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DNB Financial Corporation Reports Second Quarter, First Half 2014 Results

Stocks in this article: DNBF

DOWNINGTOWN, Pa., July 24, 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 six months ended June 30, 2014.

For the three months ended June 30, 2014, net income available to common shareholders was $1.09 million or $0.38 per diluted common share compared with $1.21 million or $0.44 per diluted common share for the three months ended June 30, 2013.

For the six months ended June 30, 2014, net income available to common shareholders was $2.05 million or $0.73 per diluted common share compared with $2.35 million or $0.85 per diluted common share for the six months ended June 30, 2013.

William S. Latoff, Chairman and CEO, commented: "DNB continues to build a diversified mix of revenue generated through its commercial and consumer lending businesses, and its growing wealth management services division. We are gratified that the company's focus on increasing shareholder value through prudent asset growth, and improved asset quality is reflected by consistent growth in our book value per share and shareholders' equity.

"Our second quarter and first half year-over-year earnings comparisons in part reflect the investments we have made in new hires to drive revenue in future quarters, technology to enhance the company's capabilities, and branch upgrades to accommodate increased business and provide a welcoming environment for customers. We are further streamlining our retail banking business line, and initiatives we've taken have contributed to the reduction in our funding cost and gains in consumer lending. We recently launched a mortgage banking division, and we expect traction in this area to accelerate in future periods. Our growing consumer service capability is complementing our traditional commercial banking business, which remains a strong focus."

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