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Press Release

DNB Financial Corporation Reports First Quarter 2018 Results

Company Release - 4/24/2018 8:10 AM ET

DOWNINGTOWN, Pa., April 24, 2018 (GLOBE NEWSWIRE) -- DNB Financial Corporation (Nasdaq:DNBF), today reported net income of $2.6 million, or $0.61 per diluted share, for the quarter ended March 31, 2018, compared with $2.4 million, or $0.57 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.

William J. Hieb, President and CEO, commented, “Our first quarter results represented a good start to the new year.  Our performance included solid loan, deposit, and wealth management growth along with disciplined expense management.”  Mr. Hieb continued, “Despite our solid commercial loan and core deposit growth, margin pressure continued as we contend with the flatter yield curve and better position our balance sheet for rising short-term interest rates.”

Highlights

  • Total loans increased 2.2% on a sequential quarter basis and 5.9% since March 31, 2017.

  • Core deposits grew $36.1 million, or 5.3% since December 31, 2017, and were 80% of total deposits at March 31, 2018.  As of the same date, the loan-to-deposit ratio was 97%.
  • Asset quality remained strong as net charge-offs were only 0.04% (annualized) of total average loans for the first quarter of 2018.  Non-performing loans were 0.97% of total loans at March 31, 2018.
  • On a year-over-year basis, net income increased $172,000, or 7.0%, despite the 16 basis point decrease in the net interest margin to 3.51%.  The decline was largely attributable to a $379,000 net reduction in purchase accounting marks and an overall increase in market interest rates on interest-bearing liabilities.

  • Wealth management assets under care increased 3.0% to $260.3 million as of March 31, 2018, from $252.8 million as of December, 31, 2017.  Wealth management fees represented approximately 34% of total fee income for the first quarter of 2018.

  • The Company paid a quarterly cash dividend of $0.07 per share on March 27, 2018.

Income Statement Summary

Net income of $2.6 million for the first quarter of 2018, generated a return on average assets (“ROAA”) and return on average tangible common equity (“ROTCE”) of 0.97% and 12.1%, respectively. 

Net interest income for the three months ending March 31, 2018 was $9.0 million, which represents a $621,000 decrease from the quarter ended December 31, 2017, and a $205,000 decrease from the quarter ended March 31, 2017.  The year-over-year decline was primarily due to a 16 basis point decrease in the net interest margin to 3.51% for the quarter ended March 31, 2018.  The drop in the net interest margin resulted chiefly from a $379,000 net reduction in purchase accounting marks and the higher cost of interest-bearing liabilities, partially offset by a $21.14 million rise in total average interest-earning assets. For the first quarters of 2018 and 2017, the weighted average yields on total interest-earning assets were 4.24% and 4.16%, respectively, which included purchase accounting adjustments. 

Total interest expense was $1.9 million for the three months ending March 31, 2018, compared with $1.6 million for the three months ending December 31, 2017, and $1.3 million for the first quarter of 2017.  The weighted average rate paid for interest-bearing liabilities was 0.78%, 0.66% and 0.53% for the quarters ending March 31, 2018, December 31, 2017 and March 31, 2017, respectively.  The rise in the weighted average rate year-over-year was primarily due to a $196,000 reduction in purchase accounting marks and an overall increase in market interest rates.

The provision for credit losses was $375,000 for the first quarter of 2018, compared with $325,000 for the same quarter last year.  As of March 31, 2018, the allowance for credit losses was $6.1 million and represented 0.71% of total loans.  Loans acquired in connection with the purchase of East River in 2016 were recorded at fair value based on an initial estimate of expected cash flows, including a reduction for estimated credit losses, and without carryover of the respective portfolio's historical allowance for credit losses. 

Total non-interest income for the first quarter of 2018 was $1.3 million, compared with $1.2 million for the same quarter last year.  Wealth management fees were $435,000 for the first quarter of 2018, compared with $374,000 for the first quarter of 2017. Wealth management fees represented approximately 34% of total fee income. 

Non-interest expense was $6.7 million for the first quarter of 2018, which was stable compared with the first quarter of 2017. 

The enactment of the Tax Cuts and Jobs Act in December 2017 provided significant changes including a reduction of the federal corporate tax rate to 21% from 34%, effective January 1, 2018.  The Company’s tax rate for the quarter ended March 31, 2018 was 18.2%, compared with 29.6% for the same quarter, last year.

Balance Sheet Summary

As of March 31, 2018, total assets were $1.1 billion.  Since December 31, 2017, total assets increased 1.7%, primarily due to total loan growth of $18.4 million, or 2.2%.  Total deposits increased $30.6 million, or 3.6%, on a sequential quarter basis mainly due to growth in core deposits.  As of March 31, 2018, total shareholders’ equity was $103.7 million, compared with $101.9 million as of December 31, 2017.  Tangible book value per share was $20.44 as of March 31, 2018, compared with $20.06 as of December 31, 2017.

As of March 31, 2018, total loans were $864.3 million, or 78.6% of total assets.  Over the past 3 months, total commercial loans increased $19.1 million, or 2.8%.  Commercial mortgage loans increased $13.6 million, or 2.8%, commercial business loans grew $1.6 million, or 1.2%, and commercial construction loans increased $3.8 million, or 5.1%.  As of March 31, 2018, commercial loans totaled $708.5 million and represented 82% of total loans.  Consumer loans, however, declined over the quarter as overall loan demand appeared fairly restrained. The Company’s loan originations have been prudent and conservative underwriting standards have been maintained. 

On a sequential quarter basis, total core deposits increased $36.1 million, or 5.3%, and were 80.2% of total deposits as of March 31, 2018.  As of the same date, noninterest-bearing deposits were 19.3% of total deposits.  Core deposit growth in the first quarter of 2018, was primarily attributable to an increase in money market accounts.  The planned decrease in time deposits was partially offset by an increase in brokered deposits due to the more favorable rates and maturities available during the first quarter of 2018.

Capital ratios continue to exceed all regulatory guidelines.  As of March 31, 2018, the Tier 1 leverage ratio was 9.33%, the Tier 1 risk-based capital was 11.67%, the common equity Tier 1 risk-based capital ratio was 10.63% and the total risk based capital ratio was 13.56%.  As of the same date, the tangible common equity-to-tangible assets ratio was 8.09%.  Intangible assets and goodwill totaled $15.9 million as of March 31, 2018.
 
Asset Quality Summary

Asset quality remained strong as net charge-offs were 0.04% (annualized) of total average loans for the quarter ended March 31, 2018.  Total non-performing assets, including loans and other real estate property, were $13.4 million as of March 31, 2018, compared with $12.6 million as of December 31, 2017, and $12.7 million as of March 31, 2017.  The ratio of non-performing loans to total loans was 0.97% as of March 31, 2018, versus 0.89% as of December 31, 2017.

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. Simulation model results continue to show moderate liability sensitivity to rising rates in 100, 200, 300 and 400 basis point shock scenarios, but risk is increasing. Rate changes ramped in over 24 months also show moderate liability sensitivity.

Non-GAAP Based Financial Measures

The income statement summary and selected financial data contains non-GAAP financial measures calculated using non-GAAP amounts. These measures are tangible book value per common share, return on average tangible equity and tangible equity to tangible assets. Tangible book value per share adjusts the numerator by the amount of Goodwill and Other Intangible Assets (reduction of Shareholders' Equity). Return on average tangible equity adjusts the denominator by the amount of Goodwill and Other Intangible Assets (reduction of Shareholders’ Equity). Tangible equity to tangible assets adjusts the numerator by the amount of Goodwill and Other Intangible Assets (reduction of Shareholders’ Equity) and adjust the denominator by the amount of Goodwill and Other Intangible Assets (reduction of Total Assets). Management uses non-GAAP measures to present historical periods comparable to the current period presentation. In addition, management believes the use of non-GAAP measures provides additional clarity when assessing our financial results and use of equity. Disclosures of this type should not be viewed as substitutes for results determined to be in accordance with U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other entities.

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 15 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/.

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. 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 strength of the United States economy in general and the strength of the local economies in which DNB conducts its 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. Further, DNB’s expectations with respect to the effects of the new tax law could be affected by future clarifications, amendments, and interpretations of such law. 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.

