UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR QUARTER ENDED JUNE 30, 2004
COMMISSION FILE NUMBER: 333-90273
FIDELITY D & D BANCORP, INC.
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STATE OF INCORPORATION: |
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IRS EMPLOYER IDENTIFICATION NO: |
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PENNSYLVANIA |
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23-3017653 |
PRINCIPAL OFFICE:
BLAKELY & DRINKER ST.
DUNMORE, PENNSYLVANIA 18512
TELEPHONE:
570-342-8281
The Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
ý YES o NO
The Registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2)
o YES ý NO
The number of outstanding shares of Common Stock of Fidelity D & D Bancorp, Inc. at July 30, 2004, the latest practicable date, was 1,831,789 shares.
FIDELITY D & D BANCORP, INC.
Form 10-Q June 30, 2004
Index
2
FIDELITY D & D BANCORP, INC.
As of June 30, 2004 and December 31, 2003
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June 30, 2004 |
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December 31, 2003 |
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(unaudited) |
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(audited) |
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ASSETS |
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Cash and due from banks |
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$ |
11,645,551 |
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$ |
13,148,199 |
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Interest-bearing deposits with financial institutions |
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314,818 |
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6,083,402 |
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Total cash and cash equivalents |
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11,960,369 |
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19,231,601 |
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Held-to-maturity securities |
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3,460,588 |
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4,712,142 |
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Available-for-sale securities |
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122,955,437 |
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139,695,232 |
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Loans and leases, net (allowance for loan losses of $5,876,178 in 2004 and $4,996,966 in 2003) |
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375,629,645 |
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366,981,640 |
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Loans available-for-sale (fair value $1,295,494 in 2004; $20,500,507 in 2003) |
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1,261,808 |
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19,863,577 |
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Accrued interest receivable |
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1,871,888 |
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1,807,081 |
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Bank premises and equipment, net |
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11,619,584 |
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12,091,937 |
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Foreclosed assets held for sale |
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228,588 |
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467,166 |
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Cash surrender value of bank owned life insurance |
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7,455,203 |
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7,293,538 |
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Other assets |
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4,177,734 |
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3,071,552 |
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Total assets |
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$ |
540,620,844 |
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$ |
575,215,466 |
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LIABILITIES |
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Deposits |
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Non-interest-bearing |
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$ |
65,967,823 |
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$ |
64,398,658 |
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Certificates of deposit of $100,000 or more |
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102,447,800 |
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112,857,420 |
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Other interest-bearing deposits |
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208,888,297 |
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224,186,468 |
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Total deposits |
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377,303,920 |
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401,442,546 |
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Accrued interest payable and other liabilities |
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3,186,580 |
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3,208,009 |
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Short-term borrowings |
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45,190,349 |
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54,756,978 |
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Long-term debt |
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71,500,427 |
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71,876,034 |
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Total liabilities |
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497,181,276 |
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531,283,567 |
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SHAREHOLDERS’ EQUITY |
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Preferred stock authorized 5,000,000 shares with no par value; none issued |
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— |
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— |
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Capital stock authorized 10,000,000 shares with no par value; issued and outstanding 1,831,789 shares in 2004 and 1,828,270 shares in 2003 |
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9,810,940 |
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9,698,879 |
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Treasury stock, at cost |
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— |
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(196,048 |
) |
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Retained earnings |
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35,384,149 |
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34,641,976 |
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Accumulated other comprehensive loss |
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(1,755,521 |
) |
(212,908 |
) |
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Total shareholders’ equity |
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43,439,568 |
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43,931,899 |
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Total liabilities and shareholders’ equity |
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$ |
540,620,844 |
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$ |
575,215,466 |
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3
FIDELITY D & D BANCORP, INC.
Consolidated Statements of Income
(unaudited)
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Three Months Ended |
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Six Months Ended |
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June 30, 2004 |
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June 30, 2003 |
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June 30, 2004 |
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June 30, 2003 |
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Interest income |
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Interest and fees on loans: |
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Taxable |
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$ |
5,461,234 |
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$ |
5,695,878 |
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$ |
10,873,586 |
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$ |
11,617,961 |
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Nontaxable |
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74,428 |
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99,665 |
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158,516 |
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205,337 |
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Leases |
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42,926 |
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79,101 |
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92,346 |
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170,835 |
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Interest-bearing deposits with financial institutions |
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1,095 |
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2,464 |
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2,210 |
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4,369 |
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Investment securities: |
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US Government agencies |
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1,073,414 |
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1,081,193 |
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2,292,009 |
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2,392,964 |
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States and political subdivisions (nontaxable) |
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116,328 |
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113,116 |
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251,706 |
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224,886 |
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Other securities |
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43,765 |
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59,209 |
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95,932 |
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133,050 |
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Federal funds sold |
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— |
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16,210 |
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10,210 |
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35,180 |
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Total interest income |
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6,813,190 |
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7,146,836 |
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13,776,515 |
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