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DNB Financial Corporation Reports Year-Over-Year Earnings Growth For Third Quarter, Nine Months Of 2012

Stocks in this article: DNBF

Highlights:

  • $1.4 million net income in third quarter 2012, a 9.34% increase over third quarter 2011.
  • Quarterly ROA and ROE of .89% and 10.23%, respectively.
  • Book value per share grew to $15.73, compared to $15.05 in second quarter 2012 and $14.03 in third quarter 2011.
  • Total stockholder's equity at $55.67 million rose 9.00% from December 31, 2011.
  • Net interest margin improved to 3.80% from 3.70% in third quarter 2011 and 3.78% in second quarter 2012.
  • Core deposits, i.e., demand deposits, money market accounts, NOW and savings accounts increased $18.6 million in aggregate or 4.75% compared to December 31, 2011.
  • Tier 1 leverage ratio at 10.31% and Tier 1 risk-based capital ratio at 14.42%, exceed regulatory definitions for a well-capitalized institution.

DOWNINGTOWN, Pa., Oct. 22, 2012 (GLOBE NEWSWIRE) -- DNB Financial Corporation (Nasdaq:DNBF), parent of DNB First, National Association, one of the first nationally-chartered community banks to serve the greater Philadelphia region, reported net income of $1.4 million for the three months ended September 30, 2012, compared with $1.3 million for the same period in 2011. Earnings per common share (fully diluted) for third quarter 2012 were $0.50 compared to $0.36 for the same period in 2011. Net income for the nine months of 2012 was $3.9 million, an increase of 8.89% compared with the nine months of 2011. Earnings per common share (fully diluted) for the nine months of 2012 were $1.32 compared with $1.10 for the nine months of 2011.

"The third quarter and nine months of 2012 have been quite beneficial for the company and our shareholders. We continue building low-cost core deposits, which provide the necessary liquidity to meet our loan demand. We are focused on offering competitive rates while still maintaining our margins. Our ability to increase the bank's net interest margin in a low interest rate environment is a testament to the quality of our customer relationships and our focus on re-pricing and rate matching strategies, which have proven effective," explained William S. Latoff, Chairman and CEO.  

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