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

The Corporation cautions that the foregoing list of important factors is not exclusive.  Readers are also cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date of this press release, even if subsequently made available by the Corporation on its website or otherwise.  The Corporation does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Corporation to reflect events or circumstances occurring after the date of this press release.

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
Condensed Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
         
  Three Months Ended Nine Months Ended
  September 30, September 30,
  2012 2011 2012 2011
 EARNINGS:        
 Interest income  $ 6,626  $ 6,651  $ 19,533  $ 19,737
 Interest expense 921 1,128 2,879 3,612
 Net interest income 5,705 5,523 16,654 16,125
 Provision for credit losses 375 426 1,275 1,278
 Non-interest income 718 859 2,702 2,765
 Gain on sale of investment securities 161 0 240 2
 Non-interest expense 4,239 4,117 12,814 12,463
 Income before income taxes 1,970 1,839 5,507 5,151
 Income tax expense  554 544 1,589 1,553
 Net income  1,416 1,295 3,918 3,598
 Preferred stock dividends and accretion of discount 37 331 295 640
 Net income available to common stockholders  $ 1,379  $ 964  $ 3,623  $ 2,958
 Net income per common share, diluted  $ 0.50  $ 0.36  $ 1.32  $ 1.10
       
       
Condensed Consolidated Statements of Financial Condition (Unaudited)
(Dollars in thousands)
       
  September 30, December 31, September 30,
  2012 2011 2011
 FINANCIAL POSITION:      
 Cash and cash equivalents  $ 18,993  $ 32,877  $ 22,815
 Investment securities 177,990 143,957 147,834
 Loan and leases 402,377 403,684 411,374
 Allowance for credit losses (6,557) (6,164) (6,371)
 Net loans and leases 395,820 397,520 405,003
 Premises and equipment, net 8,341 7,846 7,905
 Other assets 25,049 24,899 25,531
 Total assets  $ 626,193  $ 607,099  $ 609,088
       
 Deposits 517,883 497,545 498,506
 FHLB advances 20,000 20,000 20,000
 Repurchase agreements 17,407 23,770 26,576
 Other borrowings 9,857 9,877 9,883
 Other liabilities 5,373 4,851 3,571
 Stockholders' equity 55,673 51,056 50,552
 Total liabilities and stockholders' equity  $ 626,193  $ 607,099  $ 609,088
           
           
DNB Financial Corporation
Selected Financial Data (Unaudited)
(Dollars in thousands, except per share data)
           
  Quarterly
  2012 2012 2012 2011 2011
  3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
Earnings and Per Share Data          
Net income available to common stockholders  $ 1,379  $ 1,270  $ 974  $ 1,165  $ 964
Basic earnings per common share  $ 0.51  $ 0.47  $ 0.36  $ 0.43  $ 0.36
Diluted earnings per common share  $ 0.50  $ 0.46  $ 0.36  $ 0.43  $ 0.36
Dividends per common share  $ 0.05  $ 0.05  $ 0.05  $ 0.03  $ 0.03
Book value per common share  $ 15.73  $ 15.05  $ 14.61  $ 14.14  $ 14.03
Tangible book value per common share  $ 15.62  $ 14.94  $ 14.55  $ 14.07  $ 13.96
Average common shares outstanding 2,714 2,708 2,702 2,686 2,678
Average diluted common shares outstanding 2,745 2,736 2,726 2,699 2,696
           
Performance Ratios          
Return on average assets 0.89% 0.91% 0.73% 0.85% 0.82%
Return on average equity 10.23% 10.51% 8.47% 10.08% 10.15%
Return on average tangible equity 10.29% 10.54% 8.49% 10.11% 10.19%
Net interest margin 3.80% 3.78% 3.75% 3.74% 3.70%
Efficiency ratio 64.43% 62.98% 66.95% 66.68% 63.22%
           
Asset Quality Ratios          
Net charge-offs to average loans 0.03% 0.40% 0.44% 0.40% 0.48%
Non-performing loans/Total loans 2.45% 2.21% 1.79% 1.89% 1.95%
Allowance for credit loss/Total loans 1.63% 1.53% 1.50% 1.53% 1.55%
Allowance for credit loss/Non-performing loans 66.53% 69.02% 83.80% 80.66% 79.32%
           
Capital Ratios          
Total equity/Total assets 8.89% 8.47% 8.39% 8.41% 8.30%
Tangible equity/Tangible assets 8.85% 8.43% 8.37% 8.38% 8.27%
Tangible common equity/Tangible assets 6.78% 6.38% 6.29% 6.25% 6.14%
Tier 1 leverage ratio 10.31% 10.22% 10.32% 10.14% 9.65%
Tier 1 risk-based capital ratio 14.42% 14.27% 13.92% 14.32% 14.03%
Total risk-based capital ratio 15.67% 15.52% 15.17% 15.57% 15.29%
           
CONTACT: For further information, please contact:
         Gerald F. Sopp CFO/Executive Vice-President
         gsopp@dnbfirst.com

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