This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

DNB Financial Corporation Reports Year-Over-Year Earnings Growth In First Quarter 2013

"Our initiatives to build and diversify the bank's revenue sources, combined with disciplined management of interest expense and a lower cost of funds, supported year-over-year quarterly earnings growth and contributed to increased shareholder value," said William S. Latoff, Chairman and CEO. "We were particularly pleased with the increased bottom-line contribution from non-interest income sources, including fees from deposit accounts and revenue generated by our growing wealth management business, where we believe there is significant opportunity for expansion. Wealth management represents a predictable and growing stream of revenue for the bank."

"We invested in building our asset management business, and were fortunate to have added three very experienced and proven individuals responsible for overseeing billions of dollars under management in previous positions at larger financial institutions, and two individuals to provide operational and administrative support. We expect continuing revenue traction in 2013 and beyond as DNB First grows its visibility and reputation for providing exceptional investment and wealth management solutions."

Net interest income was $4.97 million for the three months ended March 31, 2013 compared to $5.37 million for the same period in 2012, primarily reflecting the continuing impact of the low interest rate environment. A decrease in net interest income occurred, despite a $5.25 million increase in net loans in the first quarter, compared with year-end 2012. 

Interest expense declined 19.3% in first quarter 2013 to $800,000 compared with $991,000 in first quarter 2012. The company's net interest margin was 3.32% in first quarter 2013 compared with 3.75% in first quarter 2012.

Non-interest income, excluding gains on the sale of investment securities and SBA 7(a) loans, increased 7.7% to $993,000 for the three months ended March 31, 2013 compared to $922,000 during the same period in 2012. The company also recorded a $147,000 gain on the sale of SBA 7(a) loans in first quarter 2013, which is consistent with the company's ongoing practice of originating and selling SBA loans in the secondary market. Non-interest expense increased slightly year-over-year to $4.39 million in first quarter 2013 compared with $4.32 million in first quarter 2012, primarily reflecting the addition of the Boothwyn branch in second quarter 2012.

2 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs