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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

For more information, visit the company’s Web site at www.fdef.com.

Financial Statements and Highlights Follow

Safe Harbor Statement

This news release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21 B of the Securities Act of 1934, as amended, which are intended to be safe harbors created thereby. Those statements may include, but are not limited to, all statements regarding intent, beliefs, expectations, projections, forecasts and plans of First Defiance Financial Corp. and its management, and specifically include statements regarding: changes in economic conditions, the nature, extent and timing of governmental actions and reforms, future movements of interest rates, the production levels of mortgage loan generation, the ability to continue to grow loans and deposits, the ability to benefit from a changing interest rate environment, the ability to sustain credit quality ratios at current or improved levels, the ability to sell real estate owned properties, continued strength in the market area for First Federal Bank of the Midwest, and the ability of the Company to grow in existing and adjacent markets. These forward-looking statements involve numerous risks and uncertainties, including those inherent in general and local banking, insurance and mortgage conditions, competitive factors specific to markets in which the Company and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions or capital market conditions and other risks and uncertainties detailed from time to time in the Company's Securities and Exchange Commission (SEC) filings, including the Company's Annual Report on Form 10-K for the year ended December 31, 2011. One or more of these factors have affected or could in the future affect the Company's business and financial results in future periods and could cause actual results to differ materially from plans and projections. Therefore, there can be no assurances that the forward-looking statements included in this news release will prove to be accurate. In light of the significant uncertainties in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other persons, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this news release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements.

       
Consolidated Balance Sheets
First Defiance Financial Corp. (Unaudited)
December 31, December 31,
(in thousands)   2012       2011
 
Assets
Cash and cash equivalents
Cash and amounts due from depository institutions $ 45,832 $ 31,931
Interest-bearing deposits   91,000     143,000  
136,832 174,931
Securities
Available-for sale, carried at fair value 194,101 232,919
Held-to-maturity, carried at amortized cost   508     661  
194,609 233,580
 
Loans 1,525,257 1,487,076
Allowance for loan losses   (26,711 )   (33,254 )
Loans, net 1,498,546 1,453,822
Loans held for sale 22,064 13,841
Mortgage servicing rights 7,833 8,690
Accrued interest receivable 5,594 6,142
Federal Home Loan Bank stock 20,655 20,655
Bank Owned Life Insurance 41,832 35,908
Office properties and equipment 39,663 40,045
Real estate and other assets held for sale 3,805 3,628
Goodwill 61,525 61,525
Core deposit and other intangibles 4,738 6,151
Deferred taxes 78 629
Other assets   9,174     8,643  
Total Assets $ 2,046,948   $ 2,068,190  
 
Liabilities and Stockholders’ Equity
Non-interest-bearing deposits $ 315,132 $ 245,927
Interest-bearing deposits   1,352,340     1,350,314  
Total deposits 1,667,472 1,596,241
Advances from Federal Home Loan Bank 12,796 81,841
Notes payable and other interest-bearing liabilities 51,702 60,386
Subordinated debentures 36,083 36,083
Advance payments by borrowers for tax and insurance 1,473 1,402
Other liabilities   19,294     14,110  
Total liabilities 1,788,820 1,790,063
Stockholders’ Equity
Preferred stock, net of discount - 36,640
Common stock, net 127 127
Common stock warrant 878 878
Additional paid-in-capital 136,046 135,825
Accumulated other comprehensive income 4,274 3,997
Retained earnings 164,103 148,011
Treasury stock, at cost   (47,300 )   (47,351 )
Total stockholders’ equity   258,128     278,127  
Total Liabilities and Stockholders’ Equity $ 2,046,948   $ 2,068,190  
 
