Pennsylvania
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333-90273
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23-3017653
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(State or other
jurisdiction of
incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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FIDELITY D & D BANCORP, INC.
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Date: April 28, 2011
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By:
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/s/ Salvatore R. DeFrancesco, Jr. | |
Salvatore R. DeFrancesco, Jr.
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Treasurer and Chief Financial Officer
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99.1
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Copy of the Press Release, dated April 27, 2011.
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Daniel J. Santaniello
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Salvatore R. DeFrancesco, Jr.
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President and
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Treasurer and
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Chief Executive Officer
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Chief Financial Officer
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570-504-8035
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570-504-8000
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·
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the effects of economic deterioration on current customers, specifically the effect of the economy on loan customers’ ability to repay loans;
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·
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the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
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·
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the effects of new laws and regulations, specifically the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act;
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·
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governmental monetary and fiscal policies, as well as legislative and regulatory changes;
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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;
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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;
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·
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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 the Company’s 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;
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·
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technological changes;
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·
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acquisitions and integration of acquired businesses;
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the failure of assumptions underlying the establishment of reserves for loan and lease losses and estimations of values of collateral and various financial assets and liabilities;
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·
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volatilities in the securities markets;
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deteriorating economic conditions;
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·
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acts of war or terrorism; and
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disruption of credit and equity markets.
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FIDELITY D & D BANCORP, INC.
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Unaudited Condensed Consolidated Balance Sheets
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At Period End:
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March 31, 2011
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December 31, 2010
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Assets
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||||||||
Total cash and cash equivalents
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$ | 47,443,267 | $ | 22,967,345 | ||||
Investment securities
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90,881,865 | 83,431,371 | ||||||
Federal Home Loan Bank Stock
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4,314,900 | 4,542,000 | ||||||
Loans and leases
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419,806,900 | 416,014,151 | ||||||
Allowance for loan losses
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(8,223,978 | ) | (7,897,822 | ) | ||||
Premises and equipment, net
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14,421,943 | 14,763,873 | ||||||
Life insurance cash surrender value
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9,501,732 | 9,424,926 | ||||||
Other assets
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18,149,883 | 18,427,308 | ||||||
Total assets
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$ | 596,296,512 | $ | 561,673,152 | ||||
Liabilities
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Non-interest-bearing deposits
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$ | 113,283,383 | $ | 85,780,392 | ||||
Interest-bearing deposits
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399,916,954 | 396,667,300 | ||||||
Total deposits
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513,200,337 | 482,447,692 | ||||||
Short-term borrowings
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11,131,104 | 8,548,400 | ||||||
Long-term debt
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21,000,000 | 21,000,000 | ||||||
Other liabilities
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2,662,440 | 2,903,045 | ||||||
Total liabilities
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547,993,881 | 514,899,137 | ||||||
Shareholders' equity
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48,302,631 | 46,774,015 | ||||||
Total liabilities and shareholders' equity
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$ | 596,296,512 | $ | 561,673,152 | ||||
Average Year-To-Date Balances:
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March 31, 2011
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December 31, 2010
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Assets
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Total cash and cash equivalents
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$ | 38,769,905 | $ | 42,181,685 | ||||
Investment securities
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89,632,732 | 84,050,381 | ||||||
Loans and leases, net
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411,113,414 | 419,748,250 | ||||||
Premises and equipment, net
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14,638,667 | 14,975,020 | ||||||
Other assets
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27,516,317 | 26,598,374 | ||||||
Total assets
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$ | 581,671,035 | $ | 587,553,710 | ||||
Liabilities
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Non-interest-bearing deposits
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$ | 101,941,654 | $ | 76,707,139 | ||||
Interest-bearing deposits
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392,160,656 | 405,518,509 | ||||||
Total deposits
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494,102,310 | 482,225,648 | ||||||
Short-term borrowings and long-term debt
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36,534,997 | 53,823,711 | ||||||
Other liabilities
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3,258,128 | 3,626,830 | ||||||
Total liabilities
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533,895,435 | 539,676,189 | ||||||
Shareholders' equity
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47,775,600 | 47,877,521 | ||||||
Total liabilities and shareholders' equity
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$ | 581,671,035 | $ | 587,553,710 |
FIDELITY D & D BANCORP, INC.
