- Net income available to common shareholders rose 16.8% to $1.14 million or $0.41 per diluted share at March 31, 2013, compared with $974,000 or $0.36 per diluted share at March 31, 2012, primarily reflecting interest expense reduction, a gain on sale of SBA 7(a) loans, non-interest income growth and a lower loan loss provision.
- Quarterly return on average assets was 0.74% and return on average equity was 8.32%.
- Total stockholders' equity was $57.66 million at March 31, 2013, up 10% from $52.43 million at March 31, 2012.
- Book value per common share rose 12% to $16.39 at March 31, 2013 from $14.61 at March 31, 2012.
- Total assets increased to $641.78 million in first quarter 2013 compared with $624.96 million in first quarter 2012 and $639.57 million at December 31, 2012.
- Total deposits increased to $537.54 million in first quarter 2013, compared with $515.06 million in first quarter 2012 and $530.42 million at year-end 2012, which contributed to the company's ability to replace higher-cost wholesale borrowings with core deposits to fund lending activities.
- Loans and leases were $402.03 million in first quarter 2013, an increase of $5.54 million, from $396.49 million at year-end 2012.
- Non-interest income, partially reflecting increased fee income created by 49% year-over-year growth in the bank's wealth management group's assets under care, was $993,000 compared with $922,000 in first quarter 2012.
- Tier 1 leverage ratio of 10.48% and Tier 1 risk-based capital ratio of 14.66% exceeded regulatory definitions for a well-capitalized institution.
DOWNINGTOWN, Pa., April 23, 2013 (GLOBE NEWSWIRE) -- DNB Financial Corporation (Nasdaq:DNBF), parent of DNB First, National Association, the oldest nationally-chartered community bank serving the greater Philadelphia region, reported net income available to common shareholders of $1.14 million or $0.41 per diluted share for the three months ended March 31, 2013, compared with $974,000 or $0.36 per diluted share for the same period in 2012.
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