Attached files
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| 8-K - DNB FINANCIAL CORPORATION FORM 8-K - DNB FINANCIAL CORP /PA/ | dnb8k.htm |
DNB Financial Corporation
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For further information, please contact:
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Gerald F. Sopp CFO/Executive Vice-President
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484.359.3138
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FOR IMMEDIATE RELEASE
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gsopp@dnbfirst.com
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(NasdaqCM: DNBF)
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DNB Financial Corporation Reports Second Quarter, First Half 2014 Results
DOWNINGTOWN, Pa., July 24, 2014 -- DNB Financial Corporation (Nasdaq:DNBF), parent of DNB First, National Association, the oldest nationally-chartered community bank serving the greater Philadelphia region, today reported financial results for the three and six months ended June 30, 2014.
For the three months ended June 30, 2014, net income available to common shareholders was $1.09 million or $0.38 per diluted common share compared with $1.21 million or $0.44 per diluted common share for the three months ended June 30, 2013.
For the six months ended June 30, 2014, net income available to common shareholders was $2.05 million or $0.73 per diluted common share compared with $2.35 million or $0.85 per diluted common share for the six months ended June 30, 2013.
William S. Latoff, Chairman and CEO, commented: “DNB continues to build a diversified mix of revenue generated through its commercial and consumer lending businesses, and its growing wealth management services division. We are gratified that the company's focus on increasing shareholder value through prudent asset growth, and improved asset quality is reflected by consistent growth in our book value per share and shareholders’ equity.
“Our second quarter and first half year-over-year earnings comparisons in part reflect the investments we have made in new hires to drive revenue in future quarters, technology to enhance the company’s capabilities, and branch upgrades to accommodate increased business and provide a welcoming environment for customers. We are further streamlining our retail banking business line, and initiatives we’ve taken have contributed to the reduction in our funding cost and gains in consumer lending. We recently launched a mortgage banking division, and we expect traction in this area to accelerate in future periods. Our growing consumer service capability is complementing our traditional commercial banking business, which remains a strong focus.”
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Highlights:
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Total stockholders' equity increased to $61.70 million at June 30, 2014 compared with $57.40 million at June 30, 2013 and $58.58 million at December 31, 2013.
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Book value per common share rose to $17.62 at June 30, 2014 compared with $16.18 at June 30, 2013, primarily reflecting the Company’s ability to grow assets and markedly improve asset quality during the past year.
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Total loans and leases before the allowance for credit losses were $439.02 million at June 30, 2014, up from $389.79 million at June 30, 2013 and from $415.35 million at December 31, 2013.
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During the first half of 2014, total commercial loans increased 5.2% to $360.77 million compared with $343.00 million at December 31, 2013, with $17.77 million in net new commercial loans added during the six months of 2014. Consumer loan totals grew 11.0% during the six months of 2014.
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Net interest income for the six months of 2014 was $10.47 million compared with $10.14 million for the six months ended June 30, 2013, reflecting stable total interest income and lower total interest expense resulting from disciplined rate management during a continued low-interest rate environment.
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Improved asset quality year-over-year reflected the company’s initiatives to trim problem credits in the second half of 2013. The ratio of non-performing assets to total assets declined to 0.89% at June 30, 2014 compared with 2.02% at June 30, 2013, non-performing loans to total loans declined to 1.18% compared with 2.60% a year earlier, while net charge-offs to average loans was 0.11% compared with 0.82% a year earlier.
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The Bank’s core deposits (demand deposits, NOW, money market and savings accounts) increased to $488.36 million at June 30, 2014 compared with $468.29 million at June 30, 2013, reflecting initiatives to grow deposit business as part of a total banking relationship with clients.
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Wealth management continued to build total assets under care, which increased 16.7% to $158.7 million at June 30, 2014 compared with $135.9 million at June 30, 2013, reflecting consistent consecutive quarterly growth. Increased assets under care contributed to 7.86% growth in second quarter 2014 fee income from wealth management services compared with the second quarter of 2013.
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Tier 1 leverage ratio of 10.76%, tier 1 risk-based capital ratio of 14.88% and total risk-based capital ratio of 15.92% as of June 30, 2014 exceeded regulatory definitions for a well-capitalized institution.
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Second Quarter, First Half 2014 Income Statement Highlights
Net interest income after the provision for credit losses was $5.04 million for the three months ended June 30, 2014 compared with $4.79 million for the three months ended June 30, 2013. Year-over-year results reflect the continuing low interest rate environment, a 19% reduction of total interest expense, and a provision for credit losses of $255,000 in the current quarter compared to $375,000 in the prior year’s second quarter.
