First Defiance Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs
January 20, 2014 at 05:00 pm
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First Defiance Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, total interest income was $18,737,000 against $19,572,000 a year ago. Net interest income was $17,009,000 against $17,386,000 a year ago. Net interest income after provision for loan losses was $16,534,000 against $14,768,000 a year ago. Income before income taxes was $7,078,000 against $7,410,000 a year ago. Net income was $5,087,000 against $5,157,000 a year ago. Net income applicable to common shares was $5,087,000 or $0.50 per basic and diluted share against $5,157,000 or $0.52 per basic and diluted share a year ago. Common book value was $27.91 against $26.44 a year ago. Tangible common book value was $21.22 against $19.63 a year ago. Return on average assets was 0.95% against 1.01% a year ago. Return on average equity was 7.45% against 8.00% a year ago.
For the full year, total interest income was $74,781,000 against $80,943,000 a year ago. Net interest income was $67,611,000 against $69,006,000 a year ago. Net interest income after provision for loan losses was $65,787,000 against $58,082,000 a year ago. Income before income taxes was $31,513,000 against $26,676,000 a year ago. Net income was $22,235,000 against $18,664,000 a year ago. Net income applicable to common shares was $22,235,000 or $2.19 per basic and diluted share against $18,047,000 or $1.81 per basic and diluted share a year ago. Common book value was $27.91 against $26.44 a year ago. Tangible common book value was $21.22 against $19.63 a year ago. Return on average assets was 1.08% against 0.90% a year ago. Return on average equity was 8.39% against 6.99% a year ago.
For the quarter, the company reported net charge-offs of $1,489,000. Impairment on securities was $337,000.
Premier Financial Corp. is the holding company for Premier Bank (the Bank). The Bank is primarily engaged in community banking. It attracts deposits from the general public through its offices and Website, and uses those and other available sources of funds to originate residential real estate loans, commercial real estate loans, commercial loans, home improvement and home equity loans and consumer loans. In addition, the Bank invests in United States Treasury and federal government agency obligations, obligations of states and political subdivisions, mortgage-backed securities that are issued by federal agencies, including real estate mortgage investment conduits (REMICs) and residential collateralized mortgage obligations (CMOs), and corporate bonds. The Bank offers customers a range of deposit products including demand, checking, money market and savings accounts. The Bank operates approximately 75 branches and nine loan offices in Ohio, Michigan, Indiana and Pennsylvania.
First Defiance Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs