Record Q3 Earnings: Net Income Up 21% to $8.9M, Margin Expands to 3.30%
FDBC sits 43% above its 52-week low of $41.
Summary
Fidelity D & D posted record quarterly net income of $8.9M, or $1.53 per diluted share, up 21% from $7.3M a year ago. Net interest income rose $3.4M (18%) as average loans grew $237.3M and the cost of interest-bearing deposits fell 29 bps, lifting the FTE net interest margin to 3.30% from 2.95%. The efficiency ratio improved to 56.11% from 60.17% even as non-interest expense rose 10%, mostly on staffing and a one-time charitable contribution. Total assets crossed $3.0B, up $280.3M since year-end, funded by $142.9M of deposit growth plus a $132.7M increase in short-term borrowings. Asset quality is clean — non-performing assets at 0.08% of total assets and net charge-offs at 0.01% of average loans. The stock is trading near its 52-week high of $59.49, so the bar was high; the margin expansion and record EPS clear it.
At the time of this announcement, FDBC was trading at $58.82 on NASDAQ in the Finance sector, with a market capitalization of approximately $341.6M. The 52-week trading range was $41.00 to $59.49. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.