0000713671-19-000038.txt : 20190423 0000713671-19-000038.hdr.sgml : 20190423 20190423080024 ACCESSION NUMBER: 0000713671-19-000038 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190423 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190423 DATE AS OF CHANGE: 20190423 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: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34242 FILM NUMBER: 19760674 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-20190423x8k.htm 8-K Form 8-K 1Q 2019

 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):

 

 

April 23, 2019

 


 

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 April 23, 2019, DNB Financial Corporation issued a press release discussing the Company's First Quarter 2019 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 April 23, 2019 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

   

 

April 23, 2019

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 April 23, 2019 of DNB Financial Corporation     

 

 

 





EX-99.1 2 dnbf-20190423xex99_1.htm EX-99.1 Press Release 1Q 2019

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 First Quarter 2019 Results

Downingtown PA, April 23, 2019 (GLOBE NEWSWIRE)– DNB Financial Corporation (Nasdaq: DNBF), today reported net income of $2.6 million, or $0.60 per diluted share, for the quarter ending March 31, 2019, compared with $2.6 million, or $0.61 per diluted share, for the same quarter, 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, “We are pleased with our first quarter results as they demonstrate the consistency and resiliency of our business model. These results included certain costs -a loss on the sale of other real estate owned (OREO) of $113,000, largely contributing to a $2.7 million or 25% decline in non-performing assets, and $38,000 related to the closure of the Old City, Philadelphia branch - that will lead to increased profitability as we move forward.  Our strong capital position is complemented by an established community banking reputation that we have reinforced over many years.  We operate in robust markets that offer many opportunities for growth in banking products and services, and we remain confident that this presence, combined with our local relationships and conservative credit culture, will benefit our shareholders and customers.”

Highlights 

·

Asset quality remained strong as net charge-offs were only 0.07% (annualized) of total average loans for the first quarter of 2019.  Non-performing loans were 0.49% of total loans at March 31, 2019.

·

Despite the flat yield curve that challenges all banks, the net interest margin was resilient at 3.43% for the quarter ending March 31, 2019. 

·

Non-interest bearing deposits increased $2.1 million or 1.3% (not annualized), over the past three months and represented 17.0% of total deposits at March 31, 2019.  As of the same date, core deposits were 72.4% of total deposits.

·

Wealth management assets under care were $274.0 million as of March 31, 2019, compared with $253.3 million as of December 31, 2018.  Wealth management fees represented approximately 35% of total fee income for the first quarter of 2019.

·

The Company paid a quarterly cash dividend of $0.07 per share on March 27, 2019.

1

 

Income Statement Summary

Net income of $2.6 million for the first quarter of 2019, generated a return on average assets (“ROAA”) and return on average tangible equity (“ROTE”) (a non-GAAP measure) of 0.91% and 10.7%, respectively.  A discussion of non-GAAP measures in this release is included below and a reconciliation of this and other GAAP to non-GAAP measures is included on page 10.

Net interest income for the three months ending March 31, 2019 was $9.4 million, which represented a $160,000 decrease from the quarter ending December 31, 2018, and a $371,000 increase from the quarter ending March 31, 2018.  The net interest margin for the first quarter of 2019 was 3.43%, which represented a two basis point decline on a sequential quarter basis.  The year-over-year net interest margin decrease of eight basis points was primarily due to the higher cost of interest-bearing liabilities and a $77,000 net reduction in purchase accounting marks, which was partially offset by an $83.5 million increase in total average loans.  For the first quarters of 2019 and 2018, the weighted average yields on total interest-earning assets were 4.51% and 4.24%, respectively, which included purchase accounting marks. 

Total interest expense was $3.0 million for the three months ending March 31, 2019, compared with $2.8 million for the three months ending December 31, 2018, and $1.9 million for the first quarter of 2018.  The weighted average rate paid for interest-bearing liabilities was 1.16%, 1.07%, and 0.78% for the quarters ending March 31, 2019, December 31, 2018, and March 31, 2018, 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 $200,000 for the first quarter of 2019, compared with $350,000 for the fourth quarter of 2018, and $375,000 for the quarter ending March 31, 2018.  As of March 31, 2019, the allowance for credit losses was $6.7 million and represented 0.72% of total loans. 

