Fidelity D & D Bancorp reports Q2 EPS 94 vs. $1.35 last year

The Company’s total assets grew to $2.4 billion as of June 30, 2023, an increase of $63 million from December 31, 2022. The Company remains well capitalized with Tier 1 capital at 9.08% of total average assets as of June 30, 2023. Total risk-based capital was 14.71% of risk-weighted assets and Tier 1 risk-based capital was 13.52% of risk-weighted assets as of June 30, 2023. Tangible book value per share was $27.59 at June 30, 2023 compared to $25.18 at December 31, 2022. Tangible common equity was 6.48% of total assets at June 30, 2023 compared to 6.01% at December 31, 2022. “Despite the challenging operating environment, the bank produced strong loan growth, grew non-interest income, maintained excellent asset quality, and controlled expenses. While the rising costs of deposits and borrowed funds resulted in decreased earnings this quarter, our continued focus on a well-executed strategic plan sets the stage for future growth,” stated Daniel Santaniello, President and Chief Executive Officer. He continued, “Fidelity Bank continues to make prudent investments based on a relationship banking strategy, attracting new retail and business households. Our strong capital position, and commitment to the communities we serve provide the foundation for consistent financial performance.”