Fidelity D & D Q1 2023 net income $7.0M ($1.24 EPS) vs $7.5M ($1.32) YoY

FIDELITY D & D BANCORP INC

2023-Q1 EPS reported $1.24

Net interest income $17.0M, down 2% from $17.3M YoY; cost of interest-bearing liabilities rose 111 bps to 1.33%.
Loan portfolio grew $61M in Q1; total assets reached $2.4B, up $65M from Dec 2022.
Adopted CECL on Jan 1, 2023; recorded $0.7M increase in allowance for credit losses on loans and $1.1M on unfunded commitments.
Tangible book value per share rose to $27.33 at Mar 31, 2023 from $25.18 at Dec 31, 2022.
Non-performing assets 0.14% of total assets; Tier 1 capital ratio 8.92%; total risk-based capital 14.59%.

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