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For the six months ended June 30, 2014, net interest income after the provision for credit losses was $9.84 million compared with $9.59 million for the six months ended June 30, 2013. The increase in the Company’s loan loss provision to $630,000 in the first half of 2014 compared with $555,000 in the first half of 2013 primarily reflected prudent reserving for credit losses as total loans increased.
The Company's net interest margin was 3.36% for the second quarter of 2014 compared with 3.35% for the second quarter of 2013, reflecting relative margin stability despite the continuing pressures of a low-interest rate environment. The Company mitigated some of this pressure through interest expense management, the positive impact of carrying fewer non-performing assets, increased levels of demand deposits and careful management of borrowings.
Total non-interest income, including fees from wealth management, gains on the sale of investment securities, income from merchant services and debit and credit card use was $1.11 million in the second quarter of 2014 compared to $1.16 million in 2013. Fee income from wealth management services increased 7.86% compared with the second quarter of 2013.
Total non-interest income for the six months of 2014 was $2.33 million compared with $2.39 million for the six months of 2013. Contributing to non-interest income was the Company's gain on the sale of securities, reflecting active management of the Company’s investment portfolio. Gains generated from the sale of securities were $337,000 in the first half of 2014 compared with $214,000 in the first half of 2013.
Total non-interest expense was $9.37 million for the six months ended June 30, 2014 compared with $8.66 million for the six months ended June 30, 2013. The Company made significant investments to support growth, including upgraded technology systems, key hires to drive revenue growth and renovation of key locations, including expanding its West Chester, PA office, which serves as a regional center for Chester County, DNB's primary market for commercial lending and wealth management.
Balance Sheet, Asset Quality, and Capital Position Highlights
Total assets increased to $685.16 million at June 30, 2014 compared with $661.47 million at December 31, 2013, and $667.63 million at June 30, 2013.
Total deposits were $575.57 million at June 30, 2014, growing from $558.75 million at December 31, 2013, and $561.91 million at June 30, 2013. The Company continued to build lower-cost core deposits, which increased 5.4% to $488.36 million at June 30, 2014 compared with $463.21 million at December 31, 2013.
Total loans and leases after allowance for credit losses grew 5.7% to $434.14 million at June 30, 2014 compared with $410.73 million at December 31, 2013. Loan totals in the first half of 2014 reflected growth in commercial real estate and consumer lending.
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“We are very pleased with the strength being demonstrated in our expanding retail banking business,” noted Latoff. “Our residential mortgage lending grew 2.7% from the beginning of the year, and consumer lending increased 11% in the first half of 2014. This is a direct result of our efforts to build a highly trained and consultative retail banking business to complement our long standing commercial banking business.
“We believe our new Universal Banking Model, which offers our retail customers an expanded level of service and financial solutions is already generating positive results.”
Overall asset quality at June 30, 2014 reflected continued long-term improvement. The ratio of total non-performing loans to total loans declined sharply to 1.18% at June 30, 2014 compared to 2.60% at June 30, 2013, while the ratio of non-performing assets to total assets declined to 0.89% at June 30, 2014 compared with 2.02% at June 30, 2013. Due to improved asset quality, the Company’s allowance for loan losses to non-performing loans increased to 94.62% at June 30, 2014 compared with 65.94% at June 30, 2013.
Total stockholders' equity increased to $61.70 million at June 30, 2014 compared with $57.40 million at June 30, 2013. Book value per common share rose to $17.62 at June 30, 2014, compared with $16.18 at June 30, 2013.
The Company's capital ratios exceeded accepted minimum regulatory standards for well-capitalized institutions, with a Tier 1 leverage ratio of 10.76%, a Tier 1 risk-based capital ratio of 14.88% and a total risk-based capital ratio of 15.92% at June 30, 2014.
Latoff concluded: “DNB continues to deliver best-of-class products and services to an expanding base of customers, which is driving growth in shareholder value. With expanded services and capabilities, we believe DNB is well positioned to drive profitable growth and to deliver ongoing increases in shareholder value.”
DNB Financial Corporation is a bank holding company whose bank subsidiary, DNB First, National Association, is a community bank headquartered in Downingtown, Pennsylvania with 13 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 http://www.dnbfirst.com. DNB's Investor Relations site can be found at http://investors.dnbfirst.com/.
