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Jun 30, 2024
Fidelity D & D Bancorp Q2 2024 Earnings Report
Fidelity D & D Bancorp's financial results were announced for Q2 2024, showing a decrease in net income primarily due to lower net interest income.
Key Takeaways
Fidelity D & D Bancorp reported a net income of $4.9 million, or $0.86 diluted earnings per share, for the second quarter of 2024, compared to $5.4 million, or $0.94 diluted earnings per share, for the same period in 2023. The decline in net income was primarily due to a decrease in net interest income and increases in non-interest expenses and provision for credit losses on unfunded loan commitments.
Net income for Q2 2024 was $4.9 million, or $0.86 diluted earnings per share.
Net interest income decreased by 2% to $15.1 million compared to Q2 2023.
Non-interest income increased by 2% to $4.6 million.
Total assets were $2.5 billion as of June 30, 2024, a slight decrease from December 31, 2023.
Forward Guidance
Management expressed confidence in the company's prudent balance sheet management, strong credit quality, and positioning for growth in the second half of the year, despite challenges from elevated rates and an inverted yield curve.
Positive Outlook
- Prudent balance sheet management
- Expense discipline
- Early signs of margin stabilization
- Strong credit quality
- Well positioned to bolster shareholder value through growth in the second half of the year
Challenges Ahead
- Elevated rates
- Ongoing inverted yield curve
- Compression of the net interest margin
- Decline in net interest income
- Increase in the provision for income taxes
Historical Earnings Impact
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Avg. Return Before/After Earnings
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