FDBC
$36.23
Fidelity D & D Bancorp
$.24
.67%
Earnings Details
Quarter March 2020
Wednesday, April 29, 2020 8:00:00 AM
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Summary

Fidelity D & D Bancorp (FDBC) Recent Earnings

Fidelity D & D Bancorp (FDBC) reported Quarter March 2020 earnings of $0.76 per share on revenue of $12.5 million.. Revenue grew 2.9% on a year-over-year basis.

Results
Reported Earnings
$0.76
Earnings Whisper
-
Consensus Estimate
Reported Revenue
$12.5 Mil
Revenue Estimate
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Fidelity D & D Bancorp, Inc. Reports First Quarter 2020 Financial Results

DUNMORE, Pa., April 29, 2020 (GLOBE NEWSWIRE) -- Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary The Fidelity Deposit and Discount Bank, announced net income for the quarter ended March 31, 2020 of $2.6 million, or $0.69 diluted earnings per share, compared to $2.8 million, or $0.73 diluted earnings per share, for the quarter ended March 31, 2019. The $0.2 million, or 6%, reduction in net income resulted primarily from a $0.5 million increase in non-interest expenses. Operating expenses included $0.3 million, or $0.07 per share, of nonrecurring merger-related expenses, net of tax, incurred during the first quarter of 2020. If not for these merger-related expenses, net income would have otherwise increased $0.1 million, or 3%, when compared to the first quarter 2019 period, driven primarily by higher non-interest income. 

The Company achieved a $41.8 million, or 5%, increase in average interest-earning assets funded by a $71.3 million increase in average deposits and a $13.9 million increase in average shareholders’ equity partially offset by a $33.0 million reduction in average borrowings during the first quarter of 2020 compared to the first quarter of 2019. Return on average assets (ROA) and return on average equity (ROE) were 1.04% and 9.74%, respectively, for the three months ended March 31, 2020 and 1.18% and 11.98%, respectively, for the same 2019 period. The reduction in ROE was caused primarily by the average balance increase in other comprehensive income from the $5.3 million increase in average unrealized gains on the investment portfolio, net of tax, compared the first quarter of 2019.

“During these unprecedented times, Fidelity Bank remains committed in the support of the bankers, clients, shareholders and the communities. The Fidelity Bankers are dedicated to delivering an extraordinary client experience and addressing the financial hardships caused by COVID-19. The Company is resolved to continue its long-standing history of supporting the families and businesses within the communities we serve.” stated Daniel J. Santaniello, President and Chief Executive Officer. “The first quarter financial results continue to be strong, setting the stage for a successful 2020 as we prepare for the successful integration of Merchants Bank during the 2nd quarter of 2020. With both a strong balance sheet and capital, the Company is well positioned to navigate through the current economic uncertainties.”

Excluding the $0.3 million in nonrecurring merger-related expenses incurred in preparation for the acquisition of MNB Corporation and Merchants Bank of Bangor as well as the corresponding tax impact at the marginal tax rate, adjusted net income (non-GAAP) for the three months ended March 31, 2020, would have been $2.9 million, or $0.76 diluted earnings per share, respectively, which represents an increase of 3% compared to the three months ended March 31, 2019. Adjusted (non-GAAP) ROA and ROE would have been 1.14% and 10.71% for the same periods.

The Company began proactive initiatives in March 2020 to assist clients, Fidelity Bankers and communities impacted by the effects of the novel coronavirus. Management activated its established pandemic contingency plan response in March 2020 to ensure business continuity while assuring the health, safety and well-being of clients, Bankers and the community. Special measures include:

  • Closing all branch lobbies for in-branch teller transactions while drive-thru locations remained open;
  • Providing Fidelity Bankers personal protective equipment and disinfectant supplies when working on-site;
  • Expanding use of online, mobile, telephone banking, night drop and ATMs to meet clients’ banking needs;
  • Adding resources to the Customer Call Center to manage increased call and chat volume;
  • Scheduling in-person meetings by appointment only, observing the guidelines of social distancing and personal safety as recommended by health and safety officials;
  • Enhancing EPA approved cleaning and disinfecting protocols implemented at all locations;
  • Activating telecommunications capabilities to enable Fidelity Bankers to work-from-home, as appropriate, with approximately 40% of Fidelity Bankers currently working remotely;
  • Conducting all meetings virtually, including the Special Shareholder Meeting.

To address the pandemic’s economic impact on its clients, the Company is in the process of providing hardship relief requested by 1,324 customers as of April 17, 2020 with balances totaling $165 million through March 31, 2020. This relief was offered in the form of loan forbearance or interest-only modifications.

