0000713671-19-000070.txt : 20191023 0000713671-19-000070.hdr.sgml : 20191023 20191023081345 ACCESSION NUMBER: 0000713671-19-000070 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20191023 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191023 DATE AS OF CHANGE: 20191023 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: 191162687 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-20191023x8k.htm 8-K Form 8-K 3Q 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):

 

 

October  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 October  23, 2019, DNB Financial Corporation issued a press release discussing the Company's Third 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 October  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

   

 

October  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 October 23, 2019 of DNB Financial Corporation     

 

 

 





EX-99.1 2 dnbf-20191023xex99_1.htm EX-99.1 Press Release 3Q 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 Third Quarter 2019 Results

Downingtown PA, October 23, 2019 (GLOBE NEWSWIRE)– DNB Financial Corporation (NASDAQ: DNBF), today reported net income of $2.9 million, or $0.66 per diluted share, for the quarter ended September 30, 2019, compared with $3.0 million, or $0.70 per diluted share, for the same quarter, last year. For the nine months ended September 30, 2019, net income was $8.0 million, or $1.86 per diluted share, compared with $7.7 million, or $1.78 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.

Merger Update

As previously announced, DNB entered into a definitive agreement on June 5, 2019, whereby S&T Bancorp (“S&T”) (NASDAQ: STBA) will acquire DNB in an all-stock transaction.  All required regulatory approvals have been received and DNB shareholders have approved the merger agreement.  The transaction is expected to close in the fourth quarter of 2019, after satisfaction of customary closing conditions. Non-interest expense for the most recent quarter included $362,000 of transaction expenses related to the merger with S&T compared with $519,000 of transaction expenses for the quarter ending June 30, 2019.

William J. Hieb, President and CEO commented, “Despite the very challenging interest rate environment, our strong capital levels, solid asset quality and controlled operating expenses helped to produce another quarter of solid financial performance.”  Mr. Hieb added, “The slower pace of loan growth provides us with the opportunity to decrease non-relationship brokered deposits and focus on fee-generating relationship deposits.  Our goal to maximize shareholder value remains evident and we continue to look forward to our affiliation with S&T and the strength of our combined franchise.”

Highlights 

·

Asset quality remained strong as net charge-offs were only 0.06% (annualized) of total average loans for the third quarter of 2019.  Non-performing loans were 0.77% of total loans at September 30, 2019.

1

 

·

Despite net interest margin pressure caused by the flat yield curve, net interest income was approximately $9.2 million for both the quarters ending September 30, 2019 and 2018.

·

Non-interest bearing deposits represented 18.7% of total deposits as of September 30, 2019.  As of the same date, core deposits were 73.1% of total deposits.

·

Wealth management assets under care were $288.9 million as of September 30, 2019, compared with $253.3 million as of December 31, 2018.  Wealth management fees represented nearly 35% of total fee income for the third quarter of 2019.

·

The Company paid a quarterly cash dividend of $0.07 per share on September 18, 2019.

Income Statement Summary

Net income of $2.9 million for the third quarter of 2019 generated a return on average assets (“ROAA”) and return on average tangible equity (“ROTE”) (a non-GAAP measure) of 0.99% and 10.9%, 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 September 30, 2019 was $9.2 million, which represented a $312,000 decrease from the quarter ending June 30, 2019, and a $52,000 increase from the quarter ending September 30, 2018.  The net interest margin for the third quarter of 2019 was 3.32%, which represented a 13 basis point decrease on a sequential quarter basis.  The net interest margin fell seven basis points from September 30, 2018 as the 11 basis point increase in the weighted average yield on interest-earning assets was offset by the higher cost of interest-bearing liabilities and a $95,000 net reduction in purchase accounting marks.  For the third quarters of 2019 and 2018, the weighted average yields on total interest-earning assets were 4.41% and 4.30%, respectively, which included purchase accounting marks. 

Total interest expense was $3.0 million for both the three months ending September 30, 2019 and June 30, 2019, compared with $2.5 million for the three months ending September 30, 2018.  The weighted average rate paid for interest-bearing liabilities was 1.18%, 1.17%, and 0.98% for the quarters ending September 30, 2019, June 30, 2019, and September 30, 2018, respectively. 

The provision for credit losses was $325,000 for the third quarter of 2019, compared with $100,000 for both the second quarter of 2019, and the third quarter of 2018.  As of September 30, 2019, the allowance for credit losses was $6.9 million and represented 0.74% of total loans. 

Total non-interest income for the third quarter of 2019 was $1.5 million, compared with $1.3 million for the second quarter of 2019 and $1.4 million for the quarter ending September 30, 2018.  The most recent quarter included $121,000 of gains realized from the sale of investment securities.  Wealth management fees were $513,000 for the third quarter of 2019, compared with $530,000 for the second quarter of 2019, and $542,000 for the third quarter of 2018.  Wealth management fees represented nearly 35% of total fee income for the most recent quarter. 

Non-interest expense was $6.7 million for the quarter ending September 30, 2019, compared with $7.5 million for the quarter ending June 30, 2019, and $6.8 million for the quarter ending September 30, 2018.  Non-interest expense for the most recent quarter included $362,000 of transaction expenses related to the aforementioned merger with S&T compared with $519,000 of transaction expenses for the quarter ending June 30, 2019.  The efficiency ratio was approximately 63% for the three months ended

2

 

September 30, 2019.   Income tax expense was $755,000 for the three months ending September 30, 2019 compared with $660,000 for the three months ending June 30, 2019, and $629,000 for the quarter ending September 30, 2018.  The effective tax rate for the most recent quarter was 20.8%, compared with 17.2%, for the same quarter, last year. The effective tax rate increased due to certain transaction costs, which are non-deductible for federal tax purposes.

Balance Sheet Summary

As of September 30, 2019, total assets were $1.1 billion.  Since December 31, 2018, total average interest-earning assets decreased $1.9 million, or less than one percent, although total average loans increased $1.2 million over that same time period.  Total average deposits decreased $2.3 million, or less than one percent since December 31, 2018.  As of September 30, 2019, total shareholders’ equity was $121.1 million, compared with $111.8 million as of December 31, 2018.  Tangible book value per share (a non-GAAP measure) was $24.29 as of September 30, 2019, compared with $22.21 as of December 31, 2018.  See Reconciliation of Non-GAAP Financial Measures on page 10.

As of September 30, 2019, total loans were $923.9 million, or 83.0% of total assets.  At the same date, commercial loans totaled $777.7 million and represented 84.2% of total loans.  Total loan growth was impacted by a relatively high level of payoffs due to property sales and the completion of several construction projects.  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 nine months, commercial business loans grew $8.1 million or 4.9%. That growth, however, was offset by an $8.1 million, or 1.5%, decrease in commercial mortgage loans and a $729,000 decrease (less than one percent) decrease in commercial construction loans.  Residential mortgage and consumer loans also declined in the first nine months of 2019.  Loan originations have been prudent and conservative underwriting standards have been maintained.

Total core deposits declined $32.4 million, or 4.5%, since December 31, 2018, and were 73.1% of total deposits as of September 30, 2019.  Non-interest bearing deposits increased $9.6 million or 5.8% over the past nine months, and represented 18.7% of total deposits as of September 30, 2019.  The $45.8 million, or 42.1%, decrease in brokered deposits was due in large part to our increased emphasis on establishing and maintaining deposit relationship accounts, rather than wholesale funding.  As of September 30, 2019, the loan-to-deposit ratio was 99.1%. 

Capital ratios continue to exceed all regulatory guidelines.  As of September 30, 2019, the tier 1 leverage ratio was 10.19%, the tier 1 risk-based capital ratio was 12.87%, the common equity tier 1 risk-based capital ratio was 11.87%, and the total risk based capital ratio was 14.76%.  As of the same date, the tangible common equity-to-tangible assets ratio (a non-GAAP measure) was 9.59%.  Intangible assets and goodwill totaled $15.8 million as of September 30, 2019.  See Reconciliation of Non-GAAP Financial Measures on page 10.

Asset Quality Summary

Asset quality remained strong as net charge-offs were 0.06% (annualized) of total average loans for the quarter ending September 30, 2019.  Total non-performing assets, including loans and other real estate property, were $9.9 million as of September 30, 2019, compared with $10.8 million as of December 31, 2018, and $11.5 million as of September 30, 2018.  The ratio of non-performing loans to total loans was 0.77% as of September 30, 2019, versus 0.62% as of December 31, 2018.    

3

 

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 risk in both a declining and rising rate environment in the 100, 200, 300 and 400 basis point shock scenarios. Rate changes ramped in over 24 months also show moderate risk.

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.

4

 

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 and there can be no assurances that: the proposed merger with S&T will close when expected or the expected returns and other benefits of the proposed merger to shareholders will be achieved: 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 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; that expected benefits of the merger with S&T may not materialize in the time frames expected or at all, or may be more costly to achieve; that the merger transaction may not be timely completed, if at all; that prior to completion of the merger transaction or thereafter, the parties’ respective businesses may not perform as expected due to transaction-related uncertainties or other factors; that the parties are unable to implement successful integration strategies; that the required regulatory approvals, shareholder approvals, or other closing conditions are not satisfied in a timely manner, or at all; reputational risks and the reaction of the parties’ customers to the merger transaction; diversion of management time to merger-related issues; 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

 

Nine Months Ended



Sept 30,

 

Sept 30,



 

2019

 

 

2018

 

 

2019

 

 

2018

 EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 Interest income

$

 12,245 

 

$

 11,635 

 

$

 37,124 

 

$

 33,837 

 Interest expense

 

 3,042 

 

 

 2,484 

 

 

 9,008 

 

 

 6,591 

 Net interest income

 

 9,203 

 

 

 9,151 

 

 

 28,116 

 

 

 27,246 

 Provision for credit losses

 

 325 

 

 

 100 

 

 

 625 

 

 

 850 

 Non-interest income

 

 1,362 

 

 

 1,336 

 

 

 3,976 

 

 

 3,931 

 Gain from insurance proceeds

 

 -

 

 

 8 

 

 

 -

 

 

 8 

 Gain on sale of investment securities

 

 121 

 

 

 -

 

 

 125 

 

 

 -

 Gain on sale of SBA loans

 

 -

 

 

 27 

 

 

 -

 

 

 37 

 Loss on sale / write-down of OREO and ORA

 

 15 

 

 

 11 

 

 

 165 

 

 

 151 

 Transaction costs

 

 362 

 

 

 -

 

 

 881 

 

 

 -

 Non-interest expense

 

 6,359 

 

 

 6,762 

 

 

 20,480 

 

 

 20,892 

 Income before income taxes(1)

 

 3,625 

 

 

 3,649 

 

 

 10,066 

 

 

 9,329 

 Income tax expense

 

 755 

 

 

 629 

 

 

 2,022 

 

 

 1,647 

 Net income

$

 2,870 

 

$

 3,020 

 

$

 8,044 

 

$

 7,682 

 Net income per common share, diluted

$

 0.66 

 

$

 0.70 

 

$

 1.86 

 

$

 1.78 



 

 

 

 

 

 

 

 

 

 

 

(1) Income before income taxes includes net accretion of purchase accounting fair value adjustments of $174,000 and $521,000 for the three and nine month periods ended September 30, 2019, respectively, compared with $267,000 and $744,000 for the same periods last year.



