Fidelity D & D Bancorp Q2 profit lifted by higher interest income

Overview

• US regional bank's Q2 net income and EPS rose yr/yr on higher net interest income

• Net interest income for Q2 increased 16% yr/yr, driven by loan growth and higher yields

• Company cites strong revenue growth and favorable credit performance for Q2 results

Outlook

• Company did not provide specific guidance for the current quarter or full year

Result Drivers

• LOAN GROWTH AND HIGHER YIELDS - Net interest income rose due to larger average loan balances and higher yields, with the loan portfolio producing a $3.2 mln increase in interest income

• LOWER DEPOSIT COSTS - Interest expense on deposits fell as rates paid on interest-bearing deposits decreased, more than offsetting higher average balances

• HIGHER NON-INTEREST EXPENSES - Non-interest expenses increased, mainly due to higher salaries and benefits from more bankers and increased technology costs

Company press release: ID:nGNX3cMtcl

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)