Between April 3 and April 16, 2020, the Company processed 652 applications providing over $130 million in loans through Phase I of the Small Business Administration (SBA) Paycheck Protection Program (PPP) with an average loan amount of $200 thousand. On April 27, 2020, the Company processed another 509 applications providing over $19 million in loans through Phase II of the PPP with an average loan amount of $39 thousand proving the Company’s commitment to support all small businesses. Funding these loans will generate approximately $5.2 million of SBA processing fees which are expected to be earned primarily over the second and third quarters of 2020. The Fidelity Deposit and Discount Bank is a Paycheck Protection Program Liquidity Facility (PPPLF) eligible depository institution that obtained an extension of credit under the PPPLF to fund originated PPP loans.

Consolidated First Quarter Operating Results Overview

Net interest income was $8.0 million for the first quarter of 2020, a 1%, increase over the $7.9 million earned for the first quarter of 2019. The $0.1 million improvement in net interest income resulted from a $41.8 million larger average balance of interest-earning assets which offset the declining yields on these assets. The loan portfolio had the biggest impact, producing a $0.2 million increase in interest income from $36.0 million in higher average balances with primarily the consumer and residential portfolios contributing to the increase. Interest income from the investment portfolio declined $0.1 million due to lower yields earned on mortgage-backed securities. Interest expense was mostly unchanged as higher interest expense on deposits offset lower interest expense on borrowings. The average balance of interest-bearing deposits increased $71.3 million and the rates paid on these deposits increased one basis point resulting in $0.2 million in additional interest expense. The Company utilized $33.0 million less in average overnight borrowings and FHLB advances which mitigated the increased deposit costs reducing interest expense from borrowings by $0.2 million. The overall cost of interest-bearing liabilities was 0.98% for the first quarter of 2020, a decrease of nine basis points over the 1.07% paid for the for the first quarter of 2019. The Company’s FTE (non-GAAP) net interest spread was 3.21% for the first quarter of 2020, or 12 basis points lower than the 3.33% recorded for the same 2019 quarter. The decrease was due to yields earned on interest-earning assets declining faster than the rates paid on interest-bearing liabilities. Between July and October 2019, the Federal Reserve cut short-term rates by 75 basis points. Then during the first quarter of 2020, the Federal Reserve dropped short-term rates by another 150 basis points. As a result, yields on earning assets have declined, but decreases in deposit rates have lagged. The cost of funds decreased five basis points to 0.77% for the first quarter of 2020 from 0.82% for the first quarter of 2019. The Company’s FTE net interest margin decreased by 15 basis points to 3.47% for the three months ended March 31, 2020 from 3.62% for the same 2019 period.

The provision for loan losses was $300 thousand for the first quarter of 2020, a $45 thousand increase compared to $255 thousand for the first quarter of 2019. The first quarter of 2020 provision required to adequately fund the Company’s allowance for loan losses was limited due to the $0.2 million recovery received from a reimbursement from FNMA for previously charged-off sold mortgages along with a reduction in the loan portfolio from the end of 2019.

Total other income increased $0.3 million to $2.8 million for the first quarter of 2020 compared to $2.5 million for the first quarter of 2019. The increase in other income was primarily due to $0.2 million higher service charges on loans and $0.1 million more in interchange fees during the first quarter of 2020 compared to the same 2019 period. 

Other expenses increased $0.5 million, or 8%, for the first quarter of 2020 to $7.3 million from $6.8 million for the same 2019 quarter. Most of the increase was due to $0.3 million in nonrecurring merger-related expenses, primarily consisting of professional service expenses, and $0.2 million in added salaries and employee benefits.

Consolidated Balance Sheet & Asset Quality Overview

During the first quarter of 2020, the Company’s total assets increased $52.6 million, or 5%, to $1,062.5 million at March 31, 2020 from $1,009.9 million at December 31, 2019. This asset growth resulted primarily from a $43.3 million increase cash and cash equivalents and a $18.9 million increase in investment securities, partially offset by an $8.3 million decline in the loan portfolio. Deposit growth of $83.9 million was used to pay down $37.9 million in overnight borrowings and to fund the investment portfolio. During the first quarter, deposits typically grow due to the seasonal timing of public tax deposits. These deposits are temporary and will mostly be withdrawn during the second quarter. The Company experienced approximately $20 million in commercial loan payoffs during the first quarter of 2020 but does not expect this trend to continue at the same pace for the rest of 2020. The Company will focus on increasing assets by continuing to grow residential loans and using its acquisition strategy to offset loan payoffs. During the second quarter of 2020, the Company expects the majority of its loan growth to come from Paycheck Protection Program loans funded through the Paycheck Protection Program Liquidity Facility and the acquisition of MNB.

