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Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) is a reputable bank holding company with over 110 years of history, renowned for its customer-focused approach. Through its wholly-owned subsidiary, The Fidelity Deposit and Discount Bank, Fidelity D & D Bancorp, Inc. offers a comprehensive range of traditional banking services. Headquartered in northeastern Pennsylvania, Fidelity Bank operates 21 full-service community banking offices across Lackawanna, Luzerne, Lehigh, and Northampton Counties, as well as a wealth management office in Schuylkill County.
Fidelity Bank provides clients with 24/7 access to banking services through online banking, a mobile app, and a dedicated mortgage center. The bank offers various deposit products such as demand deposits, money market accounts, and savings accounts. It also extends an array of loan products that cater to both retail and commercial customers.
In addition to traditional banking, Fidelity Bank houses a corporate trust department and provides alternative financial and insurance products, along with asset management services. The bank’s strategic focus is on relationship banking, which has helped attract new retail and business households, ensuring sustained growth even in challenging economic environments.
Despite a recent drop in net income due to increased interest expenses, the bank has maintained strong loan growth, excellent asset quality, and controlled expenses. For the year ended December 31, 2023, Fidelity D & D Bancorp, Inc. reported a net income of $18.2 million, a decrease from the previous year, attributed primarily to higher interest costs and lower non-interest income. However, the bank’s strategic initiatives and strong capital position set the stage for future growth.
Fidelity Bank’s commitment to community service is evident through its volunteer efforts and substantial donations to non-profit organizations. The bank’s deposits are insured by the Federal Deposit Insurance Corporation (FDIC), and it is an Equal Housing Lender and SBA Preferred Lender.
For more information, please visit the investor relations section on their website at www.bankatfidelity.com. Stay updated with the latest news and developments about Fidelity D & D Bancorp, Inc. through their regularly published financial reports and press releases.
Fidelity Bank announced a contribution of over $1.054 million in Pennsylvania Educational Improvement Tax Credit (EITC) funds to various non-profit organizations and educational institutions. This funding, which is nearly double compared to 2019, will support 12 high schools in northeastern Pennsylvania, enabling students to earn college credits through Dual Enrollment programs. The initiative is aimed at assisting families facing economic challenges due to the COVID-19 pandemic and enhancing educational opportunities for local students.
Fidelity D & D Bancorp (FDBC) announced a dividend of $0.30 per share and reported a net income of $5.7 million, or $1.13 EPS, for Q1 2021, a significant increase from $2.6 million, or $0.69 EPS, in Q1 2020. The growth in net income stemmed from a $5.4 million rise in net interest income and a $2.8 million increase in non-interest income, despite a $4.2 million rise in non-interest expenses. The total assets increased by 13% to $1.9 billion, and the provision for loan losses rose to $0.8 million amid the economic impact of COVID-19. The company anticipates a successful integration of Landmark Bank later in 2021.
Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) announced a definitive agreement to merge with Landmark Bancorp, Inc. (OTCPink: LDKB). Landmark's wholly-owned subsidiary bank will also merge with Fidelity Bank. The merger, valued at $43.4 million, will provide Fidelity with total pro forma assets of approximately $2.05 billion and deposits of around $1.8 billion. Landmark shareholders will receive 0.272 shares of Fidelity common stock and $3.26 in cash per share. The deal awaits shareholder and regulatory approvals and is expected to finalize in early Q3 2021.
Fidelity D & D Bancorp, Inc. (FDBC) reported a strong financial performance for Q4 and 2020, highlighting a net income of $5.2 million for Q4 2020, achieving a 91% increase from Q4 2019. The diluted EPS rose to $1.03, up 45% year-over-year. Annual net income was $13.0 million, or $2.82 per share, slightly down from $3.03 in 2019. The company declared a $0.30 dividend per share, payable on March 10, 2021. Key growth drivers included a significant rise in net interest income and non-interest income, though non-interest expenses also increased due to merger costs. The firm remains well-capitalized with a solid Tier 1 capital ratio of 8.81%.
Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) recently announced a fourth quarter dividend of $0.30 per share, marking a 7% increase from the previous quarter. The company reported net income of $5.0 million for Q3 2020, a 63% rise year-over-year, with diluted earnings per share of $0.99. Total assets surged to $1.7 billion, driven by the merger with MNB Corporation. However, the nine-month net income decreased by 11% to $7.9 million due to rising non-interest expenses and loan loss provisions. Fidelity remains well-capitalized with a tangible book value per share of $30.68.
Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) reported a decrease in loan forbearance through the Client Assistance Program, assisting local businesses affected by COVID-19. As of September 30, 2020, only 2.2% of its total loan portfolio is under forbearance. Originally, 1,429 borrowers received forbearance totaling $201.8 million, which significantly declined to 212 borrowers totaling $25.1 million. CEO Daniel J. Santaniello emphasized the bank's strong partnerships with clients, illustrating resilience amid economic uncertainty.
Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) announced on September 15, 2020, the appointment of Alan Silverman, CPA, to its Board of Directors as a Class B Director until the 2023 Annual Meeting of Shareholders. He will also serve on the Board of Fidelity Deposit and Discount Bank. Silverman brings over 30 years of experience as a CPA and is known for his contributions to the healthcare sector. Fidelity Bank, a community bank with over 118 years of service, has been recognized for its financial performance and superior customer experience.
Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) declared a third-quarter dividend of $0.28 per share, payable September 10, 2020, to shareholders of record by August 20, 2020. For Q2 2020, net income dropped to $0.3 million ($0.05 EPS), down 92% from $3 million ($0.79 EPS) in Q2 2019, primarily due to $1.9 million in merger-related costs. The company's assets increased 78% to $1.8 billion due to the acquisition of MNB Corporation, adding significant deposits and loans. Despite challenges from COVID-19, management remains optimistic about long-term growth and shareholder value.
Fidelity D & D Bancorp (NASDAQ: FDBC) announced the retirement of Chairman Emeritus Patrick J. Dempsey, effective May 5, 2020. Dempsey served as a director since 1985 and chaired the board for 14 years. His leadership is credited with establishing the company’s governance structure. The board expressed gratitude for his 35 years of service. The press release also includes forward-looking statements addressing potential risks such as economic impacts from COVID-19, litigation costs, and regulatory changes that could affect the company's financial performance.
The Board of Directors of Fidelity D & D Bancorp (NASDAQ: FDBC) has declared a second quarter dividend of $0.28 per share, payable on June 10, 2020, to shareholders of record as of May 20, 2020. This announcement highlights the bank's commitment to returning value to its shareholders amidst its operations across Lackawanna, Luzerne, and Northampton Counties.
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