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 MARCH 31, 2005
COMMISSION FILE NUMBER: 333-90273
FIDELITY D & D BANCORP, INC.
|
STATE OF INCORPORATION: |
|
IRS EMPLOYER IDENTIFICATION NO: |
|
PENNSYLVANIA |
|
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 April 29, 2005, the latest practicable date, was 1,843,997 shares.
FIDELITY D & D BANCORP, INC.
Form 10-Q March 31, 2005
Index
2
FIDELITY D & D BANCORP, INC.
As of March 31, 2005 and December 31, 2004
|
|
|
March 31, 2005 |
|
December 31, 2004 |
|
||
|
|
|
(unaudited) |
|
(audited) |
|
||
|
ASSETS |
|
|
|
|
|
||
|
Cash and due from banks |
|
$ |
11,188,920 |
|
$ |
9,013,060 |
|
|
Interest-bearing deposits with financial institutions |
|
1,555,390 |
|
1,203,334 |
|
||
|
Federal funds sold |
|
9,010,000 |
|
— |
|
||
|
Total cash and cash equivalents |
|
21,754,310 |
|
10,216,394 |
|
||
|
Available-for-sale securities |
|
107,784,063 |
|
112,612,513 |
|
||
|
Held-to-maturity securities |
|
2,890,448 |
|
3,056,305 |
|
||
|
Federal Home Loan Bank Stock |
|
3,831,200 |
|
4,568,700 |
|
||
|
Loans
and leases, net (allowance for loan losses of |
|
377,492,615 |
|
381,546,375 |
|
||
|
Loans available-for-sale (fair value $403,992 in 2005 and $582,141 in 2004) |
|
399,992 |
|
576,378 |
|
||
|
Bank premises and equipment, net |
|
10,955,283 |
|
11,163,292 |
|
||
|
Cash surrender value of bank owned life insurance |
|
7,671,229 |
|
7,613,437 |
|
||
|
Other assets |
|
4,794,769 |
|
3,385,790 |
|
||
|
Accrued interest receivable |
|
2,078,349 |
|
1,722,850 |
|
||
|
Foreclosed assets held for sale |
|
207,271 |
|
213,104 |
|
||
|
Total assets |
|
$ |
539,859,529 |
|
$ |
536,675,138 |
|
|
LIABILITIES |
|
|
|
|
|
||
|
Deposits |
|
|
|
|
|
||
|
Non-interest-bearing |
|
$ |
65,843,312 |
|
$ |
65,357,535 |
|
|
Certificates of deposit of $100,000 or more |
|
92,501,794 |
|
93,986,033 |
|
||
|
Other interest-bearing deposits |
|
221,680,263 |
|
206,271,767 |
|
||
|
Total deposits |
|
380,025,369 |
|
365,615,335 |
|
||
|
Accrued interest payable and other liabilities |
|
3,610,398 |
|
3,039,809 |
|
||
|
Short-term borrowings |
|
39,070,822 |
|
50,534,046 |
|
||
|
Long-term debt |
|
70,926,430 |
|
71,119,188 |
|
||
|
Total liabilities |
|
493,633,019 |
|
490,308,378 |
|
||
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Preferred stock authorized 5,000,000 shares with no par value; none issued |
|
— |
|
— |
|
||
|
Capital stock authorized 10,000,000 shares with no par value; issued and outstanding 1,843,997 shares in 2005 and 1,839,572 shares in 2004 |
|
10,224,377 |
|
10,072,134 |
|
||
|
Retained earnings |
|
37,010,484 |
|
36,396,027 |
|
||
|
Accumulated other comprehensive loss |
|
(1,008,351 |
) |
(101,401 |
) |
||
|
Total shareholders’ equity |
|
46,226,510 |
|
46,366,760 |
|
||
|
Total liabilities and shareholders’ equity |
|
$ |
539,859,529 |
|
$ |
536,675,138 |
|
3
FIDELITY D & D BANCORP, INC.
Consolidated Statements of Income
(unaudited)
|
|
|
Three Months Ended |
|
||||
|
|
|
March 31, 2005 |
|
March 31, 2004 |
|
||
|
Interest income |
|
|
|
|
|
||
|
Interest and fees on loans: |
|
|
|
|
|
||
|
Taxable |
|
$ |
5,664,675 |
|
$ |
5,412,352 |
|
|
Nontaxable |
|
98,410 |
|
84,088 |
|
||
|
Leases |
|
18,293 |
|
49,420 |
|
||
|
Interest-bearing deposits with financial institutions |
|
2,688 |
|
1,115 |
|
||
|
Investment securities: |
|
|
|
|
|
||
|
US Government agencies |
|
910,157 |
|
1,218,595 |
|
||
|
States and political subdivisions (non-taxable) |
|
112,455 |
|
135,378 |
|
||
|
Other securities |
|
126,815 |
|
52,167 |
|
||
|
Federal funds sold |
|
40,792 |
|
10,210 |
|
||
|
Total interest income |
|
6,974,285 |
|
6,963,325 |
|
||
|
Interest expense |
|
|
|
|
|
||
|
Certificates of deposit of $100,000 or more |
|
676,023 |
|
890,671 |
|
||
|
Other deposits |
|
880,216 |
|
1,050,649 |
|
||
|
Securities sold under repurchase agreements |
|
196,809 |
|
102,861 |
|
||
|
Other short- and long-term borrowings and other |
|
945,433 |
|
986,199 |
|
||
|
Total interest expense |
|
2,698,481 |
|
3,030,380 |
|
||
|
Net interest income |
|
4,275,804 |
|
3,932,945 |
|
||
|
Provision for loan losses |
|
80,000 |
|
850,000 |
|
||
|
Net interest income, after provision for loan losses |
|
||||||