Fidelity D & D Bancorp, Inc. Reports First Quarter 2025 Financial Results

DUNMORE, Pa., April 23, 2025 (GLOBE NEWSWIRE) -- Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary, The Fidelity Deposit and Discount Bank, announced its unaudited, consolidated financial results for the three-month period ended March 31, 2025. Unaudited Financial Information Net income for the quarter ended March 31, 2025 was $6.0 million, or $1.03 diluted earnings per share, compared to $5.1 million, or $0.88 diluted earnings per share, for the quarter ended March 31, 2024. The $0.9 million, or 18%, increase in net income resulted primarily from a $2.1 million increase in net interest income coupled with a $0.4 million increase in non-interest income. This was partially offset by a $0.9 million increase in non-interest expense, a $0.4 million increase in the provision for income tax, and a $0.3 million increase in the provision for credit losses on loans. “Highlights of our first quarter results include achieving total assets of $2.7 billion, along with strong net income primarily driven by accelerated loan and deposit growth and improvement in net interest margin,” said Dan Santaniello, President and CEO. “While we continue to closely monitor the external environment, our outlook for the year is positive, reflecting rigorous expense management, healthy credit metrics and ongoing successful execution of our strategic plan. I want to thank our bankers for their commitment and service. Their contributions are essential to our achievements, enabling us to serve our clients, shareholders, and community with exceptional experiences.” Consolidated First Quarter Operating Results Overview Net interest income was $17.0 million for the first quarter of 2025, a 14% increase over the $14.9 million earned for the first quarter of 2024. The $2.1 million increase in net interest income resulted from the increase of $2.7 million in interest income primarily due to a $148.0 million increase in the average balance of interest-earning assets and a 21 basis point increase in fully-taxable equivalent ("FTE") yield. The loan portfolio had the most significant impact, producing a $2.5 million increase in FTE interest income from $116.4 million in higher quarterly average balances and an increase of 26 basis points in FTE loan yield. Slightly offsetting the higher interest income, there was a $0.6 million increase in interest expense due to a $124.3 million quarter-over-quarter increase in average interest-bearing liability balances. The increase was due to growth of $179.3 million in average interest-bearing deposit balances and a 6 basis point increase in the rates paid on interest-bearing deposits. This was partially offset by a decrease in interest expense on borrowings due to $53.9 million less in average short-term borrowings. The FTE yield on interest-earning assets was 4.73% for the first quarter of 2025, an increase of 21 basis points from the 4.52% for the first quarter of 2024. The overall cost of interest-bearing liabilities was 2.49% for the first quarter of 2025, a decrease of 2 basis points from the 2.51% for the first quarter of 2024. The cost of funds remained flat at 1.93% for both the first quarters of 2025 and 2024. The Company’s FTE (non-GAAP measurement) net interest spread was 2.24% for the first quarter of 2025, an increase of 23 basis points from the 2.01% recorded for the first quarter of 2024. FTE net interest margin increased to 2.89% for the three months ended March 31, 2025 from 2.69% for the same period of 2024 due to the increase in the loan and lease portfolio coupled with the continued re-investment of cash flow into more effective interest-earning assets. For the three months ended March 31, 2025, the provision for credit losses on loans was $455 thousand partially offset by a $85 thousand net benefit in the provision for unfunded commitments, compared to a $125 thousand provision for credit losses on loans and a $50 thousand net benefit in the provision for credit losses on unfunded loan commitments for the three months ended March 31, 2024. For the three months ended March 31, 2025, the increase in the provision for credit losses on loans compared to the prior year period was due to higher loan growth and higher net charge-offs. For the three months ended March 31, 2025, the higher net benefit for credit losses on unfunded commitments was due to a larger reduction in unfunded commitments during the quarter compared to the same period in 2024. Total non-interest income increased $0.4 million, or 9%, to $5.0 million for the first quarter of 2025 compared to $4.6 million for the first quarter of 2024. The increase in non-interest income was primarily attributed to $0.2 million in wealth management fees and $0.1 million in interchange fees. During the first quarter of 2025, gains of $0.5 million on the sale of a commercial loan and $0.3 million from the sale of a property were offset by $0.8 million in losses recognized on the sale of securities. Non-interest expenses increased $0.9 million, or 6%, for the first quarter of 2025 to $14.6 million from $13.7 million for the same quarter of 2024. Salaries and benefits expense increased $0.6 million due to an increase in bankers, group insurance costs, and banker incentives in the first quarter of 2025. Additionally, the Company saw an increase of $0.3 million in advertising and marketing expenses primarily due to an increase in Neighborhood Assistance Program donations from which the Company recognized $0.2 million in additional tax credits causing a corresponding decrease in PA shares tax expense. The provision for income taxes increased $0.4 million during the three months ended March 31, 2025 compared to the same period in 2024 primarily due to a $1.3 million increase in income before taxes and $0.1 million less in tax credits. Consolidated Balance Sheet & Asset Quality Overview The Company’s total assets had a balance of $2.7 billion as of March 31, 2025, an increase of $126.7 million from December 31, 2024. The increase resulted from $127.8 million in growth in cash and cash equivalents during the three months ended March 31, 2025. The loans and leases portfolio increased $16.3 million during the same period of 2025. Asset growth was offset by a decrease of $16.7 million in the investment portfolio primarily due to the sale of $17.5 million in available-for-sale securities and $5.2 million in paydowns partially offset by $4.6 million in purchases of securities. During the same time period, total liabilities increased $119.0 million, or 5%. Deposit growth of $116.6 million was utilized to fund loan growth and increase interest-bearing cash balances. For interest-bearing deposit accounts, the Company experienced increases of $54.1 million in money market deposits, $27.6 million in interest-bearing checking accounts, $7.9 million in time deposits, and $5.3 million in savings and clubs. The deposit growth is primarily driven by growth in existing account balances from the relationship strategy along with targeted direct marketing driving new client acquisitions and active management of promotional and retention rates. Additionally, the Company experienced an increase of $21.7 million in non-interest-bearing checking accounts. Also as of March 31, 2025, checking deposit balances remained at more than half of total deposits. As of March 31, 2025, the ratio of insured and collateralized deposits to total deposits was approximately 75%. Shareholders’ equity increased $7.7 million, or 4%, to $211.7 million at March 31, 2025 from $204.0 million at December 31, 2024. The increase was caused by $3.7 million higher retained earnings from net income of $6.0 million plus a $3.6 million, after tax, improvement in accumulated other comprehensive income from lower net unrealized losses recorded on available-for-sale securities, partially offset by $2.3 million in cash dividends paid to shareholders. An additional $0.6 million was recorded from the issuance of common stock under the Company’s stock plans and stock-based compensation expense. At March 31, 2025, there were no credit losses on available-for-sale and held-to-maturity debt securities. Accumulated other comprehensive income (loss) is excluded from regulatory capital ratios. The Company remains well capitalized with Tier 1 capital at 9.22% of total average assets as of March 31, 2025. Total risk-based capital was 14.74% of risk-weighted assets and Tier 1 risk-based capital was 13.57% of risk-weighted assets as of March 31, 2025. Tangible book value per share was $33.16 at March 31, 2025 compared to $31.98 at December 31, 2024. Tangible common equity was 7.11% of total assets at March 31, 2025 compared to 7.16% at December 31, 2024. Asset Quality Total non-performing assets were $6.1 million, or 0.23% of total assets, at March 31, 2025, compared to $7.8 million, or 0.30% of total assets, at December 31, 2024. Past due and non-accrual loans to total loans were 0.66% at March 31, 2025 compared to 0.71% at December 31, 2024. Net charge-offs to average total loans were 0.02% at March 31, 2025 compared to 0.03% at December 31, 2024. About Fidelity D & D Bancorp, Inc. and The Fidelity Deposit and Discount Bank Fidelity D & D Bancorp, Inc. has built a strong history as trusted financial advisor to the clients served by The Fidelity Deposit and Discount Bank (“Fidelity Bank”). Fidelity Bank continues its mission of exceeding client expectations through a unique banking experience. It operates 21 full-service offices throughout Lackawanna, Luzerne, Lehigh and Northampton Counties and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and a full suite of personal and commercial banking products and services. Part of the Company’s vision is to serve as the best bank for the community, which was accomplished by having provided over 5,960 hours of volunteer time and over $1.3 million in donations to non-profit organizations directly within the markets served throughout 2024. Fidelity Bank's deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law. Non-GAAP Financial Measures The Company uses non-GAAP financial measures to provide information useful to the reader in understanding its operating performance and trends, and to facilitate comparisons with the performance of other financial institutions. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The Company’s non-GAAP financial measures and key performance indicators may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to measure their performance and trends. Non-GAAP financial measures should be supplemental to GAAP used to prepare the Company’s operating results and should not be read in isolation or relied upon as a substitute for GAAP measures. Reconciliations of non-GAAP financial measures to GAAP are presented in the tables below. Interest income was adjusted to recognize the income from tax exempt interest-earning assets as if the interest was taxable, fully-taxable equivalent ("FTE"), in order to calculate certain ratios within this document. This treatment allows a uniform comparison among yields on interest-earning assets. Interest income was FTE adjusted, using the corporate federal tax rate of 21% for 2025 and 2024. Forward-looking statements Certain of the matters discussed in this press release constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” and similar expressions are intended to identify such forward-looking statements. The Company’s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation: ■local, regional and national economic conditions and changes thereto; ■the short-term and long-term effects of inflation, and rising costs to the Company, its customers and on the economy; ■the risks of changes and volatility of interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks; ■securities markets and monetary fluctuations and volatility; ■ disruption of credit and equity markets; ■impacts of the capital and liquidity requirements of the Basel III standards and other regulatory pronouncements, regulations and rules; ■governmental monetary and fiscal policies, as well as legislative and regulatory changes; ■effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions; ■the costs and effects of litigation and of unexpected or adverse outcomes in such litigation; ■the impact of new or changes in existing laws and regulations, including laws and regulations concerning taxes, banking, securities and insurance and their application with which the Company and its subsidiaries must comply; ■the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ■the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet; ■the effects of economic conditions of any other pandemic, epidemic or other health-related crisis such as COVID-19 and responses thereto on current customers and the operations of the Company, specifically the effect of the economy on loan customers’ ability to repay loans; ■the effects of bank failures, banking system instability, deposit fluctuations, loan and securities value changes; ■technological changes; ■the interruption or breach in security of our information systems, continually evolving cybersecurity and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom including additional costs, reputational damage, regulatory penalties, and financial losses; ■acquisitions and integration of acquired businesses; ■the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities; ■acts of war or terrorism; and ■the risk that our analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful. The Company cautions readers not to place undue reliance on forward-looking statements, which reflect analyses only as of the date of this release. The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release. For more information please visit our investor relations web site located through www.bankatfidelity.com. FIDELITY D & D BANCORP, INC.Unaudited Condensed Consolidated Balance Sheets(dollars in thousands) At Period End: March 31, 2025 December 31, 2024 Assets Cash and cash equivalents $211,195 $83,353 Investment securities 540,960 557,221 Restricted investments in bank stock 4,021 3,961 Loans and leases 1,817,509 1,800,856 Allowance for credit losses on loans (20,017) (19,666)Premises and equipment, net 34,995 35,914 Life insurance cash surrender value 58,458 58,069 Goodwill and core deposit intangible 20,431 20,504 Other assets 43,758 44,404 Total assets $2,711,310 $2,584,616 Liabilities Non-interest-bearing deposits $555,684 $533,935 Interest-bearing deposits 1,901,775 1,806,885 Total deposits 2,457,459 2,340,820 Short-term borrowings 10 - Secured borrowings 6,190 6,266 Other liabilities 35,977 33,561 Total liabilities 2,499,636 2,380,647 Shareholders' equity 211,674 203,969 Total liabilities and shareholders' equity $2,711,310 $2,584,616 Average Year-To-Date Balances: March 31, 2025 December 31, 2024 Assets Cash and cash equivalents $97,384 $55,773 Investment securities 557,726 557,537 Restricted investments in bank stock 3,973 3,960 Loans and leases 1,813,040 1,741,349 Allowance for credit losses on loans (20,019) (19,391)Premises and equipment, net 35,722 35,580 Life insurance cash surrender value 58,307 56,455 Goodwill and core deposit intangible 20,459 20,641 Other assets 43,177 41,755 Total assets $2,609,769 $2,493,659 Liabilities Non-interest-bearing deposits $533,286 $527,825 Interest-bearing deposits 1,826,957 1,697,529 Total deposits 2,360,243 2,225,354 Short-term borrowings 22 32,446 Secured borrowings 6,226 6,830 Other liabilities 34,937 32,471 Total liabilities 2,401,428 2,297,101 Shareholders' equity 208,341 196,558 Total liabilities and shareholders' equity $2,609,769 $2,493,659 FIDELITY D & D BANCORP, INC.Unaudited Condensed Consolidated Statements of Income(dollars in thousands) Three Months Ended Mar. 31, 2025 Mar. 31, 2024Interest income Loans and leases $24,596 $22,133 Securities and other 3,712 3,492 Total interest income 28,308 25,625 Interest expense Deposits (11,187) (9,941)Borrowings and debt (88) (741) Total interest expense (11,275) (10,682) Net interest income 17,033 14,943 Provision for credit losses on loans (455) (125)Net benefit for credit losses on unfunded loan commitments 85 50 Non-interest income 4,973 4,572 Non-interest expense (14,554) (13,689) Income before income taxes 7,082 5,751 Provision for income taxes (1,091) (694)Net income $5,991 $5,057 Three Months Ended Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024Interest income Loans and leases $24,596 $24,584 $24,036 $22,516 $22,133 Securities and other 3,712 3,475 3,263 3,523 3,492 Total interest income 28,308 28,059 27,299 26,039 25,625 Interest expense Deposits (11,187) (11,468) (11,297) (10,459) (9,941)Borrowings and debt (88) (217) (571) (463) (741) Total interest expense (11,275) (11,685) (11,868) (10,922) (10,682) Net interest income 17,033 16,374 15,431 15,117 14,943 Provision for credit losses on loans (455) (250) (675) (275) (125)Net benefit (provision) for credit losses on unfunded loan commitments 85 85 (135) (140) 50 Non-interest income 4,973 4,847 4,979 4,615 4,572 Non-interest expense (14,554) (14,395) (13,840) (13,616) (13,689) Income before income taxes 7,082 6,661 5,760 5,701 5,751 Provision for income taxes (1,091) (826) (793) (766) (694)Net income $5,991 $5,835 $4,967 $4,935 $5,057 FIDELITY D & D BANCORP, INC.Unaudited Condensed Consolidated Balance Sheets(dollars in thousands) At Period End: Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024Assets Cash and cash equivalents $211,195 $83,353 $120,169 $78,085 $72,733 Investment securities 540,960 557,221 559,819 552,495 559,016 Restricted investments in bank stock 4,021 3,961 3,944 3,968 3,959 Loans and leases 1,817,509 1,800,856 1,795,548 1,728,509 1,697,299 Allowance for credit losses on loans (20,017) (19,666) (19,630) (18,975) (18,886)Premises and equipment, net 34,995 35,914 36,057 35,808 34,899 Life insurance cash surrender value 58,458 58,069 57,672 57,278 54,921 Goodwill and core deposit intangible 20,431 20,504 20,576 20,649 20,728 Other assets 43,758 44,404 41,778 42,828 44,227 Total assets $2,711,310 $2,584,616 $2,615,933 $2,500,645 $2,468,896 Liabilities Non-interest-bearing deposits $555,684 $533,935 $549,710 $527,572 $537,824 Interest-bearing deposits 1,901,775 1,806,885 1,792,796 1,641,558 1,678,172 Total deposits 2,457,459 2,340,820 2,342,506 2,169,130 2,215,996 Short-term borrowings 10 - 25,000 98,120 25,000 Secured borrowings 6,190 6,266 6,323 7,237 7,299 Other liabilities 35,977 33,561 34,843 30,466 28,966 Total liabilities 2,499,636 2,380,647 2,408,672 2,304,953 2,277,261 Shareholders' equity 211,674 203,969 207,261 195,692 191,635 Total liabilities and shareholders' equity $2,711,310 $2,584,616 $2,615,933 $2,500,645 $2,468,896 Average Quarterly Balances: Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024Assets Cash and cash equivalents $97,384 $67,882 $41,991 $58,351 $54,887 Investment securities 557,726 560,453 554,578 551,445 563,674 Restricted investments in bank stock 3,973 3,957 3,965 3,983 3,934 Loans and leases 1,813,040 1,797,023 1,763,254 1,707,598 1,696,669 Allowance for credit losses on loans (20,019) (20,050) (19,323) (19,171) (19,013)Premises and equipment, net 35,722 36,065 36,219 35,433 34,591 Life insurance cash surrender value 58,307 57,919 57,525 55,552 54,796 Goodwill and core deposit intangible 20,459 20,529 20,602 20,677 20,759 Other assets 43,177 41,454 41,734 42,960 40,871 Total assets $2,609,769 $2,565,232 $2,500,545 $2,456,828 $2,451,168 Liabilities Non-interest-bearing deposits $533,286 $538,506 $522,827 $530,048 $519,856 Interest-bearing deposits 1,826,957 1,769,265 1,702,187 1,670,211 1,647,615 Total deposits 2,360,243 2,307,771 2,225,014 2,200,259 2,167,471 Short-term borrowings 22 10,326 37,220 28,477 53,952 Secured borrowings 6,226 6,297 6,429 7,269 7,335 Other liabilities 34,937 34,695 31,999 30,734 32,434 Total liabilities 2,401,428 2,359,089 2,300,662 2,266,739 2,261,192 Shareholders' equity 208,341 206,143 199,883 190,089 189,976 Total liabilities and shareholders' equity $2,609,769 $2,565,232 $2,500,545 $2,456,828 $2,451,168 FIDELITY D & D BANCORP, INC.Selected Financial Ratios and Other Financial Data Three Months Ended Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024Selected returns and financial ratios Basic earnings per share $1.04 $1.02 $0.87 $0.86 $0.88 Diluted earnings per share $1.03 $1.01 $0.86 $0.86 $0.88 Dividends per share $0.40 $0.40 $0.38 $0.38 $0.38 Yield on interest-earning assets (FTE)* 4.73% 4.68% 4.68% 4.58% 4.52%Cost of interest-bearing liabilities 2.49% 2.60% 2.70% 2.58% 2.51%Cost of funds 1.93% 2.00% 2.08% 1.96% 1.93%Net interest spread (FTE)* 2.24% 2.08% 1.98% 2.00% 