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Jun 30, 2020
Fidelity D & D Bancorp Q2 2020 Earnings Report
Fidelity D & D Bancorp reported net income decrease due to merger-related expenses, increased salaries and employee benefits, and increased provision for loan losses, which offset the increase in net interest income.
Key Takeaways
Fidelity D & D Bancorp's net income for the quarter ended June 30, 2020, was $0.3 million, or $0.05 diluted earnings per share, a significant decrease compared to the $3.0 million, or $0.79 diluted earnings per share, for the same quarter in 2019. This decline was primarily due to merger-related expenses, increased salaries and employee benefits, and a higher provision for loan losses, despite an increase in net interest income. The company's results were also impacted by COVID-19, with initiatives taken to support clients and communities, including originating PPP loans and providing loan deferments.
Net income decreased by $2.7 million, or 92%, compared to the same quarter last year.
Second quarter diluted earnings per share was reduced by $0.34 due to non-recurring merger-related expenses.
The company acquired MNB Corporation effective May 1, 2020, adding $451 million in assets, $395 million in deposits, and $245 million in loans.
Originated 1,439 Paycheck Protection Program Loans totaling $157 million and provided 1,429 loan deferments to clients.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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