DNB Financial Corporation (Nasdaq:DNBF), today reported net income
available to common stockholders of $1.3 million, or $0.45 per
diluted share, for the quarter ending September 30, 2015, compared
with $1.2 million, or $0.43 per diluted share, for the same
quarter, last year. Net income available for common shareholders
for the first nine months of 2015 was $3.7 million, or $1.31 per
diluted share, compared with $3.3 million or $1.16 per diluted
share, in the prior year period. DNB Financial Corporation (the
“Company”) is the parent of DNB First, National Association, one of
the first nationally-chartered community banks to serve the greater
Philadelphia region.
Third Quarter Highlights
- Wealth management assets under care increased 14.6% from
September 30, 2014. Asset generation and growth remain impressive
despite lower equity market valuations over the third quarter.
- Total loans increased 4.7% on a year-over-year basis, although
they were flat on a sequential quarter basis.
- Asset quality remained excellent. As of September 30,
2015, non-performing loans were only 0.90% of total loans compared
with 0.98% as of June 30, 2015.
- Core deposits contracted, but increased 4.4% over the past 12
months and were 85.5% of total deposits as of September 30,
2015.
- The company paid a quarterly cash dividend of $0.07 on
September 21, 2015.
William S. Latoff, Chairman and CEO, commented:
“We were pleased to see our quarterly earnings increase and believe
our results represent solid progress in an uncertain and
challenging environment. Quality loan growth was achieved
over the past year and we remain committed to maintaining our
prudent pricing and credit discipline. We are also encouraged
that our net interest margin continued to stabilize. Despite
the equity market downturn during the third quarter, we continue to
generate new wealth management assets, through initiatives to
expand banking relationships.”
Income Statement Summary
The Company’s performance resulted in a return
on average assets of 0.68% for the third quarter and first nine
months of 2015. The return on average equity was 8.71% and 8.52%
for the same periods, respectively.
Total interest income for the three months
ending September 30, 2015 was $6.2 million, which represented a
$256,000, or 4.3% increase compared with the three months ending
September 30, 2014, and a $30,000, or 0.5% (not annualized),
increase from $6.1 million for the three months ending June 30,
2015. Total interest expense rose to $711,000 for the third
quarter of 2015, compared with $544,000 for the third quarter of
2014, and $678,000 for the three months ending June 30, 2015.
The year-over-year increase was primarily due to the issuance of
$9.8 million of subordinated debt at the end of the first quarter
of 2015. The weighted average cost of funds remained at a
historically low level.
The net interest margin for the third quarter of
2015 was 3.13%, compared with 3.33% for the third quarter of 2014
and 3.11% for the second quarter of 2015. On a consecutive
quarter basis, the Company's net interest margin was relatively
stable in 2015, despite continuing pressure due to the low-interest
rate environment and intense pricing competition for quality
lending business.
Total non-interest income for the third quarter
of 2015 was $1.0 million, which was essentially unchanged from the
same quarter in 2014. On a sequential quarter basis, total
non-interest income declined $301,000, or 22.5% (not annualized).
The primary reason for the decrease was an $185,000 gain on Small
Business Administration (SBA) loan sales, which occurred in the
previous quarter and a $105,000 decrease in income from the
Company’s wealth management business. Wealth management fees
were $317,000 for the quarter ending September 30, 2015, which
represented nearly one-third of total fee income. Assets
under management were $184.5 million as of September 30, 2015, but
were negatively impacted by declines in asset values due to market
conditions, which more than offset new asset generation.
Non-interest expense was $4.6 million for the
third quarter of 2015, which represented an increase of only 1.6%
from that of the corresponding quarter last year, reflecting
management’s emphasis on controlling expenses. Annual
increases in salary and employee benefit costs were largely offset
by declines in occupancy expense, and professional and consulting
fees.
The effective tax rate for the quarter ending
September 30, 2015 was 22.1%, compared with 25.8% for the
corresponding quarter in 2014. The primary reason for the
lower effective tax rate was an increase in tax exempt loans to
local municipalities and tax exempt municipal investment
securities.
Balance Sheet Summary
As of September 30, 2015, total assets were
$741.9 million compared with $755.9 million as of June 30, 2015,
and $695.4 million as of September 30, 2014. Total assets
contracted $14.0 million, or 1.9% (not annualized), on a sequential
quarter basis due to an $8.5 million decrease in cash and cash
equivalents along with smaller declines of both total loans and
investment securities. Total assets, however, increased $46.5
million, or 6.7% on a year-over-year basis primarily due to strong
loan growth, which was accompanied by a smaller increase in
investment securities. Solid annual loan growth reflected the
company’s commercial banking initiatives and attractive market
areas. Likewise, total deposits increased 3.2% since
September 30, 2014, despite a $17.9 million decrease on a
sequential quarter basis.
Total loans grew $21.0 million or 4.7% to $470.4
million as of September 30, 2015, from $449.4 million as of
September 30, 2014. On a sequential quarter basis, total
loans decreased slightly (less than 1%) from $472.3 million as of
June 30, 2015. As of September 30, 2015, total loans were
63.4% of total assets compared with 64.6% as of September 30,
2014. Loan growth has been moderate; and the Company remains
challenged to grow commercial-oriented in a competitive market,
while maintaining its conservative underwriting standards.
On a sequential quarter basis, total core
deposits declined $30.9 million, or 5.6% (not annualized), but
represented 85.5% of total deposits as of September 30, 2015.
The decrease in core deposits was primarily due to a $20.1 million
decrease in NOW accounts. The decline is mainly attributed to the
delay in approving the State of Pennsylvania's annual budget, which
includes distributions to many of DNB's municipal clients, who have
temporarily drawn down their accounts to fund normal operating
costs. Time deposits, however, increased $13.0 million. Total
deposits were $608.5 million as of September 30, 2015, compared
with $626.4 million as of June 30, 2015 and $589.4 million at
September 30, 2014.
Capital ratios continue to exceed regulatory
standards for well-capitalized institutions. At September 30,
2015, the Tier 1 leverage ratio was 9.23%, Tier 1 risk-based
capital was 12.74%, common equity Tier 1 risk based capital was
10.46% and total risk based capital was 15.46%. As of the
same date, the total shareholder equity-to-total assets ratio was
7.87% and the tangible common equity-to-tangible assets ratio was
7.42%. Tangible book value per share was $19.57 as of
September 30, 2015, compared with $18.96 as of June 30, 2015, and
$18.26 as of December 31, 2014.
Asset Quality Summary
Asset quality remained strong. Net
charge-offs decreased slightly to 0.41% of total average loans for
the quarter ending September 30, 2015, compared with 0.43% for the
quarter ending June 30, 2015. The net charge-offs for the three
months ended September 30, 2015, were primarily due to four
credits, two of which were previously reserved, for which new
market and financial information became available during the
quarter. Total non-performing assets, including loans and other
real estate property, were $6.5 million as of September 30, 2015,
compared with $6.6 million as of June 30, 2015, and $6.9 million as
of September 30, 2014. The ratio of non-performing assets to
total assets was 0.87% and non-performing loans were 0.90% of total
loans as of September 30, 2015. As of the same date, the
allowance for loan losses to total loans ratio was 1.01%.
Interest Rate Risk
Management
DNB's strategy has been to seek shorter duration
over yield in its lending and investing activities and lengthen
duration over rate in its financing activities to minimize interest
rate risk. The Company also strives to offer products and
services that develop strong relationships to retain core deposits.
The Bank has an Asset Liability Management Committee that actively
monitors and manages the bank's interest rate exposure using
simulation models and gap analysis. The Committee's primary
objective is to minimize the adverse impact of changes in interest
rates on net interest income, while maximizing earnings.
DNB Financial Corporation is a bank holding
company whose bank subsidiary, DNB First, National Association, is
a community bank headquartered in Downingtown, Pennsylvania with 12
locations. DNB First, which was founded in 1860, provides a broad
array of consumer and business banking products, and offers
brokerage and insurance services through DNB Investments &
Insurance, and investment management services through DNB
Investment Management & Trust. DNB Financial Corporation's
shares are traded on Nasdaq's Capital Market under the symbol:
DNBF. We invite our customers and shareholders to visit our
website at https://www.dnbfirst.com. DNB's Investor Relations site
can be found at http://investors.dnbfirst.com/.
DNB Financial Corporation (the "Corporation"),
may from time to time make written or oral "forward-looking
statements," including statements contained in the Corporation's
filings with the Securities and Exchange Commission including this
press release and in its reports to stockholders and in other
communications by the Corporation, which are made in good faith by
the Corporation pursuant to the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995, the Securities
Act of 1933, as amended, and the Securities Exchange Act of 1934,
as amended.
These forward-looking statements include
statements with respect to the Corporation's beliefs, plans,
objectives, goals, expectations, anticipations, estimates and
intentions, that are subject to significant risks and
uncertainties, and are subject to change based on various factors
(some of which are beyond the Corporation's control). The words
"may," "could," "should," "would," "will," "believe," "anticipate,"
"estimate," "expect," "intend," "plan" and similar expressions are
intended to identify forward-looking statements. The following
factors, among others, could cause the Corporation's financial
performance to differ materially from the plans, objectives,
expectations, estimates and intentions expressed in such
forward-looking statements: the strength of the United States
economy in general and the strength of the local economies in which
the Corporation conducts operations; the effects of, and changes
in, trade, monetary and fiscal policies and laws, including
interest rate policies of the Board of Governors of the Federal
Reserve System; the recent downgrade, and any future downgrades, in
the credit rating of the U.S. Government and federal agencies;
inflation, interest rate, market and monetary fluctuations; the
timely development of and acceptance of new products and services
of the Corporation and the perceived overall value of these
products and services by users, including the features, pricing and
quality compared to competitors' products and services; the
willingness of users to substitute competitors' products and
services for the Corporation's products and services; the success
of the Corporation in gaining regulatory approval of its products
and services, when required; the impact of changes in laws and
regulations applicable to financial institutions (including laws
concerning taxes, banking, securities and insurance); technological
changes; acquisitions; changes in consumer spending and saving
habits; the nature, extent, and timing of governmental actions and
reforms, including the rules of participation for the Small
Business Lending Fund (SBLF), a U.S. Treasury Department program;
and the success of the Corporation at managing the risks involved
in the foregoing.
