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DNB Financial Corporation Announces 2010 Fourth Quarter And Full Year Earnings

For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K, as well as any changes in risk factors that we may identify in our quarterly or other reports filed with the SEC.

 
DNB Financial Corporation
Summary of Financial Statistics
(Dollars in thousands, except per share data)
(Unaudited)
         
  Three Months Ended Twelve Months Ended
  December 31, December 31,
  2010 2009 2010 2009
 EARNINGS:        
 Interest income $6,351 $6,759 $26,050 $25,948
 Interest expense 1,474 2,614 7,062 10,629
 Net interest income 4,877 4,145 18,988 15,319
 Provision for credit losses 775 625 2,216 1,325
 Non-interest income 1,519 1,305 5,430 4,507
 Non-interest expense 4,091 4,211 16,903 16,590
 Income before income taxes 1,530 614 5,299 1,911
 Income tax expense  475 140 1,629 362
 Net income  1,055 474 3,670 1,549
 Preferred stock dividends and accretion of discount 155 155 618 567
 Net income available to common stockholders 900 319 3,052 982
 Net income per common share, diluted $0.34 $0.12 $1.16 $0.38
         
 PERFORMANCE RATIOS:        
 Interest rate spread 3.26% 2.64% 3.15% 2.47%
 Net interest margin 3.31% 2.70% 3.20% 2.71%
 Return on average equity  8.79% 4.31% 7.99% 3.76%
 Return on average assets  0.69% 0.30% 0.59% 0.26%
         
  December 31,   December 31,  
  2010   2009  
 FINANCIAL POSITION:        
 Securities  $ 154,793    $ 204,095  
 Loans and leases 396,171   359,427  
 Allowance for credit losses 5,884   5,477  
 Total assets 602,325   634,248  
 Deposits 492,746   507,347  
 Borrowings 60,230   79,450  
 Stockholders' equity 45,208   42,876  
         
 EQUITY RATIOS:        
 Tier 1 leverage ratio 9.25%   8.33%  
 Risk-based capital ratio 14.28%   14.27%  
 Book value per common share  $ 12.55    $ 11.88  
 
 
DNB Financial Corporation
Summary of Financial Statistics
(Dollars in thousands)
(Unaudited)
         
Reconciliation of Non-GAAP Financial Measures
         
   Three Months Ended Twelve Months Ended
   December 31, December 31,
   2010 2009 2010 2009
          
 GAAP net income   $ 1,055  $ 474  $ 3,670  $ 1,549
 Gains on sales of securities  (633)  (540)  (2,007)  (1,364)
 Prepayment penalties on FHLB advances  --   --   560  -- 
 Income tax adjustment  223  184  491  464
 Non-GAAP net income (Core earnings)  $ 645  $ 118  $ 2,714  $ 649
CONTACT: Gerald F. Sopp CFO/Executive Vice-President
         484.359.3138
         gsopp@dnbfirst.com

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