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DNB Financial Corporation Announces Second Quarter 2010 Earnings

For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K, as well as any changes in risk factors that we may identify in our quarterly or other reports filed with the SEC.

DNB Financial Corporation
Summary of Financial Statistics
(Dollars in thousands, except per share data)
(Unaudited)
         
  Three Months Ended June 30, Six Months Ended June 30,
  2010 2009 2010 2009
 EARNINGS:        
 Interest income $6,526 $6,350 $13,177 $12,463
 Interest expense 1,772 2,625 4,018 5,242
 Net interest income 4,754 3,725 9,159 7,221
 Provision for credit losses 400 300 826 400
 Non-interest income 1,152 864 2,721 2,142
 Non-interest expense 4,146 4,379 8,748 8,484
 Income (loss) before income taxes 1,360 (90) 2,306 479
 Income tax expense (benefit) 413 (51) 684 39
 Net income (loss) 947 (39) 1,622 440
 Preferred stock dividends and accretion of discount 155 154 309 257
 Net income (loss) available to common shareholders 792 (193) 1,313 183
 Net income (loss) per common share, diluted $0.30 ($0.07) $0.50 $0.07
         
 PERFORMANCE RATIOS:        
 Interest rate spread 3.18% 2.62% 3.02% 2.65%
 Net interest margin 3.23% 2.68% 3.07% 2.71%
 Return on average equity  8.53% (0.38%) 7.41% 2.24%
 Return on average assets  0.62% (0.03%) 0.52% 0.16%
         
  June 30,   December 31,  
  2010   2009  
 FINANCIAL POSITION:        
 Securities  $ 196,958    $ 204,095  
 Loan and leases 370,184   359,427  
 Allowance for credit losses 6,028   5,477  
 Total assets 619,037   634,248  
 Deposits 501,378   507,347  
 Borrowings 67,346   79,450  
 Stockholders' equity 45,829   42,876  
         
 EQUITY RATIOS:        
 Tier 1 leverage ratio 8.88%   8.33%  
 Risk-based capital ratio 14.90%   14.27%  
 Book value per common share*  $ 12.91    $ 11.88  
DNB Financial Corporation
Summary of Financial Statistics
(Dollars in thousands)
(Unaudited)
         
Reconciliation of Non-GAAP Financial Measures
         
   Three Months Ended June 30, Six Months Ended June 30,
   2010 2009 2010 2009
          
 GAAP net income (loss) $947 ($39) $1,622 $440
 Gains on sales of securities  (279)  (49)  (975)  (551)
 Prepayment penalties on FHLB advances  --   --   560  -- 
 Income tax adjustment  86  (29)  132  93
 Non-GAAP net income (loss) (Core earnings) $754 ($117) $1,339 ($18)
CONTACT:  DNB Financial Corporation
          Gerald F. Sopp, CFO/Executive Vice-President
          484.359.3138
          gsopp@dnbfirst.com

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