DNB First has reported net income in accordance with generally accepted accounting principles of $2.4 million, or $0.57 per diluted share, for the quarter ending March 31, 2017, compared with $1.6 million, or $0.54 per diluted share, for the same quarter last year.
On Oct. 1, 2016, DNB First completed its acquisition of Philadelphia-based East River Bank and its results of operations are included in the consolidated results for the quarters ended Dec. 31, 2016 and March 31, 2017, but are not included in the results of operations for the corresponding prior year periods.
“The company delivered another quarter of solid earnings, despite the industry-wide challenge of growing loans,” said William J. Hieb, President and CEO.
“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.”
Highlights from the first quarter include:
- On a sequential quarter basis, total core deposits grew $31.7 million, or 4.7 percent (not annualized), and were 77 percent of total deposits as of March 31, 2017.
- The net interest margin increased to 3.67 percent for the quarter ending March 31, 2017, compared with 3.63 percent for the quarter ending Dec. 31, 2016, and 3.15 percent for the quarter ending March 31, 2016. The year-over-year improvement was primarily due to the acquisition of East River.
- Asset quality remained strong. Net loan charge-offs were only 0.14 percent (annualized) of total average loans for the first quarter of 2017, and non-performing loans were 0.94 percent of total loans at March 31, 2017.
- Wealth management assets under care increased 4.8 percent (not annualized) to $224.5 million as of March 31, 2017 from $214.2 million as of Dec. 31, 2016.
- DNB First paid a quarterly cash dividend of $0.07 per share on March 20, 2017.
Visit DNB First’s Investor Relations page to read more about DNB’s 1st quarter performance.