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Unaudited Condensed Consolidated Statements of Income
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Three Months Ended
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Mar. 31, 2011
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Mar. 31, 2010
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Interest income
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Loans and leases
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$ | 5,934,513 | $ | 6,226,313 | ||||
Securities and other
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615,860 | 814,978 | ||||||
Total interest income
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6,550,373 | 7,041,291 | ||||||
Interest expense
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Deposits
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1,041,877 | 1,414,061 | ||||||
Borrowings and debt
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274,877 | 468,296 | ||||||
Total interest expense
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1,316,754 | 1,882,357 | ||||||
Net interest income
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5,233,619 | 5,158,934 | ||||||
Provision for loan losses
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475,000 | 575,000 | ||||||
OTTI - credit losses
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74,692 | 79,050 | ||||||
Other income
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1,412,630 | 1,224,652 | ||||||
Other expenses
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4,489,828 | 5,104,449 | ||||||
Provision for income taxes
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379,844 | 69,207 | ||||||
Net income
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$ | 1,226,886 | $ | 555,880 |
Three Months Ended
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Mar. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
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Interest income
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Loans and leases
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$ | 5,934,513 | $ | 6,010,455 | $ | 6,213,939 | $ | 6,158,022 | $ | 6,226,313 | ||||||||||
Securities and other
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615,860 | 604,335 | 739,761 | 812,171 | 814,978 | |||||||||||||||
Total interest income
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6,550,373 | 6,614,790 | 6,953,700 | 6,970,193 | 7,041,291 | |||||||||||||||
Interest expense
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Deposits
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1,041,877 | 1,119,838 | 1,244,438 | 1,299,716 | 1,414,061 | |||||||||||||||
Borrowings and debt
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274,877 | 390,980 | 436,490 | 453,196 | 468,296 | |||||||||||||||
Total interest expense
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1,316,754 | 1,510,818 | 1,680,928 | 1,752,912 | 1,882,357 | |||||||||||||||
Net interest income
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5,233,619 | 5,103,972 | 5,272,772 | 5,217,281 | 5,158,934 | |||||||||||||||
Provision for loan losses
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475,000 | 835,000 | 375,000 | 300,000 | 575,000 | |||||||||||||||
OTTI - credit losses
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74,692 | 9,332,322 | 1,748,674 | 675,872 | 79,050 | |||||||||||||||
Other income
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1,412,630 | 695,159 | 1,478,263 | 1,316,231 | 1,224,652 | |||||||||||||||
Other expenses
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4,489,828 | 796,137 | 4,317,611 | 4,694,155 | 5,104,449 | |||||||||||||||
Provision (credit) for income taxes
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379,844 | (2,724,896 | ) | (45,193 | ) | 144,513 | 69,207 | |||||||||||||
Net income (loss)
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$ | 1,226,885 | $ | (2,439,432 | ) | $ | 354,943 | $ | 718,972 | $ | 555,880 |
FIDELITY D & D BANCORP, INC.
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Unaudited Condensed Consolidated Balance Sheets
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At Period End:
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Mar. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
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Assets
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Total cash and cash equivalents
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$ | 47,443,267 | $ | 22,967,345 | $ | 47,571,175 | $ | 36,728,875 | $ | 40,182,654 | ||||||||||
Investment securities
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90,881,865 | 83,431,371 | 87,255,681 | 75,948,064 | 81,433,603 | |||||||||||||||
Federal Home Loan Bank Stock
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4,314,900 | 4,542,000 | 4,781,100 | 4,781,100 | 4,781,100 | |||||||||||||||
Loans and leases
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419,806,900 | 416,014,151 | 422,688,600 | 428,122,754 | 434,257,867 | |||||||||||||||
Allowance for loan losses
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(8,223,978 | ) | (7,897,822 | ) | (7,484,253 | ) | (7,523,250 | ) | (7,751,589 | ) | ||||||||||
Premises and equipment, net
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14,421,943 | 14,763,873 | 14,649,763 | 14,936,387 | 15,245,122 | |||||||||||||||
Life insurance cash surrender value
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9,501,732 | 9,424,926 | 9,347,707 | 9,269,973 | 9,192,627 | |||||||||||||||
Other assets
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18,149,883 | 18,427,308 | 17,788,825 | 17,006,380 | 17,947,191 | |||||||||||||||
Total assets
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$ | 596,296,512 | $ | 561,673,152 | $ | 596,598,598 | $ | 579,270,283 | $ | 595,288,575 | ||||||||||
Liabilities
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Non-interest-bearing deposits
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$ | 113,283,383 | $ | 85,780,392 | $ | 81,819,441 | $ | 77,836,050 | $ | 73,065,849 | ||||||||||
Interest-bearing deposits
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399,916,954 | 396,667,300 | 409,063,486 | 403,090,854 | 413,491,335 | |||||||||||||||
Total deposits
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513,200,337 | 482,447,692 | 490,882,927 | 480,926,904 | 486,557,184 | |||||||||||||||
Short-term borrowings
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11,131,104 | 8,548,400 | 21,804,259 | 15,577,694 | 26,370,222 | |||||||||||||||
Long-term debt
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21,000,000 | 21,000,000 | 32,000,000 | 32,000,000 | 32,000,000 | |||||||||||||||
Other liabilities
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2,662,440 | 2,903,045 | 3,235,939 | 2,922,545 | 3,995,312 | |||||||||||||||
Total liabilities
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547,993,881 | 514,899,137 | 547,923,125 | 531,427,143 | 548,922,718 | |||||||||||||||
Shareholders' equity
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48,302,631 | 46,774,015 | 48,675,473 | 47,843,140 | 46,365,857 | |||||||||||||||
Total liabilities and shareholders' equity
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$ | 596,296,512 | $ | 561,673,152 | $ | 596,598,598 | $ | 579,270,283 | $ | 595,288,575 | ||||||||||
Average Quarterly Balances:
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Mar. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
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Assets
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Total cash and cash equivalents
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$ | 38,769,905 | $ | 53,297,299 | $ | 44,858,721 | $ | 33,008,130 | $ | 37,358,017 | ||||||||||
Investment securities
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89,632,732 | 86,120,978 | 83,361,340 | 86,919,361 | 79,737,266 | |||||||||||||||
Loans and leases, net
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411,113,414 | 409,008,829 | 416,462,967 | 424,331,436 | 429,450,503 | |||||||||||||||
Premises and equipment, net
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14,638,667 | 14,648,400 | 14,854,405 | 15,116,975 | 15,288,661 | |||||||||||||||
Other assets
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27,516,317 | 27,381,576 | 26,404,370 | 26,073,072 | 26,527,219 | |||||||||||||||
Total assets
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$ | 581,671,035 | $ | 590,457,082 | $ | 585,941,803 | $ | 585,448,974 | $ | 588,361,666 | ||||||||||
Liabilities
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Non-interest-bearing deposits
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$ | 101,941,654 | $ | 82,019,125 | $ | 75,830,989 | $ | 74,100,555 | $ | 74,808,276 | ||||||||||
Interest-bearing deposits
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392,160,656 | 404,692,893 | 406,630,065 | 407,132,578 | 403,594,213 | |||||||||||||||
Total deposits
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494,102,310 | 486,712,018 | 482,461,054 | 481,233,133 | 478,402,489 | |||||||||||||||
Short-term borrowings and long-term debt
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36,534,997 | 51,089,956 | 50,958,606 | 53,323,203 | 60,053,061 | |||||||||||||||
Other liabilities
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3,258,128 | 3,995,850 | 3,509,030 | 3,618,319 | 3,379,727 | |||||||||||||||
Total liabilities
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533,895,435 | 541,797,824 | 536,928,690 | 538,174,655 | 541,835,277 | |||||||||||||||
Shareholders' equity
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47,775,600 | 48,659,258 | 49,013,113 | 47,274,319 | 46,526,389 | |||||||||||||||
Total liabilities and shareholders' equity
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$ | 581,671,035 | $ | 590,457,082 | $ | 585,941,803 | $ | 585,448,974 | $ | 588,361,666 |
FIDELITY D & D BANCORP, INC.
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Selected Financial Ratios and Other Data
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Three Months Ended
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Mar. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
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Selected returns and financial ratios
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Diluted earnings (loss) per share
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$ | 0.56 | $ | (2.26 | ) | $ | 0.16 | $ | 0.34 | $ | 0.26 | |||||||||
Dividends per share
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$ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 0.25 | ||||||||||
Yield on interest-earning assets (FTE)
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5.03 | % | 4.87 | % | 5.14 | % | 5.19 | % | 5.28 | % | ||||||||||
Cost of interest-bearing liabilities
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1.25 | % | 1.32 | % | 1.46 | % | 1.53 | % | 1.65 | % | ||||||||||
Net interest spread
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3.78 | % | 3.55 | % | 3.68 | % | 3.66 | % | 3.63 | % | ||||||||||
Net interest margin
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4.05 | % | 3.79 | % | 3.93 | % | 3.92 | % | 3.91 | % | ||||||||||
Return on average assets
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0.86 | % | -3.25 | % | 0.24 | % | 0.49 | % | 0.38 | % | ||||||||||
Return on average equity
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10.41 | % | -39.42 | % | 2.87 | % | 6.10 | % | 4.85 | % | ||||||||||
Efficiency ratio
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65.51 | % | 58.61 | % | 62.10 | % | 69.66 | % | 71.57 | % | ||||||||||
Expense ratio
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2.15 | % | 1.68 | % | 1.92 | % | 2.32 | % | 2.40 | % | ||||||||||
Other data
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Mar. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
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Book value per share
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$ | 21.96 | $ | 21.48 | $ | 22.50 | $ | 22.27 | $ | 21.74 | ||||||||||
Equity to assets
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8.10 | % | 8.33 | % | 8.16 | % | 8.26 | % | 7.79 | % | ||||||||||
Allowance for loan losses to:
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Total loans
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1.96 | % | 1.90 | % | 1.77 | % | 1.76 | % | 1.79 | % | ||||||||||
Non-accrual loans
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0.87 | x | 0.79 | x | 0.78 | x | 0.84 | x | 0.70 | x | ||||||||||
Non-accrual loans to total loans
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2.25 | % | 2.40 | % | 2.27 | % | 2.08 | % | 2.56 | % | ||||||||||
Non-performing assets to total assets
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2.37 | % | 2.38 | % | 2.22 | % | 2.21 | % | 2.28 | % |