0000713671-18-000069.txt : 20180724 0000713671-18-000069.hdr.sgml : 20180724 20180724075709 ACCESSION NUMBER: 0000713671-18-000069 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20180724 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180724 DATE AS OF CHANGE: 20180724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DNB FINANCIAL CORP /PA/ CENTRAL INDEX KEY: 0000713671 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 232222567 STATE OF INCORPORATION: PA FISCAL YEAR END: 1217 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34242 FILM NUMBER: 18965624 BUSINESS ADDRESS: STREET 1: 4 BRANDYWINE AVE CITY: DOWNINGTOWN STATE: PA ZIP: 19335 BUSINESS PHONE: 6102691040 MAIL ADDRESS: STREET 1: 4 BRANDYWINE AVENUE CITY: DOWNINGTOWN STATE: PA ZIP: 19335 8-K 1 dnbf-20180724x8k.htm 8-K Form 8-K 2Q 2018

 UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549



FORM 8-K



CURRENT REPORT



Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934





ly

 

 

Date of Report (Date of Earliest Event Reported):

 

 

July 24, 2018

 


 

DNB Financial Corporation

__________________________________________

(Exact name of registrant as specified in its charter)





 

 

 

Pennsylvania

1-34242

23-2222567

 

_____________________

(State or other jurisdiction

_____________

(Commission

______________

(I.R.S. Employer

 

of incorporation)

File Number)

Identification No.)

 

   

 

 

 

4 Brandywine Avenue, Downingtown, Pennsylvania

 

19335

 

_________________________________

(Address of principal executive offices)

 

___________

(Zip Code)

 



 

Registrant’s telephone number, including area code:

 

(610) 269-1040

 





Not Applicable

______________________________________________

Former name or former address, if changed since last report



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐









 

Item 2.02. Results of Operations and Financial Condition.



On July 24, 2018, DNB Financial Corporation issued a press release discussing the Company's Second Quarter 2018 Results. The press release, attached as Exhibit 99.1 hereto and incorporated herein by reference, is being furnished to the SEC and shall not be deemed to be "filed" for any purpose.



Item 8.01. Other Events



The information in Item 2.02 is incorporated into this Item 8.01 by reference.



Item 9.01. Financial Statements and Exhibits.



(c) Exhibits. The following exhibit is furnished herewith:



99.1 Press Release, dated July 24, 2018 of DNB Financial Corporation







 





SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.





 

 

 

DNB Financial Corporation

   

 

July 24, 2018

By:

/s/ Gerald F. Sopp

 

 

Name: Gerald F. Sopp

 

 

Title: Chief Financial Officer and Executive Vice President



 









































Exhibit Index



nuary

 

 

 

Exhibit No.

 

Description

 

99.1

 

 Press Release dated July 24, 2018 of DNB Financial Corporation  

 

 

 





EX-99.1 2 dnbf-20180724xex99_1.htm EX-99.1 Press Release 2Q 2018

DNB Financial Corporation



DNB_Financial-4c_rev



For further information, please contact:

Gerald F. Sopp CFO/Executive Vice-President

484.359.3138FOR IMMEDIATE RELEASE 

gsopp@dnbfirst.com (NasdaqCM: DNBF)

DNB Financial Corporation Reports Second Quarter Results

Downingtown PA, July 24, 2018 (GLOBE NEWSWIRE)– DNB Financial Corporation (Nasdaq: DNBF), today reported net income of $2.0 million, or $0.47 per diluted share, for the quarter ending June 30, 2018, compared with $2.3 million, or $0.53 per diluted share, for the same quarter, last year.  For the six months ending June 30, 2018, the Company reported net income of $4.7 million, or $1.08 per diluted share, compared with $4.7 million, or $1.10 per diluted share, for the same period last year.

DNB Financial Corporation (the “Company” or “DNB”) is the parent of DNB First, National Association, one of the first nationally-chartered community banks to serve the greater Philadelphia region. 

William J. Hieb, President and CEO, stated, “While overall second quarter results were impacted by the previously disclosed one-time restructuring expenses, our core businesses, including commercial lending and wealth management, continued to perform well.”  Mr. Hieb added, “Strong credit metrics reflect the Company’s ongoing commitment to maintain prudent underwriting standards, despite the pressures brought on by the flattening yield curve and competitive lending environment.” 

Highlights 

·

Total loans increased 2.4% (not annualized) on a sequential quarter basis and 4.7% (not annualized) since December 31, 2017. 

·

Core deposits grew $11.0 million, or 1.5% (not annualized) since March 31, 2018, and were 78% of total deposits at June 30, 2018.  As of June 30, 2018, the loan-to-deposit ratio was 95%.

·

Asset quality remained strong, as net charge-offs were only 0.15% (annualized) of total average loans for the second quarter of 2018.  Non-performing loans were 0.76% of total loans at June 30, 2018.

