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First Defiance Financial CEO Discusses Q2 2011 Results - Earnings Call Transcript

The reduction in non-performing assets, other real estate owned and net charge-offs are all indications of this. But we did not get the reduction in classified assets we had anticipated during the quarter, it was not result of identifying new credit issues that slower progress than we had hoped for on previously identified credits.

As I’ve said in the past, we are going to continue to take a conservative approach to the grading of our credits.

The improvement in overall credit quality has brought most of our key credit metrics below the levels they were at the beginning of 2009, we are focused on driving them lower. As loan quality continued its improvement through the quarter loan balances remained a challenge. The slow on environment have showed some signs revival earlier in the spring has pulled back slightly. This slowness along with the decreases in loan balances resulting from working out problem loans and normal amortization resulted in a reduction in the loan portfolio for the fourth consecutive quarter.

Late in the second quarter we did see some improvement in this trend and we hope we can keep this momentum going. The deposit side of the balance sheet continues to perform well for us as we’ve been able to continue reducing our cost to deposits and build our non-interest bearing deposits.

Non-interest deposits were up over $35 million or almost 19% over the period ending June 30, 2010. As a result this along with additional rate reduction on interest bearing accounts has helped us hold on margin in a relatively narrow range by offsetting over yields on the asset side, although, this has bound to come under pressure eventually.

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