This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

First Defiance Financial Corp. Reports $5.2 Million Of Net Income For The 2012 Fourth Quarter, Up 27% From Fourth Quarter 2011, And Record Full Year Earnings Of $18.7 Million, Up 20% From Full Year 2011

Non-Interest Expenses

Total non-interest expense was $17.5 million for the quarter ended December 31, 2012, an increase of $1.9 million from $15.6 million in the fourth quarter of 2011. The fourth quarter of 2012 included $2.0 million of prepayment fees associated with the repayment of FHLB debt.

Compensation and benefits decreased by $290,000 in the fourth quarter of 2012 compared to the fourth quarter of 2011. The year over year decrease in compensation and benefits expense is largely due to increased mortgage and commercial loan volume that results in deferred compensation costs associated with that volume. Other non-interest expenses increased $1.7 million in the fourth quarter of 2012 as a result of recording $2.0 million in FHLB prepayment fees as part of the executed balance sheet restructure. The increase in other non-interest expense was slightly offset by a decrease in credit related expenses, which consists of secondary market buy-back losses, real estate owned expenses and credit and collection expenses, of $553,000 in the fourth quarter of 2012 from the fourth quarter of 2011.

Annual Results

On an annual basis, earnings for 2012 were $18.7 million compared with $15.5 million in 2011. Net interest income for 2012 totaled $69.0 million, a decrease of $875,000 or 1.25% from 2011. Average interest-earning assets increased to $1.862 billion for 2012 compared to $1.848 billion in 2011. Net interest margin for 2012 was 3.81%, compared with 3.88% for 2011.

The provision for loan losses for 2012 was $10.9 million, which was down from $12.4 million in 2011.

Non-interest income for the twelve month period ended December 31, 2012 was $34.4 million compared to $27.5 million during the same period of 2011. The 2012 results include securities gains of $2.1 million, slightly offset by $5,000 related to other-than-temporary impairment (“OTTI”) charges recognized for one impaired investment security. The 2011 securities gains of $216,000 consisted of $218,000 related to gain on sale of available for sale securities slightly offset by $2,000 related to OTTI charges recognized for one impaired investment security. Service fees and other charges were $10.8 million for the year ended 2012 compared to $11.4 million during 2011. Mortgage banking income for 2012 was $9.7 million, up from $6.4 million in 2011. Insurance and investment sales revenues increased to $8.7 million in 2012, compared to $7.1 million in 2011. The insurance and investments increase is primarily due to the Payak-Dubbs Insurance Agency, Inc. acquisition that was completed on July 1, 2011. Other non-interest income was $1.5 million for the year ended 2012 compared to $478,000 for the same period in 2011 mainly due to receiving $618,000 from an insurance settlement in 2012.

4 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,113.54 +61.81 0.36%
S&P 500 1,983.53 +9.90 0.50%
NASDAQ 4,456.0160 +31.3120 0.71%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs