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

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.

FINANCIAL TABLES FOLLOW

 
DNB Financial Corporation
Condensed Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
         
  Three Months Ended Six Months Ended
  June 30, June 30,
  2013 2012 2013 2012
EARNINGS:        
Interest income  $ 5,887  $ 6,548  $ 11,661  $ 12,907
Interest expense 719 967 1,519 1,958
Net interest income 5,168 5,581 10,142 10,949
Provision for credit losses 375 475 555 900
Non-interest income 988 921 1,981 1,843
Gain on sale of investment securities 155 79 214 79
Gain on sale of SBA loans 16 158 163 158
(Loss) on sale / write-down of OREO 18 0 28 17
Non-interest expense 4,254 4,275 8,632 8,575
Income before income taxes 1,680 1,989 3,285 3,537
Income tax expense 430 589 860 1,035
Net income 1,250 1,400 2,425 2,502
Preferred stock dividends and accretion of discount 36 130 73 258
Net income available to common stockholders  $ 1,214  $ 1,269  $ 2,352  $ 2,244
Net income per common share, diluted  $ 0.44  $ 0.46  $ 0.85  $ 0.82
         
       
Condensed Consolidated Statements of Financial Condition (Unaudited)
(Dollars in thousands)
       
  June 30, December 31, June 30,
  2013 2012 2012
FINANCIAL POSITION:      
Cash and cash equivalents  $ 54,040  $ 17,149  $ 16,386
Investment securities 198,917 201,312 183,714
Loan and leases 389,790 396,498 407,205
Allowance for credit losses (6,690) (6,838) (6,214)
Net loans and leases 383,100 389,660 400,991
Premises and equipment, net 8,117 8,456 8,534
Other assets 23,451 22,991 24,462
Total assets  $ 667,625  $ 639,568  $ 634,087
       
Deposits 561,908 530,424 526,578
FHLB advances 10,000 20,000 20,000
Repurchase agreements 23,233 17,014 18,586
Other borrowings 9,835 9,850 9,863
Other liabilities 5,246 5,575 5,328
Stockholders' equity 57,403 56,705 53,732
Total liabilities and stockholders' equity  $ 667,625  $ 639,568  $ 634,087
       
           
DNB Financial Corporation
Selected Financial Data (Unaudited)
(Dollars in thousands, except per share data)
           
  Quarterly
  2013 2013 2012 2012 2012
  2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr
Earnings and Per Share Data          
Net income available to common stockholders  $ 1,214  $ 1,138  $ 1,284  $ 1,379  $ 1,270
Basic earnings per common share  $ 0.44  $ 0.42  $ 0.47  $ 0.51  $ 0.47
Diluted earnings per common share  $ 0.44  $ 0.41  $ 0.47  $ 0.50  $ 0.46
Dividends per common share  $ 0.05  $ 0.07  $ 0.05  $ 0.05  $ 0.05
Book value per common share  $ 16.18  $ 16.39  $ 16.08  $ 15.73  $ 15.05
Tangible book value per common share  $ 16.08  $ 16.28  $ 15.98  $ 15.62  $ 14.94
Average common shares outstanding 2,741 2,725 2,719 2,714 2,708
Average diluted common shares outstanding 2,774 2,762 2,753 2,745 2,736
           
Performance Ratios          
Return on average assets 0.76% 0.74% 0.83% 0.89% 0.91%
Return on average equity 8.60% 8.32% 9.26% 10.23% 10.51%
Return on average tangible equity 8.65% 8.36% 9.31% 10.29% 10.54%
Net interest margin 3.35% 3.32% 3.55% 3.80% 3.78%
Efficiency ratio 66.98% 69.43% 66.64% 62.41% 62.98%
           
Asset Quality Ratios          
Net charge-offs to average loans 0.82% -0.11% -0.10% 0.03% 0.40%
Non-performing loans/Total loans 2.60% 4.05% 2.63% 2.45% 2.21%
Non-performing assets/Total assets 2.02% 2.72% 1.82% 2.19% 2.02%
Allowance for credit loss/Total loans 1.72% 1.77% 1.72% 1.63% 1.53%
Allowance for credit loss/Non-performing loans 65.94% 43.76% 65.54% 66.53% 69.02%
           
Capital Ratios          
Total equity/Total assets 8.60% 8.98% 8.87% 8.89% 8.47%
Tangible equity/Tangible assets 8.58% 8.94% 8.83% 8.85% 8.43%
Tangible common equity/Tangible assets 6.63% 6.92% 6.80% 6.78% 6.38%
Tier 1 leverage ratio 10.42% 10.48% 10.50% 10.31% 10.22%
Tier 1 risk-based capital ratio 15.22% 14.74% 14.63% 14.42% 14.27%
Total risk-based capital ratio 16.47% 15.99% 15.88% 15.67% 15.52%
           
Wealth Management          
Assets under care*  135,935  135,002  120,012  115,627  101,233
           
*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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