Total non-interest income for the first quarter of 2019 remained fairly stable at $1.3 million, compared with both the fourth quarter of 2018, and the quarter ending March 31, 2018.  Wealth management fees were $445,000 for the first quarter of 2019, compared with $466,000 for the fourth quarter of 2018, and $435,000 for the first quarter of 2018.  Wealth management fees represented approximately 35% of total fee income. 

Non-interest expense was approximately $7.3 million for the quarter ending March 31, 2019, compared with $6.8 million for the quarter ending December 31, 2018, and $6.7 million for the quarter ending March 31, 2018.  Non-interest expense for the most recent quarter included a $113,000 loss on the sale of OREO and $38,000 associated with a branch closure in Philadelphia.  The efficiency ratio was approximately 67% for the three months ended March 31, 2019.

Income tax expense was $607,000 for the three months ending March 31, 2019, and $582,000 for the quarter ending March 31, 2018.  The effective tax rate for the most recent quarter was 19.0%, compared with 18.2%, for the same quarter, last year.

Balance Sheet Summary

As of March 31, 2019, total assets were $1.2 billion.  Since December 31, 2018, total average loans increased $15.2 million, or 1.7%, which was partially offset by a $10.0 million, or 5.5% decrease in total average investment securities and other interest-earning assets.  Total average deposits decreased $1.2 million, or less than one percent since December 31, 2018.  As of March 31, 2019, total shareholders’

2

 

equity was $115.0 million, compared with $111.8 million as of December 31, 2018.  Tangible book value per share (a non-GAAP measure) was $22.91 as of March 31, 2019, compared with $22.21 as of December 31, 2018. See Reconciliation of Non-GAAP Financial Measures on page 10.

As of March 31, 2019, total loans were $933.7 million, or 80.0% of total assets.  At the same date, commercial loans totaled $778.3 million and represented 83.4% of total loans.  The Company views commercial lending as the highest and best use of its capital as these loans generally have higher yields and shorter durations. Over the past three months, commercial business loans grew $15.7 million or 9.5%, and commercial construction loans increased $2.7 million, or 3.5%.  That growth, however, was offset by an $18.5 million, or 3.5%, decrease in commercial mortgage loans due to scheduled maturities and higher prepayments.  Consumer loans also declined over the quarter as overall loan demand appeared to weaken.  Loan originations have been prudent and conservative underwriting standards have been maintained.

Total core deposits decreased $3.7 million, or 0.5%, since December 31, 2018, and were 72.4% of total deposits as of March 31, 2019.  Non-interest bearing deposits increased $2.1 million or 1.25% (not annualized), over the past three months, and represented 17.0% of total deposits as of March 31, 2019. The $1.5 million, or 1.4%, decrease in brokered deposits was largely due to less favorable rates and maturities, compared with other funding sources, including FHLB advances.  As of March 31, 2019, the loan-to-deposit ratio was 95.3%. 

Capital ratios continue to exceed all regulatory guidelines.  As of March 31, 2019, the tier 1 leverage ratio was 9.65%, the tier 1 risk-based capital ratio was 11.97%, the common equity tier 1 risk-based capital ratio was 11.00%, and the total risk based capital ratio was 13.80%.  As of the same date, the tangible common equity-to-tangible assets ratio (a non-GAAP measure) was 8.61%.  Intangible assets and goodwill totaled $15.8 million as of March 31, 2019. See Reconciliation of Non-GAAP Financial Measures on page 10.

Asset Quality Summary

Asset quality remained strong as net charge-offs were 0.07% (annualized) of total average loans for the quarter ending March 31, 2019.  Total non-performing assets, including loans and other real estate property, were $8.1 million as of March 31, 2019, compared with $10.8 million as of December 31, 2018, and $13.4 million as of March 31, 2018.  The ratio of non-performing loans to total loans was 0.49% as of March 31, 2019, versus 0.62% as of December 31, 2018.    