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
supplemented by our quarterly or other reports subsequently 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, |
|
|
2015 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2014 |
|
EARNINGS: |
|
|
|
|
|
|
|
Interest
income |
$ |
6,161 |
|
|
$ |
5,905 |
|
|
$ |
18,288 |
|
|
$ |
17,584 |
|
Interest
expense |
|
711 |
|
|
|
544 |
|
|
|
1,995 |
|
|
|
1,750 |
|
Net interest
income |
|
5,450 |
|
|
|
5,361 |
|
|
|
16,293 |
|
|
|
15,834 |
|
Provision for
credit losses |
|
100 |
|
|
|
300 |
|
|
|
815 |
|
|
|
930 |
|
Non-interest
income |
|
1,027 |
|
|
|
1,041 |
|
|
|
3,220 |
|
|
|
3,037 |
|
Gain on sale of
investment securities |
|
10 |
|
|
|
86 |
|
|
|
74 |
|
|
|
423 |
|
Gain on sale of
SBA loans |
|
0 |
|
|
|
0 |
|
|
|
416 |
|
|
|
0 |
|
Loss on sale /
write-down of OREO and ORA |
|
154 |
|
|
|
0 |
|
|
|
154 |
|
|
|
7 |
|
Non-interest
expense |
|
4,605 |
|
|
|
4,532 |
|
|
|
14,153 |
|
|
|
13,893 |
|
Income before
income taxes |
|
1,628 |
|
|
|
1,656 |
|
|
|
4,881 |
|
|
|
4,464 |
|
Income tax
expense |
|
359 |
|
|
|
427 |
|
|
|
1,125 |
|
|
|
1,111 |
|
Net income |
|
1,269 |
|
|
|
1,229 |
|
|
|
3,756 |
|
|
|
3,353 |
|
Preferred stock
dividends and accretion of discount |
|
8 |
|
|
|
33 |
|
|
|
42 |
|
|
|
103 |
|
Net income
available to common stockholders |
$ |
1,261 |
|
|
$ |
1,196 |
|
|
$ |
3,714 |
|
|
$ |
3,250 |
|
Net income per
common share, diluted |
$ |
0.45 |
|
|
$ |
0.43 |
|
|
$ |
1.31 |
|
|
$ |
1.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Financial
Condition (Unaudited) |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
September 30, |
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2014 |
|
|
|
FINANCIAL POSITION: |
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
18,959 |
|
|
$ |
12,504 |
|
|
$ |
23,891 |
|
|
|
Investment
securities |
|
227,363 |
|
|
|
231,656 |
|
|
|
198,086 |
|
|
|
Loans held for
sale |
|
0 |
|
|
|
617 |
|
|
|
0 |
|
|
|
Loans |
|
470,396 |
|
|
|
455,603 |
|
|
|
449,407 |
|
|
|
Allowance for
credit losses |
|
(4,729 |
) |
|
|
(4,906 |
) |
|
|
(4,887 |
) |
|
|
Net loans |
|
465,667 |
|
|
|
450,697 |
|
|
|
444,520 |
|
|
|
Premises and
equipment, net |
|
6,630 |
|
|
|
7,668 |
|
|
|
7,825 |
|
|
|
Other
assets |
|
23,272 |
|
|
|
20,188 |
|
|
|
21,098 |
|
|
|
Total
assets |
$ |
741,891 |
|
|
$ |
723,330 |
|
|
$ |
695,420 |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
$ |
608,458 |
|
|
$ |
605,083 |
|
|
$ |
589,366 |
|
|
|
FHLB
advances |
|
20,000 |
|
|
|
20,000 |
|
|
|
10,000 |
|
|
|
Repurchase
agreements |
|
30,501 |
|
|
|
19,221 |
|
|
|
19,330 |
|
|
|
Other
borrowings |
|
9,754 |
|
|
|
9,784 |
|
|
|
514 |
|
|
|
Subordinated
debt |
|
9,750 |
|
|
|
0 |
|
|
|
9,279 |
|
|
|
Other
liabilities |
|
5,060 |
|
|
|
5,334 |
|
|
|
4,568 |
|
|
|
Stockholders'
equity |
|
58,368 |
|
|
|
63,908 |
|
|
|
62,363 |
|
|
|
Total
liabilities and stockholders' equity |
$ |
741,891 |
|
|
$ |
723,330 |
|
|
$ |
695,420 |
|
|
|
DNB Financial Corporation |
Selected Financial Data
(Unaudited) |
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
Quarterly |
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2014 |
|
|
3rd Qtr |
|
2nd Qtr |
|
1st Qtr |
|
4th Qtr |
|
3rd Qtr |
Earnings
and Per Share Data |
|
|
|
|
|
|
|
|
|
Net income available to common
stockholders |
$ |
1,261 |
|
|
$ |
1,227 |
|
|
$ |
1,226 |
|
|
$ |
1,419 |
|
|
$ |
1,196 |
|
Basic earnings per common
share |
$ |
0.45 |
|
|
$ |
0.44 |
|
|
$ |
0.44 |
|
|
$ |
0.51 |
|
|
$ |
0.43 |
|
Diluted earnings per common
share |
$ |
0.45 |
|
|
$ |
0.43 |
|
|
$ |
0.43 |
|
|
$ |
0.50 |
|
|
$ |
0.43 |
|
Dividends per common share |
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.07 |
|
Book value per common share |
$ |
19.64 |
|
|
$ |
19.04 |
|
|
$ |
18.91 |
|
|
$ |
18.32 |
|
|
$ |
17.81 |
|
Tangible book value per common
share |
$ |
19.57 |
|
|
$ |
18.96 |
|
|
$ |
18.83 |
|
|
$ |
18.26 |
|
|
$ |
17.74 |
|
Average common shares
outstanding |
|
2,807 |
|
|
|
2,802 |
|
|
|
2,786 |
|
|
|
2,776 |
|
|
|
2,769 |
|
Average diluted common shares
outstanding |
|
2,852 |
|
|
|
2,848 |
|
|
|
2,833 |
|
|
|
2,822 |
|
|
|
2,817 |
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
|
|
Return on average assets |
|
0.68 |
% |
|
|
0.66 |
% |
|
|
0.69 |
% |
|
|
0.82 |
% |
|
|
0.72 |
% |
Return on average equity |
|
8.71 |
% |
|
|
8.75 |
% |
|
|
8.13 |
% |
|
|
9.04 |
% |
|
|
7.82 |
% |
Return on average tangible
equity |
|
8.75 |
% |
|
|
8.79 |
% |
|
|
8.15 |
% |
|
|
9.06 |
% |
|
|
7.84 |
% |
Net interest margin |
|
3.13 |
% |
|
|
3.11 |
% |
|
|
3.14 |
% |
|
|
3.25 |
% |
|
|
3.33 |
% |
Efficiency ratio |
|
68.09 |
% |
|
|
67.29 |
% |
|
|
69.87 |
% |
|
|
70.45 |
% |
|
|
68.76 |
% |
Wtd average yield on earning
assets |
|
3.52 |
% |
|
|
3.48 |
% |
|
|
3.48 |
% |
|
|
3.57 |
% |
|
|
3.65 |
% |
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios |
|
|
|
|
|
|
|
|
|
Net charge-offs to average
loans |
|
0.41 |
% |
|
|
0.43 |
% |
|
|
0.01 |
% |
|
|
0.16 |
% |
|
|
0.27 |
% |
Non-performing loans/Total
loans |
|
0.90 |
% |
|
|
0.98 |
% |
|
|
1.47 |
% |
|
|
1.50 |
% |
|
|
1.34 |
% |
Non-performing assets/Total
assets |
|
0.87 |
% |
|
|
0.88 |
% |
|
|
1.03 |
% |
|
|
1.07 |
% |
|
|
1.00 |
% |
Allowance for credit loss/Total
loans |
|
1.01 |
% |
|
|
1.08 |
% |
|
|
1.12 |
% |
|
|
1.08 |
% |
|
|
1.09 |
% |
Allowance for credit
loss/Non-performing loans |
|
111.32 |
% |
|
|
110.29 |
% |
|
|
76.24 |
% |
|
|
71.59 |
% |
|
|
81.01 |
% |
|
|
|
|
|
|
|
|
|
|
Capital Ratios |
|
|
|
|
|
|
|
|
|
Total equity/Total assets |
|
7.87 |
% |
|
|
7.49 |
% |
|
|
7.51 |
% |
|
|
8.84 |
% |
