DNB Financial Corporation (DNBF) has reported a 56.88 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $2.44 million, or $0.57 a share in the quarter, compared with $1.56 million, or $0.54 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $1.94 million, or $0.45 a share compared with $1.14 million or $0.40 a share, a year ago.
Revenue during the quarter surged 37.01 percent to $10.21 million from $7.45 million in the previous year period. Net interest income for the quarter rose 69.24 percent over the prior year period to $9.23 million. Non-interest income for the quarter fell 43.92 percent over the last year period to $1.31 million.
DNB Financial Corporation has made provision of $0.32 million for loan losses during the quarter, down 1.52 percent from $0.33 million in the same period last year.
Net interest margin improved 52 basis points to 3.67 percent in the quarter from 3.15 percent in the last year period. Efficiency ratio for the quarter improved to 63.14 percent from 78.66 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
William J. Hieb, president and chief executive officer, commented, "the Company delivered another quarter of solid earnings, despite the industry-wide challenge of growing loans." Mr. Hieb added; "the investment in deposit gathering capabilities has supported our strategy of funding prudent loan growth with high quality core deposits. We are particularly pleased with our continued strong credit quality and solid growth of our wealth management business."
Deposits stood at $905.77 million as on Mar. 31, 2017, up 42.18 percent compared with $637.06 million on Mar. 31, 2016.
Investments stood at $178.42 million as on Mar. 31, 2017, down 13.82 percent or $28.60 million from year-ago. Shareholders equity was at $97.29 million as on Mar. 31, 2017.
Return on average assets moved up 8 basis points to 0.92 percent in the quarter from 0.84 percent in the last year period. At the same time, return on average equity decreased 66 basis points to 10.28 percent in the quarter from 10.94 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 1.16 percent in the quarter, up from 1.02 percent in the last year period.
Tier-1 leverage ratio stood at 8.75 percent for the quarter, down from 9.16 percent for the previous year quarter. Equity to assets ratio was 8.93 percent for the quarter, up from 7.64 percent for the previous year quarter. Book value per share was $22.88 for the quarter, up 11.88 percent or $2.43 compared to $20.45 for the same period last year.
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