Fidelity D & D Bancorp, Inc. reported a net income of $5.99 million for the first quarter of 2025, reflecting an 18% increase from $5.06 million in the same period of 2024. This translates to earnings per share of $1.03, up from $0.88 a year earlier. The increase in profitability was primarily driven by a $2.1 million rise in net interest income, which reached $17.03 million, alongside a $0.4 million increase in non-interest income, totaling $4.97 million. The growth in net interest income was attributed to a higher average balance of interest-earning assets and an increase in the yield on loans.
Total assets for the company increased to $2.71 billion as of March 31, 2025, up from $2.58 billion at the end of 2024. This growth was largely fueled by a $127.8 million increase in cash and cash equivalents, while the loans and leases portfolio saw a modest rise of $16.3 million. Total deposits also grew by $116.6 million, reaching $2.46 billion, with significant contributions from money market accounts and non-interest-bearing deposits. The company’s allowance for credit losses increased to $20.02 million, reflecting a proactive approach to managing potential credit risks amid loan growth.
In terms of operational developments, Fidelity D & D Bancorp has focused on enhancing its core business of retail and business lending while maintaining strong asset quality. The company has also been actively managing its investment portfolio, which saw a decrease of $16.3 million during the quarter, primarily due to the sale of available-for-sale securities. The company continues to explore opportunities for geographic expansion and product adoption, particularly in commercial lending and ancillary services.
Looking ahead, the company anticipates operating in a moderately declining interest rate environment, with expectations of potential rate cuts by the Federal Open Market Committee. Management plans to leverage its loan pipeline to support growth while maintaining a focus on optimizing its balance sheet. The company remains committed to enhancing shareholder value through strategic initiatives and effective risk management practices, despite the challenges posed by economic conditions and regulatory changes.
About FIDELITY D & D BANCORP INC
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