FINANCIAL TABLES FOLLOW


       
DNB Financial Corporation
Condensed Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
       
 Three Months Ended 
 March 31, 
 2018 2017 
  EARNINGS:      
Interest income$10,913  $10,494  
Interest expense 1,886   1,262  
Net interest income 9,027   9,232  
Provision for credit losses 375   325  
Non-interest income 1,273   1,226  
Gain from insurance proceeds -   80  
Loss on sale / write-down of OREO and ORA -   (1) 
Due diligence & merger expense -   51  
Non-interest expense 6,730   6,695  
Income before income taxes(1) 3,195   3,468  
Income tax expense 582   1,027  
Net income$2,613  $2,441  
Net income per common share, diluted$0.61  $0.57  
 
(1) Net income before income taxes includes net accretion of purchase accounting fair value adjustments of $262,000 for the three month period ended March 31, 2018, compared with $638,000 for the same quarter last year.
 
Condensed Consolidated Statements of Financial Condition (Unaudited)
(Dollars in thousands)
       
  March 31,  December 31, 
  2018  2017 
  FINANCIAL POSITION:      
Cash and cash equivalents$14,078  $10,917  
Investment securities 171,108   174,173  
Loans held for sale 646   651  
Loans 864,345   845,897  
Allowance for credit losses (6,145)  (5,843) 
Net loans 858,200   840,054  
Premises and equipment, net 8,366   8,649  
Other assets 47,632   47,471  
Total assets$1,100,030  $1,081,915  
       
Deposits$891,786  $861,203  
FHLB advances 67,993   79,013  
Repurchase agreements 10,717   12,023  
Other borrowings 9,630   12,017  
Subordinated debt 9,750   9,750  
Other liabilities 6,484   5,967  
Stockholders' equity 103,670   101,942  
Total liabilities and stockholders' equity$1,100,030  $1,081,915  
       
  


               
DNB Financial Corporation
Selected Financial Data (Unaudited)
(In thousands, except per share data)
               
 Quarterly
 2018 2017 2017 2017 2017
 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
Earnings and Per Share Data              
  Net income$2,613  $808  $2,411  $2,286  $2,441 
  Basic earnings per common share$0.61  $0.19  $0.57  $0.54  $ 0.57  
  Diluted earnings per common share$0.61  $0.19  $0.56  $0.53  $ 0.57  
  Dividends per common share$0.07  $0.07  $0.07  $0.07  $0.07 
  Book value per common share$24.15  $23.78  $23.90  $23.35  $22.88 
  Tangible book value per common share (Non-GAAP)$20.44  $20.06  $20.15  $19.59  $19.11 
  Average common shares outstanding 4,291   4,274   4,262   4,258   4,247 
  Average diluted common shares outstanding 4,309   4,297   4,296   4,292   4,274 
               
Performance Ratios              
  Return on average assets 0.97%  0.30%  0.90%  0.84%  0.92%
  Return on average equity 10.25%  3.10%  9.42%  9.23%  10.28%
  Return on average tangible equity (Non-GAAP) 12.12%  3.66%  11.18%  11.00%  12.34%
  Net interest margin 3.51%  3.74%  3.72%  3.59%  3.67%
  Efficiency ratio 64.61%  64.73%  63.45%  63.80%  63.14%
  Wtd average yield on earning assets 4.24%  4.35%  4.30%  4.12%  4.16%
               
Asset Quality Ratios              
  Net charge-offs to average loans 0.04%  0.06%  0.02%  0.36%  0.14%
  Non-performing loans/Total loans 0.97%  0.89%  0.87%  0.84%  0.94%
  Non-performing assets/Total assets 1.22%  1.16%  1.13%  1.13%  1.16%
  Allowance for credit loss/Total loans 0.71%  0.69%  0.68%  0.65%  0.66%
  Allowance for credit loss/Non-performing loans 73.08%  77.36%  78.68%  76.76%  70.56%
               
Capital Ratios              
  Total equity/Total assets 9.42%  9.42%  9.56%  9.19%  8.93%
  Tangible equity/Tangible assets (Non-GAAP) 8.09%  8.07%  8.18%  7.83%  7.57%
  Tier 1 leverage ratio 9.33%  9.19%  9.22%  8.80%  8.75%
  Common equity tier 1 risk-based capital ratio 10.63%  10.71%  10.78%  10.24%  9.71%
  Tier 1 risk based capital ratio 11.67%  11.80%  11.88%  11.32%  10.75%
  Total risk based capital ratio 13.56%  13.73%  13.79%  13.15%  12.56%
               
Wealth Management Assets Under Care(1)$260,324  $252,823  $246,294  $232,707  $224,490 
               
