DNB Financial reports 3rd-quarter results
DNB Financial Corp. of Downingtown Thursday reported net income available to common stockholders in accordance with generally accepted accounting principles of $1,000, or less than a penny per diluted share, for the quarter ending Sept. 30, compared with $1.3 million, or 44 cents per diluted share, for the same quarter, last year.
For the nine months ending Sept. 30, net income available to common shareholders was $2.7 million, or 93 cents per diluted share, compared with $3.7 million, or $1.31 per diluted share for the corresponding prior year period.
DNB Financial Corp., the parent of DNB First, said that on a core basis, the company reported net income available to common stockholders of $1.2 million, or 42 cents per diluted share, for the quarter compared with $1.3 million, or 44 cents per diluted share for the 2015 third quarter. Core earnings, which is a non-GAAP measure of net income, excludes merger-related expenses of $1.5 million, gains from insurance proceeds of $30,000, and an associated income tax adjustment of $259,000 for the three months ending Sept. 30, 2016. Core earnings were $3.7 million, or $1.29 per diluted share, for the nine months ending September 30, 2016, compared with $3.7 million, or $1.31 per diluted share, for the same period last year.
Highlights of the report released Thursday:
• Total loans increased 8.3 percent on a year-over-year basis and 3.0 percent (not annualized) on a sequential quarter basis. Total growth was primarily due to stronger demand for commercial real estate loans and consumer loans, DNB said.
• Core deposits increased 5.8 percent.
• Asset quality remained stable. Net loan charge-offs were only 0.03 percent annualized of total average loans for the third quarter of 2016, and non-performing loans were 1.36 percent of total loans at quarter-end.
Main Line Chamber presents ‘State of the Counties’
The Main Line Chamber of Commerce is presenting “State of the Counties: Hot Topics in Montgomery, Delaware and Chester Counties” on Tuesday, Oct. 25, in the Conference Center at Penn State Great Valley.
Bernie Dagenais, president & CEO of The Main Line Chamber, will moderate a panel discussion with Delaware County Chairman Mario J. Civera, Chester County Commissioner/Vice Chair Kathi Cozzone and Montgomery County Commissioner Chairman Josh Shapiro.
Registration begins at 7:30 a.m. followed by the program at 8 a.m.
The event is sponsored by AT&T.
For more information and to register to attend, visit www. mlcc.org/events.
The event is open to the public. Registration is required.
The West Chester office of DNB First.