DNB Financial Corporation (the "Corporation"), may from time to time make written or oral "forward-looking statements," including statements contained in the Corporation's filings with the Securities and Exchange Commission including this press release and in its reports to stockholders and in other communications by the Corporation, which are made in good faith by the Corporation pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended.
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These forward-looking statements include statements with respect to the Corporation'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 the Corporation'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. The following factors, among others, could cause the Corporation's financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Corporation conducts 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 recent 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 of the Corporation 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 the Corporation's products and services; the success of the Corporation 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; acquisitions; changes in consumer spending and saving habits; the nature, extent, and timing of governmental actions and reforms, including the rules of participation for the Small Business Lending Fund (SBLF), a U.S. Treasury Department program; and the success of the Corporation at managing the risks involved in the foregoing.
The Corporation 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 the Corporation on its website or otherwise. The Corporation 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 the Corporation 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 Securities and Exchange Commission, 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
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DNB Financial Corporation
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Condensed Consolidated Statements of Income (Unaudited)
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(Dollars in thousands, except per share data)
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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2014
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2013
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2014
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2013
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EARNINGS:
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Interest income
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$ | 5,877 | $ | 5,887 | $ | 11,679 | $ | 11,661 | ||||||||
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Interest expense
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581 | 719 | 1,206 | 1,519 | ||||||||||||
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Net interest income
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5,296 | 5,168 | 10,473 | 10,142 | ||||||||||||
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Provision for credit losses
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255 | 375 | 630 | 555 | ||||||||||||
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Non-interest income
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1,012 | 988 | 1,996 | 1,981 | ||||||||||||
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Gain on sale of investment securities
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102 | 155 | 337 | 214 | ||||||||||||
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Gain on sale of SBA loans
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- | 16 | - | 163 | ||||||||||||
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(Gain) loss on sale / write-down of OREO and ORA
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1 | 18 | 7 | 28 | ||||||||||||
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Non-interest expense
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4,673 | 4,254 | 9,361 | 8,632 | ||||||||||||
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Income before income taxes
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1,481 | 1,680 | 2,808 | 3,285 | ||||||||||||
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Income tax expense
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361 | 430 | 684 | 860 | ||||||||||||
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Net income
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1,120 | 1,250 | 2,124 | 2,425 | ||||||||||||
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Preferred stock dividends and accretion of discount
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33 | 36 | 70 | 73 | ||||||||||||
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Net income available to common stockholders
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$ | 1,087 | $ | 1,214 | $ | 2,054 | $ | 2,352 | ||||||||
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Net income per common share, diluted
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$ | 0.38 | $ | 0.44 | $ | 0.73 | $ | 0.85 | ||||||||
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Condensed Consolidated Statements of Financial Condition (Unaudited)
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(Dollars in thousands)
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June 30,
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December 31,
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June 30,
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FINANCIAL POSITION:
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Cash and cash equivalents
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$ | 28,428 | $ | 34,060 | $ | 54,040 | ||||||||||
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Investment securities
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194,771 | 186,958 | 198,917 | |||||||||||||
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Loans and leases
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439,022 | 415,354 | 389,790 | |||||||||||||
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Allowance for credit losses
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(4,887 | ) | (4,623 | ) | (6,690 | ) | ||||||||||
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Net loans and leases
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434,135 | 410,731 | 383,100 | |||||||||||||
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Premises and equipment, net
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7,973 | 8,218 | 8,117 | |||||||||||||
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Other assets
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19,855 | 21,506 | 23,451 | |||||||||||||
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Total assets
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$ | 685,162 | $ | 661,473 | $ | 667,625 | ||||||||||
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Deposits
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$ | 575,569 | $ | 558,747 | $ | 561,908 | ||||||||||
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FHLB advances
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10,000 | 10,000 | 10,000 | |||||||||||||
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Repurchase agreements
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23,939 | 19,854 | 23,233 | |||||||||||||
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Other borrowings
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9,802 | 9,820 | 9,835 | |||||||||||||
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Other liabilities
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4,155 | 4,469 | 5,246 | |||||||||||||
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Stockholders' equity
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61,697 | 58,583 | 57,403 | |||||||||||||
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Total liabilities and stockholders' equity
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$ | 685,162 | $ | 661,473 | $ | 667,625 | ||||||||||
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DNB Financial Corporation
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Selected Financial Data (Unaudited)
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(In thousands, except per share data)
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Quarterly
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2014
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2014
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2013
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2013
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2013
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2nd Qtr
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1st Qtr
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4th Qtr
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3rd Qtr
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2nd Qtr
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Earnings and Per Share Data
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Net income available to common stockholders
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$ | 1,087 | $ | 967 | $ | 1,124 | $ | 295 | $ | 1,214 | ||||||||||
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Basic earnings per common share
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$ | 0.39 | $ | 0.35 | $ | 0.41 | $ | 0.11 | $ | 0.44 | ||||||||||
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Diluted earnings per common share
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$ | 0.38 | $ | 0.35 | $ | 0.41 | $ | 0.10 | $ | 0.44 | ||||||||||
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Dividends per common share
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$ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.07 | ||||||||||
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Book value per common share
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$ | 17.62 | $ | 17.09 | $ | 16.55 | $ | 16.28 | $ | 16.18 | ||||||||||
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Tangible book value per common share
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$ | 17.55 | $ | 17.01 | $ | 16.47 | $ | 16.19 | $ | 16.08 | ||||||||||
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Average common shares outstanding
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2,763 | 2,758 | 2,754 | 2,750 | 2,741 | |||||||||||||||
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Average diluted common shares outstanding
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2,810 | 2,802 | 2,799 | 2,788 | 2,774 | |||||||||||||||
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Performance Ratios
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Return on average assets
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0.67 | % | 0.62 | % | 0.70 | % | 0.20 | % | 0.76 | % | ||||||||||
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Return on average equity
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7.35 | % | 6.78 | % | 7.86 | % | 2.28 | % | 8.60 | % | ||||||||||
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Return on average tangible equity
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7.38 | % | 6.81 | % | 7.89 | % | 2.29 | % | 8.65 | % | ||||||||||
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Net interest margin
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3.36 | % | 3.36 | % | 3.31 | % | 3.21 | % | 3.35 | % | ||||||||||
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Efficiency ratio
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71.97 | % | 73.63 | % | 70.15 | % | 70.84 | % | 66.98 | % | ||||||||||
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Asset Quality Ratios
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Net charge-offs to average loans
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0.11 | % | 0.24 | % | 0.06 | % | 4.03 | % | 0.82 | % | ||||||||||
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Non-performing loans/Total loans
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1.18 | % | 1.26 | % | 1.38 | % | 1.40 | % | 2.60 | % | ||||||||||
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Non-performing assets/Total assets
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0.89 | % | 0.94 | % | 1.03 | % | 1.51 | % | 2.02 | % | ||||||||||
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Allowance for credit loss/Total loans
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1.11 | % | 1.10 | % | 1.11 | % | 1.08 | % | 1.72 | % | ||||||||||
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Allowance for credit loss/Non-performing loans
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94.62 | % | 87.59 | % | 80.73 | % | 77.04 | % | 65.94 | % | ||||||||||
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Capital Ratios
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Total equity/Total assets
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9.00 | % | 8.83 | % | 8.86 | % | 8.89 | % | 8.60 | % | ||||||||||
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Tangible equity/Tangible assets
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8.95 | % | 8.78 | % | 8.84 | % | 8.87 | % | 8.58 | % | ||||||||||
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Tangible common equity/Tangible assets
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7.06 | % | 6.88 | % | 6.87 | % | 6.87 | % | 6.63 | % | ||||||||||
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Tier 1 leverage ratio
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10.76 | % | 10.72 | % | 10.61 | % | 10.39 | % | 10.42 | % | ||||||||||
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Tier 1 risk-based capital ratio
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14.88 | % | 15.00 | % | 15.35 | % | 15.18 | % | 15.22 | % | ||||||||||
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Total risk-based capital ratio
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15.92 | % | 16.04 | % | 16.40 | % | 16.16 | % | 16.47 | % | ||||||||||
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Wealth Management
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Assets under care*
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$ | 158,688 | $ | 152,570 | $ | 148,193 | $ | 139,494 | $ | 135,935 | ||||||||||
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*Wealth Management assets under care includes assets under management, administration, supervision and brokerage.
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DNB Financial Corporation
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Condensed Consolidated Statements of Income (Unaudited)
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(Dollars in thousands, except per share data)
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Three Months Ended
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June 30,
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Mar 31,
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Dec 31,
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Sept 30,
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June 30,
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2014
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2014
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2013
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2013
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2013
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EARNINGS:
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Interest income
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$ | 5,877 | $ | 5,802 | $ | 5,828 | $ | 5,723 | $ | 5,887 | ||||||||||
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Interest expense
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581 | 625 | 674 | 695 | 719 | |||||||||||||||
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Net interest income
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5,296 | 5,177 | 5,154 | 5,028 | 5,168 | |||||||||||||||
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Provision for credit losses
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255 | 375 | 375 | 1,600 | 375 | |||||||||||||||
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Non-interest income
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1,012 | 984 | 999 | 1,043 | 988 | |||||||||||||||
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Gain on sale of investment securities
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102 | 235 | 115 | 281 | 155 | |||||||||||||||
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Gain (loss) on sale of SBA loans
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- | - | - | (1 | ) | 16 | ||||||||||||||
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(Gain) loss on sale / write-down of OREO and ORA
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1 | 6 | (134 | ) | 0 | 18 | ||||||||||||||
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Non-interest expense
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4,673 | 4,688 | 4,470 | 4,454 | 4,254 | |||||||||||||||
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Income before income taxes
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1,481 | 1,327 | 1,557 | 297 | 1,680 | |||||||||||||||
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Income tax expense (benefit)
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361 | 323 | 396 | (36 | ) | 430 | ||||||||||||||
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Net income
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1,120 | 1,004 | 1,161 | 333 | 1,250 | |||||||||||||||
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Preferred stock dividends and accretion of discount
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33 | 37 | 37 | 38 | 36 | |||||||||||||||
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Net income available to common stockholders
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$ | 1,087 | $ | 967 | $ | 1,124 | $ | 295 | $ | 1,214 | ||||||||||
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Net income per common share, diluted
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$ | 0.38 | $ | 0.35 | $ | 0.41 | $ | 0.10 | $ | 0.44 | ||||||||||
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Condensed Consolidated Statements of Financial Condition (Unaudited)
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(Dollars in thousands)
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June 30,
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Mar 31,
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Dec 31,
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Sept 30,
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June 30,
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| 2014 | 2014 | 2013 | 2013 | 2013 | ||||||||||||||||
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FINANCIAL POSITION:
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Cash and cash equivalents
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$ | 28,428 | $ | 35,692 | $ | 34,060 | $ | 19,221 | $ | 54,040 | ||||||||||
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Investment securities
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194,771 | 191,829 | 186,958 | 202,369 | 198,917 | |||||||||||||||
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Loans and leases
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439,022 | 430,171 | 415,354 | 399,239 | 389,790 | |||||||||||||||
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Allowance for credit losses
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(4,887 | ) | (4,750 | ) | (4,623 | ) | (4,306 | ) | (6,690 | ) | ||||||||||
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Net loans and leases
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434,135 | 425,421 | 410,731 | 394,933 | 383,100 | |||||||||||||||
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Premises and equipment, net
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7,973 | 8,120 | 8,218 | 8,179 | 8,117 | |||||||||||||||
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Other assets
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19,855 | 20,197 | 21,506 | 25,107 | 23,451 | |||||||||||||||
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Total assets
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$ | 685,162 | $ | 681,259 | $ | 661,473 | $ | 649,809 | $ | 667,625 | ||||||||||
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Demand Deposits
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$ | 116,989 | $ | 110,866 | $ | 101,853 | $ | 95,606 | $ | 91,200 | ||||||||||
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NOW
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174,044 | 177,300 | 170,427 | 169,334 | 177,027 | |||||||||||||||
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Money marekts
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133,479 | 127,961 | 130,835 | 134,416 | 137,142 | |||||||||||||||
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Savings
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63,844 | 62,349 | 60,090 | 59,620 | 62,918 | |||||||||||||||
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Core Deposits
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488,356 | 478,476 | 463,205 | 458,976 | 468,287 | |||||||||||||||
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Time deposits
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79,494 | 83,297 | 95,542 | 92,882 | 93,621 | |||||||||||||||
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Brokered deposits
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7,719 | - | - | - | - | |||||||||||||||
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Total Deposits
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575,569 | 561,773 | 558,747 | 551,858 | 561,908 | |||||||||||||||
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FHLB advances
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10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |||||||||||||||
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Repurchase agreements
|
23,939 | 35,555 | 19,854 | 14,642 | 23,233 | |||||||||||||||
|
Other borrowings
|
9,802 | 9,811 | 9,820 | 9,827 | 9,835 | |||||||||||||||
|
Other liabilities
|
4,155 | 3,999 | 4,469 | 5,735 | 5,246 | |||||||||||||||
|
Stockholders' equity
|
61,697 | 60,121 | 58,583 | 57,747 | 57,403 | |||||||||||||||
|
Total liabilities and stockholders' equity
|
$ | 685,162 | $ | 681,259 | $ | 661,473 | $ | 649,809 | $ | 667,625 | ||||||||||
8