Fidelity reports loss

First Posted: 11/4/2009

Fidelity D & D Bancorp, Inc. (OTC Bulletin Board: FDBC), parent company of The Fidelity Deposit and Discount Bank, announced net loss for the quarter ended September 30, of $3,211,000 compared to net income of $741,000 for the same quarter of 2008.
The net loss resulted from increased provision for loan losses, recognition of additional other-than-temporary impairment investment losses, write-downs of foreclosed other real estate properties and higher other operating expenses including increased FDIC insurance premiums and collection expenses related to nonperforming loans plus recognizing incurred consulting costs. Loss per share for the quarter was $1.55 compared to earnings per share of $0.35 for the same prior year period.
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