DNB Financial Is Positioned To Grow In 2015

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William S. Latoff, chairman and CEO of Downingtown’s DNB Financial Corporation, reports the company is going into 2015 with “significant momentum.”

“We entered 2014 with a strengthened balance sheet and a solid capital position,” Latoff said in announcing financials for the last quarter of 2014. “As a result, DNB was able to flow a greater amount of revenue to the bottom line and build shareholder value.”

For the last quarter of 2014, net income available to common shareholders was $1.42 million or $0.50 per diluted common share, compared with $1.12 million or $0.41 per diluted common share in that quarter of 2013.

For the 12 months of 2014, net income available to common shareholders was $4.67 million or $1.66 per diluted common share, compared with $3.77 million or $1.36 per diluted common share at the end of 2013. Net income in 2013 included a $1.6 million provision for credit losses in the third quarter following a $3.6 million write-down of three non-performing commercial credits.

Total assets were a company record $723.33 million, up 9.4 percent compared with total assets of $661.47 million at the end of 2013.

Latoff said the results reflect DNB’s key goals of transforming DNB First into a better integrated organization with a strong sales culture. He said the company is building its full-service retail banking operation to be flexible, responsive and able to provide a wide range of financial solutions. Fee income from wealth management services also contributed to a diversified revenue stream, he said.

DNB is well positioned to grow despite the prospects of uncertain interest rates and the economy, according to Latoff.

“We anticipate that competition for quality business in commercial banking, in particular, will remain intense,” Latoff said. “We believe our expanded range of services and capabilities will be a key factor in winning business and building lasting, long-term client relationships.”

 

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