|
|
8.97 |
% |
Tangible equity/Tangible
assets |
|
7.85 |
% |
|
|
7.48 |
% |
|
|
7.49 |
% |
|
|
8.82 |
% |
|
|
8.95 |
% |
Tangible common equity/Tangible
assets |
|
7.42 |
% |
|
|
7.05 |
% |
|
|
7.06 |
% |
|
|
7.02 |
% |
|
|
7.08 |
% |
Tier 1 leverage ratio |
|
9.23 |
% |
|
|
9.02 |
% |
|
|
8.98 |
% |
|
|
10.55 |
% |
|
|
10.75 |
% |
Common equity tier 1 risk-based
capital ratio |
|
10.46 |
% |
|
|
10.17 |
% |
|
|
10.28 |
% |
|
n/a |
|
n/a |
Tier 1 risk-based capital
ratio |
|
12.74 |
% |
|
|
12.43 |
% |
|
|
12.63 |
% |
|
|
14.90 |
% |
|
|
14.84 |
% |
Total risk-based capital ratio |
|
15.46 |
% |
|
|
15.21 |
% |
|
|
15.51 |
% |
|
|
15.92 |
% |
|
|
15.86 |
% |
|
|
|
|
|
|
|
|
|
|
Wealth Management |
|
|
|
|
|
|
|
|
|
Assets under care* |
$ |
184,535 |
|
|
$ |
189,411 |
|
|
$ |
178,339 |
|
|
$ |
163,807 |
|
|
$ |
161,068 |
|
|
|
|
|
|
|
|
|
|
|
*Wealth
Management assets under care includes assets under management,
administration, supervision and brokerage. |
DNB Financial Corporation |
Condensed Consolidated Statements of Income
(Unaudited) |
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Sept 30, |
|
June 30, |
|
Mar 31, |
|
Dec 31, |
|
Sept 30, |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2014 |
|
|
|
2014 |
|
|
EARNINGS: |
|
|
|
|
|
|
|
|
|
|
Interest
income |
$ |
6,161 |
|
|
$ |
6,131 |
|
|
$ |
5,996 |
|
|
$ |
6,012 |
|
|
$ |
5,905 |
|
|
Interest
expense |
|
711 |
|
|
|
678 |
|
|
|
606 |
|
|
|
561 |
|
|
|
544 |
|
|
Net interest
income |
|
5,450 |
|
|
|
5,453 |
|
|
|
5,390 |
|
|
|
5,451 |
|
|
|
5,361 |
|
|
Provision for
credit losses |
|
100 |
|
|
|
415 |
|
|
|
300 |
|
|
|
200 |
|
|
|
300 |
|
|
Non-interest
income |
|
1,027 |
|
|
|
1,142 |
|
|
|
1,051 |
|
|
|
1,063 |
|
|
|
1,041 |
|
|
Gain on sale of
investment securities |
|
10 |
|
|
|
11 |
|
|
|
53 |
|
|
|
435 |
|
|
|
86 |
|
|
Gain (loss) on
sale of SBA loans |
|
0 |
|
|
|
185 |
|
|
|
231 |
|
|
|
0 |
|
|
|
0 |
|
|
Loss on sale /
write-down of OREO and ORA |
|
154 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
Non-interest
expense |
|
4,605 |
|
|
|
4,724 |
|
|
|
4,824 |
|
|
|
4,732 |
|
|
|
4,532 |
|
|
Income before
income taxes |
|
1,628 |
|
|
|
1,652 |
|
|
|
1,601 |
|
|
|
2,017 |
|
|
|
1,656 |
|
|
Income tax
expense |
|
359 |
|
|
|
417 |
|
|
|
349 |
|
|
|
566 |
|
|
|
427 |
|
|
Net income |
|
1,269 |
|
|
|
1,235 |
|
|
|
1,252 |
|
|
|
1,451 |
|
|
|
1,229 |
|
|
Preferred stock
dividends and accretion of discount |
|
8 |
|
|
|
8 |
|
|
|
26 |
|
|
|
32 |
|
|
|
33 |
|
|
Net income
available to common stockholders |
$ |
1,261 |
|
|
$ |
1,227 |
|
|
$ |
1,226 |
|
|
$ |
1,419 |
|
|
$ |
1,196 |
|
|
Net income per
common share, diluted |
$ |
0.45 |
|
|
$ |
0.43 |
|
|
$ |
0.43 |
|
|
$ |
0.50 |
|
|
$ |
0.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Financial
