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."
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