DNB Financial Corporation has reported net income of $3.0 million, or $0.70 per diluted share, for the quarter ending Sept. 30, 2018, compared with $2.4 million, or $0.56 per diluted share, for the same quarter, last year.
For the nine months ending Sept. 30, 2018, the company reported net income of $7.7 million, or $1.78 per diluted share, compared with $7.1 million, or $1.66 per diluted share, for the same period last year.
“Our strong third-quarter results demonstrate that DNB continues to execute its business plan of disciplined growth and can successfully meet the challenges presented by rising interest rates,” said William J. Hieb, President and CEO. “We believe that our continued focus on expense management along with maintaining prudent credit standards will preserve the company’s position as one of the top-performing banks in the Greater Philadelphia region.”
Other highlights for the quarter include:
- Total loans increased 2.6 percent (not annualized) on a sequential quarter basis and 7.4 percent (not annualized) since Dec. 31, 2017.
- Asset quality remained excellent. Net recoveries were 0.12 percent (annualized) of total average loans for the third quarter of 2018, and non-performing loans were only 0.71 percent of total loans at Sept. 30, 2018.