Condition (Unaudited) |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Sept 30, |
|
June 30, |
|
Mar 31, |
|
Dec 31, |
|
Sept 30, |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2014 |
|
|
FINANCIAL POSITION: |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
18,959 |
|
|
$ |
27,493 |
|
|
$ |
28,335 |
|
|
$ |
12,504 |
|
|
$ |
23,891 |
|
|
Investment
securities |
|
227,363 |
|
|
|
231,712 |
|
|
|
232,958 |
|
|
|
231,656 |
|
|
|
198,086 |
|
|
Loans held for
sale |
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
617 |
|
|
|
0 |
|
|
Loans and
leases |
|
470,396 |
|
|
|
472,335 |
|
|
|
464,100 |
|
|
|
455,603 |
|
|
|
449,407 |
|
|
Allowance for
credit losses |
|
(4,729 |
) |
|
|
(5,108 |
) |
|
|
(5,190 |
) |
|
|
(4,906 |
) |
|
|
(4,887 |
) |
|
Net loans and
leases |
|
465,667 |
|
|
|
467,227 |
|
|
|
458,910 |
|
|
|
450,697 |
|
|
|
444,520 |
|
|
Premises and
equipment, net |
|
6,630 |
|
|
|
6,629 |
|
|
|
7,490 |
|
|
|
7,668 |
|
|
|
7,825 |
|
|
Other
assets |
|
23,272 |
|
|
|
22,882 |
|
|
|
20,747 |
|
|
|
20,188 |
|
|
|
21,098 |
|
|
Total
assets |
$ |
741,891 |
|
|
$ |
755,943 |
|
|
$ |
748,440 |
|
|
$ |
723,330 |
|
|
$ |
695,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
Deposits |
$ |
120,018 |
|
|
$ |
122,642 |
|
|
$ |
113,419 |
|
|
$ |
102,107 |
|
|
$ |
116,758 |
|
|
NOW |
|
189,502 |
|
|
|
209,606 |
|
|
|
215,799 |
|
|
|
205,816 |
|
|
|
173,168 |
|
|
Money
markets |
|
139,213 |
|
|
|
145,283 |
|
|
|
144,648 |
|
|
|
143,483 |
|
|
|
143,771 |
|
|
Savings |
|
71,316 |
|
|
|
73,461 |
|
|
|
70,363 |
|
|
|
66,634 |
|
|
|
64,550 |
|
|
Core
Deposits |
|
520,049 |
|
|
|
550,992 |
|
|
|
544,229 |
|
|
|
518,040 |
|
|
|
498,247 |
|
|
Time
deposits |
|
69,744 |
|
|
|
56,729 |
|
|
|
72,784 |
|
|
|
76,805 |
|
|
|
80,898 |
|
|
Brokered
deposits |
|
18,665 |
|
|
|
18,655 |
|
|
|
10,248 |
|
|
|
10,238 |
|
|
|
10,221 |
|
|
Total
Deposits |
|
608,458 |
|
|
|
626,376 |
|
|
|
627,261 |
|
|
|
605,083 |
|
|
|
589,366 |
|
|
FHLB
advances |
|
20,000 |
|
|
|
20,000 |
|
|
|
20,000 |
|
|
|
20,000 |
|
|
|
10,000 |
|
|
Repurchase
agreements |
|
30,501 |
|
|
|
28,211 |
|
|
|
20,316 |
|
|
|
19,221 |
|
|
|
19,330 |
|
|
Subordinated
debt |
|
9,750 |
|
|
|
9,750 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
Other
borrowings |
|
9,754 |
|
|
|
9,764 |
|
|
|
19,524 |
|
|
|
9,784 |
|
|
|
9,793 |
|
|
Other
liabilities |
|
5,060 |
|
|
|
5,218 |
|
|
|
5,166 |
|
|
|
5,334 |
|
|
|
4,568 |
|
|
Stockholders'
equity |
|
58,368 |
|
|
|
56,624 |
|
|
|
56,173 |
|
|
|
63,908 |
|
|
|
62,363 |
|
|
Total
liabilities and stockholders' equity |
$ |
741,891 |
|
|
$ |
755,943 |
|
|
$ |
748,440 |
|
|
$ |
723,330 |
|
|
$ |
695,420 |
|
|
DNB Financial Corporation |
Condensed Consolidated Statements of Financial
Condition - Quarterly Average Balances (Unaudited) |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Sept 30, |
