Fidelity D & D Bancorp Q2 profit lifted by higher interest income

Fidelity D & D Bancorp, Inc.

Fidelity D & D Bancorp, Inc.

FDBC

0.00


Overview

  • US regional bank's Q2 net income and EPS rose yr/yr on higher net interest income

  • Net interest income for Q2 increased 16% yr/yr, driven by loan growth and higher yields

  • Company cites strong revenue growth and favorable credit performance for Q2 results


Outlook

  • Company did not provide specific guidance for the current quarter or full year


Result Drivers

  • LOAN GROWTH AND HIGHER YIELDS - Net interest income rose due to larger average loan balances and higher yields, with the loan portfolio producing a $3.2 mln increase in interest income

  • LOWER DEPOSIT COSTS - Interest expense on deposits fell as rates paid on interest-bearing deposits decreased, more than offsetting higher average balances

  • HIGHER NON-INTEREST EXPENSES - Non-interest expenses increased, mainly due to higher salaries and benefits from more bankers and increased technology costs


Company press release: ID:nGNX3cMtcl


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 EPS

$1.33

Q2 Net Income

$7.85 mln

Q2 Net Interest Income

$20.76 mln

Q2 Pretax Profit

$9.51 mln

Q2 Provision for Credit Losses on loans

$400,000


Reuters Recommended Reads

  • July 21 - Bridgewater Bancshares Q2 adjusted EPS meets estimates as net interest income rises on loan growth

  • July 21 - CSB Bancorp Q2 net income rises on loan growth, lower costs

  • July 21 - Capital One second-quarter profit rises on higher interest income


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