DCB Financial (DCBF) 8-K DCB FINANCIAL CORP ANNOUNCES 2006 EARNINGS and DECLARES QUARTERLY DIVIDEND

EXHIBIT 99

FOR IMMEDIATE RELEASE
Thursday January 18, 2007 CONTACT:
John A. Ustaszewski
Chief Financial Officer
(740) 657-7000

DCB FINANCIAL CORP ANNOUNCES
2006 EARNINGS and DECLARES QUARTERLY DIVIDEND

LEWIS CENTER, Ohio, January 18, 2007 DCB Financial Corp, (OTC Bulletin Board DCBF) announced earnings of $7.35 million, or $1.93 per basic and $1.92 per diluted share for the twelve months ended December 31, 2006, compared to $1.94 earnings per share for the same period in 2005. The Corporation also reported earnings of $1.66 million, or $0.44 per basic and diluted share for the three months ended December 31, 2006. Return on assets for the fourth quarter and the year ending 2006 was 0.96% and 1.05%, while return on equity was 10.9% and 12.6% respectively.

DCB Financial Corp also announced that the Board of Directors approved a $0.14 per share dividend, payable February 15, 2007 to shareholders of record as of January 31, 2007.

President and Chief Executive Officer Jeffrey T. Benton commented, “Like many banks, our new loan activity slowed in the second half of 2006. We also experienced some run-off and margin pressure due to credit and pricing competition. With the economic slow down, we also experienced higher delinquencies and credit losses, primarily in commercial real estate lending. Product and account fees remained good, but weren’t able to offset the slower loan growth. Despite these ongoing challenges in the environment, 2006 was a positive year where we continued to provide above average returns to our shareholders compared to our peers and earned at the same level as 2005.”

Mr. Benton continued, “While growth has slowed, we are confident that we have the products, services and technology that our customers want. We remain focused and expect growth to return as economic activity improves and as our branch expansion program rolls out. DCB Financial Corp will continue to execute its long-term strategic plan.”

Net Interest Income
Net interest income was $5.6 million for the three months ended December 31, 2006, compared to $5.8 million for the same period in 2005. The $242 thousand decrease in the fourth quarter 2006 compared to 2005 was due to slower growth in loan balances, competitive pricing pressures and credit issues attributed to the current economic environment. The fourth quarter’s net interest margin decreased to 3.48% on a fully tax equivalent basis, from 3.64% during the fourth quarter 2005. The decline is primarily attributed to higher borrowings and deposits costs associated with the current interest rate environment. Additionally, The Bank moved two large commercial real estate loans to a non-accrual status due to payment history, which resulted in a reversal of previously accrued interest. Funding costs may further negatively impact the net interest margin in future periods if the current competitive environment and interest rate structure remain in effect.

Noninterest Income
Total noninterest income decreased $100, or 7.0%, for the three months ended December 31, 2006, compared to the same period in 2005. The change in noninterest revenues from period to period is mainly attributed to a decrease in service charges on deposit accounts and a decline on gains on residential mortgage loans sold within the secondary market, offset by continued increases in trust revenue, earnings on bank owned life insurance and treasury services revenues.

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Noninterest Expense
Total noninterest expense increased $259, or 6.7%, for the three months ended December 31, 2006, compared to the same period in 2005. The increase was primarily due to increases in salary and employee benefits expenses, and an increase in fraud related expenses. The increase in salary and benefits expense is mainly associated with the addition of revenue generating staff in the lending and wealth management divisions, and to the addition of compliance and credit personnel to continue developing the infrastructure to support future growth. The Company has experienced an increase in the amount of customer fraud, especially with credit card and debit card transactions. The quarterly efficiency ratio increased slightly to 59.6% in the fourth quarter 2006 from 52.4% for the same period in 2005, due to an increase in planned operating expenses coupled with a slowdown in loan production.

Analysis of Selected Financial Condition
The Corporation’s assets totaled $681,872 at December 31, 2006, compared to $690,896 at December 31, 2005, a decrease of $9,024, or 1.3%. Loans remained relatively flat on a year to year comparison, while securities were down from year to year. Because of the relatively flat loan growth, less funding was required to support the current level of balance sheet growth.