2.01%Net interest margin (FTE)* 2.89% 2.78% 2.70% 2.71% 2.69%Return on average assets 0.93% 0.90% 0.79% 0.81% 0.83%Pre-provision net revenue to average assets* 1.16% 1.06% 1.05% 1.00% 0.96%Return on average equity 11.66% 11.26% 9.89% 10.44% 10.71%Return on average tangible equity* 12.93% 12.50% 11.02% 11.72% 12.02%Efficiency ratio (FTE)* 61.67% 65.48% 65.33% 66.47% 67.56%Expense ratio 1.37% 1.48% 1.41% 1.47% 1.50% Other financial data At period end:(dollars in thousands except per share data) Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024Assets under management $955,647 $921,994 $942,190 $906,861 $900,964 Book value per share $36.70 $35.56 $36.13 $34.12 $33.41 Tangible book value per share* $33.16 $31.98 $32.55 $30.52 $29.80 Equity to assets 7.81% 7.89% 7.92% 7.83% 7.76%Tangible common equity ratio* 7.11% 7.16% 7.19% 7.06% 6.98%Allowance for credit losses on loans to: Total loans 1.10% 1.09% 1.09% 1.10% 1.11%Non-accrual loans 3.36x 2.68x 2.77x 2.75x 5.31x Non-accrual loans to total loans 0.33% 0.41% 0.39% 0.40% 0.21%Non-performing assets to total assets 0.23% 0.30% 0.29% 0.28% 0.15%Net charge-offs to average total loans 0.02% 0.03% 0.02% 0.03% 0.01% Capital Adequacy Ratios Total risk-based capital ratio 14.74% 14.78% 14.56% 14.69% 14.68%Common equity tier 1 risk-based capital ratio 13.57% 13.60% 13.38% 13.52% 13.47%Tier 1 risk-based capital ratio 13.57% 13.60% 13.38% 13.52% 13.47%Leverage ratio 9.22% 9.22% 9.30% 9.30% 9.15%* Non-GAAP Financial Measures – see reconciliations below FIDELITY D & D BANCORP, INC.Reconciliations of Non-GAAP Financial Measures to GAAP Reconciliations of Non-GAAP Measures to GAAP Three Months Ended(dollars in thousands) Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024FTE net interest income (non-GAAP) Interest income (GAAP) $28,308 $28,059 $27,299 $26,039 $25,625 Adjustment to FTE 771 764 775 751 747 Interest income adjusted to FTE (non-GAAP) 29,079 28,823 28,074 26,790 26,372 Interest expense (GAAP) 11,275 11,685 11,868 10,922 10,682 Net interest income adjusted to FTE (non-GAAP) $17,804 17,138 16,206 $15,868 15,690 Efficiency Ratio (non-GAAP) Non-interest expenses (GAAP) $14,554 $14,395 $13,840 $13,616 $13,689 Net interest income (GAAP) 17,033 16,374 15,431 15,117 14,943 Plus: taxable equivalent adjustment 771 764 775 751 747 Non-interest income (GAAP) 4,973 4,847 4,979 4,615 4,572 (Loss) gain on sales of securities (822) - - - - Net interest income (FTE) plus adjusted non-interest income (non-GAAP) $23,599 $21,985 $21,185 $20,483 $20,262 Efficiency ratio (non-GAAP) (1) 61.67% 65.47% 65.33% 66.48% 67.56%(1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest income. Tangible Book Value per Share/Tangible Common Equity Ratio (non-GAAP) Total assets (GAAP) $2,711,310 $2,584,616 $2,615,933 $2,500,645 $2,468,896 Less: Intangible assets, primarily goodwill (20,431) (20,504) (20,576) (20,649) (20,728)Tangible assets 2,690,879 2,564,112 2,595,357 2,479,996 2,448,168 Total shareholders' equity (GAAP) 211,674 203,969 207,261 195,692 191,635 Less: Intangible assets, primarily goodwill (20,431) (20,504) (20,576) (20,649) (20,728)Tangible common equity 191,243 183,465 186,685 175,043 170,907 Common shares outstanding, end of period 5,767,500 5,736,252 5,736,025 5,735,728 5,735,732 Tangible Common Book Value per Share $33.16 $31.98 $32.55 $30.52 $29.80 Tangible Common Equity Ratio 7.11% 7.16% 7.19% 7.06% 6.98% Pre-Provision Net Revenue to Average Assets Income before taxes (GAAP) $7,082 $6,661 $5,760 $5,701 $5,751 Plus: Provision for credit losses 370 165 810 415 75 Total pre-provision net revenue (non-GAAP) 7,452 6,826 6,570 6,116 5,826 Total (annualized) (non-GAAP) $30,220 $27,157 $26,423 $24,600 $23,432 Average assets $2,609,769 $2,565,232 $2,500,545 $2,456,828 $2,451,168 Pre-Provision Net Revenue to Average Assets (non-GAAP) 1.16% 1.06% 1.05% 1.00% 0.96% Contacts: Daniel J. SantanielloSalvatore R. DeFrancesco, Jr.President and Chief Executive OfficerTreasurer and Chief Financial Officer570-504-8035570-504-8000

Fidelity D & D Bancorp, Inc. Reports First Quarter 2025 Financial Results

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