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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DNB Financial Corporation | NASDAQ:DNBF | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 46.19 | 45.81 | 50.00 | 0 | 01:00:00 |
Date of Report (Date of Earliest Event Reported):
|
January 23, 2015
|
Pennsylvania
|
1-34242
|
23-2222567
|
_____________________
(State or other jurisdiction
|
_____________
(Commission
|
______________
(I.R.S. Employer
|
of incorporation)
|
File Number)
|
Identification No.)
|
4 Brandywine Avenue, Downingtown, Pennsylvania
|
19335
|
|
_________________________________
(Address of principal executive offices)
|
___________
(Zip Code)
|
Registrant’s telephone number, including area code:
|
(610) 269-1040
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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DNB Financial Corporation
|
||
January 23, 2015
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By:
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/s/ Gerald F. Sopp
|
Name: Gerald F. Sopp
|
||
Title: Chief Financial Officer and
Executive Vice President
|
No.
|
Description
|
||
99.1
|
For further information, please contact:
|
|
Gerald F. Sopp CFO/Executive Vice-President
|
|
484.359.3138
|
FOR IMMEDIATE RELEASE
|
gsopp@dnbfirst.com
|
(NasdaqCM: DNBF)
|
|
·
|
Total stockholders’ equity was $63.91 million at December 31, 2014, reflecting consistent quarterly growth throughout the year, and was up from $58.58 million at December 31, 2013. Tangible book value per common share rose to $18.27 at December 31, 2014 compared with $16.47 at December 31, 2013.
|
|
·
|
Return on average assets (ROAA) was 0.82% for the three months ended December 31, 2014, reflecting a consecutive quarterly increase throughout 2014 from 0.70% a year earlier, and return on average equity (ROAE) rose to 9.04% for the three months ended December 31, 2014 compared with 7.86% for the three months ended December 31, 2013.
|
|
·
|
Total assets were a Company record $723.33 million, up 9.4% compared with total assets of $661.47 million at December 31, 2013.
|
|
·
|
Total loans and leases before the allowance for credit losses, reflecting a balanced mix of commercial loans and growing retail lending, increased 9.69% to $455.60 million at December 31, 2014 from $415.35 million at December 31, 2013. Total loans and leases after allowance for credit losses rose 9.73% on a year-over-year comparison.
|
|
·
|
Net interest income for the 12 months of 2014 was $21.29 million compared with $20.32 million for the 12 months ended December 31, 2013, reflecting increased interest income from loan growth and reduced interest expense resulting from disciplined rate management.
|
|
·
|
The Bank's core deposits (demand deposits, NOW, money market and savings accounts) rose 11.8% to $518.04 million at December 31, 2014 compared with $463.21 million at December 31, 2013, as the Bank continued to build commercial and retail client relationships that incorporate attractive lower-cost deposits as part of a total relationship banking experience.
|
|
·
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Wealth management assets under care grew to $163.81 million at December 31, 2014, up from $148.19 million at December 31, 2013, as the Bank continued expanding its wealth management business.
