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.

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“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.”

Highlights include:

• 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.

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