2018 Q4 Form 10-Q Financial Statement

#000109815118000042 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $9.624M $9.028M $7.928M
YoY Change 21.58% 13.87% 13.16%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $780.0K $750.0K $790.0K
YoY Change -1.27% -5.06% 5.33%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.660M $1.317M $882.0K
YoY Change 91.69% 49.32% 50.77%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $3.372M $3.422M $2.884M
YoY Change 131.75% 18.65% 2.6%
Income Tax $525.0K $559.0K $658.0K
% Of Pretax Income 15.57% 16.34% 22.82%
Net Earnings $2.847M $2.863M $2.226M
YoY Change 22.35% 28.62% 9.39%
Net Earnings / Revenue 29.58% 31.71% 28.08%
Basic Earnings Per Share $0.76 $0.76 $0.60
Diluted Earnings Per Share $0.75 $0.75 $0.60
COMMON SHARES
Basic Shares Outstanding 3.759M 3.753M 3.712M
Diluted Shares Outstanding 3.801M 3.739M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $17.49M $16.94M $41.88M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $18.92M $16.20M $16.90M
YoY Change 14.14% -4.12% 2.42%
Goodwill $209.0K $209.0K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets -$2.000M
YoY Change 11.11%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $981.1M $949.9M $878.3M
YoY Change 13.6% 8.15% 14.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.000M $8.800M $6.800M
YoY Change 40.63% 29.41% 11.48%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $76.37M $40.27M $12.90M
YoY Change 312.74% 212.16% 17.27%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.000M $8.800M $6.800M
YoY Change 40.63% 29.41% 11.48%
LONG-TERM LIABILITIES
Long-Term Debt $300.0K $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $300.0K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $9.000M $8.800M $6.800M
Total Long-Term Liabilities $300.0K $0.00 $0.00
Total Liabilities $887.5M $859.8M $792.0M
YoY Change 14.34% 8.56% 14.97%
SHAREHOLDERS EQUITY
Retained Earnings $64.94M $63.08M
YoY Change 13.49%
Common Stock $29.72M $29.52M
YoY Change 4.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $93.56M $90.05M $86.28M
YoY Change
Total Liabilities & Shareholders Equity $981.1M $949.9M $878.3M
YoY Change 13.6% 8.15% 14.01%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $2.847M $2.863M $2.226M
YoY Change 22.35% 28.62% 9.39%
Depreciation, Depletion And Amortization $780.0K $750.0K $790.0K
YoY Change -1.27% -5.06% 5.33%
Cash From Operating Activities $3.380M $2.720M $4.630M
YoY Change 39.67% -41.25% 6.44%
INVESTING ACTIVITIES
Capital Expenditures -$1.700M -$1.050M -$280.0K
YoY Change 900.0% 275.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$27.34M -$26.62M $3.250M
YoY Change 126.89% -919.08% -127.02%
Cash From Investing Activities -$29.04M -$27.67M $2.990M
YoY Change 137.45% -1025.42% -124.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 26.20M 23.92M 19.38M
YoY Change -261.33% 23.43% 68.08%
NET CHANGE
Cash From Operating Activities 3.380M 2.720M 4.630M
Cash From Investing Activities -29.04M -27.67M 2.990M
Cash From Financing Activities 26.20M 23.92M 19.38M
Net Change In Cash 540.0K -1.030M 27.00M
YoY Change -102.07% -103.81% 654.19%
FREE CASH FLOW
Cash From Operating Activities $3.380M $2.720M $4.630M
Capital Expenditures -$1.700M -$1.050M -$280.0K
Free Cash Flow $5.080M $3.770M $4.910M
YoY Change 96.14% -23.22% 6.05%

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us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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us-gaap Financing Receivable Modifications Number Of Contracts2
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us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
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1
us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
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us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
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CY2017Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
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CY2017Q4 us-gaap Financing Receivable Recorded Investment Current
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CY2018Q3 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
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CY2017Q4 us-gaap Financing Receivable Recorded Investment Past Due
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FinancingReceivableRecordedInvestmentPastDue
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us-gaap Gain Loss On Sale Of Debt Investments
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us-gaap Gain Loss On Sale Of Equity Investments
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us-gaap Gain Loss On Sale Of Investments
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us-gaap Gain Loss On Sale Of Loans And Leases
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us-gaap Gain Loss On Sale Of Loans And Leases
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Gain Loss On Sales Of Loans Net
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us-gaap Gain Loss On Sales Of Loans Net
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CY2017Q4 us-gaap Goodwill
Goodwill
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CY2018Q3 us-gaap Goodwill
Goodwill
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CY2017 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
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us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
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ImpairedFinancingReceivableAverageRecordedInvestment
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us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
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ImpairedFinancingReceivableAverageRecordedInvestment
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us-gaap Impaired Financing Receivable Interest Income Accrual Method
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CY2017Q3 us-gaap Impaired Financing Receivable Interest Income Accrual Method
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us-gaap Impaired Financing Receivable Interest Income Accrual Method
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us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
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us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
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CY2017Q4 us-gaap Impaired Financing Receivable Recorded Investment
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CY2017Q4 us-gaap Impaired Financing Receivable Related Allowance
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CY2017Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
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CY2017Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
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CY2018Q3 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
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CY2017Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
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CY2018Q3 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
300000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2078000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Increase Decrease In Accrued Liabilities
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31308000
us-gaap Increase Decrease In Deposits
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48915000
us-gaap Increase Decrease In Interest And Dividends Receivable
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us-gaap Increase Decrease In Interest And Dividends Receivable
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IncreaseDecreaseInOtherOperatingAssets
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Interest And Dividend Income Operating
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InterestBearingDepositLiabilitiesDomestic
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InterestBearingDepositsInBanks
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InterestBearingDepositsInBanks
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us-gaap Interest Expense
InterestExpense
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InterestExpense
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us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense Domestic Deposits
InterestExpenseDomesticDeposits
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us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Long Term
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
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CY2017Q3 us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Long Term
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
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us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Long Term
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
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us-gaap Interest Expense Other Short Term Borrowings
InterestExpenseOtherShortTermBorrowings
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CY2017Q3 us-gaap Interest Expense Other Short Term Borrowings
InterestExpenseOtherShortTermBorrowings
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us-gaap Interest Expense Other Short Term Borrowings
InterestExpenseOtherShortTermBorrowings
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us-gaap Interest Expense Securities Sold Under Agreements To Repurchase
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InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase
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us-gaap Interest Expense Securities Sold Under Agreements To Repurchase
InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase
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us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
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CY2017Q3 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
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us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Paid Net
InterestPaidNet
2219000
us-gaap Interest Paid Net
InterestPaidNet
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InterestReceivable
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us-gaap Labor And Related Expense
LaborAndRelatedExpense
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us-gaap Labor And Related Expense
LaborAndRelatedExpense
10241000
CY2017Q4 us-gaap Leveraged Leases Net Investment In Leveraged Leases Disclosure Residual Value Of Leased Assets
LeveragedLeasesNetInvestmentInLeveragedLeasesDisclosureResidualValueOfLeasedAssets
9400000
CY2018Q3 us-gaap Leveraged Leases Net Investment In Leveraged Leases Disclosure Residual Value Of Leased Assets
LeveragedLeasesNetInvestmentInLeveragedLeasesDisclosureResidualValueOfLeasedAssets
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CY2017Q4 us-gaap Liabilities
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CY2018Q3 us-gaap Liabilities
Liabilities
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CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2016Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
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CY2017Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
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CY2017Q3 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
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CY2017Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
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CY2018Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
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CY2018Q3 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
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LoansAndLeasesReceivableDeferredIncome
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CY2018Q3 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
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CY2018Q3 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
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CY2017Q4 us-gaap Loans And Leases Receivable Net Reported Amount
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LoansHeldForSaleFairValueDisclosure
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CY2017Q4 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group
LoansReceivableHeldForSaleNetNotPartOfDisposalGroup
2181000
CY2018Q3 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group
LoansReceivableHeldForSaleNetNotPartOfDisposalGroup
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us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
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us-gaap Marketing And Advertising Expense
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us-gaap Nature Of Operations
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 6pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;color:#000000;text-decoration:underline;">Nature of operations</font> </p> <p style="margin:0pt 0pt 6pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">Fidelity Deposit and Discount Bank (the Bank) is a commercial bank chartered under the law of the Commonwealth of Pennsylvania and a wholly-owned subsidiary of Fidelity D &amp; D Bancorp, Inc. (collectively, the Company).&nbsp;&nbsp;Having commenced operations in </font><font style="display: inline;color:#000000;">1903</font><font style="display: inline;color:#000000;">, the Bank is committed to provide superior customer service, while offering a full range of banking products and financial and trust services to both our consumer and commercial customers from our main office located in Dunmore and other branches located throughout Lackawanna and Luzerne Counties.</font> </p> <p><font size="1"> </font></p> </div> </div>
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Noninterest Expense
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us-gaap Noninterest Expense
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us-gaap Noninterest Income
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us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
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818000
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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540000
