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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):
|
July 23, 2015
|
Pennsylvania
|
1-34242
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23-2222567
|
|
_____________________
(State or other jurisdiction
|
_____________
(Commission
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______________
(I.R.S. Employer
|
|
of incorporation)
|
File Number)
|
Identification No.)
|
|
4 Brandywine Avenue, Downingtown, Pennsylvania
|
19335
|
||
_________________________________
(Address of principal executive offices)
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___________
(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))
|
[ ]
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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
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||
July 23, 2015
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By:
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/s/ Gerald F. Sopp
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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)
|
|
·
|
Wealth management assets under care grew to $189.4 million as of June 30, 2015, which represents a 19.4% increase from June 30, 2014.
|
|
·
|
Total loans increased 7.6% on a year-over-year basis and 1.8% (not annualized) on a sequential quarter basis.
|
|
·
|
Asset quality remained strong. As of June 30, 2015, non-performing loans were 0.98% of total loans compared with 1.47% as of March 31, 2015.
|
|
·
|
Core deposits were up 12.8% on a year-over-year basis and 1.2% (not annualized) on a sequential quarter basis. As of June 30, 2015, core deposits were 88% of total deposits.
|
|
·
|
The Company paid a quarterly cash dividend of $0.07 on June 22, 2015.
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Three Months Ended
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Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
EARNINGS:
|
||||||||||||||||
Interest income
|
$ | 6,131 | $ | 5,877 | $ | 12,127 | $ | 11,679 | ||||||||
Interest expense
|
678 | 581 | 1,284 | 1,206 | ||||||||||||
Net interest income
|
5,453 | 5,296 | 10,843 | 10,473 | ||||||||||||
Provision for credit losses
|
415 | 255 | 715 | 630 | ||||||||||||
Non-interest income
|
1,142 | 1,012 | 2,193 | 1,996 | ||||||||||||
Gain on sale of investment securities
|
11 | 102 | 64 | 337 | ||||||||||||
Gain on sale of SBA loans
|
185 | 0 | 416 | 0 | ||||||||||||
Loss on sale / write-down of OREO and ORA
|
0 | 1 | 0 | 7 | ||||||||||||
Non-interest expense
|
4,724 | 4,673 | 9,548 | 9,361 | ||||||||||||
Income before income taxes
|
1,652 | 1,481 | 3,253 | 2,808 | ||||||||||||
Income tax expense
|
417 | 361 | 766 | 684 | ||||||||||||
Net income
|
1,235 | 1,120 | 2,487 | 2,124 | ||||||||||||
Preferred stock dividends and accretion of discount
|
8 | 33 | 34 | 70 | ||||||||||||
Net income available to common stockholders
|
$ | 1,227 | $ | 1,087 | $ | 2,453 | $ | 2,054 | ||||||||
Net income per common share, diluted
|
$ | 0.43 | $ | 0.38 | $ | 0.86 | $ | 0.73 | ||||||||
June 30,
|
Dec 31,
|
June 30,
|
||||||||||||||
2015 | 2014 | 2014 | ||||||||||||||
FINANCIAL POSITION:
|
||||||||||||||||
Cash and cash equivalents
|
$ | 27,493 | $ | 12,504 | $ | 28,428 | ||||||||||
Investment securities
|
231,712 | 231,656 | 194,771 | |||||||||||||
Loans held for sale
|
0 | 617 | 0 | |||||||||||||
Loans
|
472,335 | 455,603 | 439,022 | |||||||||||||
Allowance for credit losses
|
(5,108 | ) | (4,906 | ) | (4,887 | ) | ||||||||||
Net loans
|
467,227 | 450,697 | 434,135 | |||||||||||||
Premises and equipment, net
|
6,629 | 7,668 | 7,973 | |||||||||||||
Other assets
|
22,882 | 20,188 | 19,855 | |||||||||||||
Total assets
|
$ | 755,943 | $ | 723,330 | $ | 685,162 | ||||||||||
Deposits
|
$ | 626,376 | $ | 605,083 | $ | 575,569 | ||||||||||
FHLB advances
|
20,000 | 20,000 | 10,000 | |||||||||||||
Repurchase agreements
|
28,211 | 19,221 | 23,939 | |||||||||||||
Other borrowings
|
9,764 | 9,784 | 9,802 | |||||||||||||
Subordinated debt
|
9,750 | 0 | 0 | |||||||||||||
Other liabilities
|
5,218 | 5,334 | 4,155 | |||||||||||||
Stockholders' equity
|
56,624 | 63,908 | 61,697 | |||||||||||||
Total liabilities and stockholders' equity
|
$ | 755,943 | $ | 723,330 | $ | 685,162 | ||||||||||
|
||||||||||||||||||||
Quarterly
|
||||||||||||||||||||
2015
|
2015
|
2014
|
2014
|
2014
|
||||||||||||||||
2nd Qtr
|
1st Qtr
|
4th Qtr
|
3rd Qtr
|
2nd Qtr
|
||||||||||||||||
Earnings and Per Share Data
|
||||||||||||||||||||
Net income available to common stockholders
|
$ | 1,227 | $ | 1,226 | $ | 1,419 | $ | 1,196 | $ | 1,087 | ||||||||||
Basic earnings per common share
|
$ | 0.44 | $ | 0.44 | $ | 0.51 | $ | 0.43 | $ | 0.39 | ||||||||||
Diluted earnings per common share
|
$ | 0.43 | $ | 0.43 | $ | 0.50 | $ | 0.43 | $ | 0.38 | ||||||||||
Dividends per common share
|
$ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | ||||||||||
Book value per common share
|
$ | 19.04 | $ | 18.91 | $ | 18.32 | $ | 17.81 | $ | 17.62 | ||||||||||
Tangible book value per common share
|
$ | 18.96 | $ | 18.83 | $ | 18.26 | $ | 17.74 | $ | 17.55 | ||||||||||
Average common shares outstanding
|
2,802 | 2,786 | 2,776 | 2,769 | 2,763 | |||||||||||||||
Average diluted common shares outstanding
|
2,848 | 2,833 | 2,822 | 2,817 | 2,810 | |||||||||||||||
Performance Ratios
|
||||||||||||||||||||
Return on average assets
|
0.66 | % | 0.69 | % | 0.82 | % | 0.72 | % | 0.67 | % | ||||||||||
Return on average equity
|
8.75 | % | 8.13 | % | 9.04 | % | 7.82 | % | 7.35 | % | ||||||||||
Return on average tangible equity
|
8.79 | % | 8.15 | % | 9.06 | % | 7.84 | % | 7.38 | % | ||||||||||
Net interest margin
|
3.11 | % | 3.14 | % | 3.25 | % | 3.33 | % | 3.36 | % | ||||||||||
Efficiency ratio
|
67.29 | % | 69.87 | % | 70.45 | % | 68.76 | % | 71.97 | % | ||||||||||
Asset Quality Ratios
|
||||||||||||||||||||
Net charge-offs to average loans
|
0.43 | % | 0.01 | % | 0.16 | % | 0.27 | % | 0.11 | % | ||||||||||
Non-performing loans/Total loans
|
0.98 | % | 1.47 | % | 1.50 | % | 1.34 | % | 1.18 | % | ||||||||||
Non-performing assets/Total assets
|
0.88 | % | 1.03 | % | 1.07 | % | 1.00 | % | 0.89 | % | ||||||||||
Allowance for credit loss/Total loans
|
1.08 | % | 1.12 | % | 1.08 | % | 1.09 | % | 1.11 | % | ||||||||||
Allowance for credit loss/Non-performing loans
|
110.29 | % | 76.24 | % | 71.59 | % | 81.01 | % | 94.62 | % | ||||||||||
Capital Ratios
|
||||||||||||||||||||
Total equity/Total assets
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7.49 | % | 7.51 | % | 8.84 | % | 8.97 | % | 9.00 | % | ||||||||||
Tangible equity/Tangible assets
|
7.48 | % | 7.49 | % | 8.82 | % | 8.95 | % | 8.95 | % | ||||||||||
Tangible common equity/Tangible assets
|
7.05 | % | 7.06 | % | 7.02 | % | 7.08 | % | 7.06 | % | ||||||||||
Tier 1 leverage ratio
|
9.02 | % | 8.98 | % | 10.55 | % | 10.75 | % | 10.76 | % | ||||||||||
Common tier 1 risk-based capital ratio
|
10.17 | % | 10.28 | % | n/a | n/a | n/a | |||||||||||||
Tier 1 risk-based capital ratio
|
12.43 | % | 12.63 | % | 14.90 | % | 14.84 | % | 14.88 | % | ||||||||||
Total risk-based capital ratio
|
15.21 | % | 15.51 | % | 15.92 | % | 15.86 | % | 15.92 | % | ||||||||||
|
||||||||||||||||||||
Wealth Management
|
||||||||||||||||||||
Assets under care*
|
$ | 189,411 | $ | 178,339 | $ | 163,807 | $ | 161,068 | $ | 158,688 | ||||||||||
*Wealth Management assets under care includes assets under management, administration, supervision and brokerage.
