Dnb Financial Corporation (DNBF) has reported 99.92 percent plunge in profit for the quarter ended Sep. 30, 2016. On an adjusted basis, net profit for the quarter was $1.21 million, when compared with $1.26 million in the last year period.
Revenue during the quarter surged 32.02 percent to $1.37 million from $1.04 million in the previous year period. Net interest income for the quarter rose 1.23 percent over the prior year period to $5.52 million. Non-interest income for the quarter rose 2,170 percent over the last year period to $0.23 million.
Net interest margin contracted 7 basis points to 3.06 percent in the quarter from 3.13 percent in the last year period. Efficiency ratio for the quarter deteriorated to 94.43 percent from 68.09 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
William J. Hieb, President and chief executive officer, commented, "Third quarter results represent good operating trends, which reflect our steadfast commitment to disciplined banking. We are particularly pleased with our solid loan and core deposit growth, continued stable credit quality, and wealth management business. On October 1, 2016, we successfully completed the acquisition of East River Bank and we are excited about the opportunities this combination provides us to grow our customer relationships in southeastern Pennsylvania."
Liabilities outpace assets growthTotal assets stood at $770.27 million as on Sep. 30, 2016, up 3.83 percent compared with $741.89 million on Sep. 30, 2015. On the other hand, total liabilities stood at $711.06 million as on Sep. 30, 2016, up 4.03 percent from $683.52 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $504.17 million as on Sep. 30, 2016, up 8.27 percent compared with $465.67 million on Sep. 30, 2015. Deposits stood at $645.54 million as on Sep. 30, 2016, up 6.09 percent compared with $608.46 million on Sep. 30, 2015.
Investments stood at $195.48 million as on Sep. 30, 2016, down 14.02 percent or $31.89 million from year-ago. Shareholders equity stood at $59.22 million as on Sep. 30, 2016, up 1.45 percent or $0.85 million from year-ago.
At the same time, return on average equity decreased 870 basis points to 0.01 percent in the quarter from 8.71 percent in the last year period.
Book value per share was $20.76 for the quarter, up 5.70 percent or $1.12 compared to $19.64 for the same period last year.
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