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DNB Financial Corporation
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||||||||||||||||
Condensed Consolidated Statements of Income (Unaudited)
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
EARNINGS:
|
||||||||||||||||
Interest income
|
$ | 6,012 | $ | 5,828 | $ | 23,596 | $ | 23,212 | ||||||||
Interest expense
|
561 | 674 | 2,311 | 2,888 | ||||||||||||
Net interest income
|
5,451 | 5,154 | 21,285 | 20,324 | ||||||||||||
Provision for credit losses
|
200 | 375 | 1,130 | 2,530 | ||||||||||||
Non-interest income
|
1,063 | 999 | 4,100 | 4,023 | ||||||||||||
Gain on sale of investment securities
|
435 | 115 | 858 | 610 | ||||||||||||
Gain on sale of SBA loans
|
0 | 0 | 0 | 162 | ||||||||||||
(Gain) loss on sale / write-down of OREO and ORA
|
0 | (134 | ) | 7 | (106 | ) | ||||||||||
Non-interest expense
|
4,732 | 4,470 | 18,625 | 17,556 | ||||||||||||
Income before income taxes
|
2,017 | 1,557 | 6,481 | 5,139 | ||||||||||||
Income tax expense
|
566 | 396 | 1,677 | 1,220 | ||||||||||||
Net income
|
1,451 | 1,161 | 4,804 | 3,919 | ||||||||||||
Preferred stock dividends and accretion of discount
|
32 | 37 | 135 | 148 | ||||||||||||
Net income available to common stockholders
|
$ | 1,419 | $ | 1,124 | $ | 4,669 | $ | 3,771 | ||||||||
Net income per common share, diluted
|
$ | 0.50 | $ | 0.41 | $ | 1.66 | $ | 1.36 | ||||||||
Condensed Consolidated Statements of Financial Condition (Unaudited)
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2014 | 2013 | |||||||||||||||
FINANCIAL POSITION:
|
||||||||||||||||
Cash and cash equivalents
|
$ | 12,504 | $ | 34,060 | ||||||||||||
Investment securities
|
231,656 | 186,958 | ||||||||||||||
Loans held for sale
|
617 | 0 | ||||||||||||||
Loans
|
455,603 | 415,354 | ||||||||||||||
Allowance for credit losses
|
(4,906 | ) | (4,623 | ) | ||||||||||||
Net loans
|
450,697 | 410,731 | ||||||||||||||
Premises and equipment, net
|
7,668 | 8,218 | ||||||||||||||
Other assets
|
20,188 | 21,506 | ||||||||||||||
Total assets
|
$ | 723,330 | $ | 661,473 | ||||||||||||
Deposits
|
$ | 605,083 | $ | 558,747 | ||||||||||||
FHLB advances
|
20,000 | 10,000 | ||||||||||||||
Repurchase agreements
|
19,221 | 19,854 | ||||||||||||||
Other borrowings
|
9,784 | 9,820 | ||||||||||||||
Other liabilities
|
5,334 | 4,469 | ||||||||||||||
Stockholders' equity
|
63,908 | 58,583 | ||||||||||||||
Total liabilities and stockholders' equity
|
$ | 723,330 | $ | 661,473 | ||||||||||||
DNB Financial Corporation
|
||||||||||||||||||||
Selected Financial Data (Unaudited)
|
||||||||||||||||||||
(In thousands, except per share data)
|
||||||||||||||||||||
Quarterly
|
||||||||||||||||||||
2014
|
2014
|
2014
|
2014
|
2013
|
||||||||||||||||
4th Qtr
|
3rd Qtr
|
2nd Qtr
|
1st Qtr
|
4th Qtr
|
||||||||||||||||
Earnings and Per Share Data
|
||||||||||||||||||||
Net income available to common stockholders
|
$ | 1,419 | $ | 1,196 | $ | 1,087 | $ | 967 | $ | 1,124 | ||||||||||
Basic earnings per common share
|
$ | 0.51 | $ | 0.43 | $ | 0.39 | $ | 0.35 | $ | 0.41 | ||||||||||
Diluted earnings per common share
|