Cash and cash equivalents decreased $2,175, from December 31, 2005 to December 31, 2006. Total securities decreased $8,509, or 8.8%, from $96,580 at December 31, 2005 to $88,071 at December 31, 2006. All securities and investment securities were classified as available for sale at December 31, 2006. Management classifies securities as available for sale to provide the Corporation with the flexibility to move funds into loans as demand warrants. The mortgage-backed securities portfolio, totaling $33,576 at December 31, 2006, provides the Corporation with a constant cash flow stream from principal repayments and interest payments. Management reduced its investment portfolio because of reduced collateral and funding needs.

Total loans decreased slightly, down $582, or 0.1%, from $553,045 at December 31, 2005 to $552,463 at December 31, 2006. The Bank has experienced a decline in loan balances due to unscheduled payoffs in the commercial portfolio due to intense competitive pricing and, on a positive note, from problem loan resolutions. Though slowing, The Bank continues to capture a large percentage of the economic development activity within its geographic region. The increase is evident in the growth of the commercial and commercial real estate portfolios. Generally, the consumer financing portfolios remained relatively stable or experienced small increases in loans outstanding, somewhat offset by the decline in indirect loans. The Bank’s local market continues to remain active with regard to the amount of commercial real estate development activity.

Total deposits increased $20,188, or 4.0%, from $503,906 at December 31, 2005 to $524,094 at December 31, 2006. This growth is mainly attributed to the increase in core deposit activity coupled with activity from the Corporation’s large public fund customers, brokered certificates of deposit, and money market accounts. Noninterest-bearing deposits increased $1,451, or 2.1%, from $68,977 at December 31, 2005 to $70,428 at December 31, 2006; while interest-bearing deposits increased $19,036, or 4.4%, from $434,929 to $453,965 during the same period. The Bank had approximately $34,994 in brokered certificates of deposit outstanding at December 31, 2006. Management intends to continue to develop new products and to monitor the rate structure of its deposit products to encourage growth in deposit liabilities. Total borrowings decreased $33,023, or 25.7%, from $128,535 at December 31, 2005 to $95,512 at December 31, 2006, in response to slower loan growth.

Provision and Allowance for Loan Losses
The provision for loan losses totaled $438 for the three months ended December 31, 2006, compared to $465 for the same period in 2005. This decline is mainly attributed to lower loan growth on a quarter to quarter comparison. Non-accrual loans for the three months ended December 31, 2006 were $5.189 million compared to $2.185 million for the same period in 2005. The increase in nonaccrual loans is mainly attributed to loans in the investment real estate sector that were not generating sufficient cash flow to service the debt. These types of loans are secured by real estate. Net charge-offs for the three months ended December 31, 2006 were $564, compared to $578 for the three months ended December 31, 2005. Annualized net charge-offs for the three months ended December 31, 2006 were 0.41% compared to 0.42% at December 31, 2005. The largest dollar

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portion of these charge-offs is associated with the Bank’s indirect retail portfolio. Delinquent loans over thirty days from period to period increased to 2.96% at December 31, 2006 from 1.31% at December 31, 2005, and again are mainly attributed to the investment real estate portfolio. Management will continue to monitor the credit quality of the lending portfolio and will recognize additional provisions in the future to maintain the allowance for loan losses at an appropriate level. The balance for allowance for loan losses was $5,442, or 0.99% of total loans at December 31, 2006, compared to 1.00% at December 31, 2005.

SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)

January 18, 2007 Press Release

DCB FINANCIAL CORP
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)

	December 31,			December 31,
	2006			2005
	(unaudited)
ASSETS
Cash and due from financial institutions	$	12,910		$	18,069
Federal funds sold		2,984			—
Total cash and cash equivalents		15,894			18,069
Securities available for sale		88,071			96,580
Loans held for sale		1,455			1,640
Loans		552,463			553,045
Less allowance for loan losses		(5,442	)		(5,535	)
Net loans		547,021			547,510
Real estate owned		—			386
Investment in FHLB stock		3,604			3,327
Premises and equipment, net		9,468			8,854
Investment in unconsolidated affiliates		968			614
Bank owned life insurance		9,396			8,898
Accrued interest receivable and other assets		5,995			5,018
Total assets	$	681,872		$	690,896
LIABILITIES
Deposits
Noninterest-bearing	$	70,428		$	68,977
Interest-bearing		453,666			434,929
Total deposits		524,094			503,906
Federal funds purchased and other short-term borrowings		1,776			25,610
Federal Home Loan Bank advances		93,736			102,925
Accrued interest payable and other liabilities		867			2,201
Total liabilities		620,473			634,642
SHAREHOLDERS’ EQUITY
Common stock, no par value, 7,500,000 shares authorized, 4,273,750 issued at December 31, 2006 and 4,273,200 issued at December 31, 2005		3,780			3,780
Retained earnings		68,807			63,552
Treasury stock, at cost, 458,786 and 447,112 shares at December 31, 2006 and December 31, 2005		(10,841	)		(10,506	)
Accumulated other comprehensive loss		(347	)		(572	)
Total shareholders’ equity		61,399			56,254
Total liabilities and shareholders’ equity	$	681,872		$	690,896

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DCB FINANCIAL CORP
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share data)

	Three Months Ended					Twelve Months Ended
	December 31,					December 31,
	2006		2005			2006			2005
Interest and dividend income
Loans	$	10,082	$	9,028		$	39,841		$	32,662
Taxable securities		861		800			3,447			3,091
Tax-exempt securities		234		221			942			800
Federal funds sold and other		29		6			177			13
Total interest income		11,206		10,055			44,407			36,566
Interest expense
Deposits		4,662		2,995			17,181			9,666
Borrowings		962		1,236			4,134			4,084
Total interest expense		5,624		4,231			21,315			13,750
Net interest income		5,582		5,824			23,092			22,816
Provision for loan losses		438		465			1,808			2,000
Net interest income after provision for loan losses		5,144		5,359			21,284			20,816
Noninterest income
Service charges on deposit accounts		670		701			2,660			2,592
Trust department income		163		155			738			668
Net gain (loss) on sale of assets		2		(3	)		(7	)		(35	)
Gains on sale of loans		95		132			350			407
Treasury management fees		117		159			562			469
Data processing servicing fees		78		78			336			310
Earnings on bank owned life insurance		130		96			498			441
Other		80		117			482			802
		1,335		1,435			5,619			5,654
Noninterest expense
Salaries and other employee benefits		2,270		2,133			9,043			8,541
Occupancy and equipment		787		752			3,225			3,244
Professional services		57		94			455			417
Advertising		72		86			401			394
Postage, freight and courier		50		88			317			361
Supplies		46		51			249			247
State franchise taxes		149		133			548			458
Other		689		524			2,214			2,003
		4,120		3,861			16,452			15,665
Income before income taxes		2,359		2,933			10,451			10,805
Federal income tax expense		695		878			3,098			3,249
Net income	$	1,664	$	2,055		$	7,353		$	7,556
Basic earnings per common share	$	0.44	$	0.54		$	1.93		$	1.94
Diluted earnings per common share	$	0.44	$	0.54		$	1.92		$	1.94

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DCB FINANCIAL CORP
Selected Key Ratios and Other Financial Data
(Unaudited)
(Dollars in thousands, except per share data)

	Three Months Ended				Twelve Months Ended
	12/31/06		12/31/05		12/31/06		12/31/05
Key Financial Information
Net interest income	$	5,582	$	5,824	$	23,092	$	22,816
Provision for loan and lease losses	$	438	$	465	$	1,808	$	2,000
Noninterest income	$	1,335	$	1,435	$	5,619	$	5,654
Noninterest expense	$	4,120	$	3,861	$	16,452	$	15,665
Net income	$	1,664	$	2,055	$	7,353	$	7,556
Loan balances (average)	$	554,951	$	547,626	$	561,649	$	523,867
Deposit balances (average)	$	525,019	$	496,711	$	532,685	$	489,219
Basic earnings per common share	$	0.44	$	0.54	$	1.93	$	1.94
Diluted earnings per common share	$	0.44	$	0.54	$	1.92	$	1.94
Weighted Average Shares Outstanding (000)
Basic		3,815		3,835		3,816		3,891
Diluted		3,825		3,838		3,834		3,894

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DCB FINANCIAL CORP
Selected Consolidated Financial Information
(Unaudited)
(Dollars in thousands, except per share data)

	Three Months Ended						Twelve Months Ended
	12/31/06			12/31/05			12/31/06			12/31/05
Key ratios
Return on average assets		0.96	%		1.20	%		1.05	%		1.15	%
Return on average shareholders’ equity		10.9	%		14.6	%		12.6	%		13.7	%
Annualized non-interest expense to average assets		2.41	%		2.27	%		2.36	%		2.38	%
Efficiency ratio		59.6	%		52.4	%		57.3	%		54.2	%
Net interest margin		3.48	%		3.64	%		3.56	%		3.73	%
Equity to assets at period end		9.00	%		8.14	%		9.00	%		8.14	%
Allowance for loan losses as a percentage of period-end loans		0.99	%		1.00	%		0.99	%		1.00	%
Total allowance for losses on loans to non-accrual loans		105	%		253	%		105	%		253	%
Net charge-offs (annualized) as a percent of average loans		0.41	%		0.42	%		0.34	%		0.24	%
Non-accrual loans to total loans (net)		0.95	%		0.40	%		0.95	%		0.40	%
Delinquent loans (30+ days)		2.96	%		1.31	%		2.96	%		1.31	%

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Business of DCB Financial Corp
DCB Financial Corp (the “Corporation”) is a financial holding company formed under the laws of the State of Ohio. The Corporation is the parent of The Delaware County Bank & Trust Company, (the “Bank”) a state-chartered commercial bank. The Bank conducts business from its main offices at 110 Riverbend Avenue in Lewis Center, Ohio, and through its 16 full-service branch offices located in Delaware County, Ohio and surrounding communities. The Bank provides customary retail and commercial banking services to its customers, including checking and savings accounts, time deposits, IRAs, safe deposit facilities, personal loans, commercial loans, real estate mortgage loans, night depository facilities and trust and personalized wealth management services. The Bank also provides cash management, bond registrar and payment services. The Bank offers data processing services to other financial institutions; however such services are not a significant part of its current operations or revenues.

Application of Critical Accounting Policies
DCB’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States and follow general practices within the financial services industry. The application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; as this information changes, the financial statements could reflect different estimates, assumptions, and judgments.

The most significant accounting policies followed by the Corporation are presented in Note 1 of the audited consolidated financial statements contained in the Corporation’s 2005 Annual Report to Shareholders. These policies, along with the disclosures presented in the other financial statement notes and in this financial review, provide information on how significant assets and liabilities are valued in the financial statements and how those values are determined.

Forward-Looking Statements
Certain statements in this report constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to the financial condition and prospects, lending risks, plans for future business development and marketing activities, capital spending and financing sources, capital structure, the effects of regulation and competition, and the prospective business of both the Corporation and its wholly-owned subsidiary The Delaware County Bank & Trust Company (the “Bank”). Where used in this report, the word “anticipate,” “believe,” “estimate,” “expect,” “intend,” and similar words and expressions, as they relate to the Corporation or the Bank or their respective management, identify forward-looking statements. Such forward-looking statements reflect the current views of the Corporation and are based on information currently available to the management of the Corporation and the Bank and upon current expectations, estimates, and projections about the Corporation and its industry, management’s belief with respect thereto, and certain assumptions made by management. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to: (i) significant increases in competitive pressure in the banking and financial services industries; (ii) changes in the interest rate environment which could reduce anticipated or actual margins; (iii) changes in political conditions or the legislative or regulatory environment; (iv) general economic conditions, either nationally or regionally (especially in central Ohio), becoming less favorable than expected resulting in, among other things, a deterioration in credit quality of assets; (v) changes occurring in business conditions and inflation; (vi) changes in technology; (vii) changes in monetary and tax policies; (viii) changes in the securities markets; and (ix) other risks and uncertainties detailed from time to time in the filings of the Corporation with the Commission.

The Corporation does not undertake, and specifically disclaims any obligation, to publicly revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

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