# EDGAR Filing Document

**Accession Number:** 0001098151
**File Stem:** 0001437749-25-023295
**Filing Date:** 2025-7
**Character Count:** 47109
**Document Hash:** 265187eb7fc79356cb4d3ce9fda25fd6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-023295.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0001437749-25-023295

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250723

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY D & D BANCORP INC
- **CENTRAL INDEX KEY:** 0001098151
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 233017653
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38229
- **FILM NUMBER:** 251142244

**BUSINESS ADDRESS:**
- **STREET 1:** BLAKELY & DRINKER STREETS
- **CITY:** DUNMORE
- **STATE:** PA
- **ZIP:** 18512
- **BUSINESS PHONE:** 5703428281

**MAIL ADDRESS:**
- **STREET 1:** BLAKELY & DRINKER STREETS
- **CITY:** DUNMORE
- **STATE:** PA
- **ZIP:** 18512

?xml version='1.0' encoding='ASCII'? fdbc20250522_8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________

**FORM**8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

______________

**Date of Report (Date of earliest event reported):**July 23, 2025**

**<u>FIDELITY D & D BANCORP, INC.</u>**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Pennsylvania** | **001-38229** | **23-3017653** |
| (State or other<br> jurisdiction of<br> incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

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| | |
|:---|:---|
| <u><u>**<u>**<u>Blakely and Drinker Streets</u>**</u></u>, <u><u><u>**<u>Dunmore</u>**</u></u></u>, <u><u><u><u>**<u>PA</u>**</u>**</u></u></u></u> | **<u>18512</u>** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(**570**)**342-8281**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, no par value | FDBC | The NASDAQ Stock Market, LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**FIDELITY D & D BANCORP, INC.**

CURRENT REPORT ON FORM 8-K

**ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION**

On July 23, 2025, Fidelity D & D Bancorp, Inc. issued a press release describing its results of operations for the quarter and year-to-date ended June 30, 2025. A copy of the related press release is being furnished as Exhibit 99.1 to this Form 8-K.

The information in this Item 2.02 is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

**ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exhibit Number</u> | <u>Description</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 | [Copy of the Press Release, dated July 23, 2025.](ex_822776.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
|  | **FIDELITY D & D BANCORP, INC.** |
|  | (Registrant) |
| Date: July 23, 2025 | By: <u>/s/ Salvatore R. DeFrancesco, Jr.</u> |
|  | Salvatore R. DeFrancesco, Jr. |
|  | Treasurer and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**FIDELITY D & D BANCORP, INC.**

**FOR IMMEDIATE RELEASE**

Date: July 23, 2025

Contacts:

---

| | |
|:---|:---|
| Daniel J. Santaniello | Salvatore R. DeFrancesco, Jr. |
| President and Chief Executive Officer | Treasurer and Chief Financial Officer |
| 570-504-8035 | 570-504-8000 |

---

**FIDELITY D & D BANCORP, INC.**

**<u>REPORTS SECOND</u>**<u> </u>**<u>QUARTER</u>**<u> </u>**<u>2025</u>**<u> </u>**<u>FINANCIAL RESULTS</u>**

**Dunmore, PA** – Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary, The Fidelity Deposit and Discount Bank, announced its unaudited, consolidated financial results for the three and six-month periods ended June 30, 2025.

**Unaudited Financial Information**

Net income for the quarter ended June 30, 2025 was $6.9 million, or $1.20 diluted earnings per share, compared to $4.9 million, or $0.86 diluted earnings per share, for the quarter ended June 30, 2024. The $2.0 million, or 40%, increase in net income resulted primarily from a $2.8 million increase in net interest income coupled with a $0.8 million increase in non-interest income. This was partially offset by a $1.1 million increase in non-interest expense and a $0.6 million increase in the provision for income tax.

For the six months ended June 30, 2025, net income was $12.9 million, or $2.23 diluted earnings per share, compared to $10.0 million, or $1.73 diluted earnings per share, for the six months ended June 30, 2024. The $2.9 million, or 29%, increase in net income stemmed from the $4.9 million increase in net interest income and $1.1 million increase in non-interest income. This was partially offset by a $2.0 million increase in non-interest expense and a $1.0 million increase in the provision for income tax.

"I am pleased to share that we delivered another strong quarter, underscoring the continued momentum of our strategy and the dedication of our entire team," stated Daniel J. Santaniello, President and Chief Executive Officer. "Second quarter 2025 net income increased 40% over last year's second quarter to $6.9 million, with diluted earnings per share rising to $1.20. This performance was driven by a 19% increase in net interest income—reflecting our disciplined loan portfolio expansion and enhanced yields as well as a 16% rise in non-interest income.

Year-to-date, net income has grown 29% to $12.9 million, a clear testament to the strength of our relationship-based deposit strategy and prudent expense management. Our asset quality remains solid, and we further strengthened our capital position, with shareholders' equity up 7% providing a strong foundation for continued growth in the second half of 2025.

These results reflect more than financial performance—they speak to the strength of our culture, our commitment to our clients, and our deep roots in the communities we serve. I want to sincerely thank our talented and dedicated team of bankers, whose expertise and focus on service excellence drive our success every day. Together, we continue to build a stronger, more resilient financial institution—one that delivers meaningful value to our bankers, clients, shareholders, and communities."

**Consolidated Second Quarter Operating Results Overview**

Net interest income was $17.9 million for the second quarter of 2025, a 19% increase over the $15.1 million earned for the second quarter of 2024. The $2.8 million increase in net interest income resulted from the increase of $3.7 million in interest income primarily due to a $213.6 million increase in the average balance of interest-earning assets and a 19 basis point increase in fully-taxable equivalent ("FTE") (non-GAAP measurement) yield. The loan portfolio had the most significant impact, producing a $2.8 million increase in FTE interest income from $124.6 million in higher quarterly average balances and an increase of 24 basis points in FTE loan yield. Additionally, the Company experienced an increase of $1.1 million in interest earned from interest-bearing deposits with other financial institutions from $102.0 million in higher average balances. Slightly offsetting the higher interest income, there was a $0.9 million increase in interest expense due to a $178.8 million quarter-over-quarter increase in average interest-bearing liability balances. The increase was due to growth of $208.3 million in average interest-bearing deposit balances. However, this deposit growth was partially offset by a $28.5 million decrease in average short-term borrowings.

The FTE yield on interest-earning assets was 4.77% for the second quarter of 2025, an increase of 19 basis points from the 4.58% for the second quarter of 2024. The overall cost of interest-bearing liabilities was 2.52% for the second quarter of 2025, a decrease of 6 basis points from the 2.58% for the second quarter of 2024. The cost of funds decreased 1 basis point from 1.96% to 1.95% for the second quarters of 2024 and 2025, respectively. The Company's FTE net interest spread was 2.25% for the second quarter of 2025, an increase of 25 basis points from 2.00% recorded for the second quarter of 2024. FTE net interest margin increased to 2.92% for the three months ended June 30, 2025 from 2.71% for the same period of 2024 primarily due to the growth in higher yielding taxable commercial loans.

For the three months ended June 30, 2025, the provision for credit losses on loans was $300 thousand and the provision for unfunded commitments was $20 thousand compared to a $275 thousand provision for credit losses on loans and a $140 thousand provision for credit losses on unfunded loan commitments for the three months ended June 30, 2024. For the three months ended June 30, 2025, the increase in the provision for credit losses on loans compared to the prior year period was due to $155 thousand in higher net charge-offs and a higher average total loan balance compared to the same period in 2024. For the three months ended June 30, 2025, the decrease in the provision for unfunded commitments was due to lower levels of unfunded commitments during the quarter due to increased utilization, specifically commercial construction commitments, compared to the year earlier period.

Total non-interest income increased $0.8 million, or 16%, to $5.4 million for the second quarter of 2025 compared to $4.6 million for the second quarter of 2024. The increase in non-interest income was primarily attributed to increases of $0.2 million in trust fees, a $0.2 million BOLI death benefit, $0.2 million in loan service charges, and $0.1 million in interchange fees.

Non-interest expenses increased $1.1 million, or 8%, for the second quarter of 2025 to $14.7 million from $13.6 million for the same quarter of 2024. The increase in non-interest expenses was primarily due to the increases in salaries and benefits expense of $0.8 million, premises and equipment expense of $0.2 million, and advertising expense of $0.2 million. These increases were partially offset by a $0.2 million decrease in professional services for the three months ended June 30, 2025 compared to the same period of 2024.

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The provision for income taxes increased $0.6 million during the three months ended June 30, 2025 compared to the same period in 2024 primarily due to a $2.6 million increase in income before taxes.

**Consolidated Year-To-Date Operating Results Overview**

Net interest income was $35.0 million for the six months ended June 30, 2025 compared to $30.1 million for the six months ended June 30, 2024. The $4.9 million increase in net interest income resulted from the increase of $6.4 million in interest income primarily due to a $181.0 million increase in the average balance of interest-earning assets and a 20 basis point increase in FTE yield. On the asset side, the loan portfolio interest income growth resulted from producing $5.3 million more in interest income from an increase of 25 basis points in FTE loan yields on $120.5 million in higher average balances. Additionally, the Company experienced an increase of $1.5 million in interest earned from interest-bearing deposits with other financial institutions from $71.6 million in higher average balances. The increase in interest income was partially offset by a decrease of $0.3 million in interest earned on the investment portfolio due to decreases of 6 basis points in yield and $11.3 million in average balances. On the funding side, total interest expense increased by $1.5 million primarily due to an increase in interest expense paid on deposits of $2.5 million from a 2 basis points higher rates paid on a $194.0 million larger average balance of interest-bearing deposits, partially offset by a decrease in interest expense on borrowings of $1.0 million for the six months ended June 30, 2025 compared to the same period in 2024.

