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Press Release

DNB Financial Corporation Reports Second Quarter 2016 Results

Company Release - 7/21/2016 6:29 PM ET

DOWNINGTOWN Pa., July 21, 2016 (GLOBE NEWSWIRE) -- DNB Financial Corporation (Nasdaq:DNBF), today reported net income available to common stockholders in accordance with generally accepted accounting principles (“GAAP”) of $1.1 million, or $0.39 per diluted share, for the quarter ending June 30, 2016, compared with $1.2 million, or $0.43 per diluted share, for the same quarter, last year. 

DNB Financial Corporation (the “Company” or “DNB”) is the parent of DNB First, National Association, one of the first nationally-chartered community banks to serve the greater Philadelphia region.

On a core basis, the Company reported net income available to common stockholders of $1.3 million, or $0.47 per diluted share, for the quarter ending June 30, 2016. Core earnings, which is a non-GAAP measure of net income, excludes merger-related expenses of $275,000, and an associated income tax adjustment of $40,000.  Please see the Reconciliation of Non-GAAP Financial Measures on page 6 of the release.  Non-GAAP financial measures include references to the terms “core” or “operating”.

William J. Hieb, President and CEO, commented, “Our second quarter results were solid despite the flattening yield curve and very low interest rates.  We believe our balance sheet growth and continued stable credit quality reflects our disciplined approach to risk management.  We look forward to completing our recently announced East River Bank acquisition and working with our combined lending and retail teams to expand our customer base.”

Highlights

  • Wealth management assets under care increased 4.7% (not annualized) to $200.6 million as of June 30, 2016, from $191.5 million as of December 31, 2015. 
  • Total loans increased 4.7% on a year-over-year basis and 1.0% (not annualized) on a sequential quarter basis.  Total growth for the most recent quarter was tempered by loan payoffs, due in part to the Company’s risk management strategy.
  • On April 4, 2016, the Company announced an agreement, which is subject to regulatory approvals and the approval of East River and DNB shareholders, to acquire East River Bank in a stock and cash transaction valued at $49 million.  The acquisition is expected to be immediately accretive to earnings, excluding one-time costs, and is expected to close in the fourth quarter of 2016. Headquartered in Philadelphia, East River Bank had total assets of $311 million as of March 31, 2016. 
  • As of June 30, 2016, tangible book value per share was $20.88 compared with $19.58 as of December 31, 2015.
  • The Company paid a quarterly cash dividend of $0.07 on June 22, 2016. 

Income Statement Summary

Based on core earnings of $1.3 million, the Company’s performance for the quarter ending June 30, 2016 resulted in a return on average assets (“ROAA”) and return on average tangible common equity (“ROTCE”) of 0.71% and 9.17%, respectively.  The core ROAA and ROTCE were 0.66% and 9.27%, respectively, for the same quarter, last year.  Please see the “Reconciliation of Non-GAAP Financial Measures” on page 6 of the release.

Total interest income for the three months ending June 30, 2016 was $6.2 million, which represented a $75,000 increase from the quarter ending March 31, 2016, and a $49,000 increase for the three months ending June 30, 2015.  The year-over-year increase was primarily due to a 6.3% rise in total average loans, which offset a three basis point decline in the net interest margin. 

Total interest expense increased $58,000 to $708,000 for the second quarter of 2016 from $650,000 for the first quarter of 2016.  The increase was primarily due to a three basis point rise in the weighted average cost of interest-bearing liabilities to 0.41%.  Total interest expense also went up $30,000, compared with the three months ending June 30, 2015.  The year-over-year increase was primarily due to a higher amount of interest-bearing liabilities as the weighted average cost of funds was 0.40%, for the same quarter, last year.

On a year-over-year basis, the net interest margin remained relatively stable despite continuing pressure due to the flattening yield curve.  The net interest margin was 3.08% for the second quarter of 2016, compared with 3.11% for the same quarter, last year.  On a sequential quarter basis, however, the net interest margin slipped seven basis points from 3.15% for the three months ending March 31, 2016.  The linked-quarter decrease was primarily due to a three basis point decrease in the weighted average yield on total average loans to 4.21% and the previously mentioned three basis point increase of the weighted average cost of funds.  

The loan loss provision was $200,000 for the most recent quarter compared with $415,000 for the three months ended June 30, 2015.  The loan loss provision for the year-earlier June quarter was affected by a one-time charge-off.  Net loan charge-offs were only $125,000, or 0.10% (annualized) of total average loans, for the June 2016 quarter.  As of June 30, 2016, the Company’s allowance for loan losses was $5.2 million and represented 1.06% of total loans. 

Total non-interest income for the second quarter of 2016 was $1.4 million, compared with $2.3 million for the prior quarter and $1.3 million for the quarter ended June 30, 2015.  Total non-interest income for the first quarter of 2016 included a $1.15 million net gain from the insurance proceeds associated with the fire at our West Chester location.  Excluding this gain, core non-interest income was approximately $1.2 million, or 17% of total revenue, for the quarter ending March 31, 2016.  Wealth management fees were $440,000 for the second quarter of 2016 compared with $397,000 for the first quarter of 2016 and $422,000 for the quarter ending June 30, 2015.  Wealth management fees represented approximately one-third of total fee income.  Gains from the sale of investment securities were $203,000 for the three months ending June 30, 2016, compared with $31,000 for the quarter ending March 31, 2016, and $11,000 for the same quarter, last year.

Non-interest expense was $5.2 million for the second quarter of 2016, compared with $5.4 million for the quarter ending March 31, 2016 and $4.7 million for the quarter ending June 30, 2015.  Non-interest expense for the quarter ending June 30, 2016 included merger-related costs of $275,000 associated with East River Bank.  Excluding these items, core non-interest expense was $4.9 million. 

Balance Sheet Summary

As of June 30, 2016, total assets were $764.2 million compared with $748.8 million as of December 31, 2015.  Total assets increased $2.7 million, or 0.35% (not annualized), on a sequential quarter basis as loan and investment securities growth was largely offset by a $18.6 million decrease in cash and cash equivalents.  Total deposits increased $4.8 million, or 0.75% (not annualized), on a sequential quarter basis.  As of June 30, 2016, total shareholders’ equity was $59.5 million, compared with $55.5 million as of December 31, 2015.  Tangible book value per share was $20.88 as of June 30, 2016 compared with $19.58 as of December 31, 2015.

On a sequential quarter basis, total loans increased $5.1 million, or 1.0% (not annualized), to $494.4 million as of June 30, 2016.  As of the same date, total loans were 64.7% of total assets.  Loan growth has been prudent; and the Company remains challenged to grow commercial-oriented loans in a competitive market, while maintaining its conservative underwriting standards.  As part of the Company’s risk management strategy, certain loan payoffs occurred during the second quarter of 2016, which better positioned the loan portfolio from a credit quality perspective.

Total deposits were $641.8 million as of June 30, 2016, compared with $606.3 million as of December 31, 2015. On a sequential quarter basis, total core deposits remained relatively flat and were 84.9% of total deposits as of June 30, 2016.   

Capital ratios continue to exceed regulatory standards for well capitalized institutions. As of June 30, 2016, the common equity tier 1 ratio was 10.82%, the tier 1 leverage ratio was 9.1%, the tier 1 risk-based capital ratio was 12.4%, and the total risk-based capital ratio was 15.2%.  As of June 30, 2016, the tangible equity-to-tangible assets ratio was 7.8%. 

Asset Quality Summary

Net charge-offs were 0.10% of total average loans for the quarter ending June 30, 2016, compared with 0.08% for the quarter ending March 31, 2016, and 0.43% for the quarter ending June 30, 2015.  Total non-performing assets, including loans and other real estate property, were $10.5 million as of June 30, 2016, compared with $7.8 million as of March 31, 2016 and $7.7 million as of December 31, 2015. The ratio of non-performing assets to total assets was 1.38% as of June 30, 2016 and 1.02% as of March 31, 2016. The increase in non-performing assets at June 30, 2016 was largely due to one commercial credit amounting to $2.1 million, which management believes will be fully recoverable.

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. To date, model results indicate that interest rate risk remains moderate and within policy guidelines.

General Information

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/.

For further information, please contact:

For DNB Financial Corporation
Investors – Gerald F. Sopp, Executive Vice President, Chief Financial Officer
484.359.3138
gsopp@dnbfirst.com 

Media – Jonathan T. McGrain, Senior Vice President, Marketing
484.359.3221
jmcgrain@dnbfirst.com

For East River Bank
Investors and Media – Christopher P. McGill, President and Chief Executive Officer
267.295.6420
cmcgill@eastriverbank.com

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, expectations or predictions of future financial or business performance, conditions relating to DNB and East River Bank (“East River”) or other effects of the proposed merger of DNB and East River. These forward-looking statements include statements with respect to DNB’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 DNB’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.

