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Press Release

DNB Financial Corporation Reports Second Quarter Results

Company Release - 7/24/2018 8:15 AM ET

DOWNINGTOWN, Pa., July 24, 2018 (GLOBE NEWSWIRE) -- DNB Financial Corporation (Nasdaq:DNBF), today reported net income of $2.0 million, or $0.47 per diluted share, for the quarter ending June 30, 2018, compared with $2.3 million, or $0.53 per diluted share, for the same quarter, last year.  For the six months ending June 30, 2018, the Company reported net income of $4.7 million, or $1.08 per diluted share, compared with $4.7 million, or $1.10 per diluted share, for the same period 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, stated, “While overall second quarter results were impacted by the previously disclosed one-time restructuring expenses, our core businesses, including commercial lending and wealth management, continued to perform well.”  Mr. Hieb added, “Strong credit metrics reflect the Company’s ongoing commitment to maintain prudent underwriting standards, despite the pressures brought on by the flattening yield curve and competitive lending environment.”

Highlights

  • Total loans increased 2.4% (not annualized) on a sequential quarter basis and 4.7% (not annualized) since December 31, 2017.

  • Core deposits grew $11.0 million, or 1.5% (not annualized) since March 31, 2018, and were 78% of total deposits at June 30, 2018.  As of June 30, 2018, the loan-to-deposit ratio was 95%.
  • Asset quality remained strong, as net charge-offs were only 0.15% (annualized) of total average loans for the second quarter of 2018.  Non-performing loans were 0.76% of total loans at June 30, 2018.
  • On a sequential quarter basis, net interest income remained fairly stable at $9.1 million, despite the seven basis point decrease in the net interest margin to 3.44%.  The decline was largely attributable to a 12 basis point rise in the weighted average cost of interest-bearing liabilities.

  • Wealth management fees increased to $512,000 for the second quarter of 2018, compared with $435,000 and $471,000 for the quarters ending March 31, 2018 and June 30, 2017, respectively.  Wealth management fees represented approximately 38% of total fee income for the second quarter of 2018.

  • The Company paid a quarterly cash dividend of $0.07 per share on June 20, 2018.

Income Statement Summary

Net income of $2.0 million for the second quarter of 2018, generated a return on average assets (“ROAA”) and return on average tangible common equity (“ROTCE”) (a non-GAAP measure) of 0.74% and 9.2%, respectively. 

Net interest income for the three months ending June 30, 2018 was $9.1 million, which represented a $41,000 increase from the quarter ending March 31, 2018, and a $211,000 decrease from the quarter ending June 30, 2017.  The year-over-year decline was primarily due to a 15 basis point decrease in the net interest margin to 3.44% for the quarter ending June 30, 2018.  The net interest margin decline resulted from a $232,000 net reduction in purchase accounting marks and the higher cost of interest-bearing liabilities, which was only partially offset by a $52.0 million rise in total average loans. For the second quarters of 2018 and 2017, the weighted average yields on total interest-earning assets were 4.28% and 4.12%, respectively, which included purchase accounting marks. 

Total interest expense was $2.2 million for the three months ending June 30, 2018, compared with $1.9 million for the three months ending March 31, 2018, and $1.4 million for the second quarter of 2017.  The weighted average rate paid for interest-bearing liabilities was 0.90%, 0.78% and 0.56% for the quarters ending June 30, 2018, March 31, 2018, and June 30, 2017, respectively.  The rise in the weighted average rate was primarily due to an overall increase in market interest rates.

The provision for credit losses was $375,000 for the second quarter of 2018, compared with the same amount for the first quarter of 2018, and $585,000 for the quarter ending June 30, 2017.  As of June 30, 2018, the allowance for credit losses was $6.2 million and represented 0.70% of total loans.  Loans acquired in connection with the purchase of East River Bank 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 second quarter of 2018 remained fairly steady at $1.3 million, compared with the same amount for both the first quarter of 2018 and the quarter ending June 30, 2017.  Wealth management fees were $512,000 for the second quarter of 2018, compared with $471,000 for the first quarter of 2018.  Wealth management fees represented approximately 38% of total fee income. 

Non-interest expense was $7.5 million for the quarter ending June 30, 2018, compared with $6.7 million for the first quarter of 2018, and $7.1 million for the second quarter of 2017.  As previously disclosed, non-interest expense for the second quarter of 2018 included a one-time severance payment of $434,000 and other related costs of $79,000 associated with an internal restructuring.  Non-interest expense for the second quarter of 2018 also included an expense of approximately $140,000 associated with the write-down of an OREO property. 

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 effective tax rate for the quarter ending June 30, 2018 was 17.5% compared with 24.6% for the same quarter, last year.

Balance Sheet Summary

As of June 30, 2018, total assets were $1.1 billion.  Since December 31, 2017, total assets increased $51.7 million, or 4.8% (not annualized), primarily due to total loan growth of $39.4 million, or 4.7% (not annualized).  Total deposits increased $72.9 million, or 8.5% (not annualized) since December 31, 2017, mainly due to growth in money market and brokered deposits.  As of June 30, 2018, total shareholders’ equity was $105.3 million, compared with $101.9 million as of December 31, 2017.  Tangible book value per share (a non-GAAP measure) was $20.79 as of June 30, 2018, compared with $20.06 as of December 31, 2017.

Total loans were $885.3 million, or 78.1% of total assets, as of June 30, 2018.  As of June 30, 2018, commercial loans – a key strategic emphasis - totaled $727.9 million and represented 82% of total loans.  Over the past three months, total commercial loans increased $19.4 million, or 2.7% (not annualized).  Commercial mortgage loans increased $18.3 million, or 3.7%, commercial business loans decreased $579,000, or less than 1%, and commercial construction loans increased $1.7 million, or 2.2%.  Consumer loans, however, declined slightly over the quarter. 

On a sequential quarter basis, total core deposits increased $11.0 million, or 1.5% (not annualized), and were 77.8% of total deposits as of June 30, 2018.  As of the same date, non-interest bearing deposits were 18.8% of total deposits.  Core deposit growth in the second quarter of 2018, was primarily attributable to an increase in NOW accounts.  The amount of time deposits was relatively stable through the second quarter of 2018 as the Company used brokered deposits to help fund loan growth due to their more favorable rates and maturities compared with other non-core funding sources.

Capital ratios continue to exceed all regulatory guidelines.  As of June 30, 2018, the tier 1 leverage ratio was 9.35%, the tier 1 risk-based capital ratio was 11.72%, the common equity tier 1 risk-based capital ratio was 10.69% and the total risk based capital ratio was 13.59%.  As of the same date, the tangible common equity-to-tangible assets ratio (a non-GAAP measure) was 8.00%.  Intangible assets and goodwill totaled $16.0 million as of June 30, 2018. 

Asset Quality Summary

Asset quality remained strong as net charge-offs were 0.15% (annualized) of total average loans for the quarter ending June 30, 2018.  Total non-performing assets, including loans and other real estate property, were $11.9 million as of June 30, 2018, compared with $13.4 million as of March 31, 2018, and $12.6 million as of December 31, 2017.  The ratio of non-performing loans to total loans was 0.76% compared with 0.97% as of March 31, 2018 and 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 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 show moderate liability sensitivity to rising rates in 100, 200, 300 and 400 basis point shock scenarios. 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 Six Months Ended
 June 30, June 30,
  2018   2017   2018  2017
  EARNINGS:           
Interest income$11,289  $10,661  $22,202 $21,155
Interest expense 2,221   1,382   4,107  2,644
Net interest income 9,068   9,279   18,095  18,511
Provision for credit losses 375   585   750  910
Non-interest income 1,322   1,300   2,595  2,526
Gain from insurance proceeds -   -   -  80
Gain on sale of investment securities -   25   -  25
Gain on sale of SBA loans 10   97   10  97
Loss on sale / write-down of OREO and ORA 140   115   140  114
Due diligence & merger expense -   26   -  77
Non-interest expense 7,400   6,943   14,130  13,638
Income before income taxes(1) 2,485   3,032   5,680  6,500
Income tax expense 436   746   1,018  1,773
Net income$2,049  $2,286  $4,662 $4,727
Net income per common share, diluted$0.47  $0.53  $1.08 $1.10
(1) Net income before income taxes includes net accretion of purchase accounting fair value adjustments of $216,000 and $477,000 for the three and six month periods ended June 30, 2018, respectively, compared with $445,000 and $1.08 million for the same periods last year.
      
Condensed Consolidated Statements of Financial Condition (Unaudited)     
(Dollars in thousands)     
        
  June 30,  Dec 31,  
  2018  2017      
FINANCIAL POSITION:           
Cash and cash equivalents$33,452  $10,917       
Investment securities 165,574   174,173       
Loans held for sale 276   651       
Loans 885,320   845,897       
Allowance for credit losses (6,188)  (5,843)      
Net loans 879,132   840,054       
Premises and equipment, net 8,150   8,649       
Restricted Stock 6,950   7,641       
Other assets 40,075   39,830       
Total assets$1,133,609  $1,081,915       
            
Deposits$934,115  $861,203       
FHLB advances 62,972   79,013       
Repurchase agreements 5,609   12,023       
Other borrowings 9,615   12,017       
Subordinated debt 9,750   9,750       
Other liabilities 6,215   5,967       
Stockholders' equity 105,333   101,942       
Total liabilities and stockholders' equity$1,133,609  $1,081,915       
            


               
DNB Financial Corporation
Selected Financial Data (Unaudited)
(In thousands, except per share data)
               
 Quarterly
 2018 2018 2017 2017 2017
 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr
Earnings and Per Share Data              
  Net income$2,049  $2,613  $808  $2,411  $2,286 
  Basic earnings per common share$0.48  $0.61  $0.19  $0.57  $ 0.54  
  Diluted earnings per common share$0.47  $0.61  $0.19  $0.56  $ 0.53  
  Dividends per common share$0.07  $0.07  $0.07  $0.07  $0.07 
  Book value per common share$24.49  $24.15  $23.78  $23.90  $23.35 
  Tangible book value per common share (Non-GAAP)$20.79  $20.44  $20.06  $20.15  $19.59 
  Average common shares outstanding 4,298   4,291   4,274   4,262   4,258 
  Average diluted common shares outstanding 4,314   4,309   4,297   4,296   4,292 
               
Performance Ratios              
  Return on average assets 0.74%  0.97%  0.30%  0.90%  0.84%
  Return on average equity 7.79%  10.25%  3.10%  9.42%  9.23%
  Return on average tangible equity (Non-GAAP) 9.18%  12.12%  3.66%  11.18%  11.00%
  Net interest margin 3.44%  3.51%  3.74%  3.72%  3.59%
  Efficiency ratio 70.39%  64.61%  64.73%  63.45%  63.80%
  Wtd average yield on earning assets 4.28%  4.24%  4.35%  4.30%  4.12%
               
Asset Quality Ratios              
  Net charge-offs to average loans 0.15%  0.04%  0.06%  0.02%  0.36%
  Non-performing loans/Total loans 0.76%  0.97%  0.89%  0.87%  0.84%
  Non-performing assets/Total assets 1.05%  1.22%  1.16%  1.13%  1.13%
  Allowance for credit loss/Total loans 0.70%  0.71%  0.69%  0.68%  0.65%
  Allowance for credit loss/Non-performing loans 91.76%  73.08%  77.36%  78.68%  76.76%
               
Capital Ratios              
  Total equity/Total assets 9.29%  9.42%  9.42%  9.56%  9.19%
  Tangible equity/Tangible assets (Non-GAAP) 8.00%  8.09%  8.07%  8.18%  7.83%
  Tier 1 leverage ratio 9.35%  9.33%  9.19%  9.22%  8.80%
  Common equity tier 1 risk-based capital ratio 10.69%  10.63%  10.71%  10.78%  10.24%
  Tier 1 risk based capital ratio 11.72%  11.67%  11.80%  11.88%  11.32%
  Total risk based capital ratio 13.59%  13.56%  13.73%  13.79%  13.15%
               
Wealth Management Assets Under Care(1)$257,797  $260,324  $252,823  $246,294  $232,707 
               
(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 
 June 30, Mar 31, Dec 31, Sept 30, June 30, 
 2018 2018 2017 2017 2017 
  EARNINGS:               
Interest income$11,289  $10,913  $11,241  $10,989  $10,661  
Interest expense 2,221   1,886   1,593   1,483   1,382  
Net interest income 9,068   9,027   9,648   9,506   9,279  
Provision for credit losses 375   375   375   375   585  
Non-interest income 1,322   1,273   1,250   1,236   1,300  
Gain from insurance proceeds -   -   123   -   -  
Gain on sale of investment securities -   -   25   -   25  
Gain on sale of SBA loans 10   -   21   35   97  
Loss (gain) on sale / write-down of OREO and ORA 140   -   -   7   115  
Due diligence & merger expense -   -   -   -   26  
Non-interest expense 7,400   6,730   7,202   6,983   6,943  
Income before income taxes 2,485   3,195   3,490   3,412   3,032  
Income tax expense 436   582   2,682   1,001   746  
Net income(1)$2,049  $2,613  $808  $2,411  $2,286  
Net income per common share, diluted$0.47  $0.61  $0.19  $0.56  $0.53  
                
(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) 
 June 30, Mar 31, Dec 31, Sept 30, June 30, 
 2018 2018 2017 2017 2017 
  FINANCIAL POSITION:               
Cash and cash equivalents$33,452  $14,078  $10,917  $19,490  $36,189  
Investment securities 165,574   171,108   174,173   175,148   177,149  
Loans held for sale 276   646   651   350   -  
Loans and leases 885,320   864,345   845,897   819,753   816,525  
Allowance for credit losses (6,188)  (6,145)  (5,843)  (5,594)  (5,267) 
Net loans and leases 879,132   858,200   840,054   814,159   811,258  
Premises and equipment, net 8,150   8,366   8,649   8,898   9,099  
Goodwill 15,525   15,525   15,525   15,525   15,525  
Restricted Stock 6,950   7,363   7,641   6,371   6,566  
Other assets 24,550   24,744   24,305   25,742   25,674  
Total assets$1,133,609  $1,100,030  $1,081,915  $1,065,683  $1,081,460  
                
Demand$175,561  $172,044  $176,815  $198,399  $181,529  
NOW 216,261   207,538   199,310   195,455   209,355  
Money market 254,061   253,757   221,726   217,870   240,434  
Savings 80,044   81,635   81,050   81,030   84,820  
Core deposits 725,927   714,974   678,901   692,754   716,138  
Time deposits 114,766   115,214   140,490   136,759   147,110  
Brokered deposits 93,422   61,598   41,812   41,815   29,811  
Total deposits 934,115   891,786   861,203   871,328   893,059  
FHLB advances 62,972   67,993   79,013   51,047   49,869  
Repurchase agreements 5,609   10,717   12,023   15,383   15,700  
Subordinated debt 9,750   9,750   9,750   9,750   9,750  
Other borrowings 9,615   9,630   12,017   9,658   9,672  
Other liabilities 6,215   6,484   5,967   6,633   4,005  
Stockholders' equity 105,333   103,670   101,942   101,884   99,405  
Total liabilities and stockholders' equity$1,133,609  $1,100,030  $1,081,915  $1,065,683  $1,081,460  
                


                
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, 
  2018  2018  2017  2017  2017 
  FINANCIAL POSITION:               
Cash and cash equivalents$20,528  $16,509  $23,513  $20,673  $46,629  
Investment securities 168,836   172,488   173,959   176,424   175,546  
Loans held for sale 642   113   34   49   10  
Loans and leases 869,166   851,623   827,273   818,800   817,148  
Allowance for credit losses (6,197)  (5,958)  (5,639)  (5,388)  (5,557) 
Net loans and leases 862,969   845,665   821,634   813,412   811,591  
Premises and equipment, net 8,306   8,552   8,841   9,032   9,188  
Goodwill 15,525   15,525   15,525   15,525   15,525  
Restricted Stock 6,836   7,674   6,795   6,506   6,578  
Other assets 23,568   23,436   24,723   24,839   24,785  
Total assets$1,107,210  $1,089,962  $1,075,024  $1,066,460  $1,089,852  
                