The overall cost of interest-bearing liabilities was 2.51% for the six months ended June 30, 2025 compared to 2.54% for the six months ended June 30, 2024. The cost of funds decreased 1 basis point to 1.94% for the six months ended June 30, 2025 from 1.95% from the same period of 2024. The FTE yield on earning assets was 4.75% for the six months ended June 30, 2025, an increase of 20 basis points from the 4.55% year-to-date June 30, 2024. The Company's FTE net interest spread was 2.24% for the six months ended June 30, 2025, an increase of 23 basis points from the 2.01% recorded for the same period of 2024. FTE net interest margin increased by 21 basis points to 2.91% for the six months ended June 30, 2025 from 2.70% for the same 2024 period primarily due to the increase in yields earned on loans and leases outpacing the rates paid on interest-bearing deposits.

For the six months ended June 30, 2025, the provision for credit losses on loans was $755 thousand and the provision for credit losses on unfunded loan commitments was a net benefit of $65 thousand compared to a $400 thousand provision for credit losses on loans and a $90 thousand provision for credit losses on unfunded commitments for the six months ended June 30, 2024. For the six months ended June 30, 2025, the increase in the provision for credit losses on loans compared to the prior year period was due to $215 thousand in higher net charge-offs and a higher average total loan balance compared to the same period in 2024. For the six months ended June 30, 2025, the decrease in the provision for unfunded commitments was due to lower growth in unfunded commitments during the period due to increased utilization, specifically commercial construction commitments, compared to the year earlier period.

Total non-interest income for the six months ended June 30, 2025 was $10.3 million, an increase of $1.1 million, or 12%, from $9.2 million for the six months ended June 30, 2024. The increase was primarily due to $0.3 million higher fees from trust fiduciary activities. The Company also had $0.2 million more non-interest income resulting from an increase in interchange fees, a $0.2 million BOLI death benefit, and an increase of $0.2 million in service charges on commercial loans. During the first half of 2025, gains of $0.5 million on the sale of a commercial loan and $0.3 million from the sale of a property were offset by $0.8 million in losses recognized on the sale of securities.

Non-interest expenses increased to $29.3 million for the six months ended June 30, 2025, an increase of $2.0 million, or 7%, from $27.3 million for the six months ended June 30, 2024. Salaries and benefits expense increased $1.3 million due to an increase in bankers, group insurance costs, and banker incentives in the first half of 2025, compared to the same period in 2024. Additionally, the Company saw an increase of $0.5 million in advertising and marketing expenses primarily due to a $0.3 million increase in Neighborhood Assistance Program donations from which the Company recognized $0.2 million in additional tax credits causing a corresponding decrease in PA shares tax expense. There was also an increase of $0.5 million in premises and equipment expense primarily due to higher costs for software licenses, subscriptions, and maintenance. The increases were partially offset by $0.3 million less in professional services expense.

The provision for income taxes increased $1.0 million during the six months ended June 30, 2025 compared to the same period in 2024 primarily due to a $3.9 million increase in income before taxes and $0.2 million less in tax credits.

**Consolidated Balance Sheet & Asset Quality Overview**

The Company's total assets had a balance of $2.7 billion as of June 30, 2025, an increase of $114.0 million from December 31, 2024. The increase resulted from $82.1 million in growth in cash and cash equivalents as of June 30, 2025 compared to December 31, 2024. The loans and leases portfolio increased $37.9 million over the same period. Asset growth was offset by a decrease of $11.4 million in the investment portfolio primarily due to the sale of $17.5 million in available-for-sale securities and $11.3 million in paydowns partially offset by $14.7 million in purchases of securities.

During the same time period, total liabilities increased $100.0 million, or 4%. Deposit growth of $94.5 million was utilized to fund loan growth and increase interest-bearing cash balances. For interest-bearing deposit accounts, the Company experienced increases of $37.2 million in money market deposits, $17.2 million in interest-bearing checking accounts, $14.4 million in time deposits, and $1.6 million in savings and clubs. The deposit growth is primarily driven by growth in existing account balances from the relationship building strategy along with targeted direct marketing campaigns driving new client acquisitions and active management of promotional and retention rates. Additionally, the Company experienced an increase of $24.1 million in non-interest-bearing checking accounts. As of June 30, 2025, the ratio of insured and collateralized deposits to total deposits was approximately 75%.

Shareholders' equity increased $13.9 million, or 7%, to $217.9 million at June 30, 2025 from $204.0 million at December 31, 2024. The increase was caused by $8.3 million higher retained earnings from net income of $12.9 million plus a $4.9 million, after tax, improvement in accumulated other comprehensive income from lower net unrealized losses recorded on available-for-sale securities, partially offset by $4.7 million in cash dividends paid to shareholders. An additional $0.9 million was recorded from the issuance of common stock under the Company's stock plans and stock-based compensation expense. At June 30, 2025, there were no credit losses on available-for-sale and held-to-maturity debt securities. Accumulated other comprehensive income (loss) is excluded from regulatory capital ratios. The Company remains well capitalized with Tier 1 capital at 9.16% of total average assets as of June 30, 2025. Total risk-based capital was 14.72% of risk-weighted assets and Tier 1 risk-based capital was 13.57% of risk-weighted assets as of June 30, 2025. Tangible book value per share was $34.25 at June 30, 2025 compared to $31.98 at December 31, 2024. Tangible common equity was 7.38% of total assets at June 30, 2025 compared to 7.16% at December 31, 2024.

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**Asset Quality**

Total non-performing assets were $3.5 million, or 0.13% of total assets, at June 30, 2025, compared to $7.8 million, or 0.30% of total assets, at December 31, 2024. Past due and non-accrual loans to total loans were 0.41% at June 30, 2025 compared to 0.71% at December 31, 2024. Net charge-offs to average total loans were 0.05% at June 30, 2025 compared to 0.03% at December 31, 2024.

**About Fidelity D & D Bancorp, Inc. and The Fidelity Deposit and Discount Bank**

Fidelity D & D Bancorp, Inc. has built a strong history as trusted financial advisor to the clients served by The Fidelity Deposit and Discount Bank ("Fidelity Bank"). Fidelity Bank continues its mission of exceeding client expectations through a unique banking experience. It operates 21 full-service offices throughout Lackawanna, Luzerne, Lehigh and Northampton Counties and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and a full suite of personal and commercial banking products and services. Part of the Company's vision is to serve as the best bank for the community, which was accomplished by having provided over 5,960 hours of volunteer time and over $1.3 million in donations to non-profit organizations directly within the markets served throughout 2024. Fidelity Bank's deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law.

**Non-GAAP Financial Measures**

The Company uses non-GAAP financial measures to provide information useful to the reader in understanding its operating performance and trends, and to facilitate comparisons with the performance of other financial institutions. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The Company's non-GAAP financial measures and key performance indicators may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to measure their performance and trends. Non-GAAP financial measures should be supplemental to GAAP used to prepare the Company's operating results and should not be read in isolation or relied upon as a substitute for GAAP measures. Reconciliations of non-GAAP financial measures to GAAP are presented in the tables below.

Interest income was adjusted to recognize the income from tax exempt interest-earning assets as if the interest was taxable, fully-taxable equivalent ("FTE"), in order to calculate certain ratios within this document. This treatment allows a uniform comparison among yields on interest-earning assets. Interest income was FTE adjusted, using the corporate federal tax rate of 21% for 2025 and 2024.

**Forward-looking statements**

Certain of the matters discussed in this press release constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words "expect," "anticipate," "intend," "plan," "believe," "estimate," and similar expressions are intended to identify such forward-looking statements.

The Company's actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ local, regional and national economic conditions and changes thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ the short-term and long-term effects of inflation, and rising costs to the Company, its customers and on the economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ the risks of changes and volatility of interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ securities markets and monetary fluctuations and volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ disruption of credit and equity markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ impacts of the capital and liquidity requirements of the Basel III standards and other regulatory pronouncements, regulations and rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ governmental monetary and fiscal policies, as well as legislative and regulatory changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ the impact of new or changes in existing laws and regulations, including laws and regulations concerning taxes, banking, securities and insurance and their application with which the Company and its subsidiaries must comply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ the effects of economic conditions of any other pandemic, epidemic or other health-related crisis such as COVID-19 and responses thereto on current customers and the operations of the Company, specifically the effect of the economy on loan customers' ability to repay loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ the effects of bank failures, banking system instability, deposit fluctuations, loan and securities value changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ technological changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ the interruption or breach in security of our information systems, continually evolving cybersecurity and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom including additional costs, reputational damage, regulatory penalties, and financial losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ acquisitions and integration of acquired businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ acts of war or terrorism; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ the risk that our analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

The Company cautions readers not to place undue reliance on forward-looking statements, which reflect analyses only as of the date of this release. The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

**For more information please visit our investor relations web site located through www.bankatfidelity.com.**

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**FIDELITY D & D BANCORP, INC.**

Unaudited Condensed Consolidated Balance Sheets

(dollars in thousands)

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| | | |
|:---|:---|:---|
| **At Period End:** | **June 30, 2025** | December 31, 2024 |
| **Assets** |  |  |
| Cash and cash equivalents | $**165495** | $83353 |
| Investment securities | **545821** | 557221 |
| Restricted investments in bank stock | **4240** | 3961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans and leases | **1837477** | 1800856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allowance for credit losses on loans | **(19976)** | (19666) |
| Premises and equipment, net | **40097** | 35914 |
| Life insurance cash surrender value | **58849** | 58069 |
| Goodwill and core deposit intangible | **20364** | 20504 |
| Other assets | **46208** | 44404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**2698575** | $2584616 |
| **Liabilities** |  |  |
| Non-interest-bearing deposits | $**558074** | $533935 |
| Interest-bearing deposits | **1877254** | 1806885 |
| Total deposits | **2435328** | 2340820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings | **10** |  |
| Secured borrowings | **6134** | 6266 |
| Other liabilities | **39191** | 33561 |
| **Total liabilities** | **2480663** | 2380647 |
| **Shareholders' equity** | **217912** | 203969 |
| **Total liabilities and shareholders' equity** | $**2698575** | $2584616 |

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| | | |
|:---|:---|:---|
| **Average Year-To-Date Balances:** | **June 30, 2025** | December 31, 2024 |
| **Assets** |  |  |
| Cash and cash equivalents | $**129527** | $55773 |
| Investment securities | **551906** | 557537 |
| Restricted investments in bank stock | **4066** | 3960 |
| Loans and leases | **1822654** | 1741349 |
| Allowance for credit losses on loans | **(20189)** | (19391) |
| Premises and equipment, net | **35839** | 35580 |
| Life insurance cash surrender value | **58503** | 56455 |
| Goodwill and core deposit intangible | **20423** | 20641 |
| Other assets | **42950** | 41755 |
| **Total assets** | $**2645679** | $2493659 |
| **Liabilities** |  |  |
| Non-interest-bearing deposits | $**540320** | $527825 |
| Interest-bearing deposits | **1852895** | 1697529 |
| Total deposits | **2393215** | 2225354 |
| Short-term borrowings | **16** | 32446 |
| Secured borrowings | **6194** | 6830 |
| Other liabilities | **35497** | 32471 |
| **Total liabilities** | **2434922** | 2297101 |
| **Shareholders' equity** | **210757** | 196558 |
| **Total liabilities and shareholders' equity** | $**2645679** | $2493659 |

---

------

**FIDELITY D & D BANCORP, INC.**

Unaudited Condensed Consolidated Statements of Income

(dollars in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **Jun. 30, 2025** | Jun. 30, 2024 | **Jun. 30, 2025** | Jun. 30, 2024 |
| **Interest income** |  |  |  |  |
| Loans and leases | $**25328** | $22516 | $**49924** | $44649 |
| Securities and other | **4437** | 3523 | **8149** | 7016 |
| **Total interest income** | **29765** | 26039 | **58073** | 51665 |
| **Interest expense** |  |  |  |  |
| Deposits | **(11738)** | (10459) | **(22925)** | (20400) |
| Borrowings and debt | **(98)** | (463) | **(186)** | (1204) |
| **Total interest expense** | **(11836)** | (10922) | **(23111)** | (21604) |
| **Net interest income** | **17929** | 15117 | **34962** | 30061 |
| Provision for credit losses on loans | **(300)** | (275) | **(755)** | (400) |
| Net (provision) benefit for credit losses on unfunded loan commitments | **(20**) | (140) | **65** | (90) |
| Non-interest income | **5359** | 4615 | **10332** | 9188 |
| Non-interest expense | **(14710)** | (13616) | **(29264)** | (27306) |
| **Income before income taxes** | **8258** | 5701 | **15340** | 11453 |
| Provision for income taxes | **(1337)** | (766) | **(2428)** | (1460) |
| **Net income** | $**6921** | $4935 | $**12912** | $9993 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Jun. 30, 2025** | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 |
| **Interest income** |  |  |  |  |  |
| Loans and leases | $**25328** | $24596 | $24584 | $24036 | $22516 |
| Securities and other | **4437** | 3712 | 3475 | 3263 | 3523 |
| **Total interest income** | **29765** | 28308 | 28059 | 27299 | 26039 |
| **Interest expense** |  |  |  |  |  |
| Deposits | **(11738)** | (11187) | (11468) | (11297) | (10459) |
| Borrowings and debt | **(98**) | (88) | (217) | (571) | (463) |
| **Total interest expense** | **(11836**) | (11275) | (11685) | (11868) | (10922) |
| **Net interest income** | **17929** | 17033 | 16374 | 15431 | 15117 |
| Provision for credit losses on loans | **(300)** | (455) | (250) | (675) | (275) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net benefit (provision) for credit losses on unfunded loan commitments | **(20)** | 85 | 85 | (135) | (140) |
| Non-interest income | **5359** | 4973 | 4847 | 4979 | 4615 |
| Non-interest expense | **(14710)** | (14554) | (14395) | (13840) | (13616) |
| **Income before income taxes** | **8258** | 7082 | 6661 | 5760 | 5701 |
| Provision for income taxes | **(1337)** | (1091) | (826) | (793) | (766) |
| **Net income** | $**6921** | $5991 | $5835 | $4967 | $4935 |

---

------

**FIDELITY D & D BANCORP, INC.**

Unaudited Condensed Consolidated Balance Sheets

(dollars in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **At Period End:** | **Jun. 30, 2025** | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 |
| **Assets** |  |  |  |  |  |
| Cash and cash equivalents | $**165495** | $211195 | $83353 | $120169 | $78085 |
| Investment securities | **545821** | 540960 | 557221 | 559819 | 552495 |
| Restricted investments in bank stock | **4240** | 4021 | 3961 | 3944 | 3968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans and leases | **1837477** | 1817509 | 1800856 | 1795548 | 1728509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allowance for credit losses on loans | **(19976)** | (20017) | (19666) | (19630) | (18975) |
| Premises and equipment, net | **40097** | 34995 | 35914 | 36057 | 35808 |
| Life insurance cash surrender value | **58849** | 58458 | 58069 | 57672 | 57278 |
| Goodwill and core deposit intangible | **20364** | 20431 | 20504 | 20576 | 20649 |
| Other assets | **46208** | 43758 | 44404 | 41778 | 42828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**2698575** | $2711310 | $2584616 | $2615933 | $2500645 |
| **Liabilities** |  |  |  |  |  |
| Non-interest-bearing deposits | $**558074** | $555684 | $533935 | $549710 | $527572 |
| Interest-bearing deposits | **1877254** | 1901775 | 1806885 | 1792796 | 1641558 |
| Total deposits | **2435328** | 2457459 | 2340820 | 2342506 | 2169130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings | **10** | 10 |  | 25000 | 98120 |
| Secured borrowings | **6134** | 6190 | 6266 | 6323 | 7237 |
| Other liabilities | **39191** | 35977 | 33561 | 34843 | 30466 |
| **Total liabilities** | **2480663** | 2499636 | 2380647 | 2408672 | 2304953 |
| **Shareholders' equity** | **217912** | 211674 | 203969 | 207261 | 195692 |
| **Total liabilities and shareholders' equity** | $**2698575** | $2711310 | $2584616 | $2615933 | $2500645 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Quarterly Balances:** | **Jun. 30, 2025** | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 |
| **Assets** |  |  |  |  |  |
| Cash and cash equivalents | $**161316** | $97384 | $67882 | $41991 | $58351 |
| Investment securities | **546149** | 557726 | 560453 | 554578 | 551445 |
| Restricted investments in bank stock | **4158** | 3973 | 3957 | 3965 | 3983 |
| Loans and leases | **1832162** | 1813040 | 1797023 | 1763254 | 1707598 |
| Allowance for credit losses on loans | **(20357)** | (20019) | (20050) | (19323) | (19171) |
| Premises and equipment, net | **35954** | 35722 | 36065 | 36219 | 35433 |
| Life insurance cash surrender value | **58697** | 58307 | 57919 | 57525 | 55552 |
| Goodwill and core deposit intangible | **20386** | 20459 | 20529 | 20602 | 20677 |
| Other assets | **42729** | 43177 | 41454 | 41734 | 42960 |
| **Total assets** | $**2681194** | $2609769 | $2565232 | $2500545 | $2456828 |
| **Liabilities** |  |  |  |  |  |
| Non-interest-bearing deposits | $**547278** | $533286 | $538506 | $522827 | $530048 |
| Interest-bearing deposits | **1878548** | 1826957 | 1769265 | 1702187 | 1670211 |
| Total deposits | **2425826** | 2360243 | 2307771 | 2225014 | 2200259 |
| Short-term borrowings | **10** | 22 | 10326 | 37220 | 28477 |
| Secured borrowings | **6162** | 6226 | 6297 | 6429 | 7269 |
| Other liabilities | **36050** | 34937 | 34695 | 31999 | 30734 |
| **Total liabilities** | **2468048** | 2401428 | 2359089 | 2300662 | 2266739 |
| **Shareholders' equity** | **213146** | 208341 | 206143 | 199883 | 190089 |
| **Total liabilities and shareholders' equity** | $**2681194** | $2609769 | $2565232 | $2500545 | $2456828 |

---

------

**FIDELITY D & D BANCORP, INC.**

Selected Financial Ratios and Other Financial Data

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Jun. 30, 2025** | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 |
| **<u>Selected returns and financial ratios</u>** |  |  |  |  |  |
| Basic earnings per share | $**1.20** | $1.04 | $1.02 | $0.87 | $0.86 |
| Diluted earnings per share | $**1.20** | $1.03 | $1.01 | $0.86 | $0.86 |
| Dividends per share | $**0.40** | $0.40 | $0.40 | $0.38 | $0.38 |
| Yield on interest-earning assets (FTE)\* | **4.77%** | 4.73% | 4.68% | 4.68% | 4.58% |
| Cost of interest-bearing liabilities | **2.52%** | 2.49% | 2.60% | 2.70% | 2.58% |
| Cost of funds | **1.95%** | 1.93% | 2.00% | 2.08% | 1.96% |
| Net interest spread (FTE)\* | **2.25%** | 2.24% | 2.08% | 1.98% | 2.00% |
| Net interest margin (FTE)\* | **2.92%** | 2.89% | 2.78% | 2.70% | 2.71% |
| Return on average assets | **1.04%** | 0.93% | 0.90% | 0.79% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Pre-provision net revenue to average assets\* | **1.28%** | 1.16% | 1.06% | 1.05% | 1.00% |
| Return on average equity | **13.02%** | 11.66% | 11.26% | 9.89% | 10.44% |
| Return on average tangible equity\* | **14.40%** | 12.93% | 12.50% | 11.02% | 11.72% |
| Efficiency ratio (FTE)\* | **61.17%** | 61.67% | 65.48% | 65.33% | 66.47% |
| Expense ratio | **1.40%** | 1.37% | 1.48% | 1.41% | 1.47% |

---

---

| | | |
|:---|:---|:---|
|  | **Six months ended** | **Six months ended** |
|  | **Jun. 30, 2025** | Jun. 30, 2024 |
| Basic earnings per share | $**2.24** | $1.74 |
| Diluted earnings per share | $**2.23** | $1.73 |
| Dividends per share | $**0.80** | $0.76 |
| Yield on interest-earning assets (FTE)\* | **4.75%** | 4.55% |
| Cost of interest-bearing liabilities | **2.51%** | 2.54% |
| Cost of funds | **1.94%** | 1.95% |
| Net interest spread (FTE)\* | **2.24%** | 2.01% |
| Net interest margin (FTE)\* | **2.91%** | 2.70% |
| Return on average assets | **0.98%** | 0.82% |
| Pre-provision net revenue to average assets\* | **1.22%** | 0.98% |
| Return on average equity | **12.35%** | 10.57% |
| Return on average tangible equity\* | **13.68%** | 11.87% |
| Efficiency ratio (FTE)\* | **61.42%** | 67.01% |
| Expense ratio | **1.38%** | 1.49% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Other financial data** | **At period end:** | **At period end:** | **At period end:** | **At period end:** | **At period end:** |
| (dollars in thousands except per share data) | **Jun. 30, 2025** | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 |
| Assets under management | $**1030268** | $955647 | $921994 | $942190 | $906861 |
| Book value per share | $**37.78** | $36.70 | $35.56 | $36.13 | $34.12 |
| Tangible book value per share\* | $**34.25** | $33.16 | $31.98 | $32.55 | $30.52 |
| Equity to assets | **8.08%** | 7.81% | 7.89% | 7.92% | 7.83% |
| Tangible common equity ratio\* | **7.38%** | 7.11% | 7.16% | 7.19% | 7.06% |
| Allowance for credit losses on loans to: |  |  |  |  |  |
| Total loans | **1.09%** | 1.10% | 1.09% | 1.09% | 1.10% |
| Non-accrual loans | **6.50x** | 3.36x | 2.68x | 2.77x | 2.75x |
| Non-accrual loans to total loans | **0.17%** | 0.33% | 0.41% | 0.39% | 0.40% |
| Non-performing assets to total assets | **0.13%** | 0.23% | 0.30% | 0.29% | 0.28% |
| Net charge-offs to average total loans | **0.05%** | 0.02% | 0.03% | 0.02% | 0.03% |
| **Capital Adequacy Ratios** |  |  |  |  |  |
| Total risk-based capital ratio | **14.72%** | 14.74% | 14.78% | 14.56% | 14.69% |
| Common equity tier 1 risk-based capital ratio | **13.57%** | 13.57% | 13.60% | 13.38% | 13.52% |
| Tier 1 risk-based capital ratio | **13.57%** | 13.57% | 13.60% | 13.38% | 13.52% |
| Leverage ratio | **9.16%** | 9.22% | 9.22% | 9.30% | 9.30% |

---

\* Non-GAAP Financial Measures - see reconciliations below

------

**FIDELITY D & D BANCORP, INC.**

Reconciliations of Non-GAAP Financial Measures to GAAP

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reconciliations of Non-GAAP Measures to GAAP** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| (dollars in thousands) | **Jun. 30, 2025** | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 |
| **FTE net interest income (non-GAAP)** |  |  |  |  |  |
| Interest income (GAAP) | $**29765** | $28308 | $28059 | $27299 | $26039 |
| Adjustment to FTE | **760** | 771 | 764 | 775 | 751 |
| Interest income adjusted to FTE (non-GAAP) | **30525** | 29079 | 28823 | 28074 | 26790 |
| Interest expense (GAAP) | **11836** | 11275 | 11685 | 11868 | 10922 |
| Net interest income adjusted to FTE (non-GAAP) | $**18689** | $17804 | $17138 | $16206 | $15868 |
| **<u>Efficiency Ratio (non-GAAP)</u>** |  |  |  |  |  |
| Non-interest expenses (GAAP) | $**14710** | $14554 | $14395 | $13840 | $13616 |
| Net interest income (GAAP) | **17929** | 17033 | 16374 | 15431 | 15117 |
| Plus: taxable equivalent adjustment | **760** | 771 | 764 | 775 | 751 |
| Non-interest income (GAAP) | **5359** | 4973 | 4847 | 4979 | 4615 |
| Plus: Loss on sales of securities | **-** | 822 |  |  |  |
| Net interest income (FTE) plus adjusted non-interest income (non-GAAP) | $**24048** | $23599 | $21985 | $21185 | $20483 |
| Efficiency ratio (non-GAAP) (1) | **61.17%** | 61.67% | 65.47% | 65.33% | 66.48% |
| (1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest income. |  |  |  |  |  |
| **<u>Tangible Book Value per Share/Tangible Common Equity Ratio (non-GAAP)</u>** |  |  |  |  |  |
| Total assets (GAAP) | $**2698575** | $2711310 | $2584616 | $2615933 | $2500645 |
| Less: Intangible assets | **(20364)** | (20431) | (20504) | (20576) | (20649) |
| Tangible assets | **2678211** | 2690879 | 2564112 | 2595357 | 2479996 |
| Total shareholders' equity (GAAP) | **217912** | 211674 | 203969 | 207261 | 195692 |
| Less: Intangible assets | **(20364)** | (20431) | (20504) | (20576) | (20649) |
| Tangible common equity | **197548** | 191243 | 183465 | 186685 | 175043 |
| Common shares outstanding, end of period | **5767490** | 5767500 | 5736252 | 5736025 | 5735728 |
| Tangible Common Book Value per Share | $**34.25** | $33.16 | $31.98 | $32.55 | $30.52 |
| Tangible Common Equity Ratio | **7.38%** | 7.11% | 7.16% | 7.19% | 7.06% |
| **<u>Pre-Provision Net Revenue to Average Assets</u>** |  |  |  |  |  |
| Income before taxes (GAAP) | $**8258** | $7082 | $6661 | $5760 | $5701 |
| Plus: Provision for credit losses | **320** | 370 | 165 | 810 | 415 |
| Total pre-provision net revenue (non-GAAP) | **8578** | 7452 | 6826 | 6570 | 6116 |
| Total (annualized) (non-GAAP) | $**34404** | $30220 | $27157 | $26423 | $24600 |
| Average assets | $**2681194** | $2609769 | $2565232 | $2500545 | $2456828 |
| Pre-Provision Net Revenue to Average Assets (non-GAAP) | **1.28%** | 1.16% | 1.06% | 1.05% | 1.00% |

---

---

| | | |
|:---|:---|:---|
| **Reconciliations of Non-GAAP Measures to GAAP** | **Six months ended** | **Six months ended** |
| (dollars in thousands) | **Jun. 30, 2025** | Jun. 30, 2024 |
| **<u>FTE net interest income (non-GAAP)</u>** |  |  |
| Interest income (GAAP) | $**58073** | $51665 |
| Adjustment to FTE | **1531** | 1497 |
| Interest income adjusted to FTE (non-GAAP) | **59604** | 53162 |
| Interest expense (GAAP) | **23111** | 21604 |
| Net interest income adjusted to FTE (non-GAAP) | $**36493** | 31558 |
| **<u>Efficiency Ratio (non-GAAP)</u>** |  |  |
| Non-interest expenses (GAAP) | $**29264** | $27306 |
| Net interest income (GAAP) | **34962** | 30061 |
| Plus: taxable equivalent adjustment | **1531** | 1497 |
| Non-interest income (GAAP) | **10332** | 9188 |
| Plus: Loss on sales of securities | **822** |  |
| Net interest income (FTE) plus non-interest income (non-GAAP) | $**47647** | $40746 |
| Efficiency ratio (non-GAAP) (1) | **61.42%** | 67.01% |
| (1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest (loss) income. |  |  |
| **<u>Pre-Provision Net Revenue to Average Assets</u>** |  |  |
| Income before taxes (GAAP) | $**15340** | $11453 |
| Plus: Provision for credit losses | **690** | 490 |
| Total pre-provision net revenue (non-GAAP) | $**16030** | $11943 |
| Total (annualized) (non-GAAP) | $**32326** | $23951 |
| Average assets | $**2645679** | $2453998 |
| Pre-Provision Net Revenue to Average Assets (non-GAAP) | **1.22%** | 0.98% |

---