In addition to factors previously disclosed in the reports filed by DNB with the Securities and Exchange Commission (the “SEC”) and those identified elsewhere in this document, the following factors, among others, could cause actual results to differ materially from forward looking statements or historical performance: the ability to obtain regulatory approvals and satisfy other closing conditions to the merger, including approval by shareholders of DNB and East River; delay in closing the merger; difficulties and delays in integrating the East River business or fully realizing anticipated cost savings and other benefits of the merger; business disruptions following the merger; the strength of the United States economy in general and the strength of the local economies in which DNB and East River conduct their 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 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 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 DNB’s products and services; the success of DNB 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; additional acquisitions; changes in consumer spending and saving habits; the nature, extent, and timing of governmental actions and reforms; and the success of DNB at managing the risks involved in the foregoing.  Annualized, pro forma, projected and estimated numbers presented herein are presented for illustrative purpose only, are not forecasts and may not reflect actual results.

DNB 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 DNB on its website or otherwise. DNB 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 DNB 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 SEC, including our most recent annual report on Form 10-K, as supplemented by our quarterly or other reports subsequently filed with the SEC.

Important Additional Information and Where to Find It

DNB has filed with the SEC a Registration Statement on Form S-4 relating to the proposed merger, which includes a prospectus for the offer and sale of DNB common stock as well as the joint proxy statement of DNB and East River for the solicitation of proxies from their shareholders for use at the meetings at which the merger will be considered.  This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. SHAREHOLDERS OF DNB AND EAST RIVER ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT-PROSPECTUS REGARDING THE MERGER AND ANY OTHER RELEVANT DOCUMENTS FILED BY DNB WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

A free copy of the joint proxy statement-prospectus, as well as other filings containing information about DNB, may be obtained at the SEC’s website at http://www.sec.gov, when they are filed by DNB.  You will also be able to obtain these documents, when they are filed, free of charge, from DNB at http://investors.dnbfirst.com. In addition, copies of the joint proxy statement-prospectus can also be obtained, when it becomes available, free of charge by directing a request to DNB at 4 Brandywine Avenue, Downingtown, PA 19335-0904 or by contacting Gerald F. Sopp at 484.359.3138 or gsopp@dnbfirst.com or to East River at 4341 Ridge Avenue, Philadelphia, PA 19129 or by contacting Christopher P. McGill at 267.295.6420 or cmcgill@eastriverbank.com.

DNB, East River and certain of their directors, executive officers and employees may be deemed to be “participants” in the solicitation of proxies in connection with the proposed merger.  Information concerning the interests of the DNB and East River persons who may be considered “participants” in the solicitation will be set forth in the joint proxy statement-prospectus relating to the merger, when it becomes available.  Information concerning DNB’s directors and executive officers, including their ownership of DNB common stock, is set forth in DNB’s proxy statement previously filed with the SEC on March 23, 2016.

FINANCIAL TABLES FOLLOW


            
DNB Financial Corporation
Condensed Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
            
 Three Months Ended Six Months Ended
 June 30, June 30,
   2016   2015   2016   2015
  EARNINGS:           
  Interest income$  6,180   $ 6,131  $  12,285   $ 12,127 
  Interest expense   708     678     1,358     1,284 
  Net interest income   5,472     5,453     10,927     10,843 
  Provision for credit losses   200     415     530     715 
  Non-interest income   1,184     1,142     2,293     2,193 
  Gain from insurance proceeds   -    -    1,150     -
  Gain on sale of investment securities   203     11     234     64 
  Gain (loss) on sale of SBA loans   -    185     39     416 
  Loss on sale / writedown of OREO and ORA   4     -    4     -
  Due diligence & merger expense   275     -    463     -
  Non-interest expense   4,893     4,724     10,123     9,548 
  Income before income taxes   1,487     1,652     3,523     3,253 
  Income tax expense   378     417     858     766 
  Net income   1,109     1,235     2,665     2,487 
  Preferred stock dividends   -    8     -    34 
  Net income available to common stockholders$  1,109   $ 1,227  $  2,665   $ 2,453 
  Net income per common share, diluted$  0.39   $ 0.43  $  0.93   $ 0.86 
            
 
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in thousands, except per share data)
            
 Three Months Ended Six Months Ended
 June 30, June 30,
   2016   2015   2016   2015
            
  GAAP net income$  1,109   $ 1,227  $  2,665   $ 2,453 
  Gains from insurance proceeds   -    -    (1,150)   -
  Salary expense related to restricted stock and SERP   -    -    446     -
  Acquisition costs -- East River Bank   275     -    463     -
  Income tax adjustment   (40)   -    82     -
  Non-GAAP net income (Core earnings)$  1,344   $ 1,227  $  2,506   $ 2,453 
            
Earnings per common share:           
  Basic$  0.47   $ 0.44  $  0.88   $ 0.88 
  Diluted$  0.47   $ 0.43  $  0.87   $ 0.86 
            
Weighted average common shares outstanding:           
  Basic   2,849     2,802     2,841     2,794 
  Diluted   2,883     2,848     2,876     2,840 
            


               
DNB Financial Corporation
Selected Financial Data (Unaudited)
(Dollars in thousands, except per share data)
               
 Quarterly
 2016 2016 2015 2015 2015
 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr
Earnings and Per Share Data              
  Net income available to common stockholders$ 1,109  $ 1,556  $ 1,374  $ 1,261  $ 1,227 
  Basic earnings per common share$ 0.39  $ 0.55  $ 0.49  $ 0.45  $ 0.44 
  Diluted earnings per common share$ 0.39  $ 0.54  $ 0.48  $ 0.45  $ 0.43 
  Dividends per common share$ 0.07  $ 0.07  $ 0.07  $ 0.07  $ 0.07 
  Book value per common share$ 20.90  $ 20.45  $ 19.65  $ 19.64  $ 19.04 
  Tangible book value per common share$ 20.88  $ 20.38  $ 19.58  $ 19.57  $ 18.96 
  Average common shares outstanding  2,849    2,833    2,812    2,807    2,802 
  Average diluted common shares outstanding  2,883    2,869    2,857    2,852    2,848 
               
Performance Ratios              
  Return on average assets  0.59%   0.84%   0.74%   0.68%   0.66%
  Return on average equity  7.56%   10.94%   9.32%   8.71%   8.75%
  Return on average tangible equity  7.57%   10.98%   9.35%   8.75%   8.79%
  Net interest margin  3.08%   3.15%   3.14%   3.13%   3.11%
  Efficiency ratio  74.38%   78.66%   68.27%   68.09%   67.29%
  Wtd average yield on earning assets  3.46%   3.51%   3.53%   3.52%   3.48%
               
Asset Quality Ratios              
  Net charge-offs (recoveries) to average loans  0.10%   0.08%   0.07%   0.41%   0.43%
  Non-performing loans/Total loans  1.54%   1.06%   1.06%   0.90%   0.98%
  Non-performing assets/Total assets  1.38%   1.02%   1.02%   0.87%   0.88%
  Allowance for credit loss/Total loans  1.06%   1.06%   1.02%   1.01%   1.08%
  Allowance for credit loss/Non-performing loans  69.12%   99.64%   96.91%   111.32%   110.29%
               
Capital Ratios              
  Total equity/Total assets  7.79%   7.64%   7.41%   7.87%   7.49%
  Tangible equity/Tangible assets  7.78%   7.61%   7.40%   7.42%   7.05%
  Tier 1 leverage ratio  9.11%   9.16%   8.94%   9.23%   9.02%
  Common equity tier 1 risk-based capital ratio  10.82%   10.71%   10.44%   10.46%   10.17%
  Tier 1 risk-based capital ratio  12.43%   12.34%   12.08%   12.74%   12.43%
  Total risk-based capital ratio  15.16%   15.07%   14.78%   15.46%   15.21%
               
Wealth Management              
  Assets under care*$ 200,586  $ 199,296  $ 191,529  $ 184,535  $ 189,411 
               
*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 
 June 30, Mar 31, Dec 31, Sept 30, June 30, 
   2016  2016 2015 2015 2015 
  EARNINGS:               
  Interest income$  6,180   $  6,105   $  6,190   $  6,161   $  6,131   
  Interest expense   708      650      717      711      678   
  Net interest income   5,472      5,455      5,473      5,450      5,453   
  Provision for loan losses   200      330      290      100      415   
  Non-interest income   1,184      1,109      1,107      1,027      1,142   
  Gain from insurance proceeds   -     1,150      120      -     -  
  Gain on sale of investment securities   203      31      4      10      11   
  Gain on sale of SBA loans   -     39      68      -     185   
  (Gain) loss on sale / write-down of OREO and ORA   4      -     (20)    154      -  
  Due diligence & merger expense   275      188      -     -     -  
  Non-interest expense   4,893      5,230      4,742      4,605      4,724   
  Income before income taxes   1,487      2,036      1,760      1,628      1,652   
  Income tax expense   378      480      378      359      417   
  Net income   1,109      1,556      1,382      1,269      1,235   
  Preferred stock dividends   -     -     8      8      8   
  Net income available to common stockholders$  1,109   $  1,556   $  1,374   $  1,261   $  1,227   
  Net income per common share, diluted$  0.39   $  0.54   $  0.48   $  0.45   $  0.43   
                