(1) 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 
 Mar 31, Dec 31, Sept 30, June 30, Mar 31, 
 2018 2017 2017 2017 2017 
  EARNINGS:               
Interest income$10,913  $11,241  $10,989  $10,661  $10,494  
Interest expense 1,886   1,593   1,483   1,382   1,262  
Net interest income 9,027   9,648   9,506   9,279   9,232  
Provision for credit losses 375   375   375   585   325  
Non-interest income 1,273   1,250   1,236   1,300   1,226  
Gain from insurance proceeds -   123   -   -   80  
Gain on sale of investment securities -   25   -   25   -  
Gain on sale of SBA loans -   21   35   97   -  
Loss (gain) on sale / write-down of OREO and ORA -   -   7   115   (1) 
Due diligence & merger expense -   -   -   26   51  
Non-interest expense 6,730   7,202   6,983   6,943   6,695  
Income before income taxes 3,195   3,490   3,412   3,032   3,468  
Income tax expense 582   2,682   1,001   746   1,027  
Net income(1)$2,613  $808  $2,411  $2,286  $2,441  
Net income per common share, diluted$0.61  $0.19  $0.56  $0.53  $0.57  
                
(1) Fourth quarter 2017 results were impacted by a $1.8 million charge, or $0.43 per diluted share, to adjust deferred taxes due to the enactment of the Tax Cuts and Jobs Act. 
                
Condensed Consolidated Statements of Financial Condition (Unaudited) 
(Dollars in thousands) 
 Mar 31, Dec 31, Sept 30, June 30, Mar 31, 
 2018 2017 2017 2017 2017 
  FINANCIAL POSITION:               
Cash and cash equivalents$14,078  $10,917  $19,490  $36,189  $44,068  
Investment securities 171,108   174,173   175,148   177,149   178,422  
Loans held for sale 646   651   350   -   200  
Loans and leases 864,345   845,897   819,753   816,525   816,363  
Allowance for credit losses (6,145)  (5,843)  (5,594)  (5,267)  (5,418) 
Net loans and leases 858,200   840,054   814,159   811,258   810,945  
Premises and equipment, net 8,366   8,649   8,898   9,099   9,203  
Goodwill 15,525   15,525   15,525   15,525   15,525  
Other assets 32,107   31,946   32,113   32,240   31,576  
Total assets$1,100,030  $1,081,915  $1,065,683  $1,081,460  $1,089,939  
                
Demand$172,044  $176,815  $198,399  $181,529  $176,199  
NOW 207,538   199,310   195,455   209,355   218,133  
Money market 253,757   221,726   217,870   240,434   221,356  
Savings 81,635   81,050   81,030   84,820   84,700  
Core deposits 714,974   678,901   692,754   716,138   700,388  
Time deposits 115,214   140,490   136,759   147,110   177,335  
Brokered deposits 61,598   41,812   41,815   29,811   28,045  
Total deposits 891,786   861,203   871,328   893,059   905,768  
FHLB advances 67,993   79,013   51,047   49,869   50,972  
Repurchase agreements 10,717   12,023   15,383   15,700   11,474  
Subordinated debt 9,750   9,750   9,750   9,750   9,750  
Other borrowings 9,630   12,017   9,658   9,672   9,685  
Other liabilities 6,484   5,967   6,633   4,005   5,002  
Stockholders' equity 103,670   101,942   101,884   99,405   97,288  
Total liabilities and stockholders' equity$1,100,030  $1,081,915  $1,065,683  $1,081,460  $1,089,939  
                


                
DNB Financial Corporation
Condensed Consolidated Statements of Financial Condition - Quarterly Average Balances (Unaudited)
(Dollars in thousands)
                
 Mar 31,
 Dec 31,
 Sept 30,
 June 30,
 Mar 31,
 
 2018 2017 2017 2017 2017 
  FINANCIAL POSITION:               
Cash and cash equivalents$16,509  $23,513  $20,673  $46,629  $27,406  
Investment securities 180,162   180,754   182,930   182,124   185,676  
Loans held for sale 113   34   49   10   41  
Loans and leases 851,623   827,273   818,800   817,148   815,028  
Allowance for credit losses (5,958)  (5,639)  (5,388)  (5,557)  (5,432) 
Net loans and leases 845,665   821,634   813,412   811,591   809,596  
Premises and equipment, net 8,552   8,841   9,032   9,188   9,267  
Goodwill 15,525   15,525   15,525   15,525   15,589  
Other assets 23,436   24,723   24,839   24,785   24,046  
Total assets$1,089,962  $1,075,024  $1,066,460  $1,089,852  $1,071,621  
                
