Fidelity D & D Bancorp(US:FDBC)2025-10-22 15:04Financial Performance - Net income for Q3 2025 was $7.3 million, a 48% increase from $5.0 million in Q3 2024, resulting in $1.27 per diluted share[3] - Year-to-date net income reached $20.3 million, up 35% from $15.0 million for the same period in 2024, with earnings of $3.50 per diluted share[4] - Net income for the nine months ended September 30, 2025, was $20,258 thousand, up 35.1% from $14,960 thousand for the same period in 2024[32] - Income before taxes (GAAP) for the nine months ended September 30, 2025, was $23,932 thousand, up from $17,212 thousand for the same period in 2024, a 39.56% increase[39] Net Interest Income - Net interest income for Q3 2025 was $18.4 million, a 19% increase from $15.4 million in Q3 2024, driven by a $3.0 million rise in interest income[6] - Net interest income for the three months ended September 30, 2025, was $18,429 thousand, an increase of 19.5% compared to $15,431 thousand for the same period in 2024[32] - Net interest income (GAAP) for the nine months ended September 30, 2025, was $53,391 thousand, up from $45,491 thousand in 2024, reflecting a 17.38% increase[39] Non-Interest Income - Total non-interest income for Q3 2025 was $5.1 million, a 3% increase from $5.0 million in Q3 2024, primarily due to higher trust and interchange fees[9] - Non-interest income for the nine months ended September 30, 2025, was $15,437 thousand, reflecting a growth of 8.9% from $14,167 thousand in the same period of 2024[32] Assets and Equity - Total assets increased to $2.7 billion as of September 30, 2025, up $152.1 million from December 31, 2024, driven by loan portfolio growth[18] - Total assets increased to $2,736,750 thousand as of September 30, 2025, up from $2,584,616 thousand at December 31, 2024, representing a growth of 5.9%[30] - Shareholders' equity increased by $25.3 million, or 12%, to $229.3 million at September 30, 2025, supported by higher retained earnings[20] - Shareholders' equity increased to $229,247 thousand as of September 30, 2025, up from $203,969 thousand at December 31, 2024, representing an increase of 12.4%[30] Credit Quality - Total non-performing assets decreased to $3.0 million, or 0.11% of total assets, from $7.8 million, or 0.30% of total assets, at December 31, 2024[21] - The provision for credit losses on loans was $955 thousand for the nine months ended September 30, 2025, down from $1.1 million for the same period in 2024, reflecting improved asset quality[14] - The company reported a provision for credit losses on loans of $200 thousand for the three months ended September 30, 2025, down from $675 thousand in the same period of 2024[32] - The allowance for credit losses on loans was $20,218 thousand as of September 30, 2025, compared to $19,666 thousand at December 31, 2024, indicating a slight increase in reserves[30] Operational Efficiency - The efficiency ratio (FTE) improved to 60.17% for the quarter ended September 30, 2025, down from 61.17% in the previous quarter, showing enhanced operational efficiency[36] - Efficiency ratio (non-GAAP) improved to 60.17% in Q3 2025 from 61.17% in Q2 2025, indicating enhanced operational efficiency[39] Deposits - Total deposits rose to $2,466,913 thousand as of September 30, 2025, compared to $2,340,820 thousand at December 31, 2024, marking an increase of 5.4%[30] - Total deposits reached $2,466,913 thousand, an increase from $2,435,328 thousand in the previous quarter, marking a growth of 1.3%[34] Economic Outlook - The company anticipates potential impacts from economic conditions, including inflation and interest rate volatility, which may affect future performance[26]