$ | 0.50 | $ | 0.43 | $ | 0.38 | $ | 0.35 | $ | 0.41 | ||||||||||
Dividends per common share
|
$ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | ||||||||||
Book value per common share
|
$ | 18.33 | $ | 17.81 | $ | 17.62 | $ | 17.09 | $ | 16.55 | ||||||||||
Tangible book value per common share
|
$ | 18.27 | $ | 17.74 | $ | 17.55 | $ | 17.01 | $ | 16.47 | ||||||||||
Average common shares outstanding
|
2,776 | 2,769 | 2,763 | 2,758 | 2,754 | |||||||||||||||
Average diluted common shares outstanding
|
2,822 | 2,817 | 2,810 | 2,802 | 2,799 | |||||||||||||||
Performance Ratios
|
||||||||||||||||||||
Return on average assets
|
0.82 | % | 0.72 | % | 0.67 | % | 0.62 | % | 0.70 | % | ||||||||||
Return on average equity
|
9.04 | % | 7.82 | % | 7.35 | % | 6.78 | % | 7.86 | % | ||||||||||
Return on average tangible equity
|
9.06 | % | 7.84 | % | 7.38 | % | 6.81 | % | 7.89 | % | ||||||||||
Net interest margin
|
3.25 | % | 3.33 | % | 3.36 | % | 3.36 | % | 3.31 | % | ||||||||||
Efficiency ratio
|
70.45 | % | 68.76 | % | 71.97 | % | 73.63 | % | 70.15 | % | ||||||||||
Asset Quality Ratios
|
||||||||||||||||||||
Net charge-offs to average loans
|
0.16 | % | 0.27 | % | 0.11 | % | 0.24 | % | 0.06 | % | ||||||||||
Non-performing loans/Total loans
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1.50 | % | 1.34 | % | 1.18 | % | 1.26 | % | 1.38 | % | ||||||||||
Non-performing assets/Total assets
|
1.07 | % | 1.00 | % | 0.89 | % | 0.94 | % | 1.03 | % | ||||||||||
Allowance for credit loss/Total loans
|
1.08 | % | 1.09 | % | 1.11 | % | 1.10 | % | 1.11 | % | ||||||||||
Allowance for credit loss/Non-performing loans
|
71.59 | % | 81.01 | % | 94.62 | % | 87.59 | % | 80.73 | % | ||||||||||
Capital Ratios
|
||||||||||||||||||||
Total equity/Total assets
|
8.84 | % | 8.97 | % | 9.00 | % | 8.83 | % | 8.86 | % | ||||||||||
Tangible equity/Tangible assets
|
8.82 | % | 8.95 | % | 8.95 | % | 8.78 | % | 8.84 | % | ||||||||||
Tangible common equity/Tangible assets
|
7.02 | % | 7.08 | % | 7.06 | % | 6.88 | % | 6.87 | % | ||||||||||
Tier 1 leverage ratio
|
10.55 | % | 10.75 | % | 10.76 | % | 10.72 | % | 10.61 | % | ||||||||||
Tier 1 risk-based capital ratio
|
14.86 | % | 14.84 | % | 14.88 | % | 15.00 | % | 15.35 | % | ||||||||||
Total risk-based capital ratio
|
15.87 | % | 15.86 | % | 15.92 | % | 16.04 | % | 16.40 | % | ||||||||||
|
||||||||||||||||||||
Wealth Management
|
||||||||||||||||||||
Assets under care*
|
$ | 163,807 | $ | 161,068 | $ | 158,688 | $ | 152,570 | $ | 148,193 | ||||||||||
*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
|
||||||||||||||||||||
Dec 31,
|
Sept 30,
|
June 30,
|
Mar 31,
|
Dec 31,
|
||||||||||||||||
2014
|
2014
|
2014
|
2014
|
2013
|
||||||||||||||||
EARNINGS:
|
||||||||||||||||||||
Interest income
|
$ | 6,012 | $ | 5,905 | $ | 5,877 | $ | 5,802 | $ | 5,828 | ||||||||||
Interest expense
|
561 | 544 | 581 | 625 | 674 | |||||||||||||||
Net interest income
|
5,451 | 5,361 | 5,296 | 5,177 | 5,154 | |||||||||||||||
Provision for credit losses
|
200 | 300 | 255 | 375 | 375 | |||||||||||||||
Non-interest income
|
1,063 | 1,041 | 1,012 | 984 | 999 | |||||||||||||||
Gain on sale of investment securities