·

On a sequential quarter basis, net interest income remained fairly stable at $9.1 million, despite the seven basis point decrease in the net interest margin to 3.44%.  The decline was largely attributable to a 12 basis point rise in the weighted average cost of interest-bearing liabilities.

·

Wealth management fees increased to $512,000 for the second quarter of 2018, compared with $435,000 and $471,000 for the quarters ending March 31, 2018 and June 30, 2017, respectively. 

1

 

Wealth management fees represented approximately 38% of total fee income for the second quarter of 2018.

·

The Company paid a quarterly cash dividend of $0.07 per share on June 20, 2018.

Income Statement Summary

Net income of $2.0 million for the second quarter of 2018, generated a return on average assets (“ROAA”) and return on average tangible common equity (“ROTCE”) (a non-GAAP measure) of 0.74% and 9.2%, respectively. 

Net interest income for the three months ending June 30, 2018 was $9.1 million, which represented a $41,000 increase from the quarter ending March 31, 2018, and a $211,000 decrease from the quarter ending June 30, 2017.  The year-over-year decline was primarily due to a 15 basis point decrease in the net interest margin to 3.44% for the quarter ending June 30, 2018.  The net interest margin decline resulted from a $232,000 net reduction in purchase accounting marks and the higher cost of interest-bearing liabilities, which was only partially offset by a $52.0 million rise in total average loans. For the second quarters of 2018 and 2017, the weighted average yields on total interest-earning assets were 4.28% and 4.12%, respectively, which included purchase accounting marks. 

Total interest expense was $2.2 million for the three months ending June 30, 2018, compared with $1.9 million for the three months ending March 31, 2018, and $1.4 million for the second quarter of 2017.  The weighted average rate paid for interest-bearing liabilities was 0.90%, 0.78% and 0.56% for the quarters ending June 30, 2018, March 31, 2018, and June 30, 2017, respectively.  The rise in the weighted average rate was primarily due to an overall increase in market interest rates.

The provision for credit losses was $375,000 for the second quarter of 2018, compared with the same amount for the first quarter of 2018, and $585,000 for the quarter ending June 30, 2017.  As of June 30, 2018, the allowance for credit losses was $6.2 million and represented 0.70% of total loans.  Loans acquired in connection with the purchase of East River Bank in 2016 were recorded at fair value based on an initial estimate of expected cash flows, including a reduction for estimated credit losses, and without carryover of the respective portfolio's historical allowance for credit losses. 

Total non-interest income for the second quarter of 2018 remained fairly steady at $1.3 million, compared with the same amount for both the first quarter of 2018 and the quarter ending June 30, 2017.  Wealth management fees were $512,000 for the second quarter of 2018, compared with $471,000 for the first quarter of 2018.  Wealth management fees represented approximately 38% of total fee income. 

Non-interest expense was $7.5 million for the quarter ending June 30, 2018, compared with $6.7 million for the first quarter of 2018, and $7.1 million for the second quarter of 2017.  As previously disclosed, non-interest expense for the second quarter of 2018 included a one-time severance payment of $434,000 and other related costs of $79,000 associated with an internal restructuring.  Non-interest expense for the second quarter of 2018 also included an expense of approximately $140,000 associated with the write-down of an OREO property. 

The enactment of the Tax Cuts and Jobs Act in December 2017 provided significant changes including a reduction of the federal corporate tax rate to 21% from 34%, effective January 1, 2018. The Company’s effective tax rate for the quarter ending June 30, 2018 was 17.5% compared with 24.6% for the same quarter, last year.

2

 

Balance Sheet Summary

As of June 30, 2018, total assets were $1.1 billion.  Since December 31, 2017, total assets increased $51.7 million, or 4.8% (not annualized), primarily due to total loan growth of $39.4 million, or 4.7% (not annualized).  Total deposits increased $72.9 million, or 8.5% (not annualized) since December 31, 2017, mainly due to growth in money market and brokered deposits.  As of June 30, 2018, total shareholders’ equity was $105.3 million, compared with $101.9 million as of December 31, 2017.  Tangible book value per share (a non-GAAP measure) was $20.79 as of June 30, 2018, compared with $20.06 as of December 31, 2017.

Total loans were $885.3 million, or 78.1% of total assets, as of June 30, 2018.  As of June 30, 2018, commercial loans – a key strategic emphasis - totaled $727.9 million and represented 82% of total loans.    Over the past three months, total commercial loans increased $19.4 million, or 2.7% (not annualized).    Commercial mortgage loans increased $18.3 million, or 3.7%, commercial business loans decreased $579,000, or less than 1%, and commercial construction loans increased $1.7 million, or 2.2%.  Consumer loans, however, declined slightly over the quarter.    