 

 

 

 

 

Condensed Consolidated Statements of Financial Condition (Unaudited)

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 



 

 

 

 

 

 

 



 

Sept 30,

 

 

December 31,

 

 



 

2019

 

 

2018

 

 

 

 

 

 

 FINANCIAL POSITION:

 

 

 

 

 

 

 

 

 

 

 

 Cash and cash equivalents

$

 19,722 

 

$

 17,321 

 

 

 

 

 

 

 Investment securities

 

 122,945 

 

 

 158,669 

 

 

 

 

 

 

 Loans held for sale

 

 259 

 

 

 419 

 

 

 

 

 

 

 Loans

 

 923,949 

 

 

 934,971 

 

 

 

 

 

 

 Allowance for credit losses

 

 (6,853)

 

 

 (6,675)

 

 

 

 

 

 

 Net loans

 

 917,096 

 

 

 928,296 

 

 

 

 

 

 

 Premises and equipment, net

 

 7,049 

 

 

 7,636 

 

 

 

 

 

 

 Restricted stock

 

 5,760 

 

 

 5,616 

 

 

 

 

 

 

 Other assets

 

 40,663 

 

 

 40,278 

 

 

 

 

 

 

 Total assets

$

 1,113,494 

 

$

 1,158,235 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 Deposits

$

 932,117 

 

$

 984,566 

 

 

 

 

 

 

 FHLB advances

 

 31,188 

 

 

 32,935 

 

 

 

 

 

 

 Other borrowings

 

 9,533 

 

 

 12,584 

 

 

 

 

 

 

 Subordinated debt

 

 9,750 

 

 

 9,750 

 

 

 

 

 

 

 Other liabilities

 

 9,793 

 

 

 6,554 

 

 

 

 

 

 

 Stockholders' equity

 

 121,113 

 

 

 111,846 

 

 

 

 

 

 

 Total liabilities and stockholders' equity

$

 1,113,494 

 

$

 1,158,235 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 











 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

DNB Financial Corporation

Selected Financial Data (Unaudited)

(In thousands, except per share data)



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Quarterly



2019

 

2019

 

2019

 

2018

 

2018



3rd Qtr

 

2nd Qtr

 

1st Qtr

 

4th Qtr

 

3rd Qtr

Earnings and Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net income

$

 2,870 

 

$

 2,587 

 

$

 2,587 

 

$

 3,002 

 

$

 3,020 

 Basic earnings per common share

$

 0.66 

 

$

 0.60 

 

$

 0.60 

 

$

 0.70 

 

$

 0.70 

 Diluted earnings per common share

$

 0.66 

 

$

 0.60 

 

$

 0.60 

 

$

 0.69 

 

$

 0.70 

 Dividends per common share

$

 0.07 

 

$

 0.07 

 

$

 0.07 

 

$

 0.07 

 

$

 0.07 

 Book value per common share

$

 27.94 

 

$

 27.28 

 

$

 26.57 

 

$

 25.88 

 

$

 25.06 

 Tangible book value per common share (Non-GAAP)

$

 24.29 

 

$

 23.63 

 

$

 22.91 

 

$

 22.21 

 

$

 21.38 

 Average common shares outstanding

 

 4,335 

 

 

 4,331 

 

 

 4,327 

 

 

 4,317 

 

 

 4,307 

 Average diluted common shares outstanding

 

 4,341 

 

 

 4,336 

 

 

 4,330 

 

 

 4,320 

 

 

 4,318 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Return on average assets

 

 0.99% 

 

 

 0.90% 

 

 

 0.91% 

 

 

 1.03% 

 

 

 1.07% 

 Return on average equity

 

 9.46% 

 

 

 8.86% 

 

 

 9.22% 

 

 

 10.80% 

 

 

 11.17% 

 Return on average tangible equity (Non-GAAP)

 

 10.89% 

 

 

 10.24% 

 

 

 10.71% 

 

 

 12.62% 

 

 

 13.11% 

 Yield on Loans and Leases

 

 4.81% 

 

 

 4.89% 

 

 

 4.90% 

 

 

 4.85% 

 

 

 4.74% 

 Cost of Deposits

 

 1.09% 

 

 

 1.07% 

 

 

 1.04% 

 

 

 0.97% 

 

 

 0.86% 

 Net interest margin

 

 3.32% 

 

 

 3.45% 

 

 

 3.43% 

 

 

 3.45% 

 

 

 3.39% 

 Efficiency ratio

 

 63.01% 

 

 

 68.31% 

 

 

 66.50% 

 

 

 62.45% 

 

 

 63.68% 

 Wtd average yield on earning assets

 

 4.41% 

 

 

 4.53% 

 

 

 4.51% 

 

 

 4.44% 

 

 

 4.30% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net charge-offs (recoveries) to average loans

 

 0.06% 

 

 

 0.06% 

 

 

 0.07% 

 

 

 0.10% 

 

 

-0.12%

 Non-performing loans/Total loans

 

 0.77% 

 

 

 0.66% 

 

 

 0.49% 

 

 

 0.62% 

 

 

 0.71% 

 Non-performing assets/Total assets

 

 0.89% 

 

 

 0.78% 

 

 

 0.69% 

 

 

 0.94% 

 

 

 1.02% 

 Allowance for credit loss/Total loans

 

 0.74% 

 

 

 0.72% 

 

 

 0.72% 

 

 

 0.71% 

 

 

 0.72% 

 Allowance for credit loss/Non-performing loans

 

 96.90% 

 

 

 108.88% 

 

 

 146.24% 

 

 

 115.50% 

 

 

 101.36% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total equity/Total assets

 

 10.88% 

 

 

 10.24% 

 

 

 9.86% 

 

 

 9.66% 

 

 

 9.58% 

 Tangible equity/Tangible assets (Non-GAAP)

 

 9.59% 

 

 

 8.99% 

 

 

 8.61% 

 

 

 8.40% 

 

 

 8.29% 

 Tier 1 leverage ratio

 

 10.19% 

 

 

 9.89% 

 

 

 9.65% 

 

 

 9.48% 

 

 

 9.48% 

 Common equity tier 1 risk-based capital ratio

 

 11.87% 

 

 

 11.33% 

 

 

 11.00% 

 

 

 10.76% 

 

 

 10.91% 

 Tier 1 risk based capital ratio

 

 12.87% 

 

 

 12.31% 

 

 

 11.97% 

 

 

 11.74% 

 

 

 11.93% 

 Total risk based capital ratio

 

 14.76% 

 

 

 14.15% 

 

 

 13.80% 

 

 

 13.57% 

 

 

 13.83% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth Management Assets Under Care(1)

$

 288,938 

 

$

 290,230 

 

$

 273,980 

 

$

 253,323 

 

$

 269,074 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 



Sept 30,

 

June 30,

 

Mar 31,

 

Dec 31,

 

Sept 30,

 



2019

 

2019

 

2019

 

2018

 

2018

 

 EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Interest income

$

 12,245 

 

$

 12,519 

 

$

 12,360 

 

$

 12,338 

 

$

 11,635 

 

 Interest expense

 

 3,042 

 

 

 3,004 

 

 

 2,962 

 

 

 2,780 

 

 

 2,484 

 

 Net interest income

 

 9,203 

 

 

 9,515 

 

 

 9,398 

 

 

 9,558 

 

 

 9,151 

 

 Provision for credit losses

 

 325 

 

 

 100 

 

 

 200 

 

 

 350 

 

 

 100 

 

 Non-interest income

 

 1,362 

 

 

 1,343 

 

 

 1,271 

 

 

 1,268 

 

 

 1,336 

 

 Gain from insurance proceeds

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 8 

 

 Gain on sale of investment securities

 

 121 

 

 

 1 

 

 

 3 

 

 

 -

 

 

 -

 

 Gain on sale of SBA loans

 

 -

 

 

 -

 

 

 -

 

 

 1 

 

 

 27 

 

 Loss on sale / write-down of OREO and ORA

 

 15 

 

 

 37 

 

 

 113 

 

 

 20 

 

 

 11 

 

 Transaction costs

 

 362 

 

 

 519 

 

 

 -

 

 

 -

 

 

 -

 

 Non-interest expense

 

 6,359 

 

 

 6,956 

 

 

 7,165 

 

 

 6,812 

 

 

 6,762 

 

 Income before income taxes

 

 3,625 

 

 

 3,247 

 

 

 3,194 

 

 

 3,645 

 

 

 3,649 

 

 Income tax expense

 

 755 

 

 

 660 

 

 

 607 

 

 

 643 

 

 

 629 

 