Total non-performing assets were $4.8 million, or 0.45% of total assets, at March 31, 2020, compared to $5.0 million, or 0.50% of total assets, at December 31, 2019. The $0.2 million reduction in non-performing assets from December 31, 2019 resulted from a $0.2 million decrease in other real estate owned as accruing troubled debt restructured loans and non-performing loans were virtually unchanged from the prior period. Net charge-offs to average total loans declined to 0.02% at March 31, 2020 compared to 0.15% at December 31, 2019.

Shareholders’ equity increased $5.3 million, or 5%, to $112.1 million at March 31, 2020 from $106.8 million at December 31, 2019. Net income of $2.6 million was supplemented by a $3.2 million, after tax, improvement in net unrealized gains from the investment portfolio. An additional $0.5 million recorded from the issuance of common stock under the Company’s stock plans and stock-based compensation, was offset by $1.1 million in cash dividends paid to shareholders. The Company remains well capitalized and is positioned for continued growth with total shareholders’ equity at 10.55% of total assets at March 31, 2020. Book value per share was $29.53 at March 31, 2020 compared to $28.25 at December 31, 2019.

Fidelity D & D Bancorp, Inc. has built a strong history as trusted financial advisors to the clients served by The Fidelity Deposit and Discount Bank and is proud to be an active member of the community of Northeastern Pennsylvania. Part of the Bank’s mission is to be a good corporate partner within its market areas by providing over 2,900 hours of volunteer time to non-profit organizations yearly. The Company serves multiple office locations throughout Lackawanna and Luzerne Counties providing personal and business banking products and services, including wealth management planning through fiduciary activities with the Bank’s full trust powers; as well as offering a full array of asset management services. The Bank provides 24 hour, 7 day a week service to customers through branch offices, online at www.bankatfidelity.com, and through the Customer Care Center at 800-388-4380. The 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 used 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. In the event of such a disclosure or release, the Securities and Exchange Commission’s (SEC) Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. Reconciliations of GAAP to non-GAAP operating measures to the most directly comparable GAAP financial measures are included in the tables at the end of this release.

Management believes merger-related expenses are not standard costs necessary for operations. These charges principally represent professional fees and system conversion and integration costs related to the transaction. These costs are specific to each individual transaction and may vary significantly based on the size and complexity of the transaction.

Interest income was fully-taxable equivalent (FTE) adjusted to recognize the income from tax exempt interest-earning assets as if the interest was taxable 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 2020 and 2019.

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:

  • the effects of economic conditions particularly with regard to the negative impact of severe and wide-ranging disruptions caused by the spread of Coronavirus Disease 2019 (COVID-19) on current customers, specifically the effect of the economy on loan customers’ ability to repay loans;
  • 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 the Tax Cuts and Jobs Act and Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the regulations promulgated there under;
  • 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 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 risks of changes in 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;
  • 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;
  • technological changes;
  • the interruption or breach in security of our information systems 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;
  • volatilities in the securities markets;
  • acts of war or terrorism;
  • disruption of credit and equity markets; 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, 2020December 31, 2019
Assets     
Cash and cash equivalents$ 58,960  $15,663 
Investment securities  203,984   185,117 
Federal Home Loan Bank stock  2,732   4,383 
Loans and leases  746,715   755,053 
Allowance for loan losses  (10,017)  (9,747)
Premises and equipment, net  21,412   21,557 
Life insurance cash surrender value  23,426   23,261 
Other assets  15,283   14,640 
      
Total assets$ 1,062,495  $1,009,927 
      
Liabilities     
Non-interest-bearing deposits$ 243,942  $192,023 
Interest-bearing deposits  675,719   643,714 
Total deposits  919,661   835,737 
Short-term borrowings  -   37,839 
FHLB advances  15,000   15,000 
Other liabilities  15,694   14,516 
Total liabilities  950,355   903,092 
      
Shareholders' equity  112,140   106,835 
      
Total liabilities and shareholders' equity$ 1,062,495  $1,009,927 
      
      
Average Year-To-Date Balances:March 31, 2020December 31, 2019
Assets     
Cash and cash equivalents$ 22,444  $15,364 
Investment securities  192,515   189,720 
Loans and leases, net  746,248   722,466 
Premises and equipment, net  21,002   18,465 
Other assets  37,343   38,537 
      
