DNB Financial Shows Strength In First Half Of 2014

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7.29.2014 DNB logoA new mortgage banking division, universal banking model and expanded retail banking have contributed to a strong financial picture for the first half of 2014, DNB Financial Corporation reported July 24.

DNB Financial is the parent of DNB First, National Association, which has 13 branch banks in the region.

DNB reported total assets increased to $685.16 million at June 30, 2014 compared with $661.47 million at Dec. 31, 2013, and $667.63 million at June 30, 2013. Total deposits were $575.57 million at June 30, 2014, growing from $558.75 million at Dec. 31, 2013, and $561.91 million at June 30, 2013.

The company continued to build lower-cost core deposits, which increased 5.4 percent to $488.36 million at June 30, 2014 compared with $463.21 million at Dec. 31, 2013.

Also, total loans and leases after allowance for credit losses grew 5.7 percent to $434.14 million at June 30, 2014 compared with $410.73 million at Dec. 31, 2013. Loan totals in the first half of 2014 reflected growth in commercial real estate and consumer lending.

7.29.2014 DNB logo William Latoff
William Latoff

“We are very pleased with the strength being demonstrated in our expanding retail banking business, said William S. Latoff, chairman and CEO. “Our residential mortgage lending grew 2.7 percent from the beginning of the year, and consumer lending increased 11 percent in the first half of 2014. This is a direct result of our efforts to build a highly trained and consultative retail banking business to complement our long standing commercial banking business.”

For the three months ended June 30, 2014, net income available to common shareholders was $1.09 million or $0.38 per diluted common share compared with $1.21 million or $0.44 per diluted common share for the three months ended June 30, 2013.  And for the six months ended June 30, 2014, net income available to common shareholders was $2.05 million or $0.73 per diluted common share compared with $2.35 million or $0.85 per diluted common share for the six months ended June 30, 2013.

Latoff said DNB has invested in new employees, technology, and branch upgrades to provide a welcoming environment for new and established customers. The firm is building a diversified mix of revenue from commercial and consumer lending and a growing wealth management services division.  The new universal banking model expands services for retail customers.

The full financial report is here.

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