $3.11 per share in the same period of 2023 [3]. - Net income for the three months ended September 30, 2024, was $4,967 thousand, compared to $5,340 thousand for the same period in 2023, a decrease of 7% [26]. - Basic earnings per share for the quarter were $0.87, slightly up from $0.86 in the previous quarter [31]. - Income before taxes (GAAP) was $5,760,000, compared to $5,701,000 in the previous quarter, showing a slight increase of 1.0% [35]. Income and Revenue - Net interest income for Q3 2024 increased by 5% to $15.4 million from $14.6 million in Q3 2023, driven by a $3.6 million increase in interest income [4]. - Total non-interest income for Q3 2024 increased by 15% to $5.0 million compared to $4.3 million in Q3 2023 [7]. - Total interest income for the three months ended September 30, 2024, was $27,299 thousand, compared to $23,678 thousand for the same period in 2023, reflecting a year-over-year increase of 15.5% [26]. - Net interest income for the nine months ended September 30, 2024, was $45,491 thousand, slightly down from $47,146 thousand in the same period of 2023, a decrease of 3.5% [26]. - Non-interest income for the three months ended September 30, 2024, was $4,979 thousand, up from $4,325 thousand in the same period of 2023, an increase of 15.1% [26]. Assets and Liabilities - Total assets reached $2.6 billion as of September 30, 2024, an increase of $0.1 billion from $2.5 billion at the end of 2023 [14]. - Total assets increased to $2,615,933 thousand as of September 30, 2024, compared to $2,503,159 thousand at December 31, 2023, representing a growth of 4.5% [23]. - Loans and leases rose to $1,795,548 thousand, up from $1,686,555 thousand, indicating an increase of 6.5% [23]. - Total deposits increased to $2,342,506 thousand as of September 30, 2024, from $2,158,425 thousand, marking an increase of 8.5% [24]. - The company experienced a $184.1 million increase in deposits, which was utilized to pay down $92.0 million in short-term borrowings [14]. Equity and Capital - Shareholders' equity increased by $17.8 million, or 9%, to $207.3 million at September 30, 2024, from $189.5 million at December 31, 2023 [15]. - The allowance for credit losses on loans was $19,630 thousand as of September 30, 2024, compared to $18,806 thousand at December 31, 2023, an increase of 4.4% [23]. - Total risk-based capital ratio stood at 14.56%, slightly down from 14.69% in the previous quarter, indicating stable capital adequacy [33]. - Book value per share rose to $36.13, compared to $34.12 in the prior quarter, reflecting an increase of 5.9% [33]. - Tangible common equity ratio improved to 7.19%, up from 7.06% in the previous quarter, indicating a stronger capital position [33]. Cost Management - The overall cost of interest-bearing liabilities rose to 2.70% in Q3 2024, up 53 basis points from 2.17% in Q3 2023 [5]. - Interest expense for deposits rose to $11,297 thousand for the three months ended September 30, 2024, compared to $8,488 thousand in the same period of 2023, an increase of 33.3% [26]. - Efficiency ratio improved to 65.33% from 66.47% in the previous quarter, indicating better cost management [31]. - Efficiency ratio (non-GAAP) improved to 65.33%, down from 66.48% in the previous quarter, indicating better cost management [34]. - Pre-provision net revenue to average assets increased to 1.05%, up from 1.00% in the previous quarter, reflecting improved profitability [34]. Future Outlook - The company anticipates potential impacts from economic conditions, inflation, and interest rate volatility on future performance [20].
Fidelity D & D Bancorp(FDBC) - 2024 Q3 - Quarterly Results