Demand$174,022  $192,700  $188,804  $183,329  $172,984  
NOW 204,719   196,055   199,311   209,433   218,357  
Money market 236,165   216,853   223,448   232,662   197,615  
Savings 80,992   81,118   82,971   84,946   85,348  
Core deposits 695,898   686,726   694,534   710,370   674,304  
Time deposits 133,222   142,283   142,846   166,459   180,819  
Brokered deposits 43,739   41,814   35,474   26,709   28,326  
Total deposits 872,859   870,823   872,854   903,538   883,449  
FHLB advances 75,458   59,373   50,827   50,634   55,420  
Repurchase agreements 12,364   15,388   16,070   12,551   12,858  
Subordinated debt 9,750   9,750   9,750   9,750   9,750  
Other borrowings 10,470   9,835   9,996   9,684   9,748  
Other liabilities 5,657   6,298   5,433   4,353   4,070  
Stockholders' equity 103,404   103,557   101,530   99,342   96,326  
Total liabilities and stockholders' equity$1,089,962  $1,075,024  $1,066,460  $1,089,852  $1,071,621  
                


                
DNB Financial Corporation
Reconciliation of Non-GAAP Financial Measures (Unaudited)
                
Reconciliation of Tangible Book Value Per Common Share to Book Value Per Common Share
(In thousands, except share and per share data)
 Mar 31, Dec 31, Sept 30, June 30, Mar 31, 
 2018 2017 2017 2017 2017 
Stockholders' Equity$103,670 $101,942 $101,884 $99,405 $97,288 
Goodwill 15,525  15,525  15,525  15,525  15,525 
Other intangible assets 423  435  459  485  511 
Tangible common equity (Non-GAAP)$87,722 $85,982 $85,900 $83,395 $81,252 
                
Outstanding shares4,292,689 4,286,117 4,262,721 4,258,073 4,251,664 
                
Book value per common share (GAAP)$24.15 $23.78 $23.90 $23.35 $22.88 
Tangible book value per common share (Non-GAAP) 20.44  20.06  20.15  19.59  19.11 
                
                
                
Return on Average Tangible Equity
(Dollars in thousands)For the Quarter Ended
 Mar 31, Dec 31, Sept 30, June 30, Mar 31, 
 2018 2017 2017 2017 2017 
Average Stockholders' Equity$103,404 $103,557 $101,530 $99,342 $96,326 
Average goodwill 15,525  15,525  15,525  15,525  15,589 
Average other intangible assets 423  435  472  498  524 
Average tangible stockholders' equity (Non-GAAP)$87,456 $87,597 $85,533 $83,319 $80,213 
                
Net Income$2,613 $808 $2,411 $2,286 $2,441 
                
Return on average stockholders' equity (GAAP) 10.25% 3.10% 9.42% 9.23% 10.28%
Return on average tangible equity (Non-GAAP) 12.12  3.66  11.18  11.00  12.34 
                
                
                
Tangible Equity/Tangible Assets
(Dollars in thousands)
 Mar 31, Dec 31, Sept 30, June 30, Mar 31, 
 2018 2017 2017 2017 2017 
Stockholders' Equity$103,670 $101,942 $101,884 $99,405 $97,288 
Goodwill 15,525  15,525  15,525  15,525  15,525 
Other intangible assets 423  435  459  485  511 
Tangible common equity (Non-GAAP)$87,722 $85,982 $85,900 $83,395 $81,252 
                
Assets1,100,030 1,081,915 1,065,683 1,081,460 1,089,939 
Goodwill 15,525  15,525  15,525  15,525  15,525 
Other intangible assets 423  435  459  485  511 
Tangible assets (Non-GAAP)1,084,082 1,065,955 1,049,699 1,065,450 1,073,903 
                
Total equity/Total assets (GAAP) 9.42% 9.42% 9.56% 9.19% 8.93%
Tangible equity/Tangible assets (Non-GAAP) 8.09  8.07  8.18  7.83  7.57 
 

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