DNB First – one of the first nationally-chartered community banks to serve the Greater Philadelphia region – has reported net income of $3.0 million, or $0.69 per diluted share, for the quarter ending Dec. 31, 2018, compared with $808,000, or $0.19 per diluted share, for the same quarter, last year.

For the year ending Dec. 31, 2018, net income was $10.7 million, or $2.48 per diluted share, compared with $7.9 million, or $1.85 per diluted share, for the same period last year.

Fourth quarter and full year 2017 results were impacted by a $1.8 million charge, or $0.43 per diluted share, to adjust deferred taxes due to the enactment of the Tax Cuts and Jobs Act in December 2017.

“Our fourth-quarter results provide further evidence of the strength and flexibility of the company’s business strategy,” said William J. Hieb, DNB First’s President and CEO. “Although the flat yield curve poses a challenge for all banks, we are confident that our prudent commercial loan growth, conservative credit culture, and judicious expense management will benefit our shareholders.”

Highlights include:

• Total loans increased 2.9 percent (not annualized) on a sequential quarter basis and 10.5 percent since Dec. 31, 2017. Total commercial loans grew 4.2 percent (not annualized) on a sequential quarter basis and were 83.3 percent of total loans as of Dec. 31, 2018.
• The net interest margin was 3.45 percent for the quarter ending Dec. 31, 2018, compared with 3.39 percent for the previous quarter and 3.74 percent for the three months ending Dec. 31, 2017.
• Wealth management assets under care were $253.3 million as of Dec. 31, 2018, compared with $252.8 million as of Dec. 31, 2017. Wealth management fees represented approximately 37 percent of total fee income for the fourth quarter of 2018.

A pair of out-of-state private investors who have acquired 6.5 percent of DNB stock – which ranks them among the bank’s largest owners – want DNB’s board to consider selling the bank to new owners. They filed a public notice with the Securities and Exchange Commission on Jan. 17.

“We welcome open communications with our shareholders, and we consider ideas that may support the creation of shareholder value,” said Hieb.

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