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 common 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 14 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

 



March 31,

 



 

2019

 

 

2018

 

 EARNINGS:

 

 

 

 

 

 

 Interest income

$

 12,360 

 

$

 10,913 

 

 Interest expense

 

 2,962 

 

 

 1,886 

 

 Net interest income

 

 9,398 

 

 

 9,027 

 

 Provision for credit losses

 

 200 

 

 

 375 

 

 Non-interest income

 

 1,271 

 

 

 1,273 

 

 Gain on sale of investment securities

 

 3 

 

 

 -

 

 Loss on sale / write-down of OREO and ORA

 

 113 

 

 

 -

 

 Non-interest expense

 

 7,165 

 

 

 6,730 

 

 Income before income taxes(1)

 

 3,194 

 

 

 3,195 

 

 Income tax expense

 

 607 

 

 

 582 

 

 Net income

$

 2,587 

 

$

 2,613 

 

 Net income per common share, diluted

$

 0.60 

 

$

 0.61 

 



 

 

 

 

 

 

(1) Net income before taxes includes net accretion of purchase accounting fair value adjustments of $185,000 for the three month period ended March 31, 2019, compared with $262,000 for the same quarter last year.



Condensed Consolidated Statements of Financial Condition (Unaudited)

(Dollars in thousands)



 

 

 

 

 

 



 

March 31,

 

 

December 31,

 



 

2019

 

 

2018

 

 FINANCIAL POSITION:

 

 

 

 

 

 

 Cash and cash equivalents

$

 34,893 

 

$

 17,321 

 

 Investment securities

 

 148,122 

 

 

 158,669 

 

 Loans held for sale

 

 449 

 

 

 419 

 

 Loans

 

 933,697 

 

 

 934,971 

 

 Allowance for credit losses

 

 (6,719)

 

 

 (6,675)

 

 Net loans

 

 926,978 

 

 

 928,296 

 

 Premises and equipment, net

 

 7,360 

 

 

 7,636 

 

 Restricted stock

 

 6,389 

 

 

 5,616 

 

 Other assets

 

 38,527 

 

 

 40,278 

 

 Total assets

$

 1,166,694 

 

$

 1,158,235 

 



 

 

 

 

 

 

 Deposits

$

 980,257 

 

$

 984,566 

 

 FHLB advances

 

 41,918 

 

 

 32,935 

 

 Other borrowings

 

 9,568 

 

 

 12,584 

 

 Subordinated debt

 

 9,750 

 

 

 9,750 

 

 Other liabilities

 

 10,215 

 

 

 6,554 

 

 Stockholders' equity

 

 114,986 

 

 

 111,846 

 

 Total liabilities and stockholders' equity

$

 1,166,694 

 

$

 1,158,235 

 



 

 

 

 

 

 



 



6

 





 

 

 

 

 

 

 

 

 

 

 

 

 

 

DNB Financial Corporation

Selected Financial Data (Unaudited)

(In thousands, except per share data)



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Quarterly



2019

 

2018

 

2018

 

2018

 

2018



1st Qtr

 

4th Qtr

 

3rd Qtr

 

2nd Qtr

 

1st Qtr

Earnings and Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net income

$

 2,587 

 

$

 3,002 

 

$

 3,020 

 

$

 2,049 

 

$

 2,613 

 Basic earnings per common share

$

 0.60 

 

$

 0.70 

 

$

 0.70 

 

$

 0.48 

 

$

 0.61 

 Diluted earnings per common share

$

 0.60 

 

$

 0.69 

 

$

 0.70 

 

$

 0.47 

 

$

 0.61 

 Dividends per common share

$

 0.07 

 

$

 0.07 

 

$

 0.07 

 

$

 0.07 

 

$

 0.07 

 Book value per common share

$

 26.57 

 

$

 25.88 

 

$

 25.06 

 

$

 24.49 

 

$

 24.15 

 Tangible book value per common share (Non-GAAP)

$

 22.91 

 

$

 22.21 

 

$

 21.38 

 

$

 20.79 

 

$

 20.44 

 Average common shares outstanding

 

 4,327 

 

 

 4,317 

 

 

 4,307 

 

 

 4,298 

 

 

 4,291 

 Average diluted common shares outstanding

 

 4,330 

 

 

 4,320 

 

 

 4,318 

 

 

 4,314 

 

 

 4,309 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Return on average assets

 

 0.91% 

 

 

 1.03% 

 

 

 1.07% 

 

 

 0.74% 

 

 

 0.97% 

 Return on average equity

 

 9.22% 

 

 

 10.80% 

 

 

 11.17% 

 

 

 7.79% 

 

 

 10.25% 

 Return on average tangible equity (Non-GAAP)

 

 10.71% 

 

 

 12.62% 

 

 

 13.11% 

 

 

 9.18% 

 

 

 12.12% 

 Yield on Loans and Leases

 

 4.90% 

 

 

 4.85% 

 

 

 4.74% 

 

 

 4.70% 

 

 

 4.71% 

 Cost of Deposits

 

 1.04% 

 

 

 0.97% 

 

 

 0.86% 

 

 

 0.77% 

 

 

 0.63% 

 Net interest margin

 

 3.43% 

 

 

 3.45% 

 

 

 3.39% 

 

 

 3.44% 

 

 

 3.51% 

 Efficiency ratio

 

 66.50% 

 

 

 62.45% 

 

 

 63.68% 

 

 

 70.39% 

 

 

 64.61% 

 Wtd average yield on earning assets

 

 4.51% 

 

 

 4.44% 

 

 

 4.30% 

 

 

 4.28% 

 

 

 4.24% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net charge-offs (recoveries) to average loans

 

 0.07% 

 

 

 0.10% 

 

 

 (0.12%)

 

 

 0.15% 

 

 

 0.04% 

 Non-performing loans/Total loans

 

 0.49% 

 

 

 0.62% 

 

 

 0.71% 

 

 

 0.76% 

 

 

 0.97% 

 Non-performing assets/Total assets

 

 0.69% 

 

 

 0.94% 

 

 

 1.02% 

 

 

 1.05% 

 

 

 1.22% 

 Allowance for credit loss/Total loans

 

 0.72% 

 

 

 0.71% 

 

 

 0.72% 

 

 

 0.70% 

 

 

 0.71% 

 Allowance for credit loss/Non-performing loans

 

 146.24% 

 

 

 115.50% 

 

 

 101.36% 

 

 

 91.76% 

 

 

 73.08% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total equity/Total assets

 

 9.86% 

 

 

 9.66% 

 

 

 9.58% 

 

 

 9.29% 

 

 

 9.42% 

 Tangible equity/Tangible assets (Non-GAAP)

 

 8.61% 

 

 

 8.40% 

 

 

 8.29% 

 

 

 8.00% 

 

 

 8.09% 

 Tier 1 leverage ratio

 

 9.65% 

 

 

 9.48% 

 

 

 9.48% 

 

 

 9.35% 

 

 

 9.33% 

 Common equity tier 1 risk-based capital ratio

 

 11.00% 

 

 

 10.76% 

 

 

 10.91% 

 

 

 10.69% 

 

 

 10.63% 

 Tier 1 risk based capital ratio

 

 11.97% 

 

 

 11.74% 

 

 

 11.93% 

 

 

 11.72% 

 

 

 11.67% 

 Total risk based capital ratio

 

 13.80% 

 

 

 13.57% 

 

 

 13.83% 

 

 

 13.59% 

 

 

 13.56% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth Management Assets Under Care(1)

$

 273,980 

 

$

 253,323 

 

$

 269,074 

 

$

 257,797 

 

$

 260,324 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 



Mar 31,

 

Dec 31,

 

Sept 30,

 

June 30,

 

Mar 31,

 



2019

 

2018

 

2018

 

2018

 

2018

 

 EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Interest income

$

 12,360 

 

$

 12,338 

 

$

 11,635 

 

$

 11,289 

 

$

 10,913 

 

 Interest expense

 

 2,962 

 

 

 2,780 

 

 

 2,484 

 

 

 2,221 

 

 

 1,886 

 

 Net interest income

 

 9,398 

 

 

 9,558 

 

 

 9,151 

 

 

 9,068 

 

 

 9,027 

 

 Provision for credit losses

 

 200 

 

 

 350 

 

 

 100 

 

 

 375 

 

 

 375 

 

 Non-interest income

 

 1,271 

 

 

 1,268 

 

 

 1,336 

 

 

 1,322 

 

 

 1,273 

 

 Gain from insurance proceeds

 

 -

 

 

 -

 

 

 8 

 

 

 -

 

 

 -

 