On a sequential quarter basis, total core deposits increased $11.0 million, or 1.5% (not annualized), and were 77.8% of total deposits as of June 30, 2018.  As of the same date, non-interest bearing deposits were 18.8% of total deposits.  Core deposit growth in the second quarter of 2018, was primarily attributable to an increase in NOW accounts.  The amount of time deposits was relatively stable through the second quarter of 2018 as the Company used brokered deposits to help fund loan growth due to their more favorable rates and maturities compared with other non-core funding sources.

Capital ratios continue to exceed all regulatory guidelines.  As of June 30, 2018, the tier 1 leverage ratio was 9.35%, the tier 1 risk-based capital ratio was 11.72%, the common equity tier 1 risk-based capital ratio was 10.69% and the total risk based capital ratio was 13.59%.  As of the same date, the tangible common equity-to-tangible assets ratio (a non-GAAP measure) was 8.00%.  Intangible assets and goodwill totaled $16.0 million as of June 30, 2018.    

Asset Quality Summary

Asset quality remained strong as net charge-offs were 0.15% (annualized) of total average loans for the quarter ending June 30, 2018.  Total non-performing assets, including loans and other real estate property, were $11.9 million as of June 30, 2018, compared with $13.4 million as of March 31, 2018, and $12.6 million as of December 31, 2017.  The ratio of non-performing loans to total loans was 0.76% compared with 0.97% as of March 31, 2018 and 0.89% as of December 31, 2017.    

Interest Rate Risk Management

DNB's strategy has been to seek shorter duration over yield in its lending and investing activities and lengthen duration in its financing activities to minimize interest rate risk.  The Company also strives to offer products and services that develop strong relationships to retain core deposits. The Bank has an Asset Liability Management Committee that actively monitors and manages the bank's interest rate exposure using simulation models and gap analysis. The Committee's primary objective is to minimize the adverse impact of changes in interest rates on net interest income, while maximizing earnings.  Simulation model results show moderate liability sensitivity to rising rates in 100, 200, 300 and 400 basis point shock scenarios. Rate changes ramped in over 24 months also show moderate liability sensitivity.

3

 

Non-GAAP Based Financial Measures

The income statement summary and selected financial data contains non-GAAP financial measures calculated using non-GAAP amounts. These measures are tangible book value per common share, return on average tangible equity and tangible equity to tangible assets. Tangible book value per share adjusts the numerator by the amount of Goodwill and Other Intangible Assets (reduction of Shareholders' Equity). Return on average tangible equity adjusts the denominator by the amount of Goodwill and Other Intangible Assets (reduction of Shareholders’ Equity). Tangible equity to tangible assets adjusts the numerator by the amount of Goodwill and Other Intangible Assets (reduction of Shareholders’ Equity) and adjust the denominator by the amount of Goodwill and Other Intangible Assets (reduction of Total Assets). Management uses non-GAAP measures to present historical periods comparable to the current period presentation. In addition, management believes the use of non-GAAP measures provides additional clarity when assessing our financial results and use of equity. Disclosures of this type should not be viewed as substitutes for results determined to be in accordance with U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other entities.

General Information



DNB Financial Corporation is a bank holding company whose bank subsidiary, DNB First, National Association, is a community bank headquartered in Downingtown, Pennsylvania with 15 locations. DNB First, which was founded in 1860, provides a broad array of consumer and business banking products, and offers brokerage and insurance services through DNB Investments & Insurance, and investment management services through DNB Investment Management & Trust. DNB Financial Corporation's shares are traded on NASDAQ’s Capital Market under the symbol: DNBF. We invite our customers and shareholders to visit our website at https://www.dnbfirst.com. DNB's Investor Relations site can be found at http://investors.dnbfirst.com/.

Forward-Looking Statements



This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, expectations or predictions of future financial or business performance. These forward-looking statements include statements with respect to DNB’s beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, that are subject to significant risks and uncertainties, and are subject to change based on various factors (some of which are beyond DNB’s control). The words "may," "could," "should," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan" and similar expressions are intended to identify forward-looking statements.

In addition to factors previously disclosed in the reports filed by DNB with the Securities and Exchange Commission (the “SEC”) and those identified elsewhere in this document, the following factors, among others, could cause actual results to differ materially from forward looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which DNB conducts its operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; the downgrade, and any future downgrades, in the credit rating of the U.S. Government and federal agencies; inflation, interest rate, market and monetary fluctuations; the timely development of and acceptance of new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors' products and services; the willingness of users to substitute competitors’ products and services for DNB’s products and services; the success of DNB in gaining regulatory approval of its products and services, when required; the impact of changes in laws and regulations applicable to financial institutions (including

4

 

laws concerning taxes, banking, securities and insurance); technological changes; additional acquisitions; changes in consumer spending and saving habits; the nature, extent, and timing of governmental actions and reforms; and the success of DNB at managing the risks involved in the foregoing. Further, DNB’s expectations with respect to the effects of the new tax law could be affected by future clarifications, amendments, and interpretations of such law. Annualized, pro forma, projected and estimated numbers presented herein are presented for illustrative purpose only, are not forecasts and may not reflect actual results.

DNB cautions that the foregoing list of important factors is not exclusive. Readers are also cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date of this press release, even if subsequently made available by DNB on its website or otherwise. DNB does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of DNB to reflect events or circumstances occurring after the date of this press release.

For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the SEC, including our most recent annual report on Form 10-K, as supplemented by our quarterly or other reports subsequently filed with the SEC.



FINANCIAL TABLES FOLLOW



















5

 













 

 

 

 

 

 

 

 

 

 

 

DNB Financial Corporation

Condensed Consolidated Statements of Income (Unaudited)

(Dollars in thousands, except per share data)



 

 

 

 

 

 

 

 

 

 

 



Three Months Ended

 

Six Months Ended



June 30,

 

June 30,



 

2018

 

 

2017

 

 

2018

 

 

2017

 EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 Interest income

$

 11,289 

 

$

 10,661 

 

$

 22,202 

 

$

 21,155 

 Interest expense

 

 2,221 

 

 

 1,382 

 

 

 4,107 

 

 

 2,644 

 Net interest income

 

 9,068 

 

 

 9,279 

 

 

 18,095 

 

 

 18,511 

 Provision for credit losses

 

 375 

 

 

 585 

 

 

 750 

 

 

 910 

 Non-interest income

 

 1,322 

 

 

 1,300 

 

 

 2,595 

 

 

 2,526 

 Gain from insurance proceeds

 

 -

 

 

 -

 

 

 -

 

 

 80 

 Gain on sale of investment securities

 

 -

 

 

 25 

 

 

 -

 

 

 25 

 Gain on sale of SBA loans

 

 10 

 

 

 97 

 

 

 10 

 

 

 97 

 Loss on sale / write-down of OREO and ORA

 

 140 

 

 

 115 

 

 

 140 

 

 

 114 

 Due diligence & merger expense

 

 -

 

 

 26 

 

 

 -

 

 

 77 

 Non-interest expense

 

 7,400 

 

 

 6,943 

 

 

 14,130 

 

 

 13,638 

 Income before income taxes(1)

 

 2,485 

 

 

 3,032 

 

 

 5,680 

 

 

 6,500 

 Income tax expense

 

 436 

 

 

 746 

 

 

 1,018 

 

 

 1,773 

 Net income

$

 2,049 

 

$

 2,286 

 

$

 4,662 

 

$

 4,727 

 Net income per common share, diluted

$

 0.47 

 

$

 0.53 

 

$

 1.08 

 

$

 1.10 

(1) Net income before income taxes includes net accretion of purchase accounting fair value adjustments of $216,000 and $477,000 for the three and six month periods ended June 30, 2018, respectively, compared with $445,000 and $1.08 million for the same periods last year.



 

 

 

 

 

Condensed Consolidated Statements of Financial Condition (Unaudited)

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 



 

 

 

 

 

 

 



 

June 30,

 

 

Dec 31,

 

 



 

2018

 

 

2017

 

 

 

 

 

 

 FINANCIAL POSITION:

 

 

 

 

 

 

 

 

 

 

 

 Cash and cash equivalents

$

 33,452 

 

$

 10,917 

 

 

 

 

 

 

 Investment securities

 

 165,574 

 

 

 174,173 

 

 

 

 

 

 

 Loans held for sale

 

 276 

 

 

 651 

 

 

 

 

 

 

 Loans

 

 885,320 

 

 

 845,897 

 

 

 

 

 

 

 Allowance for credit losses

 

 (6,188)

 

 

 (5,843)

 

 

 

 

 

 

 Net loans

 

 879,132 

 

 

 840,054 

 

 

 

 

 

 

 Premises and equipment, net

 

 8,150 

 

 

 8,649 

 

 

 

 

 

 

 Restricted Stock

 

 6,950 

 

 

 7,641 

 

 

 

 

 

 

 Other assets

 

 40,075 

 

 

 39,830 

 

 

 

 

 

 

 Total assets

$

 1,133,609 

 

$

 1,081,915 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 Deposits

$

 934,115 

 

$

 861,203 

 

 

 

 

 

 

 FHLB advances

 

 62,972 

 

 

 79,013 

 

 

 

 

 

 

 Repurchase agreements

 

 5,609 

 

 

 12,023 

 

 

 

 

 

 

 Other borrowings

 

 9,615 

 

 

 12,017 

 

 

 

 

 

 

 Subordinated debt

 

 9,750 

 

 

 9,750 

 

 

 

 

 

 

 Other liabilities

 

 6,215 

 

 

 5,967 

 

 

 

 

 

 

 Stockholders' equity

 

 105,333 

 

 

 101,942 

 

 

 

 

 

 

 Total liabilities and stockholders' equity

$

 1,133,609 

 

$

 1,081,915 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 



6

 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

DNB Financial Corporation

Selected Financial Data (Unaudited)

(In thousands, except per share data)



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Quarterly



2018

 

2018

 

2017

 

2017

 

2017



2nd Qtr

 

1st Qtr

 

4th Qtr

 

3rd Qtr

 

2nd Qtr

Earnings and Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net income

$

 2,049 

 

$

 2,613 

 

$

 808 

 

$

 2,411 

 

$

 2,286 

 Basic earnings per common share

$

 0.48 

 

$

 0.61 

 

$

 0.19 

 

$

 0.57 

 

$

 0.54 

 Diluted earnings per common share

$

 0.47 

 

$

 0.61 

 

$

 0.19 

 

$

 0.56 

 

$

 0.53 

 Dividends per common share

$

 0.07 

 

$

 0.07 

 

$

 0.07 

 

$

 0.07 

 

$

 0.07 

 Book value per common share

$

 24.49 

 

$

 24.15 

 

$

 23.78 

 

$

 23.90 

 

$

 23.35 

 Tangible book value per common share (Non-GAAP)

$

 20.79 

 

$

 20.44 

 

$

 20.06 

 

$

 20.15 

 

$

 19.59 

 Average common shares outstanding

 

 4,298 

 

 

 4,291 

 

 

 4,274 

 

 

 4,262 

 

 

 4,258 

 Average diluted common shares outstanding

 

 4,314 

 

 

 4,309 

 

 

 4,297 

 

 

 4,296 

 

 

 4,292 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Return on average assets

 

 0.74% 

 

 

 0.97% 

 

 

 0.30% 

 

 

 0.90% 

 

 

 0.84% 

 Return on average equity

 

 7.79% 

 

 

 10.25% 

 

 

 3.10% 

 

 

 9.42% 

 

 

 9.23% 

 Return on average tangible equity (Non-GAAP)

 

 9.18% 

 

 

 12.12% 

 

 

 3.66% 

 

 

 11.18% 

 

 

 11.00% 

 Net interest margin

 

 3.44% 

 

 

 3.51% 

 

 

 3.74% 

 

 

 3.72% 

 

 

 3.59% 

 Efficiency ratio

 

 70.39% 

 

 

 64.61% 

 

 

 64.73% 

 

 

 63.45% 

 

 

 63.80% 

 Wtd average yield on earning assets

 

 4.28% 

 

 

 4.24% 

 

 

 4.35% 

 

 

 4.30% 

 

 

 4.12% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net charge-offs to average loans

 

 0.15% 

 

 

 0.04% 

 

 

 0.06% 

 

 

 0.02% 

 

 

 0.36% 

 Non-performing loans/Total loans

 

 0.76% 

 

 

 0.97% 

 

 

 0.89% 

 

 

 0.87% 

 

 

 0.84% 

 Non-performing assets/Total assets

 

 1.05% 

 

 

 1.22% 

 

 

 1.16% 

 

 

 1.13% 

 

 

 1.13% 

 Allowance for credit loss/Total loans

 

 0.70% 

 

 

 0.71% 

 

 

 0.69% 

 

 

 0.68% 

 

 

 0.65% 

 Allowance for credit loss/Non-performing loans

 

 91.76% 

 

 

 73.08% 

 

 

 77.36% 

 

 

 78.68% 

 

 

 76.76% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total equity/Total assets

 

 9.29% 

 

 

 9.42% 

 

 

 9.42% 

 

 

 9.56% 

 

 

 9.19% 

 Tangible equity/Tangible assets (Non-GAAP)

 

 8.00% 

 

 

 8.09% 

 

 

 8.07% 

 

 

 8.18% 

 

 

 7.83% 

 Tier 1 leverage ratio

 

 9.35% 

 

 

 9.33% 

 

 

 9.19% 

 

 

 9.22% 

 

 

 8.80% 

 Common equity tier 1 risk-based capital ratio

 

 10.69% 

 

 

 10.63% 

 

 

 10.71% 

 

 

 10.78% 

 

 

 10.24% 

 Tier 1 risk based capital ratio

 

 11.72% 

 

 

 11.67% 

 

 

 11.80% 

 

 

 11.88% 

 

 

 11.32% 

 Total risk based capital ratio

 

 13.59% 

 

 

 13.56% 

 

 

 13.73% 

 

 

 13.79% 

 

 

 13.15% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth Management Assets Under Care(1)

$

 257,797 

 

$

 260,324 

 

$

 252,823 

 

$

 246,294 

 

$

 232,707 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Wealth Management Assets Under Care includes assets under management, administration, supervision and brokerage.













 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

 

DNB Financial Corporation

 

Condensed Consolidated Statements of Income (Unaudited)

 

(Dollars in thousands, except per share data)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended

 



June 30,

 

Mar 31,

 

Dec 31,

 

Sept 30,

 

June 30,

 



2018

 

2018

 

2017

 

2017

 

2017

 

 EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Interest income

$

 11,289 

 

$

 10,913 

 

$

 11,241 

 

$

 10,989 

 

$

 10,661 

 

 Interest expense

 

 2,221 

 

 

 1,886 

 

 

 1,593 

 

 

 1,483 

 

 

 1,382 

 

 Net interest income

 

 9,068 

 

 

 9,027 

 

 

 9,648 

 

 

 9,506 

 

 

 9,279 

 

 Provision for credit losses

 

 375 

 

 

 375 

 

 

 375 

 

 

 375 

 

 

 585 

 

 Non-interest income

 

 1,322 

 

 

 1,273 

 

 

 1,250 

 

 

 1,236 

 

 

 1,300 

 

 Gain from insurance proceeds

 

 -

 

 

 -

 

 

 123 

 

 

 -

 

 

 -

 

 Gain on sale of investment securities

 

 -

 

 

 -

 

 

 25 

 

 

 -

 

 

 25 

 

 Gain on sale of SBA loans

 

 10 

 

 

 -

 

 

 21 

 

 

 35 

 

 

 97 

 

 Loss (gain) on sale / write-down of OREO and ORA

 

 140 

 

 

 -

 

 

 -

 

 

 7 

 

 

 115 

 

 Due diligence & merger expense

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 26 

 

 Non-interest expense

 

 7,400 

 

 

 6,730 

 

 

 7,202 

 

 

 6,983 

 

 

 6,943 

 

 Income before income taxes

 

 2,485 

 

 

 3,195 

 

 

 3,490 

 

 

 3,412 

 

 

 3,032 

 

 Income tax expense

 

 436 

 

 

 582 

 

 

 2,682 

 

 

 1,001 

 

 

 746 

 

 Net income(1)

$

 2,049 

 

$

 2,613 

 

$

 808 

 

$

 2,411 

 

$

 2,286 

 

 Net income per common share, diluted

$

 0.47 

 

$

 0.61 

 

$

 0.19 

 

$

 0.56 

 

$

 0.53 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Fourth quarter 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.

 

Condensed Consolidated Statements of Financial Condition (Unaudited)

 

(Dollars in thousands)

 



June 30,

 

Mar 31,

 

Dec 31,

 

Sept 30,

 

June 30,

 



2018

 

2018

 

2017

 

2017

 

2017

 

 FINANCIAL POSITION:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Cash and cash equivalents

$

 33,452 

 

$

 14,078 

 

$

 10,917 

 

$

 19,490 

 

$

 36,189 

 

 Investment securities

 

 165,574 

 

 

 171,108 

 

 

 174,173 

 

 

 175,148 

 

 

 177,149 

 

 Loans held for sale

 

 276 

 

 

 646 

 

 

 651 

 

 

 350 

 

 

 -

 

 Loans and leases

 

 885,320 

 

 

 864,345 

 

 

 845,897 

 

 

 819,753 

 

 

 816,525 

 

 Allowance for credit losses

 

 (6,188)

 

 

 (6,145)

 

 

 (5,843)

 

 

 (5,594)

 

 

 (5,267)

 

 Net loans and leases

 

 879,132 

 

 

 858,200 

 

 

 840,054 

 

 

 814,159 

 

 

 811,258 

 

 Premises and equipment, net

 

 8,150 

 

 

 8,366 

 

 

 8,649 

 

 

 8,898 

 

 

 9,099 

 

 Goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 Restricted Stock

 

 6,950 

 

 

 7,363 

 

 

 7,641 

 

 

 6,371 

 

 

 6,566 

 

 Other assets

 

 24,550 

 

 

 24,744 

 

 

 24,305 

 

 

 25,742 

 

 

 25,674 

 

 Total assets

$

 1,133,609 

 

$

 1,100,030 

 

$

 1,081,915 

 

$

 1,065,683 

 

$

 1,081,460 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Demand

$

 175,561 

 

$

 172,044 

 

$

 176,815 

 

$

 198,399 

 

$

 181,529 

 

 NOW

 

 216,261 

 

 

 207,538 

 

 

 199,310 

 

 

 195,455 

 

 

 209,355 

 

 Money market

 

 254,061 

 

 

 253,757 

 

 

 221,726 

 

 

 217,870 

 

