DNB Financial Corporation reported net income of $2.0 million, or $0.47 per diluted share, for the quarter ending June 30, 2018, compared with $2.3 million, or $0.53 per diluted share, for the same quarter last year.
For the six months ending June 30, 2018, the company reported net income of $4.7 million, or $1.08 per diluted share, compared with $4.7 million, or $1.10 per diluted share, for the same period last year.
“While overall second quarter results were impacted by the previously disclosed one-time restructuring expenses, our core businesses, including commercial lending and wealth management, continued to perform well,” said William J. Hieb, President and CEO.
“Strong credit metrics reflect the company’s ongoing commitment to maintain prudent underwriting standards, despite the pressures brought on by the flattening yield curve and competitive lending environment.”
- Total loans increased 2.4 percent (not annualized) on a sequential quarter basis and 4.7 percent (not annualized) since Dec. 31, 2017.
- Core deposits grew $11.0 million, or 1.5 percent (not annualized) since March 31, 2018, and were 78 percent of total deposits at June 30, 2018. As of June 30, 2018, the loan-to-deposit ratio was 95 percent.
- Asset quality remained strong, as net charge-offs were only 0.15 percent (annualized) of total average loans for the second quarter of 2018. Non-performing loans were 0.76 percent of total loans at June 30, 2018.