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 Second Quarter, First Half 2013 Financial Results

Total non-interest expense remained stable year over year, with total non-interest expense in the second quarter of 2013 equaling $4.27 million compared with $4.27 million in the second quarter of 2012. For the six months ended June 30, 2013, non-interest expense was $8.66 million compared with $8.59 million for the same period in 2012.

Balance Sheet Highlights

Total deposits were $561.91 million at June 30, 2013, up 5.9% compared with $530.42 million at December 31, 2012. Growth was supported by initiatives to attract core deposits and expand customer relationships to incorporate more deposit activity. Core deposit growth contributed positively to the company's 0.52% cost of funds at June 30, 2013. The company trimmed Federal Home Loan Bank borrowings to $10 million in the first half of 2013 compared with $20 million at December 31, 2012.

Gross loans were $389.79 million, down 1.7% from $396.50 million at December 31, 2012. The decline in net loans reflect customer pay-downs of higher-rate loans and not renewing selected weaker credits. The company's loan pipeline is strong moving into the third quarter of 2013.

Non-performing loans to total loans declined to 2.60% at June 30, 2013 compared with 4.05% at March 31, 2013 and 2.63% at December 31, 2012.

William J. Hieb, President and Chief Risk & Credit Officer, noted: "Our focus on asset quality has resulted in significant improvement in the bank's ratio of NPLs to total loans. We anticipate in coming quarters that our emphasis on credit quality and ongoing reduction of non-performing assets, combined with growth initiatives and disciplined expense management, will be apparent in the company's earnings."

Total stockholders' equity was $57.40 million at June 30, 2013 compared to $56.71 million at December 31, 2012. Book value per common share was $16.18 at June 30, 2013. DNB's Tier 1 leverage ratio was 10.42%, the Tier 1 risk-based capital ratio was 15.22% and the total risk-based capital ratio was 16.47%, well in excess of regulatory standards for well-capitalized institutions.

3 of 5

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


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs