Despite the recent tragic loss of its well respected Chairman and CEO, William S. Latoff, DNB Financial Corporation, the parent company of DNB First showed its resilience by announcing strong financial results for the fourth quarter and full year on Friday.

For the quarter ending December 31 the company reported net income of $1.4 million available to common stockholders, or $0.48 per diluted share, compared to $1.4 million, or $0.50 per diluted share, for the same period in 2014. Most of this change comes from gains on the sale of securities of $435,000 in 2014, which for 2015, was only $4,000.

For the full year 2015, net income grew significantly at $5.2 million or $1.79 per diluted share, an increase from $4.7 million or $1.66 per diluted share in 2014. The company reported a gain in total assets to $748.8 million at the end of Q4, up from $723.3 million as of December 31, 2014. Wealth management also performed strongly, rising by16.9% to $191.5 million, up from $163.8 million in 2014.

Total loans increased by 5.7% to $481.8 million as of December 31, compared to $455.6 million as of the end of 2014, with a 2.4% increase on a sequential quarterly basis with the asset quality remaining strong.  Not only that, but net charge-offs decreased significantly coming out to only 0.07% of its total average loans for the quarter ending December 31, compared with 0.41% for the previous quarter with non-performing loans only 1.06% of total loans.

Another success is that the net interest margin remained relatively stable, coming in at 3.14% for the fourth quarter while core deposits increased to 86.1% of all deposits at the end of 2015.

“On January 11th, we announced the passing of Bill Latoff, our Chairman and CEO.  The loss of Bill is very difficult for everyone at DNB, but our team remains committed to building long-term shareholder value, through a continued focus on our strategic plan and corporate values,” stated William J. Hieb, President and CEO. “Our operating results for the year and quarter clearly indicate that we have kept our focus on the business and the long-term success of DNB. We are particularly pleased with our loan growth, credit quality, and wealth management business.”