us-gaap Other Comprehensive Income Availableforsale Securities Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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818000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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540000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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us-gaap Other Noninterest Expense
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597000
us-gaap Other Noninterest Expense
OtherNoninterestExpense
561000
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us-gaap Payments For Origination And Purchases Of Loans Held For Sale
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us-gaap Payments For Origination And Purchases Of Loans Held For Sale
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us-gaap Payments For Proceeds From Federal Home Loan Bank Stock
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us-gaap Payments For Proceeds From Federal Home Loan Bank Stock
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us-gaap Payments For Proceeds From Loans And Leases
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us-gaap Payments To Acquire Available For Sale Securities
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us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
48931000
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
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CY2017Q1 us-gaap Payments To Acquire Life Insurance Policies
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
747000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1869000
CY2017Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
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CY2017Q4 us-gaap Preferred Stock Shares Authorized
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CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2018Q3 us-gaap Preferred Stock Shares Issued
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CY2017Q4 us-gaap Preferred Stock Value
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CY2018Q3 us-gaap Preferred Stock Value
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us-gaap Proceeds From Federal Home Loan Bank Borrowings
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us-gaap Proceeds From Federal Home Loan Bank Borrowings
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us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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us-gaap Proceeds From Repayments Of Short Term Debt
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us-gaap Proceeds From Sale And Collection Of Loans Heldforsale
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us-gaap Proceeds From Sale Of Available For Sale Securities
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us-gaap Supplies Expense
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Professional Fees
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1237000
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us-gaap Provision For Loan And Lease Losses
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375000
us-gaap Provision For Loan And Lease Losses
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us-gaap Repayments Of Federal Home Loan Bank Borrowings
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us-gaap Repayments Of Federal Home Loan Bank Borrowings
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4500000
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63075000
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us-gaap Stock Granted During Period Value Sharebased Compensation
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us-gaap Share Based Compensation
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419000
us-gaap Share Based Compensation
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StockholdersEquity
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StockholdersEquity
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88852000
CY2018Q3 us-gaap Stockholders Equity
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us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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331000
CY2017Q3 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
241000
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
311000
CY2018Q3 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
311000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
126000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
149000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
332000
CY2017Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
317000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
14000
us-gaap Taxes Other
TaxesOther
432000
us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
TransferOfPortfolioLoansAndLeasesToHeldForSale1
2752000
us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
TransferOfPortfolioLoansAndLeasesToHeldForSale1
1541000
us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
216000
us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
781000
CY2017Q4 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
2100000
CY2018Q3 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
2500000
us-gaap Use Of Estimates
UseOfEstimates
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 6pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods.&nbsp;&nbsp;Actual results could differ from those estimates.</font> </p> <p style="margin:0pt 0pt 6pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">A material estimate that is particularly susceptible to significant change relates to the determination of the allowance for loan losses.&nbsp;&nbsp;Management believes that the allowance for loan losses at September 30, 2018 is adequate and </font><font style="display: inline;">reasonable to cover incurred losses.</font><font style="display: inline;"> &nbsp;Given the subjective nature of identifying and estimating loan losses, it is likely that well-informed individuals could make different assumptions and could, therefore, calculate a materially different allowance amount.&nbsp;&nbsp;While management uses available information to recognize losses on loans, changes in economic conditions may necessitate revisions in the future.&nbsp;&nbsp;In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company&#x2019;s allowance for loan losses.&nbsp;&nbsp;Such agencies may require the Company to recognize adjustments to the allowance based on their judgment of information available to them at the time of their examination.</font> </p> <p><font size="1"> </font></p> </div> </div>
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
20367
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
26211
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
41416
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
48263
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3725226
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3738508
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3792068
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3801401
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3704859
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3712297
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3750652
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3753138
us-gaap Year Founded
YearFounded
1903

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