       
Consolidated Statements of Income (Unaudited)
First Defiance Financial Corp.
Three Months Ended Twelve Months Ended
December 31, December 31,
(in thousands, except per share amounts)   2012   2011 2012   2011
Interest Income:
Loans $ 17,774 $ 19,095 $ 72,621 $ 78,648
Investment securities 1,504 1,855 7,123 7,086
Interest-bearing deposits 51 115 300 466
FHLB stock dividends   243     205     899     867  
Total interest income 19,572 21,270 80,943 87,067
Interest Expense:
Deposits 1,775 2,527 8,169 12,175
FHLB advances and other 164 761 2,424 3,203
Subordinated debentures 158 333 971 1,278
Notes Payable   89     133     373     530  
Total interest expense   2,186     3,754     11,937     17,186  
Net interest income 17,386 17,516 69,006 69,881
Provision for loan losses   2,618     4,099     10,924     12,434  
Net interest income after provision for loan losses 14,768 13,417 58,082 57,447
Non-interest Income:
Service fees and other charges 2,631 2,952 10,779 11,387
Mortgage banking income 2,741 1,888 9,665 6,437
Gain on sale of non-mortgage loans 20 10 70 361
Gain on sale of securities 1,611 169 2,139 218
Impairment on securities (5 ) - (5 ) (2 )
Insurance and investment sales commissions 1,997 1,963 8,676 7,109
Trust income 146 134 616 599
Income from Bank Owned Life Insurance 241 226 924 929
Other non-interest income   798     534     1,510     478  
Total Non-interest Income 10,180 7,876 34,374 27,516
Non-interest Expense:
Compensation and benefits 7,806 8,096 32,566 31,554
Occupancy 1,860 1,743 7,578 7,166
FDIC insurance premium 660 658 2,691 2,922
State franchise tax 846 385 2,495 2,010
Data processing 1,183 1,140 4,660 4,257
Acquisition related charges - - - 234
Amortization of intangibles 344 391 1,413 1,442
Other non-interest expense   4,839     3,176     14,377     13,179  
Total Non-interest Expense   17,538     15,589     65,780     62,764  
Income before income taxes 7,410 5,704 26,676 22,199
Income taxes   2,253     1,640     8,012     6,665  
Net Income $ 5,157   $ 4,064   $ 18,664   $ 15,534  
 
Dividends Accrued on Preferred Shares - (462 ) (900 ) (1,850 )
Accretion on Preferred Shares - (46 ) (359 ) (177 )
Redemption of Preferred Shares   -     -     642     -  
 
Net Income Applicable to Common Shares $ 5,157   $ 3,556   $ 18,047   $ 13,507  
 
Earnings per common share:
Basic $ 0.53 $ 0.37 $ 1.86 $ 1.44
Diluted $ 0.52 $ 0.36 $ 1.81 $ 1.42
 
Average Shares Outstanding:
Basic 9,729 9,726 9,728 9,368
Diluted 10,012 9,908 9,998 9,540
 
             
Financial Summary and Comparison
First Defiance Financial Corp. (Unaudited) (Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
(dollars in thousands, except per share data)   2012   2011   % change 2012   2011   % change
Summary of Operations
 
Tax-equivalent interest income (1) $ 19,993 $ 21,665 (7.7 )% $ 82,598 $ 88,546 (6.7 )%
Interest expense 2,186 3,754 (41.8 ) 11,937 17,186 (30.5 )
Tax-equivalent net interest income (1) 17,807 17,911 (0.6 ) 70,661 71,360 (1.0 )
Provision for loan losses 2,618 4,099 (36.1 ) 10,924 12,434 (12.1 )
Tax-equivalent NII after provision for loan loss (1) 15,189 13,812 10.0 59,737 58,926 1.4
Investment Securities gains 1,611 169 NM 2,139 218 NM
Impairment losses on securities (5 ) - NM (5 ) (2 ) 150.0
Non-interest income (excluding securities gains/losses) 8,574 7,707 11.2 32,240 27,300 18.1
Non-interest expense 17,538 15,589 12.5 65,780 62,764 4.8
Income taxes 2,253 1,640 37.4 8,012 6,665 20.2
Net Income 5,157 4,064 26.9 18,664 15,534 20.1
Dividends Declared on Preferred Shares - (462 ) (100.0 ) (900 ) (1,850 ) (51.4 )
Accretion on Preferred Shares - (46 ) (100.0 ) (359 ) (177 ) 102.8
Redemption on Preferred Shares - - - 642 - NM
Net Income Applicable to Common Shares 5,157 3,556 45.0 18,047 13,507 33.6
Tax equivalent adjustment (1)     421       395     6.6     1,655       1,479     11.9  
At Period End
Assets 2,046,948 2,068,190 (1.0 )
Earning assets 1,853,585 1,898,152 (2.3 )
Loans 1,525,257 1,487,076 2.6
Allowance for loan losses 26,711 33,254 (19.7 )
Deposits 1,667,472 1,596,241 4.5
Stockholders’ equity     258,128       278,127     (7.2 )          
Average Balances
Assets 2,023,890 2,067,881 (2.1 ) 2,063,552 2,058,370 0.3
Earning assets 1,815,263 1,861,186 (2.5 ) 1,862,340 1,848,154 0.8
Loans 1,509,611 1,440,839 4.8 1,477,681 1,437,588 2.8
Deposits and interest-bearing liabilities 1,744,274 1,772,812 (1.6 ) 1,775,082 1,776,474 (0.1 )
Deposits 1,633,432 1,594,938 2.4 1,619,637 1,590,128 1.9
Stockholders’ equity 256,304 275,848 (7.1 ) 267,194 263,913 1.2
Stockholders’ equity / assets     12.66 %     13.34 %   (5.1 )   12.95 %     12.82 %   1.0  
Per Common Share Data
Net Income
Basic $ 0.53 $ 0.37 43.2 $ 1.86 $ 1.44 29.2
Diluted 0.52 0.36 44.4 1.81 1.42 27.5
Dividends 0.05 0.05 - 0.20 0.05 300.0
Market Value:
High $ 19.38 $ 15.39 25.9 $ 19.38 $ 15.51 25.0
Low 15.75 13.00 21.2 14.41 11.89 21.2
Close 19.19 14.59 31.5 19.19 14.59 31.5
Common Book Value 26.44 24.74 6.9 26.44 24.74 6.9
Tangible Common Book Value 19.63 17.78 10.4 19.63 17.78 10.4
Shares outstanding, end of period (000)     9,729       9,726     0.0     9,729       9,726     0.0  
Performance Ratios (annualized)
Tax-equivalent net interest margin (1) 3.92 % 3.83 % 2.4 3.81 % 3.88 % (1.7 )
Return on average assets 1.01 % 0.78 % 30.0 0.90 % 0.75 % 19.8
Return on average equity 8.00 % 5.85 % 36.9 6.99 % 5.89 % 18.7
Efficiency ratio (2) 66.48 % 60.85 % 9.2 63.93 % 63.62 % 0.5
Effective tax rate 30.40 % 28.75 % 5.7 30.03 % 30.02 % 0.0
Dividend payout ratio (basic)     9.43 %     13.51 %   NM     10.75 %     3.47 %   NM  

(1)

 

Interest income on tax-exempt securities and loans has been adjusted to a tax-equivalent basis using the statutory federal income tax rate of 35%

(2)

Efficiency ratio = Non-interest expense divided by sum of tax-equivalent net interest income plus non-interest income, excluding securities gains or losses, net.

NM Percentage change not meaningful
 
         
Income from Mortgage Banking
 
Revenue from sales and servicing of mortgage loans consisted of the following:
Three Months Ended Twelve Months Ended
December 31, December 31,
(dollars in thousands)   2012   2011       2012   2011
 
Gain from sale of mortgage loans $ 2,709 $ 1,653 $ 10,599 $ 5,607
Mortgage loan servicing revenue (expense):
Mortgage loan servicing revenue 888 874 3,387 3,403
Amortization of mortgage servicing rights (952 ) (820 ) (3,562 ) (2,169 )
Mortgage servicing rights valuation adjustments   96       181     (759 )     (404 )
  32       235     (934 )     830  
Total revenue from sale and servicing of mortgage loans $ 2,741     $ 1,888   $ 9,665     $ 6,437  
 
