DNB Financial Corporation Posts Solid Q2 Results

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On Thursday, DNB Financial Corporation, the parent of DNB First, National Association reported positive results for the quarter ended June 30th, 2016.

William J. Hieb, President & CEO at DNB.
William J. Hieb, President & CEO at DNB.

“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.”

The Company reported total assets of $764.2 million compared to $748.8 million for the last quarter of 2015. On a sequential quarterly basis, total assets increased $2.7 million or 0.35 percent.  Wealth management assets also saw an increase, climbing 4.7 percent to $200.6 million compared to $191.5 million at the end of last year.

Net income for the quarter was reported at $1.1 million, or $0.39 per diluted share, a slight decrease from the same quarter last year. The quarterly cash dividend of $0.07 was paid on June 22nd.

The Company also reported that it had acquired East River Bank in a stock and cash agreement valued at $49 million. The transaction is still pending regulatory approvals and the approval of East River and DNB shareholders. 

“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,“ said Hieb.

Check out previous VISTA Today coverage of DNB First here.

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