DNB Fi­nan­cial re­ports 3rd-quar­ter re­sults

Daily Local News (West Chester, PA) - - BUSINESS - Staff Re­port

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.

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