|
435 | 86 | 102 | 235 | 115 | |||||||||||||||
(Gain) loss on sale / write-down of OREO and ORA
|
0 | 0 | 1 | 6 | (134 | ) | ||||||||||||||
Non-interest expense
|
4,732 | 4,532 | 4,673 | 4,688 | 4,470 | |||||||||||||||
Income before income taxes
|
2,017 | 1,656 | 1,481 | 1,327 | 1,557 | |||||||||||||||
Income tax expense
|
566 | 427 | 361 | 323 | 396 | |||||||||||||||
Net income
|
1,451 | 1,229 | 1,120 | 1,004 | 1,161 | |||||||||||||||
Preferred stock dividends and accretion of discount
|
32 | 33 | 33 | 37 | 37 | |||||||||||||||
Net income available to common stockholders
|
$ | 1,419 | $ | 1,196 | $ | 1,087 | $ | 967 | $ | 1,124 | ||||||||||
Net income per common share, diluted
|
$ | 0.50 | $ | 0.43 | $ | 0.38 | $ | 0.35 | $ | 0.41 | ||||||||||
Condensed Consolidated Statements of Financial Condition (Unaudited)
|
||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Dec 31,
|
Sept 30,
|
June 30,
|
Mar 31,
|
Dec 31,
|
||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2013 | ||||||||||||||||
FINANCIAL POSITION:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 12,504 | $ | 23,891 | $ | 28,428 | $ | 35,692 | $ | 34,060 | ||||||||||
Investment securities
|
231,656 | 198,086 | 194,771 | 191,829 | 186,958 | |||||||||||||||
Loans held for sale
|
617 | 0 | 0 | 0 | 0 | |||||||||||||||
Loans and leases
|
455,603 | 449,407 | 439,022 | 430,171 | 415,354 | |||||||||||||||
Allowance for credit losses
|
(4,906 | ) | (4,887 | ) | (4,887 | ) | (4,750 | ) | (4,623 | ) | ||||||||||
Net loans and leases
|
450,697 | 444,520 | 434,135 | 425,421 | 410,731 | |||||||||||||||
Premises and equipment, net
|
7,668 | 7,825 | 7,973 | 8,120 | 8,218 | |||||||||||||||
Other assets
|
20,188 | 21,098 | 19,855 | 20,197 | 21,506 | |||||||||||||||
Total assets
|
$ | 723,330 | $ | 695,420 | $ | 685,162 | $ | 681,259 | $ | 661,473 | ||||||||||
Demand Deposits
|
$ | 102,107 | $ | 116,758 | $ | 116,989 | $ | 110,866 | $ | 101,853 | ||||||||||
NOW
|
205,816 | 173,168 | 174,044 | 177,300 | 170,427 | |||||||||||||||
Money marekts
|
143,483 | 143,771 | 133,479 | 127,961 | 130,835 | |||||||||||||||
Savings
|
66,634 | 64,550 | 63,844 | 62,349 | 60,090 | |||||||||||||||
Core Deposits
|
518,040 | 498,247 | 488,356 | 478,476 | 463,205 | |||||||||||||||
Time deposits
|
76,805 | 80,898 | 79,494 | 83,297 | 95,542 | |||||||||||||||
Brokered deposits
|
10,238 | 10,221 | 7,719 | - | - | |||||||||||||||
Total Deposits
|
605,083 | 589,366 | 575,569 | 561,773 | 558,747 | |||||||||||||||
FHLB advances
|
20,000 | 10,000 | 10,000 | 10,000 | 10,000 | |||||||||||||||
Repurchase agreements
|
19,221 | 19,330 | 23,939 | 35,555 | 19,854 | |||||||||||||||
Other borrowings
|
9,784 | 9,793 | 9,802 | 9,811 | 9,820 | |||||||||||||||
Other liabilities
|
5,334 | 4,568 | 4,155 | 3,999 | 4,469 | |||||||||||||||
Stockholders' equity
|
63,908 | 62,363 | 61,697 | 60,121 | 58,583 | |||||||||||||||
Total liabilities and stockholders' equity
|
$ | 723,330 | $ | 695,420 | $ | 685,162 | $ | 681,259 | $ | 661,473 | ||||||||||
1 Year DNB Financial Chart |
1 Month DNB Financial Chart |
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