2018 Sage Award Winners Announced

Posted on January 2, 2019 by The Dunmorean

sage

Dunmore Borough’s Hometown Heroes Banner Project received the coveted People’s Choice Award while Fidelity Bank of Dunmore was selected as Fastest Growing Company when the Greater Scranton Chamber of Commerce announced the winners of the 2018 SAGE Awards (Scranton Awards for Growth and Excellence), which honor outstanding local businesses for their talent, creativity, and innovation.

The winner of each award category was publicly announced at The Chamber Gala at the Hilton Scranton & Conference Center.

More than 80 applications were received. A group of volunteer community leaders and professionals teamed up to review applications and select finalists. The Chamber is proud to honor businesses that are making valuable contributions to the region and contributing to our overall quality of life.

The winners, in each category, are: NET Credit Union, Best Practices in Community Involvement; Woodloch Resort, Best Practices in Customer Service and Best Practices in Marketing & Communications; Lockheed Martin Missiles and Fire Control, Business of the Yearl; Pepperjam, Excellence in Leadership; University of Scranton’s Downtown Scavenger Hunt, Hometown Star award; Quest Studio, New & Emerging Business of the Year; Outreach Center for Community Resources, Non-Profit Organization of the Year; Lackawanna College, Pride & Progress award for Exterior Renovations; AllOneHealth, Pride & Progress award for Interior Renovations; Gertrude Hawk Chocolates, Pride & Progress award for New Construction; Posture Interactive, Small Business of the Year, Talia Walsh, Quest Studio, Woman of Excellence.

Fidelity Bank Report: November 2018

Posted on November 7, 2018 by The Dunmorean

Fidelity D & D Bancorp, Inc. and its banking subsidiary Fidelity Deposit and Discount Bank, announced net income for the quarter ended September 30, 2018 of $2.9 million, or $0.75 diluted earnings per share, compared to $2.2 million, or $0.60 diluted earnings per share, for the quarter ended September 30, 2017.

The $0.7 million, or 29%, growth in net income resulted primarily from $0.7 million higher net interest income combined with $0.1 million reduction in the provision for income taxes, partially offset by $0.1 million higher operating expenses.

The Company experienced $72.5 million, or 9%, growth in average interest-earning assets funded by $42.3 million growth in average deposits, $25.1 million in average borrowings and $4.5 million growth in average shareholders’ equity during the third quarter of 2018 compared to the third quarter of 2017. This balance sheet growth increased the third quarter’s income before income taxes by $0.5 million, or 19%.

Return on average assets (ROA) and return on average equity (ROE) were 1.22% and 12.65%, respectively, for the third quarter of 2018 and 1.03% and 10.36%, respectively, for the third quarter of 2017.

“We are very pleased that that the third quarter and 2018 year-to-date financial results posted record net income,” stated Daniel J. Santaniello, President and Chief Executive Officer.

“The record results reflect the Fidelity Bankers’ commitment to building relationships and partnering with our clients to achieve financial success. We continue to increase deposits, loans, and non-interest income, while effectively managing expenses.”

Net income increased $1.8 million, or 28%, for the nine months ended September 30, 2018 to $8.2 million from $6.4 million for the same 2017 period. The year-to-date increase was primarily driven by 8% higher total revenue from a $1.7 million increase in net interest income and $0.5 million more non-interest income.

The 8% increase in net interest income was the result of $59.2 million growth in average interest-earning assets at five basis points higher fully-taxable equivalent (FTE) yields. This total revenue growth more than offset the $0.7 million in additional non-interest expenses and a $0.2 million higher provision for loan losses.

Earnings per share on a diluted basis were $2.15 and $1.72 for the nine months ended September 30, 2018 and 2017, respectively.

Fidelity Bank President Honored as “Man of the Year”

Posted on November 7, 2018 by The Dunmorean

Man of the Year

Daniel J. Santaniello, third from right, President & CEO of Fidelity Bank, was recently honored as the 2018 Columbus Day Association’s “Man of the Year.”

Actively involved in the community on the state and local levels, he volunteers with involved in several civic, youth, business, cultural and education organizations.

Shown from left: Dominick DeNaples, Honorable Thomas Munley, Tina and Dan Santaniello, Commissioner Patrick M. O’Malley, and Honorable Robert Mazzoni.