|
||||||||||||||||||||
Three Months Ended
|
||||||||||||||||||||
June 30,
|
Mar 31,
|
Dec 31,
|
Sept 30,
|
June 30,
|
||||||||||||||||
2015
|
2015
|
2014
|
2014
|
2014
|
||||||||||||||||
EARNINGS:
|
||||||||||||||||||||
Interest income
|
$ | 6,131 | $ | 5,996 | $ | 6,012 | $ | 5,905 | $ | 5,877 | ||||||||||
Interest expense
|
678 | 606 | 561 | 544 | 581 | |||||||||||||||
Net interest income
|
5,453 | 5,390 | 5,451 | 5,361 | 5,296 | |||||||||||||||
Provision for credit losses
|
415 | 300 | 200 | 300 | 255 | |||||||||||||||
Non-interest income
|
1,142 | 1,051 | 1,063 | 1,041 | 1,012 | |||||||||||||||
Gain on sale of investment securities
|
11 | 53 | 435 | 86 | 102 | |||||||||||||||
Gain (loss) on sale of SBA loans
|
185 | 231 | 0 | 0 | 0 | |||||||||||||||
Loss on sale / write-down of OREO and ORA
|
0 | 0 | 0 | 0 | 1 | |||||||||||||||
Non-interest expense
|
4,724 | 4,824 | 4,732 | 4,532 | 4,673 | |||||||||||||||
Income before income taxes
|
1,652 | 1,601 | 2,017 | 1,656 | 1,481 | |||||||||||||||
Income tax expense
|
417 | 349 | 566 | 427 | 361 | |||||||||||||||
Net income
|
1,235 | 1,252 | 1,451 | 1,229 | 1,120 | |||||||||||||||
Preferred stock dividends and accretion of discount
|
8 | 26 | 32 | 33 | 33 | |||||||||||||||
Net income available to common stockholders
|
$ | 1,227 | $ | 1,226 | $ | 1,419 | $ | 1,196 | $ | 1,087 | ||||||||||
Net income per common share, diluted
|
$ | 0.43 | $ | 0.43 | $ | 0.50 | $ | 0.43 | $ | 0.38 | ||||||||||
June 30,
|
Mar 31,
|
Dec 31,
|
Sept 30,
|
June 30,
|
||||||||||||||||
2015 | 2015 | 2014 | 2014 | 2014 | ||||||||||||||||
FINANCIAL POSITION:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 27,493 | $ | 28,335 | $ | 12,504 | $ | 23,891 | $ | 28,428 | ||||||||||
Investment securities
|
231,712 | 232,958 | 231,656 | 198,086 | 194,771 | |||||||||||||||
Loans held for sale
|
0 | 0 | 617 | 0 | 0 | |||||||||||||||
Loans and leases
|
472,335 | 464,100 | 455,603 | 449,407 | 439,022 | |||||||||||||||
Allowance for credit losses
|
(5,108 | ) | (5,190 | ) | (4,906 | ) | (4,887 | ) | (4,887 | ) | ||||||||||
Net loans and leases
|
467,227 | 458,910 | 450,697 | 444,520 | 434,135 | |||||||||||||||
Premises and equipment, net
|
6,629 | 7,490 | 7,668 | 7,825 | 7,973 | |||||||||||||||
Other assets
|
22,882 | 20,747 | 20,188 | 21,098 | 19,855 | |||||||||||||||
Total assets
|
$ | 755,943 | $ | 748,440 | $ | 723,330 | $ | 695,420 | $ | 685,162 | ||||||||||
Demand Deposits
|
$ | 122,642 | $ | 113,419 | $ | 102,107 | $ | 116,758 | $ | 116,989 | ||||||||||
NOW
|
209,606 | 215,799 | 205,816 | 173,168 | 174,044 | |||||||||||||||
Money markets
|
145,283 | 144,648 | 143,483 | 143,771 | 133,479 | |||||||||||||||
Savings
|
73,461 | 70,363 | 66,634 | 64,550 | 63,844 | |||||||||||||||
Core Deposits
|
550,992 | 544,229 | 518,040 | 498,247 | 488,356 | |||||||||||||||
Time deposits
|
56,729 | 72,784 | 76,805 | 80,898 | 79,494 | |||||||||||||||
Brokered deposits
|
18,655 | 10,248 | 10,238 | 10,221 | 7,719 | |||||||||||||||
Total Deposits
|
626,376 | 627,261 | 605,083 | 589,366 | 575,569 | |||||||||||||||
FHLB advances
|
20,000 | 20,000 | 20,000 | 10,000 | 10,000 | |||||||||||||||
Repurchase agreements
|
28,211 | 20,316 | 19,221 | 19,330 | 23,939 | |||||||||||||||
Subordinated debt
|
9,750 | 0 | 0 | 0 | 0 | |||||||||||||||
Other borrowings
|
9,764 | 19,524 | 9,784 | 9,793 | 9,802 | |||||||||||||||
Other liabilities
|
5,218 | 5,166 | 5,334 | 4,568 | 4,155 | |||||||||||||||
Stockholders' equity
|
56,624 | 56,173 | 63,908 | 62,363 | 61,697 | |||||||||||||||
Total liabilities and stockholders' equity
|
$ | 755,943 | $ | 748,440 | $ | 723,330 | $ | 695,420 | $ | 685,162 | ||||||||||
1 Year DNB Financial Chart |
1 Month DNB Financial Chart |
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