                
                
                
Condensed Consolidated Statements of Financial Condition (Unaudited) 
(Dollars in thousands) 
                
 June 30, Mar 31, Dec 31, Sept 30, June 30, 
   2016  2016 2015 2015 2015 
  FINANCIAL POSITION:               
  Cash and cash equivalents$  20,146   $  38,740   $  21,119   $  18,959   $  27,493   
  Investment securities   223,140      207,023      220,208      227,363      231,712   
  Loans held for sale   -     359      -     -     -  
  Loans and leases   494,417      489,366      481,758      470,396      472,335   
  Allowance for credit losses   (5,247)    (5,172)    (4,935)    (4,729)    (5,108) 
  Net loans and leases   489,170      484,194      476,823      465,667      467,227   
  Premises and equipment, net   8,557      7,817      6,806      6,630      6,629   
  Other assets   23,159      23,307      23,862      23,272      22,882   
  Total assets$  764,172   $  761,440   $  748,818   $  741,891   $  755,943   
                
  Demand Deposits$  135,212   $  131,951   $  125,581   $  120,018   $  122,642   
  NOW   185,279      201,566      185,973      189,502      209,606   
  Money markets   149,108      138,241      137,555      139,213      145,283   
  Savings   75,236      75,535      72,660      71,316      73,461   
  Core Deposits   544,835      547,293      521,769      520,049      550,992   
  Time deposits   73,560      71,264      66,018      69,744      56,729   
  Brokered deposits   23,449      18,498      18,488      18,665      18,655   
  Total Deposits   641,844      637,055      606,275      608,458      626,376   
  FHLB advances   20,000      20,000      30,000      20,000      20,000   
  Repurchase agreements   17,748      21,661      32,416      30,501      28,211   
  Subordinated Debt   9,750      9,750      9,750      9,750      9,750   
  Other borrowings   9,721      9,733      9,743      9,754      9,764   
  Other liabilities   5,572      5,061      5,146      5,060      5,218   
  Stockholders' equity   59,537      58,180      55,488      58,368      56,624   
  Total liabilities and stockholders' equity$  764,172   $  761,440   $  748,818   $  741,891   $  755,943   
                
                


                
DNB Financial Corporation
Condensed Consolidated Statements of Financial Condition - Quarterly Average Balances (Unaudited)
(Dollars in thousands)
                
 June 30, Mar 31, Dec 31, Sept 30, June 30, 
 2016   2016  2015 2015 2015 
  FINANCIAL POSITION:               
  Cash and cash equivalents$  36,113   $  23,080   $  19,532   $  19,820   $  26,909   
  Investment securities   213,235      215,565      227,936      230,402      239,364   
  Loans held for sale   147      28      61      74      96   
  Loans and leases   488,396      483,125      473,643      469,896      459,464   
  Allowance for credit losses   (5,265)    (5,025)    (4,831)    (5,182)    (5,280) 
  Net loans and leases   483,131      478,100      468,812      464,714      454,184   
  Premises and equipment, net   8,332      7,222      6,609      6,587      7,461   
  Other assets   19,222      19,678      19,415      20,021      17,339   
  Total assets$  760,180   $  743,673   $  742,365   $  741,618   $  745,353   
                
  Demand Deposits$  131,134   $  120,391   $  122,235   $  118,282   $  114,458   
  NOW   192,339      193,548      183,129      197,802      210,677   
  Money markets   142,768      137,121      140,136      144,115      144,927   
  Savings   75,254      74,653      71,637      71,740      71,762   
  Core Deposits   541,495      525,713      517,137      531,939      541,824   
  Time deposits   75,541      70,927      68,731      56,702      70,079   
  Brokered deposits   20,754      18,491      18,638      18,658      11,543   
  Total Deposits   637,790      615,131      604,506      607,299      623,446   
  FHLB advances   20,003      23,111      22,391      20,000      20,000   
  Repurchase agreements   19,103      23,040      31,914      31,732      20,614   
  Subordinated Debt   9,750      9,750      9,750      9,750      9,750   
  Other borrowings   9,728      10,783      9,875      10,000      9,791   
  Other liabilities   4,939      4,818      5,070      5,073      5,156   
  Stockholders' equity   58,867      57,040      58,859      57,764      56,596   
  Total liabilities and stockholders' equity$  760,180   $  743,673   $  742,365   $  741,618   $  745,353   
                
For further information, please contact:
Gerald F. Sopp CFO/Executive Vice-President
484.359.3138
gsopp@dnbfirst.com 

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Source: DNB Financial Corp