 

 240,434 

 

 Savings

 

 80,044 

 

 

 81,635 

 

 

 81,050 

 

 

 81,030 

 

 

 84,820 

 

 Core deposits

 

 725,927 

 

 

 714,974 

 

 

 678,901 

 

 

 692,754 

 

 

 716,138 

 

 Time deposits

 

 114,766 

 

 

 115,214 

 

 

 140,490 

 

 

 136,759 

 

 

 147,110 

 

 Brokered deposits

 

 93,422 

 

 

 61,598 

 

 

 41,812 

 

 

 41,815 

 

 

 29,811 

 

 Total deposits

 

 934,115 

 

 

 891,786 

 

 

 861,203 

 

 

 871,328 

 

 

 893,059 

 

 FHLB advances

 

 62,972 

 

 

 67,993 

 

 

 79,013 

 

 

 51,047 

 

 

 49,869 

 

 Repurchase agreements

 

 5,609 

 

 

 10,717 

 

 

 12,023 

 

 

 15,383 

 

 

 15,700 

 

 Subordinated debt

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 Other borrowings

 

 9,615 

 

 

 9,630 

 

 

 12,017 

 

 

 9,658 

 

 

 9,672 

 

 Other liabilities

 

 6,215 

 

 

 6,484 

 

 

 5,967 

 

 

 6,633 

 

 

 4,005 

 

 Stockholders' equity

 

 105,333 

 

 

 103,670 

 

 

 101,942 

 

 

 101,884 

 

 

 99,405 

 

 Total liabilities and stockholders' equity

$

 1,133,609 

 

$

 1,100,030 

 

$

 1,081,915 

 

$

 1,065,683 

 

$

 1,081,460 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DNB Financial Corporation

Condensed Consolidated Statements of Financial Condition - Quarterly Average Balances (Unaudited)

(Dollars in thousands)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

June 30,

 

 

Mar 31,

 

 

Dec 31,

 

 

Sept 30,

 

 

June 30,

 



 

2018

 

 

2018

 

 

2017

 

 

2017

 

 

2017

 

 FINANCIAL POSITION:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Cash and cash equivalents

$

 20,528 

 

$

 16,509 

 

$

 23,513 

 

$

 20,673 

 

$

 46,629 

 

 Investment securities

 

 168,836 

 

 

 172,488 

 

 

 173,959 

 

 

 176,424 

 

 

 175,546 

 

 Loans held for sale

 

 642 

 

 

 113 

 

 

 34 

 

 

 49 

 

 

 10 

 

 Loans and leases

 

 869,166 

 

 

 851,623 

 

 

 827,273 

 

 

 818,800 

 

 

 817,148 

 

 Allowance for credit losses

 

 (6,197)

 

 

 (5,958)

 

 

 (5,639)

 

 

 (5,388)

 

 

 (5,557)

 

 Net loans and leases

 

 862,969 

 

 

 845,665 

 

 

 821,634 

 

 

 813,412 

 

 

 811,591 

 

 Premises and equipment, net

 

 8,306 

 

 

 8,552 

 

 

 8,841 

 

 

 9,032 

 

 

 9,188 

 

 Goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 Restricted Stock

 

 6,836 

 

 

 7,674 

 

 

 6,795 

 

 

 6,506 

 

 

 6,578 

 

 Other assets

 

 23,568 

 

 

 23,436 

 

 

 24,723 

 

 

 24,839 

 

 

 24,785 

 

 Total assets

$

 1,107,210 

 

$

 1,089,962 

 

$

 1,075,024 

 

$

 1,066,460 

 

$

 1,089,852 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Demand

$

 170,885 

 

$

 174,022 

 

$

 192,700 

 

$

 188,804 

 

$

 183,329 

 

 NOW

 

 206,341 

 

 

 204,719 

 

 

 196,055 

 

 

 199,311 

 

 

 209,433 

 

 Money market

 

 252,825 

 

 

 236,165 

 

 

 216,853 

 

 

 223,448 

 

 

 232,662 

 

 Savings

 

 80,696 

 

 

 80,992 

 

 

 81,118 

 

 

 82,971 

 

 

 84,946 

 

 Core deposits

 

 710,747 

 

 

 695,898 

 

 

 686,726 

 

 

 694,534 

 

 

 710,370 

 

 Time deposits

 

 114,091 

 

 

 133,222 

 

 

 142,283 

 

 

 142,846 

 

 

 166,459 

 

 Brokered deposits

 

 82,957 

 

 

 43,739 

 

 

 41,814 

 

 

 35,474 

 

 

 26,709 

 

 Total deposits

 

 907,795 

 

 

 872,859 

 

 

 870,823 

 

 

 872,854 

 

 

 903,538 

 

 FHLB advances

 

 54,971 

 

