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

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 March 31,  
  2013 2012  
EARNINGS:      
Interest income  $ 5,774  $ 6,359  
Interest expense 800 991  
Net interest income 4,974 5,368  
Provision for credit losses 180 425  
Non-interest income 993 922  
Gain on sale of investment securities 59  --   
Gain on sale of SBA loans 147  --   
Non-interest expense 4,388 4,317  
Income before income taxes 1,605 1,548  
Income tax expense  430 446  
Net income  1,175 1,102  
Preferred stock dividends and accretion of discount 37 128  
Net income available to common stockholders  $ 1,138  $ 974  
Net income per common share, diluted  $ 0.41  $ 0.36  
       
       
Condensed Consolidated Statements of Financial Condition (Unaudited)
(Dollars in thousands)
       
  March 31, December 31, March 31,
  2013 2012 2012
FINANCIAL POSITION:      
Cash and cash equivalents  $ 15,575  $ 17,149  $ 21,790
Investment securities 200,529 201,312 166,755
Loan and leases 402,033 396,498 409,636
Allowance for credit losses (7,123) (6,838) (6,142)
Net loans and leases 394,910 389,660 403,494
Premises and equipment, net 8,275 8,456 7,980
Other assets 22,488 22,991 24,945
Total assets  $ 641,777  $ 639,568  $ 624,964
       
Deposits 537,538 530,424 515,057
FHLB advances 10,000 20,000 20,000
Repurchase agreements 21,815 17,014 22,737
Other borrowings 9,842 9,850 9,870
Other liabilities 4,925 5,575 4,867
Stockholders' equity 57,657 56,705 52,433
Total liabilities and stockholders' equity  $ 641,777  $ 639,568  $ 624,964
 
DNB Financial Corporation
Selected Financial Data (Unaudited)
(Dollars and shares in thousands, except per share data)
           
  Quarterly
  2013 1st Qtr 2012 4th Qtr 2012 3rd Qtr 2012 2nd Qtr 2012 1st Qtr
Earnings and Per Share Data          
Net income available to common stockholders  $ 1,138  $ 1,284  $ 1,379  $ 1,270  $ 974
Basic earnings per common share  $ 0.42  $ 0.47  $ 0.51  $ 0.47  $ 0.36
Diluted earnings per common share  $ 0.41  $ 0.47  $ 0.50  $ 0.46  $ 0.36
Dividends per common share  $ 0.07  $ 0.05  $ 0.05  $ 0.05  $ 0.05
Book value per common share  $ 16.39  $ 16.08  $ 15.73  $ 15.05  $ 14.61
Tangible book value per common share  $ 16.28  $ 15.98  $ 15.62  $ 14.94  $ 14.55
Average common shares outstanding 2,725 2,719 2,714 2,708 2,702
Average diluted common shares outstanding 2,762 2,753 2,745 2,736 2,726
           
Performance Ratios          
Return on average assets 0.74% 0.83% 0.89% 0.91% 0.73%
Return on average equity 8.32% 9.26% 10.23% 10.51% 8.47%
Return on average tangible equity 8.36% 9.31% 10.29% 10.54% 8.49%
Net interest margin 3.32% 3.55% 3.80% 3.78% 3.75%
Efficiency ratio 69.43% 66.64% 62.41% 62.98% 66.90%
           
Asset Quality Ratios          
Net charge-offs to average loans -0.11% -0.10% 0.03% 0.40% 0.44%
Non-performing loans/Total loans 4.05% 2.63% 2.45% 2.21% 1.79%
Non-performing assets/Total assets 2.72% 1.82% 2.19% 2.02% 1.79%
Allowance for credit loss/Total loans 1.77% 1.72% 1.63% 1.53% 1.50%
Allowance for credit loss/Non-performing loans 43.76% 65.54% 66.53% 69.02% 83.80%
           
Capital Ratios          
Total equity/Total assets 8.98% 8.87% 8.89% 8.47% 8.39%
Tangible equity/Tangible assets 8.94% 8.83% 8.85% 8.43% 8.37%
Tangible common equity/Tangible assets 6.92% 6.80% 6.78% 6.38% 6.29%
Tier 1 leverage ratio 10.48% 10.50% 10.31% 10.22% 10.32%
Tier 1 risk-based capital ratio 14.66% 14.63% 14.42% 14.27% 13.92%
Total risk-based capital ratio 15.91% 15.88% 15.67% 15.52% 15.17%
           
Wealth Management           
Assets under care*  $ 135,002  $ 120,012  $ 115,627  $ 101,233  $ 90,585
           
*Wealth Management assets under care includes assets under management, administration, supervision and brokerage.
CONTACT: For further information, please contact:
         Gerald F. Sopp CFO/Executive Vice-President
         484.359.3138
         gsopp@dnbfirst.com

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