Fidelity D & D Bancorp posts $7.8 million quarterly net income

• Fidelity D & D Bancorp achieved $7.8 million in second-quarter net income with a diluted EPS of $1.33.
• The bank expanded its profitability as net interest income rose 16 percent year over year to $20.8 million.
• Management stated that total assets reached $3.0 billion, driven by continuous net growth across its loan portfolio.

Fidelity D & D Bancorp (NASDAQ:FDBC) reported second-quarter net income of $7.8 million alongside a diluted earnings per share of $1.33.

This bottom-line result represented an increase compared to the $6.9 million generated during the same period last year.

Quarterly net interest income rose 16 percent to $20.8 million, driven by higher loan balances and improved yields.

Non-interest expenses increased 9 percent to $16 million for the quarter, primarily resulting from higher salaries and technology costs.

Total assets for the financial institution reached $3.0 billion, driven by $174.9 million in net loan growth.

The company maintained its credit quality with non-performing assets at 0.06 percent of total assets, while tangible book value increased to $40.08.