Total assets$ 1,019,552  $984,552 
      
Liabilities     
Non-interest-bearing deposits$ 194,847  $195,393 
Interest-bearing deposits  669,867   621,618 
Total deposits  864,714   817,011 
Short-term borrowings  16,174   35,243 
FHLB advances  15,000   18,074 
Other liabilities  14,891   13,517 
Total liabilities  910,779   883,845 
      
Shareholders' equity  108,773   100,707 
      
Total liabilities and shareholders' equity$ 1,019,552  $984,552 



FIDELITY D & D BANCORP, INC.
Unaudited Condensed Consolidated Statements of Income
(dollars in thousands)

           
  Three Months Ended    
  Mar. 31, 2020 Mar. 31, 2019      
Interest income          
Loans and leases$ 8,360 $8,158       
Securities and other  1,351  1,497       
           
Total interest income  9,711  9,655       
           
Interest expense          
Deposits  1,516  1,331       
Borrowings and debt  189  414       
           
Total interest expense  1,705  1,745       
           
Net interest income  8,006  7,910       
           
Provision for loan losses  (300) (255)      
Other income  2,755  2,457       
Other expenses  (7,304) (6,770)      
           
Income before income taxes  3,157  3,342       
           
Provision for income taxes  (523) (540)      
Net income$ 2,634 $2,802       
           
           
           
 Three Months Ended
  Mar. 31, 2020 Dec. 31, 2019 Sep. 30, 2019 Jun. 30, 2019 Mar. 31, 2019
Interest income          
Loans and leases$ 8,360 $8,591 $8,499 $8,193 $8,158 
Securities and other  1,351  1,358  1,509  1,464  1,497 
           
Total interest income  9,711  9,949  10,008  9,657  9,655 
           
Interest expense          
Deposits  1,516  1,687  1,683  1,474  1,331 
Borrowings and debt  189  251  325  389  414 
           
Total interest expense  1,705  1,938  2,008  1,863  1,745 
           
Net interest income  8,006  8,011  8,000  7,794  7,910 
           
Provision for loan losses  (300) (255) (320) (255) (255)
Other income  2,755  2,615  2,632  2,489  2,457 
Other expenses  (7,304) (7,073) (6,643) (6,435) (6,770)
           
Income before income taxes  3,157  3,298  3,669  3,593  3,342 
           
Provision for income taxes  (523) (584) (611) (591) (540)
Net income$ 2,634 $2,714 $3,058 $3,002 $2,802 
           


FIDELITY D & D BANCORP, INC.
Unaudited Condensed Consolidated Balance Sheets
(dollars in thousands)

           
At Period End: Mar. 31, 2020 Dec. 31, 2019 Sep. 30, 2019 Jun. 30, 2019 Mar. 31, 2019
Assets          
Cash and cash equivalents$ 58,960 $15,663 $18,687 $19,190 $15,310 
Investment securities  203,984  185,117  189,246  189,899  182,496 
Federal Home Loan Bank stock  2,732  4,383  3,818  4,396  3,663 
Loans and leases  746,715  755,053  750,470  735,685  713,761 
Allowance for loan losses  (10,017) (9,747) (9,441) (9,495) (9,522)
Premises and equipment, net  21,412  21,557  18,149  18,353  18,186 
Life insurance cash surrender value  23,426  23,261  23,094  22,926  22,761 
Other assets  15,283  14,640  17,401  16,085  17,565 
           
Total assets$ 1,062,495 $1,009,927 $1,011,424 $997,039 $964,220 
           
Liabilities          
Non-interest-bearing deposits$ 243,942 $192,023 $203,816 $215,973 $230,610 
Interest-bearing deposits  675,719  643,714  648,506  623,650  594,675 
Total deposits  919,661  835,737  852,322  839,623  825,285 
Short-term borrowings  -  37,839  24,355  29,105  5,906 
FHLB advances  15,000  15,000  15,000  15,000  21,704 
Other liabilities  15,694  14,516  14,958  11,885  13,583 
Total liabilities  950,355  903,092  906,635  895,613  866,478 
           
Shareholders' equity  112,140  106,835  104,789  101,426  97,742 
           
Total liabilities and shareholders' equity$ 1,062,495 $1,009,927 $1,011,424 $997,039 $964,220 
           
