Fidelity restates Q4 earnings
DUNMORE - Fidelity D&D Bancorp Inc. restated its fourth-quarter and full-year earnings after underfunding its loan loss reserve.
The Dunmore-based bank's updated fourth-quarter earnings were reduced to $900,000, down from the previously reported $1.3 million. For the year, the company updated year-end results to $4.9 million, down from the previously reported $5.3 million.
The company said it restated the earnings when it learned the collateral value of an impaired commercial real estate loan was less. That impairment required the bank to increase its allowance for loan losses for the fourth quarter, which forced the drop in earnings.
Fidelity ended the year with $602 million in assets. The bank has 11 offices in Lackawanna and Luzerne counties.