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TheStreet Open House

DNB Financial Corporation Reports Second Quarter, First Half 2013 Financial Results

Highlights:

  • Net income available to common shareholders for the three months ended June 30, 2013 was $1.21 million or $0.44 per diluted share compared with $1.27 million or $0.46 per diluted share for the three months ended June 30, 2012, and up sequentially from net income of $1.14 million or $0.41 per diluted share for the three months ended March 31, 2013.  
  • Net income available to common shareholders for the six months ended June 30, 2013 was $2.35 million or $0.85 per diluted share compared with $2.24 million or $0.82 per diluted share for the six months ended June 30, 2012.  
  • The ratio of non-performing loans to total loans at June 30, 2013 declined to 2.60% from 4.05% at March 31, 2013.  
  • Return on average assets in the second quarter of 2013 was 0.76% and return on average equity was 8.60%, reflecting an increase compared with first quarter 2013 ratios of 0.74% and 8.32%, respectively.  
  • Total stockholders' equity was $57.40 million at June 30, 2013 and the company's book value per share was $16.18.  
  • Total assets increased $28.06 million or 4.39% to $667.63 million at June 30, 2013 from $639.57 million at December 31, 2012.  
  • Total deposits, reflecting across-the-board growth in core deposits, grew to $561.91 million at June 30, 2013 compared with $537.54 million in the first quarter of 2013 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 asset growth.  
  • The bank's wealth management group continued to record strong growth in assets under management, which generated 28.5% more fee income in the second quarter of 2013 compared with the second quarter of 2012.  
  • The tier 1 leverage ratio of 10.42%, tier 1 risk-based capital ratio of 15.22% and a total risk-based capital ratio of 16.47% exceeded regulatory definitions for a well-capitalized institution.

DOWNINGTOWN, Pa., July 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, today reported financial results for the three and six months ended June 30, 2013.

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