 Gain on sale of investment securities

 

 3 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 Gain on sale of SBA loans

 

 -

 

 

 1 

 

 

 27 

 

 

 10 

 

 

 -

 

 Loss on sale / write-down of OREO and ORA

 

 113 

 

 

 20 

 

 

 11 

 

 

 140 

 

 

 -

 

 Non-interest expense

 

 7,165 

 

 

 6,812 

 

 

 6,762 

 

 

 7,400 

 

 

 6,730 

 

 Income before income taxes

 

 3,194 

 

 

 3,645 

 

 

 3,649 

 

 

 2,485 

 

 

 3,195 

 

 Income tax expense

 

 607 

 

 

 643 

 

 

 629 

 

 

 436 

 

 

 582 

 

 Net income

$

 2,587 

 

$

 3,002 

 

$

 3,020 

 

$

 2,049 

 

$

 2,613 

 

 Net income per common share, diluted

$

 0.60 

 

$

 0.69 

 

$

 0.70 

 

$

 0.47 

 

$

 0.61 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Condensed Consolidated Statements of Financial Condition (Unaudited)

 

(Dollars in thousands)

 



Mar 31,

 

Dec 31,

 

Sept 30,

 

June 30,

 

Mar 31,

 



2019

 

2018

 

2018

 

2018

 

2018

 

 FINANCIAL POSITION:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Cash and cash equivalents

$

 34,893 

 

$

 17,321 

 

$

 10,702 

 

$

 33,452 

 

$

 14,078 

 

 Investment securities

 

 148,122 

 

 

 158,669 

 

 

 161,230 

 

 

 165,574 

 

 

 171,108 

 

 Loans held for sale

 

 449 

 

 

 419 

 

 

 -

 

 

 276 

 

 

 646 

 

 Loans and leases

 

 933,697 

 

 

 934,971 

 

 

 908,293 

 

 

 885,320 

 

 

 864,345 

 

 Allowance for credit losses

 

 (6,719)

 

 

 (6,675)

 

 

 (6,559)

 

 

 (6,188)

 

 

 (6,145)

 

 Net loans and leases

 

 926,978 

 

 

 928,296 

 

 

 901,734 

 

 

 879,132 

 

 

 858,200 

 

 Premises and equipment, net

 

 7,360 

 

 

 7,636 

 

 

 7,881 

 

 

 8,150 

 

 

 8,366 

 

 Right of use asset

 

 3,976 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 Goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 Restricted stock

 

 6,389 

 

 

 5,616 

 

 

 5,864 

 

 

 6,950 

 

 

 7,363 

 

 Other assets

 

 23,002 

 

 

 24,753 

 

 

 25,179 

 

 

 24,550 

 

 

 24,744 

 

 Total assets

$

 1,166,694 

 

$

 1,158,235 

 

$

 1,128,115 

 

$

 1,133,609 

 

$

 1,100,030 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Demand

$

 166,806 

 

$

 164,746 

 

$

 168,311 

 

$

 175,561 

 

$

 172,044 

 

 NOW

 

 233,077 

 

 

 236,071 

 

 

 213,707 

 

 

 216,261 

 

 

 207,538 

 

 Money market

 

 231,524 

 

 

 235,023 

 

 

 227,797 

 

 

 254,061 

 

 

 253,757 

 

 Savings

 

 78,748 

 

 

 77,979 

 

 

 78,996 

 

 

 80,044 

 

 

 81,635 

 

 Core deposits

 

 710,155 

 

 

 713,819 

 

 

 688,811 

 

 

 725,927 

 

 

 714,974 

 

 Time deposits

 

 162,939 

 

 

 162,096 

 

 

 154,021 

 

 

 114,766 

 

 

 115,214 

 

 Brokered deposits

 

 107,163 

 

 

 108,651 

 

 

 97,049 

 

 

 93,422 

 

 

 61,598 

 

 Total deposits

 

 980,257 

 

 

 984,566 

 

 

 939,881 

 

 

 934,115 

 

 

 891,786 

 

 FHLB advances

 

 41,918 

 

 

 32,935 

 

 

 36,952 

 

 

 62,972 

 

 

 67,993 

 

 Repurchase agreements

 

 -

 

 

 -

 

 

