This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

DNB Financial Corporation Reports Third Quarter, Nine Month 2013 Results

Total non-interest expense was stable year over year with total non-interest expense of $4.45 million in the third quarter of 2013 compared to $4.45 million for the same period in 2012. For the first nine months of 2013, non-interest expense was $13.11 million compared with $13.04 million in the first nine months of 2012.

Balance Sheet Highlights

Total deposits were $551.86 million at September 30, 2013, up 4% compared with $530.42 million at December 31, 2012. At September 30, 2012, total deposits were $517.88 million. 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 0.46% average cost of funds for third quarter 2013. The company trimmed Federal Home Loan Bank borrowings to $10 million during the nine months of 2013 compared with $20 million at December 31, 2012.

Total loans and leases before allowance for credit losses were $399.24 million at September 30, 2013 compared with $396.50 million at December 31, 2012. Loan totals reflect growth in commercial lending and relative stability in retail lending. This was partially offset by customer pay-downs of higher-rate loans and the company choosing to not renew selected weaker credits.

Overall asset quality reflected consistent long-term improvement as ratios of non-performing loans to total loans and non-performing assets to total assets improved significantly over the previous four quarters.  Non-accrual loans were $5.25 million at September 30, 2013, compared with $9.56 million at December 31, 2012 and $7.11 million at September 30, 2012. Accruing loans 90 days past due declined to $335,561 in the third quarter of 2013 compared with $2.72 million in the third quarter of 2012, which management believes is a clear indication of the increased strength of the current loan portfolio.  Total non-performing loans were $5.59 million at September 30, 2013 compared with $10.43 million at December 31, 2012 and $9.83 million at September 30, 2012.

3 of 6

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs