Deposits declined by $13.3 million, or 2.62%, to $494.1 million at September 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 $9.6 million in aggregate or 2.85%, compared to December 31, 2009. DNB's composite cost of funds for the third quarter of 2010 dropped 67 basis points to 1.09% compared to 1.76% for the three months ended December 31, 2009. Time deposits declined $22.8 million to $148.3 million at September 30, 2010 compared to $171.1 million at December 31, 2009.Capital remained strong at the end of the third quarter of 2010, as DNB's tier 1 leverage ratio stood at 9.03% and its total risk-based capital ratio stood at 14.88%, well above the levels of 5.00% and 10.00% respectively to be deemed "well capitalized" for regulatory purposes. These are levels management feels are appropriate for current market conditions.
DNB Financial Corporation Announces Third Quarter 2010 Earnings
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