Parent Company Only

12 Months Ended

Dec. 31, 2020

20.PARENT COMPANY ONLY

The following is the condensed financial information for Fidelity D & D Bancorp, Inc. on a parent company only basis as of and for the years indicated:


Condensed Balance Sheets	As of December 31,
(dollars in thousands)	2020		2019
Assets:
Cash	$	256	$	63
Investment in subsidiary		166,618		107,115
Other assets		180		107
Total	$	167,054	$	107,285

Liabilities and shareholders' equity:
Liabilities	$	384	$	449
Capital stock and retained earnings		157,718		103,234
Accumulated other comprehensive income (loss)		8,952		3,602
Total	$	167,054	$	107,285


Condensed Income Statements	Years ended December 31,
(dollars in thousands)	2020		2019		2018
Income:
Equity in undistributed earnings of subsidiary	$	9,934	$	8,839	$	9,273
Dividends from subsidiary		5,378		4,037		2,723
Gain on sale of investment securities		-		-		44
Other income		-		-		11
Total income		15,312		12,876		12,051
Operating expenses		2,779		1,598		1,269
Income before taxes		12,533		11,278		10,782
Credit for income taxes		502		298		224
Net income	$	13,035	$	11,576	$	11,006

‎


Statements of Comprehensive Income	Years ended December 31,
(dollars in thousands)	2020		2019		2018
Bancorp net loss	$	(2,277)	$	(1,300)	$	(990)
Equity in net income of subsidiary		15,312		12,876		11,996
Net income		13,035		11,576		11,006

Equity in other comprehensive income (loss) of subsidiary		5,350		4,697		(2,478)
Other comprehensive income (loss), net of tax		5,350		4,697		(2,478)
Total comprehensive income, net of tax	$	18,385	$	16,273	$	8,528


Condensed Statements of Cash Flows	Years ended December 31,
(dollars in thousands)	2020		2019		2018
Cash flows from operating activities:
Net income	$	13,035	$	11,576	$	11,006
Adjustments to reconcile net income to net cash used in operations:
Equity in earnings of subsidiary		(15,312)		(12,876)		(11,996)
Stock-based compensation expense		1,077		817		749
Deferred income tax		(84)		2		(60)
Gain on sale of investment securities		-		-		(44)
Changes in other assets and liabilities, net		71		137		12
Net cash used in operating activities		(1,213)		(344)		(333)

Cash flows provided by investing activities:
Dividends received from subsidiary		5,378		4,037		2,723
Proceeds from sales of investment securities		-		-		871
Operating dividend from subsidiary		1,129		-		-
Net cash acquired in acquisition		58		-		-
Net cash provided by investing activities		6,565		4,037		3,594

Cash flows used in financing activities:
Dividends paid, net of dividend reinvestment		(5,378)		(4,037)		(3,397)
Exercise of stock options		-		-		14
Withholdings to purchase capital stock		219		175		149
Net cash used in financing activities		(5,159)		(3,862)		(3,234)
Net change in cash		193		(169)		27

Cash, beginning		63		232		205

Cash, ending	$	256	$	63	$	232