Demand$170,885  $174,022  $192,700  $188,804  $183,329  
NOW 206,341   204,719   196,055   199,311   209,433  
Money market 252,825   236,165   216,853   223,448   232,662  
Savings 80,696   80,992   81,118   82,971   84,946  
Core deposits 710,747   695,898   686,726   694,534   710,370  
Time deposits 114,091   133,222   142,283   142,846   166,459  
Brokered deposits 82,957   43,739   41,814   35,474   26,709  
Total deposits 907,795   872,859   870,823   872,854   903,538  
FHLB advances 54,971   75,458   59,373   50,827   50,634  
Repurchase agreements 12,042   12,364   15,388   16,070   12,551  
Subordinated debt 9,750   9,750   9,750   9,750   9,750  
Other borrowings 10,923   10,470   9,835   9,996   9,684  
Other liabilities 6,277   5,657   6,298   5,433   4,353  
Stockholders' equity 105,452   103,404   103,557   101,530   99,342  
Total liabilities and stockholders' equity$1,107,210  $1,089,962  $1,075,024  $1,066,460  $1,089,852  
                


                
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)
 June 30, Mar 31, Dec 31, Sept 30, June 30, 
 2018 2018 2017 2017 2017 
Stockholders' Equity$105,333 $103,670 $101,942 $101,884 $99,405 
Goodwill 15,525  15,525  15,525  15,525  15,525 
Other intangible assets 388  423  435  459  485 
Tangible common equity (Non-GAAP)$89,420 $87,722 $85,982 $85,900 $83,395 
                
Outstanding shares4,301,898 4,292,689 4,286,117 4,262,721 4,258,073 
                
Book value per common share (GAAP)$24.49 $24.15 $23.78 $23.90 $23.35 
Tangible book value per common share (Non-GAAP) 20.79  20.44  20.06  20.15  19.59 
                
                
                
Return on Average Tangible Equity
(Dollars in thousands)For the Quarter Ended
 June 30, Mar 31, Dec 31, Sept 30, June 30, 
 2018 2018 2017 2017 2017 
Average Stockholders' Equity$105,452 $103,404 $103,557 $101,530 $99,342 
Average goodwill 15,525  15,525  15,525  15,525  15,525 
Average other intangible assets 388  423  435  472  498 
Average tangible stockholders' equity (Non-GAAP)$89,539 $87,456 $87,597 $85,533 $83,319 
                
Net Income$2,049 $2,613 $808 $2,411 $2,286 
                
Return on average stockholders' equity (GAAP) 7.79% 10.25% 3.10% 9.42% 9.23%
Return on average tangible equity (Non-GAAP) 9.18  12.12  3.66  11.18  11.00 
                
                
                
Tangible Equity/Tangible Assets
(Dollars in thousands)
 June 30, Mar 31, Dec 31, Sept 30, June 30, 
 2018 2018 2017 2017 2017 
Stockholders' Equity$105,333 $103,670 $101,942 $101,884 $99,405 
Goodwill 15,525  15,525  15,525  15,525  15,525 
Other intangible assets 388  423  435  459  485 
Tangible common equity (Non-GAAP)$89,420 $87,722 $85,982 $85,900 $83,395 
                
Assets1,133,609 1,100,030 1,081,915 1,065,683 1,081,460 
Goodwill 15,525  15,525  15,525  15,525  15,525 
Other intangible assets 388  423  435  459  485 
Tangible assets (Non-GAAP)1,117,696 1,084,082 1,065,955 1,049,699 1,065,450 
                
Total equity/Total assets (GAAP) 9.29% 9.42% 9.42% 9.56% 9.19%
Tangible equity/Tangible assets (Non-GAAP) 8.00  8.09  8.07  8.18  7.83 
 

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