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 expense increased to $65.8 million for the full year of 2012 from $62.8 million in 2011. The full year of 2012 includes $2.0 million of prepayment fees associated with the repayment of FHLB debt which is included in other non-interest expense. Compensation and benefits expense increased $1.0 million for the year ended 2012 compared to 2011 mainly resulting from the insurance acquisition in July 2011 which added $1.6 million in compensation and benefits expense in 2012 compared to $797,000 for the same period in 2011.
Other non-interest expense was $14.4 million for the year ended 2012 compared to $13.2 million for the same period in 2011. The main contributor to the increase was the previously mentioned $2.0 million prepayment expense on FHLB debt. Other non-interest expense also includes $2.2 million of credit, collection and real estate owned costs compared with $3.6 million in 2011.
Total Assets at $2.05 Billion
Total assets at December 31, 2012 were $2.05 billion, compared to $2.07 billion at December 31, 2011. Net loans receivable (excluding loans held for sale) were $1.50 billion at December 31, 2012 compared to $1.45 billion at December 31, 2011. Total cash and cash equivalents were $136.8 million at December 31, 2012 compared with $174.9 million at December 31, 2011. Total deposits at December 31, 2012 were $1.67 billion compared to $1.60 billion at December 31, 2011. Non-interest bearing deposits at December 31, 2012 were $315.1 million compared to $245.9 million at December 31, 2011. Total stockholders’ equity was $258.1 million at December 31, 2012 compared to $278.1 million at the December 31, 2011. Also at December 31, 2012, goodwill and other intangible assets totaled $66.3 million compared to $67.7 million at December 31, 2011. The Company paid $37.0 million to repurchase its outstanding preferred stock related to TARP during 2012, which effectively lowered capital levels.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV