| Parent Company Financial Information |
(15) PARENT COMPANY FINANCIAL INFORMATION
Condensed financial information of DNB Financial Corporation (parent company only) follows:
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Condensed Statements of Financial Condition
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December 31
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(Dollars in thousands)
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2013
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2012
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Assets
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Cash
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$
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157
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$
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222
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Investment securities, at fair value
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18
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14
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Investment in subsidiary
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67,883
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65,945
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Other assets
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111
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118
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Total assets
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$
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68,169
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$
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66,299
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Liabilities and Stockholders’ Equity
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Liabilities
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Junior subordinated debentures
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$
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9,279
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$
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9,279
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Other liabilities
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307
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315
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Total liabilities
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9,586
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9,594
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Stockholders’ equity
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58,583
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56,705
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Total liabilities and stockholders’ equity
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$
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68,169
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$
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66,299
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Year Ended
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Condensed Statements of Income
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December 31
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(Dollars in thousands)
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2013
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2012
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Income:
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Equity in undistributed income of subsidiary
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$
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3,631
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$
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4,843
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Dividends from subsidiary
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590
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721
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Total income
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4,221
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5,564
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Expense:
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Interest expense
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302
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325
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Total expense
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302
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325
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Net income
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$
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3,919
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$
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5,239
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right
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Condensed Statements of Comprehensive Income
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Year Ended
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(Dollars in thousands)
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December 31
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2013
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2012
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Net income
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$
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3,919
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$
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5,239
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Other comprehensive income:
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Unrealized holding gains (losses) arising during the period
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Before tax amount
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4
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(1)
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Tax effect
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(1)
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-
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Net of tax
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3
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(1)
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Total other comprehensive income (loss)
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3
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(1)
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Total comprehensive income
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$
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3,922
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$
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5,238
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Condensed Statements of Cash Flows
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Year Ended December 31
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(Dollars in thousands)
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2013
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2012
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Cash Flows From Operating Activities:
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Net income
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$
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3,919
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$
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5,239
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Adjustments to reconcile net income to net cash used
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in operating activities:
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Equity in income of subsidiary and dividends
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(4,221)
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(5,564)
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Unvested stock amortization
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204
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143
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Net change in other liabilities
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(8)
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6
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Net change in other assets
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6
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6
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Net Cash Used in Operating Activities
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(100)
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(170)
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Cash Flows From Investing Activities:
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Payments for investments in and advances to subsidiaries
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(213)
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(157)
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Sale or repayment of investments in and advances to subsidiaries
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803
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877
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Other, net
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-
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2
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Net Cash Provided by Investing Activities
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590
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722
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Cash Flows From Financing Activities:
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Proceeds from issuance of common stock
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344
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332
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Issuance of preferred stock and warrants
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-
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-
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Repurchase of preferred stock and warrants
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-
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-
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Dividends paid
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(899)
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(993)
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Net Cash (Used in) Financing Activities
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(555)
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(661)
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Net Change in Cash and Cash Equivalents
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(65)
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(109)
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Cash and cash equivalents at Beginning of Period
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222
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331
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Cash and cash equivalents at End of Period
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$
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157
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$
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222
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