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DNB Financial Corporation Reports Strong Earnings, Book Value And Asset Growth For 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 December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
 EARNINGS:        
 Interest income  $ 6,196  $ 6,437  $ 25,729  $ 26,174
 Interest expense 876 1,032 3,755 4,644
 Net interest income 5,320 5,405 21,974 21,530
 Provision for credit losses 180 202 1,455 1,480
 Non-interest income 1,179 865 3,952 3,350
 Gain on sale of investment securities 178 36 418 38
 Gain on sale of SBA loans 0 0 158 281
 Net gain (loss) on sale / write-down of OREO (211) (25) (440) (26)
 Non-interest expense 4,448 4,262 17,262 16,725
 Income before income taxes 1,838 1,817 7,345 6,968
 Income tax expense  517 513 2,106 2,066
 Net income  1,321 1,304 5,239 4,902
 Preferred stock dividends and accretion of discount 37 139 332 779
 Net income available to common stockholders  $ 1,284  $ 1,165  $ 4,907  $ 4,123
 Net income per common share, diluted  $ 0.47  $ 0.43  $ 1.79  $ 1.53
         
         
         
Condensed Consolidated Statements of Financial Condition (Unaudited)
(Dollars in thousands)
         
  December 31, December 31,    
  2012 2011    
 FINANCIAL POSITION:        
 Cash and cash equivalents  $ 17,149  $ 32,877    
 Investment securities 201,312 143,957    
 Loan and leases 396,498 403,684    
 Allowance for credit losses (6,838) (6,164)    
 Net loans and leases 389,660 397,520    
 Premises and equipment, net 8,456 7,846    
 Other assets 22,991 24,899    
 Total assets  $ 639,568  $ 607,099    
         
 Deposits  $ 530,424  $ 497,545    
 FHLB advances 20,000 20,000    
 Repurchase agreements 17,014 23,770    
 Other borrowings 9,850 9,877    
 Other liabilities 5,575 4,851    
 Stockholders' equity 56,705 51,056    
 Total liabilities and stockholders' equity  $ 639,568  $ 607,099    
         
DNB Financial Corporation
Selected Financial Data (Unaudited)
(Dollars in thousands, except per share data)
           
  Quarterly
  2012 4th Qtr 2012 3rd Qtr 2012 2nd Qtr 2012 1st Qtr 2011 4th Qtr
Earnings and Per Share Data          
Net income available to common stockholders  $ 1,284  $ 1,379  $ 1,270  $ 974  $ 1,165
Basic earnings per common share  $ 0.47  $ 0.51  $ 0.47  $ 0.36  $ 0.43
Diluted earnings per common share  $ 0.47  $ 0.50  $ 0.46  $ 0.36  $ 0.43
Dividends per common share  $ 0.05  $ 0.05  $ 0.05  $ 0.05  $ 0.03
Book value per common share  $ 16.08  $ 15.73  $ 15.05  $ 14.61  $ 14.14
Tangible book value per common share  $ 15.98  $ 15.62  $ 14.94  $ 14.55  $ 14.07
Average common shares outstanding 2,719 2,714 2,708 2,702 2,686
Average diluted common shares outstanding 2,753 2,745 2,736 2,726 2,699
           
Performance Ratios          
Return on average assets 0.83% 0.89% 0.91% 0.73% 0.85%
Return on average equity 9.26% 10.23% 10.51% 8.47% 10.08%
Return on average tangible equity 9.31% 10.29% 10.54% 8.49% 10.11%
Net interest margin 3.55% 3.80% 3.78% 3.75% 3.74%
Efficiency ratio 65.54% 64.43% 62.98% 66.95% 66.68%
           
Asset Quality Ratios          
Net charge-offs to average loans -0.10% 0.03% 0.40% 0.44% 0.40%
Non-performing loans/Total loans 2.63% 2.45% 2.21% 1.79% 1.89%
Non-performing assets/Total assets 1.82% 2.19% 2.02% 1.79% 1.91%
Allowance for credit loss/Total loans 1.72% 1.63% 1.53% 1.50% 1.53%
Allowance for credit loss/Non-performing loans 65.54% 66.53% 69.02% 83.80% 80.66%
           
Capital Ratios          
Total equity/Total assets 8.87% 8.89% 8.47% 8.39% 8.41%
Tangible equity/Tangible assets 8.83% 8.85% 8.43% 8.37% 8.38%
Tangible common equity/Tangible assets 6.80% 6.78% 6.38% 6.29% 6.25%
Tier 1 leverage ratio 10.50% 10.31% 10.22% 10.32% 10.14%
Tier 1 risk-based capital ratio 14.60% 14.42% 14.27% 13.92% 14.32%
Total risk-based capital ratio 15.84% 15.67% 15.52% 15.17% 15.57%
CONTACT: For further information, please contact:
         Gerald F. Sopp CFO/Executive Vice-President
         484.359.3138
         gsopp@dnbfirst.com

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