           
Average Quarterly Balances: Mar. 31, 2020 Dec. 31, 2019 Sep. 30, 2019 Jun. 30, 2019 Mar. 31, 2019
Assets          
Cash and cash equivalents$ 22,444 $15,048 $15,357 $14,518 $16,548 
Investment securities  192,515  190,909  194,125  189,704  184,017 
Loans and leases, net  746,248  746,867  727,441  704,748  710,351 
Premises and equipment, net  21,002  18,924  18,288  18,362  18,281 
Other assets  37,343  39,362  40,008  38,135  36,598 
           
Total assets$ 1,019,552 $1,011,110 $995,219 $965,467 $965,795 
           
Liabilities          
Non-interest-bearing deposits$ 194,847 $194,313 $198,188 $193,702 $195,349 
Interest-bearing deposits  669,867  654,205  630,810  602,161  598,582 
Total deposits  864,714  848,518  828,998  795,863  793,931 
Short-term borrowings  16,174  27,160  34,096  39,291  40,587 
FHLB advances  15,000  15,000  15,000  18,831  23,593 
Other liabilities  14,891  14,773  14,008  12,477  12,783 
Total liabilities  910,779  905,451  892,102  866,462  870,894 
           
Shareholders' equity  108,773  105,659  103,117  99,005  94,901 
           
Total liabilities and shareholders' equity$ 1,019,552 $1,011,110 $995,219 $965,467 $965,795 
                


FIDELITY D & D BANCORP, INC.
Selected Financial Ratios and Other Data

           
 Three Months Ended
  Mar. 31, 2020 Dec. 31, 2019 Sep. 30, 2019 Jun. 30, 2019 Mar. 31, 2019
Selected returns and financial ratios          
Basic earnings per share$ 0.69$0.71$0.82$0.79$0.74
Diluted earnings per share$ 0.69$0.71$0.80$0.79$0.73
Dividends per share$ 0.28$0.28$0.26$0.26$0.26
Yield on interest-earning assets (FTE)* 4.19% 4.26% 4.35% 4.36% 4.40%
Cost of interest-bearing liabilities 0.98% 1.10% 1.17% 1.13% 1.07%
Cost of funds 0.77% 0.86% 0.91% 0.88% 0.82%
Net interest spread (FTE)* 3.21% 3.16% 3.18% 3.23% 3.33%
Net interest margin (FTE)* 3.47% 3.45% 3.49% 3.54% 3.62%
Return on average assets 1.04% 1.06% 1.22% 1.25% 1.18%
Return on average equity 9.74% 10.19% 11.77% 12.16% 11.98%
Efficiency ratio (FTE)* 66.69% 65.38% 61.41% 61.47% 64.15%
Expense ratio 1.79% 1.75% 1.60% 1.64% 1.81%


      
Non-GAAP Measures Three Months Ended
(dollars in thousands except per share data) Mar. 31, 2020  Mar. 31, 2019
Net income$ 2,634 $2,802
Merger-related expenses, net of income taxes  263  -
Adjusted net income*$ 2,897 $2,802
Adjusted basic earnings per share*$ 0.76 $0.74
Adjusted diluted earnings per share*$ 0.76 $0.73
Interest income adjustment to FTE*$ 191 $187
* See non-GAAP Financial Measures above.     


           
Other financial data At period end:
(dollars in thousands except per share data) Mar. 31, 2020 Dec. 31, 2019 Sep. 30, 2019 Jun. 30, 2019 Mar. 31, 2019
Book value per share$ 29.53$28.25$27.71$26.82$25.85
Equity to assets 10.55% 10.58% 10.36% 10.17% 10.14%
Allowance for loan losses to:          
Total loans 1.34% 1.29% 1.26% 1.29% 1.34%
Non-accrual loans 2.74x 2.65x 2.45x 2.31x 2.54x
Non-accrual loans to total loans 0.49% 0.49% 0.51% 0.56% 0.53%
Non-performing assets to total assets 0.45% 0.50% 0.55% 0.62% 0.62%
Net charge-offs to average total loans 0.02% 0.15% 0.21% 0.21% 0.27%
           
Capital Adequacy Ratios          
Total risk-based capital ratio 15.80% 15.76% 15.56% 15.01% 15.24%
Common equity tier 1 risk-based capital ratio 14.55% 14.51% 14.31% 13.76% 13.99%
Tier 1 risk-based capital ratio 14.55% 14.51% 14.31% 13.76% 13.99%
Leverage ratio 10.37% 10.39% 10.20% 10.26% 9.99%


Contacts: 
  
Daniel J. SantanielloSalvatore R. DeFrancesco, Jr.
President and Chief Executive OfficerTreasurer and Chief Financial Officer
570-504-8035570-504-8000

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Source: Fidelity Deposit & Discount Bank