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DNB Financial Corporation Reports Third Quarter, Nine Month 2013 Results

Stocks in this article: DNBF

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 Nine Months Ended
  September 30, September 30,
  2013 2012 2013 2012
 EARNINGS:        
 Interest income  $ 5,723  $ 6,626  $ 17,384  $ 19,533
 Interest expense 695 921 2,214 2,879
 Net interest income 5,028 5,705 15,170 16,654
 Provision for credit losses 1,600 375 2,155 1,275
 Non-interest income 1,043 930 3,024 2,773
 Gain on sale of investment securities 281 161 495 240
 Gain (loss) on sale of SBA loans (1) 0 162 158
 Non-interest expense 4,454 4,451 13,114 13,043
 Income before income taxes 297 1,970 3,582 5,507
 Income tax expense (benefit) (36) 554 824 1,589
 Net income  333 1,416 2,758 3,918
 Preferred stock dividends and accretion of discount 38 37 111 295
 Net income available to common stockholders  $ 295  $ 1,379  $ 2,647  $ 3,623
 Net income per common share, diluted  $ 0.10  $ 0.50  $ 0.95  $ 1.32
         
         
         
Condensed Consolidated Statements of Financial Condition (Unaudited)
(Dollars in thousands)
         
  September 30, December 31, September 30,  
  2013 2012 2012  
 FINANCIAL POSITION:        
 Cash and cash equivalents  $ 19,221  $ 17,149  $ 18,993  
 Investment securities 202,369 201,312 177,990  
 Loan and leases 399,239 396,498 402,377  
 Allowance for credit losses (4,306) (6,838) (6,557)  
 Net loans and leases 394,933 389,660 395,820  
 Premises and equipment, net 8,179 8,456 8,341  
 Other assets 25,107 22,991 25,049  
 Total assets  $ 649,809  $ 639,568  $ 626,193  
         
 Deposits  $ 551,858  $ 530,424  $ 517,883  
 FHLB advances 10,000 20,000 20,000  
 Repurchase agreements 14,642 17,014 17,407  
 Other borrowings 9,827 9,850 9,857  
 Other liabilities 5,735 5,575 5,373  
 Stockholders' equity 57,747 56,705 55,673  
 Total liabilities and stockholders' equity  $ 649,809  $ 639,568  $ 626,193  
         
 
DNB Financial Corporation
Selected Financial Data (Unaudited)
(Dollars in thousands, except per share data)
           
  Quarterly
  2013 2013 2013 2012 2012
  3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
Earnings and Per Share Data          
 Net income available to common stockholders  $ 295  $ 1,214  $ 1,138  $ 1,284  $ 1,379
 Basic earnings per common share  $ 0.11  $ 0.44  $ 0.42  $ 0.47  $ 0.51
 Diluted earnings per common share  $ 0.10  $ 0.44  $ 0.41  $ 0.47  $ 0.50
 Dividends per common share  $ 0.07  $ 0.07  $ 0.07  $ 0.05  $ 0.05
 Book value per common share  $ 16.28  $ 16.18  $ 16.39  $ 16.08  $ 15.73
 Tangible book value per common share  $ 16.19  $ 16.08  $ 16.28  $ 15.98  $ 15.62
 Average common shares outstanding 2,750 2,741 2,725 2,719 2,714
 Average diluted common shares outstanding 2,788 2,774 2,762 2,753 2,745
           
Performance Ratios          
 Return on average assets 0.20% 0.76% 0.74% 0.83% 0.89%
 Return on average equity 2.28% 8.60% 8.32% 9.26% 10.23%
 Return on average tangible equity 2.29% 8.65% 8.36% 9.31% 10.29%
 Net interest margin 3.21% 3.35% 3.32% 3.55% 3.80%
 Efficiency ratio 70.84% 66.98% 69.43% 66.64% 62.41%
           
Asset Quality Ratios          
 Net charge-offs (recoveries) to average loans 4.03% 0.82% -0.11% -0.10% 0.03%
 Non-performing loans/Total loans 1.40% 2.60% 4.05% 2.63% 2.45%
 Non-performing assets/Total assets 1.51% 2.02% 2.72% 1.82% 2.19%
 Allowance for credit loss/Total loans 1.08% 1.72% 1.77% 1.72% 1.63%
 Allowance for credit loss/Non-performing loans 77.04% 65.94% 43.76% 65.54% 66.53%
           
Capital Ratios          
 Total equity/Total assets 8.89% 8.60% 8.98% 8.87% 8.89%
 Tangible equity/Tangible assets 8.87% 8.58% 8.94% 8.83% 8.85%
 Tangible common equity/Tangible assets 6.87% 6.63% 6.92% 6.80% 6.78%
 Tier 1 leverage ratio 10.39% 10.42% 10.48% 10.50% 10.31%
 Tier 1 risk-based capital ratio 15.18% 15.22% 14.74% 14.63% 14.42%
 Total risk-based capital ratio 16.16% 16.47% 15.99% 15.88% 15.67%
           
Wealth Management           
 Assets under care*  139,494  135,935  135,002  120,012  115,627
           
*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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