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

William S. Latoff, Chairman and CEO, commented: "With more than 153 years of history and as the oldest national bank in the Philadelphia region, DNB has built a strong reputation of trust. Our retail and commercial customers continue to turn to DNB for guidance and financial solutions. Building on our strength and full service capabilities, we continue to diversify and balance our revenue mix, and to effectively build our business on a number of fronts."

Income Statement Highlights

Net interest income after the provision for credit losses was $4.79 million for the three months ended June 30, 2013 compared with $5.11 million for the same period in 2012; primarily reflecting the continuing low interest rate environment, partially offset by the company's ongoing interest expense management and a reduction in its provision for credit losses. The company reduced total interest expense 26.0% in the second quarter of 2013 compared with the prior year's second quarter, and lowered its provision for credit losses 21.0% for the year-over-year quarters.

For the six months ended June 30, 2013, net interest income after the provision for credit losses was $9.59 million compared with $10.05 million for the same period in 2012. First half 2013 net interest income reflected a 38.3% year-over-year decline in the company's provision for credit losses compared with first half 2012, and a 22.4% decrease in total interest expense.

Reflecting diligent management of the bank's cost of funds, including lower total interest on borrowings, the company's net interest margin increased to 3.35% in the second quarter of 2013, compared with 3.32% in the first quarter.

Non-interest income, including gains on the sale of investment securities and SBA 7(a) loans, was $1.16 million in the second quarter of 2013, equivalent to non-interest income in the second quarter of 2012. Non-interest income for the six months ended June 30, 2013 was $2.36 million, up 13.4% compared with $2.08 million for the same period in 2012. Gains on the sale of investments was $214,093 in the first half of 2013 compared with $78,744 in the first half of 2012. Fees from the company's wealth management business rose 26.7% year over year to $592,423 for the first six months of 2013 compared with $466,996 for the first six months of 2012.

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