 Net income

$

 2,870 

 

$

 2,587 

 

$

 2,587 

 

$

 3,002 

 

$

 3,020 

 

 Net income per common share, diluted

$

 0.66 

 

$

 0.60 

 

$

 0.60 

 

$

 0.69 

 

$

 0.70 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Condensed Consolidated Statements of Financial Condition (Unaudited)

 

(Dollars in thousands)

 



Sept 30,

 

June 30,

 

Mar 31,

 

Dec 31,

 

Sept 30,

 



2019

 

2019

 

2019

 

2018

 

2018

 

 FINANCIAL POSITION:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Cash and cash equivalents

$

 19,722 

 

$

 46,398 

 

$

 34,893 

 

$

 17,321 

 

$

 10,702 

 

 Investment securities

 

 122,945 

 

 

 129,880 

 

 

 148,122 

 

 

 158,669 

 

 

 161,230 

 

 Loans held for sale

 

 259 

 

 

 501 

 

 

 449 

 

 

 419 

 

 

 -

 

 Loans and leases

 

 923,949 

 

 

 930,521 

 

 

 933,697 

 

 

 934,971 

 

 

 908,293 

 

 Allowance for credit losses

 

 (6,853)

 

 

 (6,672)

 

 

 (6,719)

 

 

 (6,675)

 

 

 (6,559)

 

 Net loans and leases

 

 917,096 

 

 

 923,849 

 

 

 926,978 

 

 

 928,296 

 

 

 901,734 

 

 Premises and equipment, net

 

 7,049 

 

 

 7,231 

 

 

 7,360 

 

 

 7,636 

 

 

 7,881 

 

 Right of use asset

 

 3,605 

 

 

 3,791 

 

 

 3,976 

 

 

 -

 

 

 -

 

 Goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 Restricted stock

 

 5,760 

 

 

 5,734 

 

 

 6,389 

 

 

 5,616 

 

 

 5,864 

 

 Other assets

 

 21,533 

 

 

 21,500 

 

 

 23,002 

 

 

 24,753 

 

 

 25,179 

 

 Total assets

$

 1,113,494 

 

$

 1,154,409 

 

$

 1,166,694 

 

$

 1,158,235 

 

$

 1,128,115 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Demand

$

 174,341 

 

$

 178,454 

 

$

 166,806 

 

$

 164,746 

 

$

 168,311 

 

 NOW

 

 204,646 

 

 

 214,806 

 

 

 233,077 

 

 

 236,071 

 

 

 213,707 

 

 Money market

 

 225,549 

 

 

 236,707 

 

 

 231,524 

 

 

 235,023 

 

 

 227,797 

 

 Savings

 

 76,903 

 

 

 79,489 

 

 

 78,748 

 

 

 77,979 

 

 

 78,996 

 

 Core deposits

 

 681,439 

 

 

 709,456 

 

 

 710,155 

 

 

 713,819 

 

 

 688,811 

 

 Time deposits

 

 187,805 

 

 

 178,530 

 

 

 162,939 

 

 

 162,096 

 

 

 154,021 

 

 Brokered deposits

 

 62,873 

 

 

 87,877 

 

 

 107,163 

 

 

 108,651 

 

 

 97,049 

 

 Total deposits

 

 932,117 

 

 

 975,863 

 

 

 980,257 

 

 

 984,566 

 

 

 939,881 

 

 FHLB advances

 

 31,188 

 

 

 31,203 

 

 

 41,918 

 

 

 32,935 

 

 

 36,952 

 

 Repurchase agreements

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 4,089 

 

 Subordinated debt

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 Other borrowings

 

 9,533 

 

 

 9,551 

 

 

 9,568 

 

 

 12,584 

 

 

 22,833 

 

 Other liabilities

 

 5,804 

 

 

 5,712 

 

 

 5,857 

 

 

 6,554 

 

 

 6,551 

 

 Operating lease liability

 

 3,989 

 

 

 4,174 

 

 

 4,358 

 

 

 -

 

 

 -

 

 Stockholders' equity

 

 121,113 

 

 

 118,156 

 

 

 114,986 

 

 

 111,846 

 

 

 108,059 

 

 Total liabilities and stockholders' equity

$

 1,113,494 

 

$

 1,154,409 

 

$

 1,166,694 

 

$

 1,158,235 

 

$

 1,128,115 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DNB Financial Corporation

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

(Dollars in thousands)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Sept 30,

 

 

June 30,

 

 

Mar 31,

 

 

Dec 31,

 

 

Sept 30,

 



 

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

 

 FINANCIAL POSITION:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Cash and cash equivalents

$

 57,858 

 

$

 33,562 

 

$

 18,390 

 

$

 25,269 

 

$

 21,676 

 

 Investment securities

 

 126,591 

 

 

 142,323 

 

 

 157,364 

 

 

 159,717 

 

 

 163,800 

 

 Loans held for sale

 

 288 

 

 

 393 

 

 

 289 

 

 

 320 

 

 

 338 

 

 Loans and leases

 

 921,180 

 

 

 934,156 

 

 

 935,169 

 

 

 919,985 

 

 

 889,113 

 

 Allowance for credit losses

 

 (6,766)

 

 

 (6,742)

 

 

 (6,785)

 

 

 (6,550)

 

 

 (6,567)

 

 Net loans and leases

 

 914,414 

 

 

 927,414 

 

 

 928,384 

 

 

 913,435 

 

 

 882,546 

 

 Premises and equipment, net

 

 7,176 

 

 

 7,306 

 

 

 7,540 

 

 

 7,789 

 

 

 8,059 

 

 Right of use asset

 

 3,720 

 

 

 3,908 

 

 

 1,390 

 

 

 -

 

 

 -

 

 Goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 Restricted Stock

 

 5,754 

 

 

 5,818 

 

 

 6,138 

 

 

 5,759 

 

 

 6,262 

 

 Other assets

 

 20,323 

 

 

 20,907 

 

 

 23,695 

 

 

 23,816 

 

 

 24,012 

 

 Total assets

$

 1,151,649 

 

$

 1,157,156 

 

$

 1,158,715 

 

$

 1,151,630 

 

$

 1,122,218 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Demand

$

 174,229 

 

$

 168,818 

 

$

 160,852 

 

$

 168,495 

 

$

 174,798 

 

 NOW

 

 214,190 

 

 

 226,823 

 

 

 228,907 

 

 

 222,638 

 

 

 215,055 

 

 Money market

 

 240,340 

 

 

 233,614 

 

 

 233,101 

 

 

 241,777 

 

 

 238,679 

 

 Savings

 

 77,366 

 

 

 78,689 

 

 

 78,713 

 

 

 78,069 

 

 

 79,695 

 

 Core deposits

 

 706,125 

 

 

 707,944 

 

 

 701,573 

 

 

 710,979 

 

 

 708,227 

 

 Time deposits

 

 179,720 

 

 

 168,098 

 

 

 162,715 

 

 

 157,944 

 

 

 141,794 

 

 Brokered deposits

 

 84,928 

 

 

 102,573 

 

 

 107,639 

 

 

 104,161 

 

 

 85,690 

 

 Total deposits

 

 970,773 

 

 

 978,615 

 

 

 971,927 

 

 

 973,084 

 

 

 935,711 

 

 FHLB advances

 

 31,195 

 

 

 32,965 

 

 

 45,493 

 

 

 34,834 

 

 

 45,549 

 

 Repurchase agreements

 

 -

 

 

 -

 

 

 -

 

 

 1,168 

 

 

 4,644 

 

 Subordinated debt

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 

 9,750 

 

 Other borrowings

 

 10,425 

 

 

 9,581 

 

 

 11,158 

 

 

 15,752 

 

 

 13,060 

 

 Other liabilities

 

 5,045 

 

 

 4,777 

 

 

 5,051 

 

 

 6,780 

 

 

 6,193 

 

 Operating lease liability

 

 4,104 

 

 

 4,291 

 

 

 1,522 

 

 

 -

 

 

 -

 

 Stockholders' equity

 

 120,357 

 

 

 117,177 

 

 

 113,814 

 

 

 110,262 

 

 

 107,311 

 

 Total liabilities and stockholders' equity

$

 1,151,649 

 

$

 1,157,156 

 

$

 1,158,715 

 

$

 1,151,630 

 

$

 1,122,218 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



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)



Sept 30,

 

June 30,

 

Mar 31,

 

Dec 31,

 

Sept 30,

 



2019

 

2019

 

2019

 

2018

 

2018

 

Stockholders' Equity

$

 121,113 

 

$

 118,156 

 

$

 114,986 

 

$

 111,846 

 

$

 108,059 

 

Goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

Other intangible assets

 

 281 

 

 

 302 

 

 

 322 

 

 

 343 

 

 

 364 

 

Tangible common equity (Non-GAAP)

$

 105,307 

 

$

 102,329 

 

$

 99,139 

 

$

 95,978 

 

$

 92,170 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding shares

 4,334,782 

 

 4,331,121 

 

 4,327,415 

 

 4,321,745 

 

 4,311,860 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common share (GAAP)

$

 27.94 

 

$

 27.28 

 

$

 26.57 

 

$

 25.88 

 

$

 25.06 

 

Tangible book value per common share (Non-GAAP)

 

 24.29 

 

 

 23.63 

 

 

 22.91 

 

 

 22.21 

 

 

 21.38 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Average Tangible Equity

(Dollars in thousands)

For the Quarter Ended



Sept 30,

 

June 30,

 

Mar 31,

 

Dec 31,

 

Sept 30,

 



2019

 

2019

 

2019

 

2018

 

2018

 

Average Stockholders' Equity

$

 120,357 

 

$

 117,177 

 

$

 113,814 

 

$

 110,262 

 

$

 107,311 

 

Average goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

Average other intangible assets

 

 291 

 

 

 312 

 

 

 333 

 

 

 354 

 

 

 376 

 

Average tangible stockholders' equity (Non-GAAP)

$

 104,541 

 

$

 101,340 

 

$

 97,956 

 

$

 94,383 

 

$

 91,410 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

 2,870 

 

$

 2,587 

 

$

 2,587 

 

$

 3,002 

 

$

 3,020 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average stockholders' equity (GAAP)

 

 9.46 

%

 

 8.86 

%

 

 9.22 

%

 

 10.80 

%

 

 11.17 

%

Return on average tangible equity (Non-GAAP)

 

 10.89 

 

 

 10.24 

 

 

 10.71 

 

 

 12.62 

 

 

 13.11 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Equity/Tangible Assets

(Dollars in thousands)



Sept 30,

 

June 30,

 

Mar 31,

 

Dec 31,

 

Sept 30,

 



2019

 

2019

 

2019

 

2018

 

2018

 

Stockholders' Equity

$

 121,113 

 

$

 118,156 

 

$

 114,986 

 

$

 111,846 

 

$

 108,059 

 

Goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

Other intangible assets

 

 281 

 

 

 302 

 

 

 322 

 

 

 343 

 

 

 364 

 

Tangible common equity (Non-GAAP)

$

 105,307 

 

$

 102,329 

 

$

 99,139 

 

$

 95,978 

 

$

 92,170 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 1,113,494 

 

 1,154,409 

 

 1,166,694 

 

 1,158,235 

 

 1,128,115 

 

Goodwill

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

 

 15,525 

 

Other intangible assets

 

 281 

 

 

 302 

 

 

 322 

 

 

 343 

 

 

 364 

 

Tangible assets (Non-GAAP)

 1,097,688 

 

 1,138,582 

 

 1,150,847 

 

 1,142,367 

 

 1,112,226 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity/Total assets (GAAP)

 

 10.88 

%

 

 10.24 

%

 

 9.86 

%

 

 9.66 

%

 

 9.58 

%

Tangible common equity/Tangible assets (Non-GAAP)

 

 9.59 

 

 

 8.99 

 

 

 8.61 

 

 

 8.40 

 

 

 8.29 

 



10

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