|
June 30, |
|
Mar 30, |
|
Dec 31, |
|
Sept 30, |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2014 |
|
|
FINANCIAL POSITION: |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
19,820 |
|
|
$ |
26,909 |
|
|
$ |
18,037 |
|
|
$ |
24,709 |
|
|
$ |
19,670 |
|
|
Investment
securities |
|
230,402 |
|
|
|
239,364 |
|
|
|
237,697 |
|
|
|
209,700 |
|
|
|
198,289 |
|
|
Loans held for
sale |
|
74 |
|
|
|
96 |
|
|
|
66 |
|
|
|
61 |
|
|
|
253 |
|
|
Loans and
leases |
|
469,896 |
|
|
|
459,464 |
|
|
|
460,585 |
|
|
|
450,040 |
|
|
|
439,560 |
|
|
Allowance for
credit losses |
|
(5,182 |
) |
|
|
(5,280 |
) |
|
|
(5,000 |
) |
|
|
(4,983 |
) |
|
|
(4,974 |
) |
|
Net loans and
leases |
|
464,714 |
|
|
|
454,184 |
|
|
|
455,585 |
|
|
|
445,057 |
|
|
|
434,586 |
|
|
Premises and
equipment, net |
|
6,587 |
|
|
|
7,461 |
|
|
|
7,607 |
|
|
|
7,797 |
|
|
|
7,933 |
|
|
Other
assets |
|
20,021 |
|
|
|
17,339 |
|
|
|
17,006 |
|
|
|
17,199 |
|
|
|
16,794 |
|
|
Total
assets |
$ |
741,618 |
|
|
$ |
745,353 |
|
|
$ |
735,998 |
|
|
$ |
704,523 |
|
|
$ |
677,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
Deposits |
$ |
118,282 |
|
|
$ |
114,458 |
|
|
$ |
108,452 |
|
|
$ |
108,736 |
|
|
$ |
111,088 |
|
|
NOW |
|
197,802 |
|
|
|
210,677 |
|
|
|
211,875 |
|
|
|
184,505 |
|
|
|
173,810 |
|
|
Money
markets |
|
144,115 |
|
|
|
144,927 |
|
|
|
143,976 |
|
|
|
144,649 |
|
|
|
135,199 |
|
|
Savings |
|
71,740 |
|
|
|
71,762 |
|
|
|
68,238 |
|
|
|
65,812 |
|
|
|
64,413 |
|
|
Core
Deposits |
|
531,939 |
|
|
|
541,824 |
|
|
|
532,541 |
|
|
|
503,702 |
|
|
|
484,510 |
|
|
Time
deposits |
|
56,702 |
|
|
|
70,079 |
|
|
|
74,618 |
|
|
|
79,233 |
|
|
|
76,354 |
|
|
Brokered
deposits |
|
18,658 |
|
|
|
11,543 |
|
|
|
10,241 |
|
|
|
10,224 |
|
|
|
9,784 |
|
|
Total
Deposits |
|
607,299 |
|
|
|
623,446 |
|
|
|
617,400 |
|
|
|
593,159 |
|
|
|
570,648 |
|
|
FHLB
advances |
|
20,000 |
|
|
|
20,000 |
|
|
|
20,000 |
|
|
|
13,913 |
|
|
|
10,000 |
|
|
Repurchase
agreements |
|
31,732 |
|
|
|
20,614 |
|
|
|
17,812 |
|
|
|
19,354 |
|
|
|
20,374 |
|
|
Subordinated
Debt |
|
9,750 |
|
|
|
9,750 |
|
|
|
2,925 |
|
|
|
0 |
|
|
|
0 |
|
|
Other
borrowings |
|
10,000 |
|
|
|
9,791 |
|
|
|
10,214 |
|
|
|
9,915 |
|
|
|
9,905 |
|
|
Other
liabilities |
|
5,073 |
|
|
|
5,156 |
|
|
|
5,161 |
|
|
|
4,499 |
|
|
|
4,248 |
|
|
Stockholders'
equity |
|
57,764 |
|
|
|
56,596 |
|
|
|
62,486 |
|
|
|
63,683 |
|
|
|
62,350 |
|
|
Total
liabilities and stockholders' equity |
$ |
741,618 |
|
|
$ |
745,353 |
|
|
$ |
735,998 |
|
|
$ |
704,523 |
|
|
$ |
677,525 |
|
|
For further information, please contact:
Gerald F. Sopp CFO/Executive Vice-President
484.359.3138
gsopp@dnbfirst.com
DNB Financial (NASDAQ:DNBF)
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