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.
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