Deposits declined by $5.9 million, or 1.18%, to $501.4 million at June 30, 2010 compared to $507.3 million at December 31, 2009. Core deposits, which management considers to be demand, money market, NOW and savings accounts, increased $20.1 million in aggregate or 5.99%, compared to December 31, 2009. Management continued to actively manage deposits during the quarter to reduce DNB's cost of funds. DNB's composite cost of funds for the second quarter of 2010 dropped 50 basis points to 1.26% compared to 1.76% for the three months ended December 31, 2009. Time deposits declined $26.1 million to $145.0 million at June 30, 2010 compared to $171.1 million at December 31, 2009.Capital remained strong at the end of the second quarter of 2010, as DNB's tier 1 leverage ratio stood at 8.88% and its total risk-based capital ratio stood at 14.90%, well above the levels of 5.00% and 10.00% respectively to be deemed "well capitalized" for regulatory purposes and also at levels management feels are appropriate for current market conditions.
DNB Financial Corporation Announces Second Quarter 2010 Earnings
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