This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

DNB Financial Corporation Announces Third Quarter 2010 Earnings

DOWNINGTOWN, Pa., Oct. 21, 2010 (GLOBE NEWSWIRE) -- DNB Financial Corporation ("DNB") (Nasdaq:DNBF ), parent of DNB First, National Association, the oldest National Bank in the greater Philadelphia region, celebrating its 150 th anniversary, reported strong earnings for the third quarter of 2010. Net income was $993,000 compared to $634,000 for the same period in 2009.  Earnings per common share for the third quarter of 2010 were $0.32 on a fully diluted basis compared to $0.18 for the same period in 2009.

Core earnings, defined as net income excluding gains and losses on the sale of securities and prepayment penalties was $730,000 for the third quarter of 2010, compared to $454,000 for the same period in 2009. (Core earnings is not a GAAP financial measure and therefore there are material limitations to its usefulness on a stand-alone basis, including its lack of comparability to the GAAP financial results of other companies. The Summary of Financial Statistics section in this report includes a reconciliation of core earnings to the corresponding GAAP financial measure.)

William S. Latoff, Chairman and CEO said, "We are very pleased that we have consistently produced strong earnings in 2010. We believe consistency and stability and a focus on core earnings and balance sheet strength are critical success factors in this challenging economic environment. We believe our conservative approach has mitigated many of the economic and market factors that have negatively impacted banks across the nation."

Net interest income increased $1.0 million during the third quarter of 2010 to $4.9 million, compared to $3.9 million for the same period in 2009. The increase during the three month period was due primarily to higher levels of loan balances combined with a reduction in interest expense. The reduction in interest expense was due to lower rates on interest-bearing deposits and the paydown of FHLB borrowings during the first quarter. The net interest margin for the three-month period ended September 30, 2010 was 3.34%, a 76 basis point improvement over the same period in 2009.  

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,751.39 +121.12 0.69%
S&P 500 2,108.57 +15.32 0.73%
NASDAQ 5,111.7330 +22.5270 0.44%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs