DNB First – one of the first nationally-chartered community banks to serve the Greater Philadelphia region – has reported net income of $2.6 million, or $0.61 per diluted share, for the quarter ended March 31, 2018, compared with $2.4 million, or $0.57 per diluted share, for the same quarter last year.
“Our first-quarter results represented a good start to the new year,” said William J. Hieb, President and CEO. “Our performance included solid loan, deposit, and wealth management growth along with disciplined expense management.
“Despite our solid commercial loan and core deposit growth, margin pressure continued as we contend with the flatter yield curve and better position our balance sheet for rising short-term interest rates.”
Other highlights include:
- Total loans increased 2.2 percent on a sequential quarter basis and 5.9 percent since March 31, 2017.
- Core deposits grew $36.1 million, or 5.3 percent since Dec. 31, 2017, and were 80 percent of total deposits at March 31, 2018. As of the same date, the loan-to-deposit ratio was 97 percent.
- Wealth management assets under care increased 3.0 percent to $260.3 million as of March 31, 2018, from $252.8 million as of Dec. 31, 2017. Wealth management fees represented approximately 34 percent of total fee income for the first quarter of 2018.