Fidelity D&D sells $35.6M in securities, recording $6.5M loss to reduce short-term borrowings

FIDELITY D & D BANCORP INC

Sold $35.6 million in available-for-sale debt securities, recognizing a $6.5 million loss in Q4 2023.
Proceeds of $29.1 million used to pay down short-term borrowings and replenish borrowing capacity.
Cost of interest-bearing liabilities was 2.29% for October 2023.
Action driven by elevated October borrowings and need to fund loan growth.
Loss will adversely affect fourth-quarter 2023 operating results.

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