 4,089 

 

 

 5,609 

 

 

 10,717 

 

 Subordinated debt

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 Other borrowings

 

 9,568 

 

 

 12,584 

 

 

 22,833 

 

 

 9,615 

 

 

 9,630 

 

 Other liabilities

 

 5,857 

 

 

 6,554 

 

 

 6,551 

 

 

 6,215 

 

 

 6,484 

 

 Operating lease liability

 

 4,358 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 Stockholders' equity

 

 114,986 

 

 

 111,846 

 

 

 108,059 

 

 

 105,333 

 

 

 103,670 

 

 Total liabilities and stockholders' equity

$

 1,166,694 

 

$

 1,158,235 

 

$

 1,128,115 

 

$

 1,133,609 

 

$

 1,100,030 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DNB Financial Corporation

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

(Dollars in thousands)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Mar 31,

 

 

Dec 31,

 

 

Sept 30,

 

 

June 30,

 

 

Mar 31,

 



 

2019

 

 

2018

 

 

2018

 

 

2018

 

 

2018

 

 FINANCIAL POSITION:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Cash and cash equivalents

$

 18,390 

 

$

 25,269 

 

$

 21,676 

 

$

 20,528 

 

$

 16,509 

 

 Investment securities

 

 157,364 

 

 

 159,717 

 

 

 163,800 

 

 

 168,836 

 

 

 172,488 

 

 Loans held for sale

 

 289 

 

 

 320 

 

 

 338 

 

 

 642 

 

 

 113 

 

 Loans and leases

 

 935,169 

 

 

 919,985 

 

 

 889,113 

 

 

 869,166 

 

 

 851,623 

 

 Allowance for credit losses

 

 (6,785)

 

 

 (6,550)

 

 

 (6,567)

 

 

 (6,197)

 

 

 (5,958)

 

 Net loans and leases

 

 928,384 

 

 

 913,435 

 

 

 882,546 

 

 

 862,969 

 

 

 845,665 

 

 Premises and equipment, net

 

 7,540 

 

 

 7,789 

 

 

 8,059 

 

 

 8,306 

 

 

 8,552 

 

 Right of use asset

 

 1,390 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 Goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 Restricted Stock

 

 6,138 

 

 

 5,759 

 

 

 6,262 

 

 

 6,836 

 

 

 7,674 

 

 Other assets

 

 23,695 

 

 

 23,816 

 

 

 24,012 

 

 

 23,568 

 

 

 23,436 

 

 Total assets

$

 1,158,715 

 

$

 1,151,630 

 

$

 1,122,218 

 

$

 1,107,210 

 

$

 1,089,962 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Demand

$

 160,852 

 

$

 168,495 

 

$

 174,798 

 

$

 170,885 

 

$

 174,022 

 

 NOW

 

 228,907 

 

 

 222,638 

 

 

 215,055 

 

 

 206,341 

 

 

 204,719 

 

 Money market

 

 233,101 

 

 

 241,777 

 

 

 238,679 

 

 

 252,825 

 

 

 236,165 

 

 Savings

 

 78,713 

 

 

 78,069 

 

 

 79,695 

 

 

 80,696 

 

 

 80,992 

 

 Core deposits

 

 701,573 

 

 

 710,979 

 

 

 708,227 

 

 

 710,747 

 

 

 695,898 

 

 Time deposits

 

 162,715 

 

 

 157,944 

 

 

 141,794 

 

 

 114,091 

 

 

 133,222 

 

 Brokered deposits

 

 107,639 

 

 

 104,161 

 

 

 85,690 

 

 

 82,957 

 

 

 43,739 

 

 Total deposits

 

 971,927 

 

 

 973,084 

 

 

 935,711 

 

 

 907,795 

 

 

 872,859 

 

 FHLB advances

 

 45,493 

 

 

 34,834 

 

 

 45,549 

 

 

 54,971 

 

 

 75,458 

 

 Repurchase agreements

 

 -

 

 

 1,168 

 

 

 4,644 

 

 

 12,042 

 

 

 12,364 

 

 Subordinated debt

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 Other borrowings

 

 11,158 

 

 

 15,752 

 

 

 13,060 

 

 

 10,923 

 

 

 10,470 

 

 Other liabilities

 

 5,051 

 

 

 6,780 

 

 

 6,193 

 

 

 6,277 

 

 

 5,657 

 

 Operating lease liability

 

 1,522 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 Stockholders' equity

 

 113,814 

 

 

 110,262 

 

 

 107,311 

 

 

 105,452 

 

 

 103,404 

 

 Total liabilities and stockholders' equity

$

 1,158,715 

 

$

 1,151,630 

 

$

 1,122,218 

 

$

 1,107,210 

 

$

 1,089,962 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



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)



Mar 31,

 

Dec 31,

 

Sept 30,

 

June 30,

 

Mar 31,

 



2019

 

2018

 

2018

 

2018

 

2018

 

Stockholders' Equity

$

 114,986 

 

$

 111,846 

 

$

 108,059 

 

$

 105,333 

 

$

 103,670 

 

Goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

Other intangible assets

 

 322 

 

 

 343 

 

 

 364 

 

 

 388 

 

 

 423 

 

Tangible common equity (Non-GAAP)

$

 99,139 

 

$

 95,978 

 

$

 92,170 

 

$

 89,420 

 

$

 87,722 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding shares

 4,327,415 

 

 4,321,745 

 

 4,311,860 

 

 4,301,898 

 

 4,292,689 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common share (GAAP)

$

 26.57 

 

$

 25.88 

 

$

 25.06 

 

$

 24.49 

 

$

 24.15 

 

Tangible book value per common share (Non-GAAP)

 

 22.91 

 

 

 22.21 

 

 

 21.38 

 

 

 20.79 

 

 

 20.44 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Average Tangible Equity

(Dollars in thousands)

For the Quarter Ended



Mar 31,

 

Dec 31,

 

Sept 30,

 

June 30,

 

Mar 31,

 



2019

 

2018

 

2018

 

2018

 

2018

 

Average Stockholders' Equity

$

 113,814 

 

$

 110,262 

 

$

 107,311 

 

$

 105,452 

 

$

 103,404 

 

Average goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

Average other intangible assets

 

 333 

 

 

 354 

 

 

 376 

 

 

 388 

 

 

 423 

 

Average tangible stockholders' equity (Non-GAAP)

$

 97,956 

 

$

 94,383 

 

$

 91,410 

 

$

 89,539 

 

$

 87,456 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

 2,587 

 

$

 3,002 

 

$

 3,020 

 

$

 2,049 

 

$

 2,613 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average stockholders' equity (GAAP)

 

 9.22 

%

 

 10.80 

%

 

 11.17 

%

 

 7.79 

%

 

 10.25 

%

Return on average tangible equity (Non-GAAP)

 

 10.71 

 

 

 12.62 

 

 

 13.11 

 

 

 9.18 

 

 

 12.12 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Equity/Tangible Assets

(Dollars in thousands)



Mar 31,

 

Dec 31,

 

Sept 30,

 

June 30,

 

Mar 31,

 



2019

 

2018

 

2018

 

2018

 

2018

 

Stockholders' Equity

$

 114,986 

 

$

 111,846 

 

$

 108,059 

 

$

 105,333 

 

$

 103,670 

 

Goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

Other intangible assets

 

 322 

 

 

 343 

 

 

 364 

 

 

 388 

 

 

 423 

 

Tangible common equity (Non-GAAP)

$

 99,139 

 

$

 95,978 

 

$

 92,170 

 

$

 89,420 

 

$

 87,722 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 1,166,694 

 

 1,158,235 

 

 1,128,115 

 

 1,133,609 

 

 1,100,030 

 

Goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

Other intangible assets

 

 322 

 

 

 343 

 

 

 364 

 

 

 388 

 

 

 423 

 

Tangible assets (Non-GAAP)

 1,150,847 

 

 1,142,367 

 

 1,112,226 

 

 1,117,696 

 

 1,084,082 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity/Total assets (GAAP)

 

 9.86 

%

 

 9.66 

%

 

 9.58 

%

 

 9.29 

%

 

 9.42 

%

Tangible common equity/Tangible assets (Non-GAAP)

 

 8.61 

 

 

 8.40 

 

 

 8.29 

 

 

 8.00 

 

 

 8.09 

 



10

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