 

 75,458 

 

 

 59,373 

 

 

 50,827 

 

 

 50,634 

 

 Repurchase agreements

 

 12,042 

 

 

 12,364 

 

 

 15,388 

 

 

 16,070 

 

 

 12,551 

 

 Subordinated debt

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 Other borrowings

 

 10,923 

 

 

 10,470 

 

 

 9,835 

 

 

 9,996 

 

 

 9,684 

 

 Other liabilities

 

 6,277 

 

 

 5,657 

 

 

 6,298 

 

 

 5,433 

 

 

 4,353 

 

 Stockholders' equity

 

 105,452 

 

 

 103,404 

 

 

 103,557 

 

 

 101,530 

 

 

 99,342 

 

 Total liabilities and stockholders' equity

$

 1,107,210 

 

$

 1,089,962 

 

$

 1,075,024 

 

$

 1,066,460 

 

$

 1,089,852 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



9

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DNB Financial Corporation

Reconciliation of Non-GAAP Financial Measures (Unaudited)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Tangible Book Value Per Common Share to Book Value Per Common Share

(In thousands, except share and per share data)



June 30,

 

Mar 31,

 

Dec 31,

 

Sept 30,

 

June 30,

 



2018

 

2018

 

2017

 

2017

 

2017

 

Stockholders' Equity

$

 105,333 

 

$

 103,670 

 

$

 101,942 

 

$

 101,884 

 

$

 99,405 

 

Goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

Other intangible assets

 

 388 

 

 

 423 

 

 

 435 

 

 

 459 

 

 

 485 

 

Tangible common equity (Non-GAAP)

$

 89,420 

 

$

 87,722 

 

$

 85,982 

 

$

 85,900 

 

$

 83,395 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding shares

 4,301,898 

 

 4,292,689 

 

 4,286,117 

 

 4,262,721 

 

 4,258,073 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common share (GAAP)

$

 24.49 

 

$

 24.15 

 

$

 23.78 

 

$

 23.90 

 

$

 23.35 

 

Tangible book value per common share (Non-GAAP)

 

 20.79 

 

 

 20.44 

 

 

 20.06 

 

 

 20.15 

 

 

 19.59 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Average Tangible Equity

(Dollars in thousands)

For the Quarter Ended



June 30,

 

Mar 31,

 

Dec 31,

 

Sept 30,

 

June 30,

 



2018

 

2018

 

2017

 

2017

 

2017

 

Average Stockholders' Equity

$

 105,452 

 

$

 103,404 

 

$

 103,557 

 

$

 101,530 

 

$

 99,342 

 

Average goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

Average other intangible assets

 

 388 

 

 

 423 

 

 

 435 

 

 

 472 

 

 

 498 

 

Average tangible stockholders' equity (Non-GAAP)

$

 89,539 

 

$

 87,456 

 

$

 87,597 

 

$

 85,533 

 

$

 83,319 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

 2,049 

 

$

 2,613 

 

$

 808 

 

$

 2,411 

 

$

 2,286 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average stockholders' equity (GAAP)

 

 7.79 

%

 

 10.25 

%

 

 3.10 

%

 

 9.42 

%

 

 9.23 

%

Return on average tangible equity (Non-GAAP)

 

 9.18 

 

 

 12.12 

 

 

 3.66 

 

 

 11.18 

 

 

 11.00 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Equity/Tangible Assets

(Dollars in thousands)



June 30,

 

Mar 31,

 

Dec 31,

 

Sept 30,

 

June 30,

 



2018

 

2018

 

2017

 

2017

 

2017

 

Stockholders' Equity

$

 105,333 

 

$

 103,670 

 

$

 101,942 

 

$

 101,884 

 

$

 99,405 

 

Goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

Other intangible assets

 

 388 

 

 

 423 

 

 

 435 

 

 

 459 

 

 

 485 

 

Tangible common equity (Non-GAAP)

$

 89,420 

 

$

 87,722 

 

$

 85,982 

 

$

 85,900 

 

$

 83,395 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 1,133,609 

 

 1,100,030 

 

 1,081,915 

 

 1,065,683 

 

 1,081,460 

 

Goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

Other intangible assets

 

 388 

 

 

 423 

 

 

 435 

 

 

 459 

 

 

 485 

 

Tangible assets (Non-GAAP)

 1,117,696 

 

 1,084,082 

 

 1,065,955 

 

 1,049,699 

 

 1,065,450 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity/Total assets (GAAP)

 

 9.29 

%

 

 9.42 

%

 

 9.42 

%

 

 9.56 

%

 

 9.19 

%

Tangible equity/Tangible assets (Non-GAAP)

 

 8.00 

 

 

 8.09 

 

 

 8.07 

 

 

 8.18 

 

 

 7.83 

 



10

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