DOWNINGTOWN, Pa., Jan. 23, 2014 (GLOBE NEWSWIRE) -- DNB Financial Corporation (Nasdaq:DNBF), parent of DNB First, National Association, the oldest nationally-chartered community bank serving the greater Philadelphia region, today reported financial results for the three and 12 months ended December 31, 2013.
- Total stockholders' equity increased to $58.58 million at December 31, 2013 compared with $56.71 million at December 31, 2012. Book value per common share rose to $16.55 at December 31, 2013 compared with $16.08 at December 31, 2012.
- Total loans and leases before the allowance for credit losses were $415.35 million at December 31, 2013, up 5% compared with $396.50 million at December 31, 2012.
- In the fourth quarter of 2013, the Bank demonstrated accelerating commercial loan growth with the addition of approximately $16 million in net new loans, and entered 2014 with a strong loan pipeline.
- Total interest income was $23.21 million for the year ended December 31, 2013 compared with $25.73 million for the year ended December 31, 2012, with the decline primarily reflecting the continued low interest rate environment.
- Improved asset quality was reflected in several key performance ratios, including a non-performing loan to total loan ratio of 1.38% and a ratio of non-performing assets to total assets of 1.03% at December 31, 2013.
- The Company trimmed total interest expense 23% in 2013 compared with 2012 reflecting ongoing interest rate management practices and the growth of core deposits. Low-cost core deposit growth contributed to the Company's ability to reduce its reliance on FHLB borrowings by half, to $10 million.
- Wealth management continued to record strong growth in total assets under care, which increased 23.5% to $148.2 million at December 31, 2013 compared with $120.0 million at December 31, 2012. This growth contributed to a 43% increase in fee income from DNB Investment Management and Trust.
- Tier 1 leverage ratio of 10.61%, tier 1 risk-based capital ratio of 15.35% and total risk-based capital ratio of 16.40% as of December 31, 2013 exceeded regulatory definitions for a well-capitalized institution.