Core Insights - Fidelity D & D Bancorp, Inc. reported a net income of $20.8 million for the year ended December 31, 2024, representing a 14% increase from $18.2 million in 2023, primarily driven by a $7.6 million increase in non-interest income [2][4][8] - The company achieved total assets of $2.6 billion as of December 31, 2024, an increase of $81.5 million from the previous year, with significant growth in the loans and leases portfolio [17][19] Financial Performance - For the year ended December 31, 2024, net interest income was $61.9 million, a slight decline of less than 1% from $62.1 million in 2023, attributed to rising interest expenses outpacing interest income [5][6] - Non-interest income for 2024 totaled $19.0 million, a 67% increase from $11.4 million in 2023, largely due to the previous year's $6.5 million loss on the sale of securities [8][14] - Non-interest expenses rose to $55.5 million in 2024, a 7% increase from $51.9 million in 2023, driven by higher salaries and benefits expenses [9][15] Quarterly Results - In Q4 2024, net income was $5.8 million, significantly up from $0.5 million in Q4 2023, with net interest income increasing to $16.4 million from $14.9 million year-over-year [3][11] - The provision for credit losses on loans for Q4 2024 was $0.2 million, compared to a $0.1 million provision in Q4 2023, reflecting higher net charge-offs [13][16] Balance Sheet and Asset Quality - Total liabilities increased by $67.0 million, or 3%, with a notable deposit growth of $182.4 million used to fund loan growth [18] - Shareholders' equity rose to $204.0 million at December 31, 2024, an 8% increase from $189.5 million in 2023, supported by higher retained earnings [19] - Non-performing assets were $7.8 million, or 0.30% of total assets, as of December 31, 2024, up from $3.3 million, or 0.13%, in the previous year [20]
Fidelity D & D Bancorp, Inc. Reports 2024 Financial Results