This Day On The Street
Continue to site
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 2010 Fourth Quarter And Full Year Earnings

DOWNINGTOWN, Pa., Jan. 26, 2011 (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 a 123.00% increase in net income for the fourth quarter of 2010 compared to the same period of 2009 and a 137.00% increase for the full year. Net income for the three and twelve months ended December 31, 2010 was $1.1 million and $3.7 million, respectively, compared to $474,000 and $1.5 million for the same periods of 2009. Earnings per common share for the fourth quarter of 2010 were $0.34 on a fully diluted basis compared to $0.12 for the same period of 2009. Earnings per common share for the twelve months ended December 31, 2010 was $1.16 on a fully diluted basis compared to $0.38 for the same period of 2009. 

Core earnings, which is a non-GAAP measure of net income excluding gains and losses on the sale of securities and prepayment penalties, for the three and twelve months ended December 31, 2010 were $645,000 and $2.7 million, up substantially from $118,000 and $649,000 for the same periods of 2009. 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 to end the year in such a strong position. Our focused and prudent approach has served us well, allowing us to restructure the balance sheet, while continuing to build capital. We have significantly reduced high cost borrowings and CDs and funded loan growth with core deposits and capital. We have controlled non-interest expenses and made investments in core business lines. These strategies leave us well positioned to benefit from an improving economy in 2011 and beyond. We continue to believe that consistency, stability and a focus on core earnings and balance sheet strength are critical success factors in today's challenging economic environment."

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.36 -1.60%
FB $116.06 -0.57%
GOOG $689.45 -0.23%
TSLA $240.72 -2.80%
YHOO $36.33 -0.71%


Chart of I:DJI
DOW 17,691.74 -139.02 -0.78%
S&P 500 2,054.89 -20.92 -1.01%
NASDAQ 4,749.08 -56.2110 -1.17%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs