Fidelity D & D Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2017; Reports Charge-Off for the Fourth Quarter of 2017
January 31, 2018 at 06:46 pm
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Fidelity D & D Bancorp, Inc. reports unaudited consolidated earnings results for the fourth quarter and year ended Dec. 31, 2017. For the quarter ended December 31, 2017, net income increased $0.3 million, or 15%, to $2.3 million from $2.0 million for the same 2016 quarter. The company's quarterly and annual earnings were positively impacted by the Tax Cuts and Jobs Act which was signed into law in December 2017. Earnings per share on a diluted basis was $0.61 and $0.55 for the fourth quarters of 2017 and 2016, respectively. ROA and ROE were 1.07% and 10.61%, respectively, for the fourth quarter of 2017 and 1.06% and 9.92%, respectively, for the fourth quarter of 2016. Net interest income was $7.0 million for the fourth quarter of 2017, a $0.6 million, or 10%, increase over the $6.4 million earned for the fourth quarter of 2016. The net interest income growth resulted from an $84.5 million increase in the average balance of interest-earning assets and a one basis point higher yield earned thereon which increased interest income by $0.9 million for 2017. Total interest income was $7,916,000 against $7,038,000 a year ago. Book value per share was $23.40 against $21.91 a year ago.
Net interest income was $27.8 million for the year ended December 31, 2017 compared to $25.1 million for the year ended December 31, 2016. The $2.7 million, or 11%, improvement was the result of earnings from a higher average balance of interest-earning assets which offset higher interest expense on larger average borrowings and interest-bearing deposits. For the year, total interest income was $31,064,000 against $27,495,000 a year ago. Net income was $8,716,000 against $7,693,000 a year ago.
During the fourth quarter of 2017, the company charged-off $0.6 million to reduce the balance of certain impaired loans down to the fair market value of their underlying collateral.
Fidelity D & D Bancorp, Inc. is a bank holding company. The Fidelity Deposit and Discount Bank (the Bank) is the Companyâs state-chartered commercial bank. The Bank offers a full range of traditional banking services. The Bank has a personal and corporate trust department and also provides alternative financial and insurance products with asset management services. The Bank has investment securities classified into three categories: trading, available-for-sale or held-to-maturity (HTM). The Bank service area is comprised of the Borough of Dunmore and the surrounding communities within Lackawanna and Luzerne counties in Northeastern Pennsylvania and Northampton County in Eastern Pennsylvania. It provides health benefit to bankers, including medical, dental and vision insurances, life insurance, long- and short-term disability coverage and flexible spending accounts. The Bank provides a digital banking experience online at www.bankatfidelity.com, through the Fidelity Mobile Banking app.
Fidelity D & D Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2017; Reports Charge-Off for the Fourth Quarter of 2017
FIDELITY D & D BANCORP, INC. 
