DNB Financial Corporation Reports Fourth Quarter and Full Year 2017 Results

| Source: DNB Financial Corp DNB Financial Corp

DOWNINGTOWN, Pa., Jan. 24, 2018 (GLOBE NEWSWIRE) --

DNB Financial Corporation (Nasdaq:DNBF), today reported net income of $808,000, or $0.19 per diluted share, for the quarter ending December 31, 2017, compared with $2.3 million, or $0.55 per diluted share, for the same quarter, last year.  For the year ending December 31, 2017, net income was $7.9 million, or $1.85 per diluted share, compared with $5.0 million, or $1.55 per diluted share, for the same period, last year. Fourth quarter and full year 2017 results were impacted by a $1.8 million charge, or $0.43 per diluted share, to adjust deferred taxes due to the enactment of the Tax Cuts and Jobs Act.

            
 Table 1           
(Dollars in thousands, except per share data, unaudited) 4th Qtr '17  4th Qtr '16  FY 2017  FY 2016
  Interest income$ 11,241  $ 10,617  $ 43,385  $ 29,179 
  Interest expense  1,593    1,206    5,720    3,324 
  Net interest income  9,648    9,411    37,665    25,855 
  Provision for credit losses  375    100    1,660    730 
  Non-interest income  1,419    1,279    5,418    6,364 
  Non-interest expenses  7,202    7,347    28,021    24,641 
  Income before income taxes  3,490    3,243    13,402    6,848 
  Income tax expense   2,682    930    5,456    1,869 
  Net income $ 808  $ 2,313  $ 7,946  $ 4,979 
            
  Net income per share, diluted$ 0.19  $ 0.55  $ 1.85  $ 1.55 
            
Table 2: The following table reconciles adjusted earnings per share, net income and return ratios.     
(Dollars in thousands, except per share data, unaudited) 4th Qtr '17  4th Qtr '16  FY 2017  FY 2016
  Net income per share, diluted$ 0.19  $ 0.55  $ 1.85  $ 1.55 
  Deferred tax adjustment  0.43    -   0.43    -
  Adjusted earnings per share (a)$ 0.62  $ 0.55  $ 2.28  $ 1.55 
            
  Net income $ 808  $ 2,313  $ 7,946  $ 4,979 
  Deferred tax adjustment  1,846    -   1,846    -
  Adjusted net income (a)$ 2,654  $ 2,313  $ 9,792  $ 4,979 
            
  Return on Average Assets (ROAA) 0.30%  0.84%  0.74%  0.61%
  Adjusted ROAA (a) 0.98%  0.84%  0.91%  0.61%
  Return on Average Equity (ROAE) 3.10%  9.78%  7.93%  7.75%
  Adjusted ROAE (a) 10.16%  9.78%  9.77%  7.75%
(a)  See Reconciliation of Non-GAAP Financial Measures on Page 6.           
            

DNB Financial Corporation (the “Company” or “DNB”) believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends.  DNB believes adjusted net income, earnings per share, ROAA and ROAE provide a greater understanding of ongoing operations and enhances comparability of results with prior periods.

DNB is the parent of DNB First, National Association, one of the first nationally-chartered community banks to serve the greater Philadelphia region. On October 1, 2016, the Company completed its acquisition of Philadelphia-based East River Bank ("East River") and its results of operations are included in the consolidated results for the periods ended December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, but are not included in the results of operations for any other periods. 

William J. Hieb, President and CEO, commented, “Strong fourth quarter results help to define 2017 as a year in which significant progress was made to strengthen our banking franchise.  We are well-positioned and excited about our growth prospects in the attractive markets of Greater Philadelphia.”  Mr. Hieb added, “We remain focused on providing the superior service that our customers and the community have come to expect from DNB Financial.” 

Highlights

  • The net interest margin was 3.74% for the quarter ending December 31, 2017, compared with 3.72% for the previous quarter and 3.63% for the three months ending December 31, 2016.

  • Asset quality remained strong as net charge-offs were only 0.06% (annualized) of total average loans for the fourth quarter of 2017.  Non-performing loans were 0.89% of total loans at December 31, 2017.

  • Total loans increased 3.1% (not annualized) on a sequential quarter basis and 3.5% since December 31, 2016.  At year-end, 2017, the loan-to-deposit ratio was 98%.

  • Wealth management assets under care increased 18.0% to $252.8 million as of December, 31, 2017, from $214.2 million as of December 31, 2016.  Wealth management fees represented approximately 32% of total fee income for the year ended December 31, 2017.

  • The Company paid a quarterly cash dividend of $0.07 per share on December 13, 2017.

Income Statement Summary

Results for the fourth quarter and year ending December 31, 2017, included an adjustment to income tax expense of $1.8 million, or $0.43 per diluted share, related to a reduction in the carrying value of the net deferred tax asset.  This fourth quarter adjustment was recognized due to the enactment of The Tax Cuts and Jobs Act on December 22, 2017.  While the Company’s earnings, beginning in 2018, are expected to benefit from the lower corporate income tax rates, companies are required to revalue their deferred tax positions at December 31, 2017 at the lower federal income tax rates.

Reported net income of $808,000 for the fourth quarter of 2017 generated a return on average assets (“ROAA”) and return on average equity (“ROAE”) of 0.30% and 3.1%, respectively.  On an adjusted basis, the ROAA and ROAE were 0.98% and 10.2%, respectively.  Please see Tables 1 and 2.

Net interest income for the three months ending December 31, 2017 was $9.6 million, which represented a $142,000 increase from the quarter ending September 30, 2017, and a $237,000 increase from the quarter ending December 31, 2016.  The year-over-year increase was primarily due to an $11.8 million, or 1.4%, rise in total average loans and an 11 basis point increase in the reported net interest margin to 3.74% for the quarter ending December 31, 2017. 

Total interest expense was $1.6 million for the three months ending December 31, 2017, compared with $1.5 million for the quarter ending September 30, 2017, and $1.2 million for the fourth quarter of 2016.  The weighted average rate paid for interest-bearing liabilities was 0.66%, 0.61% and 0.49% for the quarters ending December 31, 2017, September 30, 2017 and December 31, 2016, respectively.  The rise in the weighted average rate was primarily due to an overall increase in market interest rates.

The provision for credit losses was $375,000 for both the third and fourth quarters of 2017, compared with $100,000 for the three months ended December 31, 2016.  As of December 31, 2017, the allowance for credit losses was $5.8 million and represented 0.69% of total loans.  Loans acquired in connection with the purchase of East River were recorded at fair value based on an initial estimate of expected cash flows, including a reduction for estimated credit losses, and without carryover of the respective portfolio's historical allowance for credit losses.  At December 31, 2017, the allowance for credit losses as a percentage of originated loans, which represents all loans other than those acquired, was 1.0%.

Total non-interest income for the fourth quarter of 2017 was $1.4 million, compared with $1.3 million for the same quarter, last year.  Wealth management fees were $456,000 for the fourth quarter of 2017, compared with $411,000 for the third quarter of 2017, and $404,000 for the fourth quarter of 2016.  Wealth management fees represented approximately 32% of total fee income for the year ended December 31, 2017. 

Non-interest expense was $7.2 million for the fourth quarter of 2017, compared with $7.0 million for the third quarter of 2017, and $7.3 million for the quarter ending December 31, 2016.  Non-interest expense for the quarter ending December 31, 2016, included merger-related costs of $280,000 and $480,000 for the write-down of OREO property to its net realizable value. Excluding merger-related and other one-time costs, year-over-year increases were largely due to additional expenses related to staff, offices and equipment and professional and consulting fees.

Balance Sheet Summary

As of December 31, 2017, total assets were $1.1 billion, which was relatively unchanged from year-end, 2016.  Total annual loan growth of $28.4 million, or 3.5%, was partially offset by an $8.0 million, or 4.4% decline in investment securities and an $11.2 million, or 50.6%, decrease in cash and cash equivalents.  Total deposits decreased $24.0 million, or 2.7%.  As of December 31, 2017, total stockholders’ equity was $101.9 million, compared with $94.8 million as of December 31, 2016.  Tangible book value per share was $20.06 as of December 31, 2017, compared with $18.56 as of December 31, 2016.

On a sequential quarter basis, total loans increased $26.1 million, or 3.1% (not annualized), to $845.9 million as of December 31, 2017 and were 78.2% of total assets.  Over the past 12 months, the Company’s commercial mortgage lending portfolio increased $19.4 million, or 4.2%, commercial business loans grew $6.4 million, or 5.2%, and commercial construction loans increased $2.3 million, or 3.1%.  At December 31, 2017, commercial loans totaled $689.4 million and were 81.5% of total loans. 

On a sequential quarter basis, total core deposits decreased $13.8 million, or 2.0% (not annualized), and were 78.8% of total deposits as of December 31, 2017.  As of the same date, noninterest-bearing deposits were 20.5% of total deposits and the loan-to-deposit ratio was 98.2%.

Capital ratios continue to exceed all regulatory standards for well-capitalized institutions.  As of December 31, 2017, the Tier 1 leverage ratio was 9.19%, the Tier 1 risk-based capital was 11.80%, the common equity Tier 1 risk-based capital ratio was 10.71% and the total risk based capital ratio was 13.73%. As of the same date, the tangible common equity-to-tangible assets ratio was 8.07%.  Intangible assets and goodwill totaled $16.1 million as of December 31, 2017.

Asset Quality Summary

Asset quality remained strong as net charge-offs were 0.06% of total average loans for the quarter ending December 31, 2017, and 0.15% for the year ending December 31, 2017. Total non-performing assets, including loans and other real estate property, were $12.6 million as of December 31, 2017 compared with $12.0 million as of September 30, 2017, and $11.3 million as of December 31, 2016.  The ratio of non-performing loans to total loans was 0.89% as of December 31, 2017, versus 1.04% as of December 31, 2016.    

Interest Rate Risk Management

DNB's strategy has been to seek shorter duration over yield in its lending and investing activities and lengthen duration over rate 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.

General Information

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

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, expectations or predictions of future financial or business performance, conditions relating to DNB and East River Bank (“East River”) or other effects of the merger of DNB and East River. 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: difficulties and delays in integrating the East River business or fully realizing anticipated cost savings and other benefits of the merger; business disruptions following the merger; 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; and the success of DNB at managing the risks involved in the foregoing. 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

            
            
DNB Financial Corporation
Condensed Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
            
 Three Months Ended Twelve Months Ended
 December 31, December 31,
  2017  2016  2017  2016
EARNINGS:           
Interest income$ 11,241  $ 10,617  $ 43,385  $ 29,179 
Interest expense  1,593    1,206    5,720    3,324 
Net interest income  9,648    9,411    37,665    25,855 
Provision for credit losses  375    100    1,660    730 
Non-interest income  1,250    1,279    5,012    4,714 
Gain from insurance proceeds  123    -   203    1,180 
Gain on sale of investment securities  25    -   50    431 
Gain on sale of SBA loans  21    -   153    39 
Loss on sale / write-down of OREO and ORA  -   480    121    644 
Due diligence & merger expense  -   280    77    2,241 
Non-interest expense  7,202    6,587    27,823    21,756 
Income before income taxes  3,490    3,243    13,402    6,848 
Income tax expense   2,682    930    5,456    1,869 
Net income$ 808  $ 2,313  $ 7,946  $ 4,979 
Net income per common share, diluted$ 0.19  $ 0.55  $ 1.85  $ 1.55 
Net income before taxes includes accretion income of purchase accounting fair value adjustments of $433,000 and $2.2 million for the three and twelve month periods ended December 31, 2017, respectively and $738,000 for the three and twelve months ended December 31, 2016.


            
            
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In thousands, except per share data)
            
 Three Month Ended Twelve Months Ended
 December 31, December 31,
 2017 2016   2017 2016
Adjusted Earnings per Common Share:           
Net income as reported$ 808  $ 2,313  $ 7,946  $ 4,979 
Deferred tax adjustment  1,846    -   1,846    -
Adjusted net income $ 2,654  $ 2,313  $ 9,792  $ 4,979 
Diluted average common shares  4,297    4,230    4,290    3,219 
Diluted earnings per common share:           
Reported$ 0.19  $ 0.55  $ 1.85  $ 1.55 
Adjusted  0.62    0.55    2.28    1.55 
Adjusted Net Income, ROAA and ROAE:           
Net income as reported$ 808  $ 2,313  $ 7,946  $ 4,979 
Deferred tax adjustment  1,846    -   1,846    -
Adjusted net income$ 2,654  $ 2,313  $ 9,792  $ 4,979 
Average Assets$ 1,075,024  $ 1,086,958  $ 1,076,723  $ 808,545 
ROAA:           
Reported 0.30%  0.84%  0.74%  0.61%
Adjusted 0.98%  0.84%  0.91%  0.61%
Average Stockholders' Equity$ 103,557  $ 93,809  $ 100,212  $ 64,040 
ROAE:           
Reported 3.10%  9.78%  7.93%  7.75%
Adjusted 10.16%  9.78%  9.77%  7.75%
Adjusted net income, earnings per share, ROAA and ROAE remove the after tax effect of the charge to adjust deferred taxes resulting from the Tax Cuts and Jobs Act.


               
 
DNB Financial Corporation
Selected Financial Data (Unaudited)
(In thousands, except per share data)
               
 Quarterly
 2017 2017 2017 2017 2016
 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr
Earnings and Per Share Data              
Net income $808 $2,411 $2,286 $2,441 $2,313
Basic earnings per common share$0.19 $0.57 $0.54 $0.57 $ 0.55 
Diluted earnings per common share$0.19 $0.56 $0.53 $0.57 $ 0.55 
Dividends per common share$0.07 $0.07 $0.07 $0.07 $0.07
Book value per common share$23.78 $23.90 $23.35 $22.88 $22.36
Tangible book value per common share$20.06 $20.15 $19.59 $19.11 $18.56
Average common shares outstanding 4,274  4,262  4,258  4,247  4,203
Average diluted common shares outstanding 4,297  4,296  4,292  4,274  4,230
               
Performance Ratios               
Return on average assets 0.30%  0.90%  0.84%  0.92%  0.84%
Return on average equity 3.10%  9.42%  9.23%  10.28%  9.78%
Return on average tangible equity 3.66%  11.18%  11.00%  12.34%  12.04%
Net interest margin 3.74%  3.72%  3.59%  3.67%  3.63%
Efficiency ratio 64.73%  63.45%  63.80%  63.14%  62.47%
Wtd average yield on earning assets 4.35%  4.30%  4.12%  4.16%  4.10%
               
Asset Quality Ratios               
Net charge-offs to average loans 0.06%  0.02%  0.36%  0.14%  0.01%
Non-performing loans/Total loans 0.89%  0.87%  0.84%  0.94%  1.04%
Non-performing assets/Total assets 1.16%  1.13%  1.13%  1.16%  1.05%
Allowance for credit loss/Total loans 0.69%  0.68%  0.65%  0.66%  0.66%
Allowance for credit loss/Non-performing loans 77.36%  78.68%  76.76%  70.56%  63.20%
               
Capital Ratios              
Total equity/Total assets 9.42%  9.56%  9.19%  8.93%  8.86%
Tangible equity/Tangible assets 8.07%  8.18%  7.83%  7.57%  7.46%
Tier 1 leverage ratio 9.19%  9.22%  8.80%  8.75%  8.42%
Common equity tier 1 risk-based capital ratio 10.71%  10.78%  10.24%  9.71%  9.59%
Tier 1 risk based capital ratio 11.80%  11.88%  11.32%  10.75%  10.65%
Total risk based capital ratio 13.73%  13.79%  13.15%  12.56%  12.48%
               
Wealth Management Assets under care*$252,823 $246,294 $232,707 $224,490 $214,170
               
*Wealth Management Assets under care includes assets under management, administration, supervision and brokerage.
 



               
 
DNB Financial Corporation
Condensed Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)
               
 Three Months Ended
 Dec 31, Sept 30, June 30, Mar 31, Dec 31,
 2017 2017 2017 2017 2016
EARNINGS:              
Interest income$ 11,241  $ 10,989  $ 10,661  $ 10,494  $ 10,617 
Interest expense  1,593    1,483    1,382    1,262    1,206 
Net interest income  9,648    9,506    9,279    9,232    9,411 
Provision for credit losses  375    375    585    325    100 
Non-interest income  1,250    1,236    1,300    1,226    1,279 
Gain from insurance proceeds  123    -   -   80    -
Gain on sale of investment securities  25    -   25    -   -
Gain on sale of SBA loans  21    35    97    -   -
Loss (gain) on sale / write-down of OREO and ORA  -   7    115    (1)   480 
Due diligence & merger expense  -   -   26    51    280 
Non-interest expense  7,202    6,983    6,943    6,695    6,587 
Income before income taxes  3,490    3,412    3,032    3,468    3,243 
Income tax expense  2,682    1,001    746    1,027    930 
Net income $ 808  $ 2,411  $ 2,286  $ 2,441  $ 2,313 
Net income per common share, diluted$ 0.19  $ 0.56  $ 0.53  $ 0.57  $ 0.55 
               
 
 
 
Condensed Consolidated Statements of Financial Condition (Unaudited)
(Dollars in thousands)
               
 Dec 31, Sept 30, June 30, Mar 31, Dec 31,
 2017 2017 2017 2017 2016
FINANCIAL POSITION:              
Cash and cash equivalents$ 10,917  $ 19,490  $ 36,189  $ 44,068  $ 22,103 
Investment securities  174,173    175,148    177,149    178,422    182,206 
Loans held for sale  651    350    -   200    -
Loans and leases  845,897    819,753    816,525    816,363    817,529 
Allowance for credit losses  (5,843)   (5,594)   (5,267)   (5,418)   (5,373)
Net loans and leases  840,054    814,159    811,258    810,945    812,156 
Premises and equipment, net  8,649    8,898    9,099    9,203    9,243 
Goodwill  15,525    15,525    15,525    15,525    15,590 
Other assets  31,946    32,113    32,240    31,576    29,387 
Total assets$ 1,081,915  $ 1,065,683  $ 1,081,460  $ 1,089,939  $ 1,070,685 
               
Demand$ 176,815  $ 198,399  $ 181,529  $ 176,199  $ 173,467 
NOW  199,310    195,455    209,355    218,133    224,219 
Money market  221,726    217,870    240,434    221,356    184,783 
Savings  81,050    81,030    84,820    84,700    86,176 
Core deposits  678,901    692,754    716,138    700,388    668,645 
Time deposits  140,490    136,759    147,110    177,335    187,256 
Brokered deposits  41,812    41,815    29,811    28,045    29,286 
Total deposits  861,203    871,328    893,059    905,768    885,187 
FHLB advances  79,013    51,047    49,869    50,972    55,332 
Repurchase agreements  12,023    15,383    15,700    11,474    11,889 
Subordinated debt  9,750    9,750    9,750    9,750    9,750 
Other borrowings  12,017    9,658    9,672    9,685    9,697 
Other liabilities  5,967    6,633    4,005    5,002    3,990 
Stockholders' equity  101,942    101,884    99,405    97,288    94,840 
Total liabilities and stockholders' equity$ 1,081,915  $ 1,065,683  $ 1,081,460  $ 1,089,939  $ 1,070,685 
               


                
                
DNB Financial Corporation
Condensed Consolidated Statements of Financial Condition - Quarterly Average Balances (Unaudited)
(Dollars in thousands)
                
   Dec 31,  Sept 30,  June 30,  Mar 31,  Dec 31,
             2017  2017  2017  2017  2016
FINANCIAL POSITION:               
Cash and cash equivalents $ 23,513  $ 20,673  $ 46,629  $ 27,406  $ 37,239 
Investment securities   180,754    182,930    182,124    185,676    192,359 
Loans held for sale   34    49    10    41    137 
Loans and leases   827,273    818,800    817,148    815,028    815,470 
Allowance for credit losses   (5,639)   (5,388)   (5,557)   (5,432)   (5,512)
Net loans and leases   821,634    813,412    811,591    809,596    809,958 
Premises and equipment, net   8,841    9,032    9,188    9,267    9,218 
Goodwill   15,525    15,525    15,525    15,589    15,590 
Other assets   24,723    24,839    24,785    24,046    22,457 
Total assets $ 1,075,024  $ 1,066,460  $ 1,089,852  $ 1,071,621  $ 1,086,958 
                
Demand $ 192,700  $ 188,804  $ 183,329  $ 172,984  $ 181,415 
NOW   196,055    199,311    209,433    218,357    224,101 
Money market   216,853    223,448    232,662    197,615    177,885 
Savings   81,118    82,971    84,946    85,348    87,096 
Core deposits   686,726    694,534    710,370    674,304    670,497 
Time deposits   142,283    142,846    166,459    180,819    186,287 
Brokered deposits   41,814    35,474    26,709    28,326    27,406 
Total deposits   870,823    872,854    903,538    883,449    884,190 
FHLB advances   59,373    50,827    50,634    55,420    64,846 
Repurchase agreements   15,388    16,070    12,551    12,858    18,972 
Subordinated debt   9,750    9,750    9,750    9,750    9,750 
Other borrowings   9,835    9,996    9,684    9,748    9,799 
Other liabilities         6,298    5,433    4,353    4,070    5,592 
Stockholders' equity   103,557    101,530    99,342    96,326    93,809 
Total liabilities and stockholders' equity $ 1,075,024  $ 1,066,460  $ 1,089,852  $ 1,071,621  $ 1,086,958 
                


For further information, please contact: 
Gerald F. Sopp CFO/Executive Vice-President
484.359.3138             
gsopp@dnbfirst.com