Note 19 - Parent Company Only

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

19. PARENT COMPANY ONLY

The following is the condensed financial information for Fidelity D & D Bancorp, Inc. on a parent company only basis as of and for the years indicated:

Condensed Balance Sheets	As of December 31,
(dollars in thousands)	2023			2022
Assets:
Cash	$	1,992		$	634
Investment in subsidiary		187,921			162,620
Other assets		213			214
Total	$	190,126		$	163,468
Liabilities and shareholders' equity:
Liabilities	$	646		$	518
Capital stock and retained earnings		245,947			235,365
Treasury stock		-			(1,263	)
Accumulated other comprehensive income (loss)		(56,467	)		(71,152	)
Total	$	190,126		$	163,468

Condensed Income Statements	Years ended December 31,
(dollars in thousands)	2023		2022
Income:
Equity in undistributed earnings of subsidiary	$	11,941	$	24,128
Dividends from subsidiary		8,387		7,709
Total income		20,328		31,837
Operating expenses		2,793		2,295
Income before taxes		17,535		29,542
Credit for income taxes		675		479
Net income	$	18,210	$	30,021

Statements of Comprehensive Income	Years ended December 31,
(dollars in thousands)	2023			2022
Bancorp net loss	$	(2,118	)	$	(1,816	)
Equity in net income of subsidiary		20,328			31,837
Net income		18,210			30,021
Equity in other comprehensive income (loss) of subsidiary		14,685			(71,331	)
Other comprehensive income (loss), net of tax		14,685			(71,331	)
Total comprehensive income (loss), net of tax	$	32,895		$	(41,310	)

Condensed Statements of Cash Flows	Years ended December 31,
(dollars in thousands)	2023			2022
Cash flows from operating activities:
Net income	$	18,210		$	30,021
Adjustments to reconcile net income to net cash used in operations:
Equity in earnings of subsidiary		(20,328	)		(31,837	)
Stock-based compensation expense		1,648			1,271
Deferred income tax		10			(25	)
Changes in other assets and liabilities, net		114			(232	)
Net cash used in operating activities		(346	)		(802	)
Cash flows provided by investing activities:
Dividends received from subsidiary		8,387			7,709
Operating dividend from subsidiary		-			700
Purchases of bank premises and equipment		4			(11	)
Net cash provided by investing activities		8,391			8,398
Cash flows used in financing activities:
Dividends paid, net of dividend reinvestment		(6,750	)		(7,709	)
Withholdings to purchase capital stock		302			252
Repurchase of shares to cover withholdings		(239	)		(20	)
Net cash used in financing activities		(6,687	)		(7,477	)
Net change in cash		1,358			119
Cash, beginning		634			515
Cash, ending	$	1,992		$	634