DNB reports 2nd quarter results

DNB Financial Corp. last week reported net income of $1.1 million, or 39 cents per diluted share, for the second quarter ending June 30, compared with $1.2 million, or 43 cents per diluted share, for the same quarter last year.

DNB is the parent of DNB First NA, the Downingtown-based nationally chartered community bank.

On a core basis, the company reported net income available to common stockholders of $1.3 million, or 47 cents per diluted share, for the quarter.

“Our second quarter results were solid despite the flattening yield curve and very low interest rates,” said William J. Hieb, president and CEO. “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.”

Wealth management assets under care increased 4.7 percent to $200.6 million as of June 30 from $191.5 million in the 2015 quarter.

Total loans increased 4.7 percent on a year-over-year basis and 1 percent on a sequential quarter basis, the bank said. 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 the Philadelphia-based bank.

The acquisition is expected to close in the fourth quarter.

DNB’s West Chester branch.