Financial Performance - Net income for Q1 2025 was $6.0 million, or $1.03 diluted earnings per share, an 18% increase from $5.1 million, or $0.88 per share in Q1 2024 [3]. - Net income for the three months ended March 31, 2025, was $5,991 thousand, up 18.5% from $5,057 thousand for the same period in 2024 [25]. - Basic earnings per share rose to $1.04 for the three months ended March 31, 2025, compared to $1.02 for the previous quarter, reflecting a 1.96% increase [29]. - Income before taxes (GAAP) for Q1 2025 was $7,082,000, compared to $6,661,000 in Q4 2024, marking an increase of 6.30% [32]. Assets and Equity - Total assets reached $2.7 billion as of March 31, 2025, an increase of $126.7 million from December 31, 2024 [11]. - Total assets increased to $2,711,310 thousand as of March 31, 2025, up from $2,584,616 thousand at December 31, 2024, representing a growth of 4.9% [23]. - Shareholders' equity increased by $7.7 million, or 4%, to $211.7 million at March 31, 2025, from $204.0 million at December 31, 2024 [13]. - Shareholders' equity increased to $211,674 thousand as of March 31, 2025, up from $203,969 thousand at December 31, 2024, reflecting a growth of 3.4% [23]. Income and Expenses - Net interest income was $17.0 million for Q1 2025, a 14% increase from $14.9 million in Q1 2024, driven by a $2.7 million increase in interest income [5]. - Total non-interest income rose by $0.4 million, or 9%, to $5.0 million in Q1 2025 compared to $4.6 million in Q1 2024 [8]. - Non-interest expenses increased by $0.9 million, or 6%, to $14.6 million in Q1 2025 from $13.7 million in Q1 2024 [9]. - Total interest expense for the three months ended March 31, 2025, was $11,275 thousand, compared to $10,682 thousand for the same period in 2024, an increase of 5.5% [25]. Credit Quality - The provision for credit losses on loans was $455 thousand in Q1 2025, compared to $125 thousand in Q1 2024, reflecting higher loan growth and net charge-offs [7]. - The allowance for credit losses on loans was $20,019 thousand as of March 31, 2025, compared to $19,391 thousand at December 31, 2024, indicating a slight increase in provisions [23]. - Total non-performing assets decreased to $6.1 million, or 0.23% of total assets, down from $7.8 million, or 0.30% at December 31, 2024 [14]. - Non-performing assets to total assets decreased to 0.23% as of March 31, 2025, down from 0.30% at December 31, 2024, reflecting improved asset quality [30]. Capital Ratios - The company maintains a Tier 1 capital ratio of 9.22% of total average assets as of March 31, 2025, indicating strong capitalization [13]. - The total risk-based capital ratio remained stable at 14.74% as of March 31, 2025, compared to 14.78% in the previous quarter, indicating strong capital adequacy [30]. - Tangible common equity ratio was 7.11% in Q1 2025, slightly down from 7.16% in Q4 2024, indicating a minor decrease in capital efficiency [32]. Efficiency and Management - The efficiency ratio (FTE) improved to 61.67% in Q1 2025, down from 65.48% in Q4 2024, indicating better cost management [29]. - Efficiency ratio (non-GAAP) improved to 61.67% in Q1 2025 from 65.47% in Q4 2024, showing a positive trend in operational efficiency [32]. - Total pre-provision net revenue (non-GAAP) reached $7,452,000 in Q1 2025, up from $6,826,000 in Q4 2024, a growth of 9.15% [32]. Deposits and Loans - Total deposits rose to $2,457,459 thousand as of March 31, 2025, compared to $2,340,820 thousand at December 31, 2024, reflecting an increase of 5.0% [23]. - Interest income from loans and leases increased to $24,596 thousand for the three months ended March 31, 2025, compared to $22,133 thousand for the same period in 2024, marking a growth of 11.1% [25].
Fidelity D & D Bancorp(FDBC) - 2025 Q1 - Quarterly Results