           
Yield Analysis
First Defiance Financial Corp.
Three Months Ended December 31,
(dollars in thousands)
2012 2011
Average Yield Average Yield
Balance Interest(1) Rate(2) Balance Interest(1) Rate(2)
Interest-earning assets:
Loans receivable $ 1,509,611 $ 17,799 4.69 % $ 1,440,839 $ 19,123 5.27 %
Securities 204,882 1,900 3.86 % 235,517 2,222 3.85 %
Interest Bearing Deposits 80,115 51 0.25 % 164,175 115 0.28 %
FHLB stock   20,655   243 4.68 %   20,655   205 3.94 %
Total interest-earning assets 1,815,263 19,993 4.40 % 1,861,186 21,665 4.63 %
Non-interest-earning assets   208,627   206,695
Total assets $ 2,023,890 $ 2,067,881
Deposits and Interest-bearing liabilities:
Interest bearing deposits $ 1,338,400 $ 1,775 0.53 % $ 1,348,424 $ 2,527 0.74 %
FHLB advances and other 19,015 164 3.43 % 81,845 761 3.69 %
Other Borrowings 55,688 89 0.64 % 59,832 133 0.88 %
Subordinated debentures   36,139   158 1.74 %   36,197   333 3.65 %
Total interest-bearing liabilities 1,449,242 2,186 0.60 % 1,526,298 3,754 0.98 %
Non-interest bearing deposits   295,032   - -   246,514   - -
Total including non-interest-bearing demand deposits 1,744,274 2,186 0.50 % 1,772,812 3,754 0.84 %
Other non-interest-bearing liabilities   23,312   19,221
Total liabilities 1,767,586 1,792,033
Stockholders' equity   256,304   275,848
Total liabilities and stockholders' equity $ 2,023,890   $ 2,067,881  
Net interest income; interest rate spread $ 17,807 3.80 % $ 17,911 3.65 %
Net interest margin (3) 3.92 % 3.83 %
Average interest-earning assets to average interest bearing liabilities 125 % 122 %
 
Twelve Months Ended December 31,
2012 2011
Average Yield Average Yield
Balance Interest(1) Rate Balance Interest(1) Rate
Interest-earning assets:
Loans receivable $ 1,477,681 $ 72,724 4.92 % $ 1,437,588 $ 78,773 5.49 %
Securities 247,442 8,675 3.63 % 205,609 8,440 4.19 %
Interest Bearing Deposits 116,562 300 0.26 % 184,126 466 0.25 %
FHLB stock   20,655   899 4.35 %   20,831   867 4.17 %
Total interest-earning assets 1,862,340 82,598 4.44 % 1,848,154 88,546 4.80 %
Non-interest-earning assets   201,212   210,216
Total assets $ 2,063,552 $ 2,058,370
Deposits and Interest-bearing liabilities:
Interest bearing deposits $ 1,352,724 $ 8,169 0.60 % $ 1,358,785 $ 12,175 0.90 %
FHLB advances and other 66,121 2,424 3.67 % 93,669 3,203 3.43 %
Other Borrowings 53,155 373 0.70 % 56,464 530 0.94 %
Subordinated debentures   36,169   971   2.68 %   36,213   1,278 3.54 %
Total interest-bearing liabilities 1,508,169 11,937 0.79 % 1,545,131 17,186 1.12 %
Non-interest bearing deposits   266,913   - -   231,343   - -
Total including non-interest-bearing demand deposits 1,775,082 11,937 0.67 % 1,776,474 17,186 0.97 %
Other non-interest-bearing liabilities   21,276   17,983
Total liabilities 1,796,358 1,794,457
Stockholders' equity   267,194   263,913
Total liabilities and stockholders' equity $ 2,063,552   $ 2,058,370  
Net interest income; interest rate spread $ 70,661 3.64 % $ 71,360 3.69 %
Net interest margin (3) 3.81 % 3.88 %
Average interest-earning assets to average interest bearing liabilities 123 % 120 %

(1)

 

Interest on certain tax exempt loans and securities is not taxable for Federal income tax purposes. In order to compare the tax-exempt yields on these assets to taxable yields, the interest earned on these assets is adjusted to a pre-tax equivalent amount based on the marginal corporate federal income tax rate of 35%.

(2)

Annualized

(3)

Net interest margin is net interest income divided by average interest-earning assets.

 
         
Selected Quarterly Information
First Defiance Financial Corp.
 
(dollars in thousands, except per share data)   4th Qtr 2012   3rd Qtr 2012   2nd Qtr 2012   1st Qtr 2012   4th Qtr 2011
Summary of Operations
Tax-equivalent interest income (1) $ 19,993 $ 20,525 $ 20,935 $ 21,144 $ 21,665
Interest expense 2,186 2,923 3,273 3,555 3,754
Tax-equivalent net interest income (1) 17,807 17,602 17,662 17,589 17,911
Provision for loan losses 2,618 705 4,097 3,503 4,099
Tax-equivalent NII after provision for loan losses (1) 15,189 16,897 13,565 14,086 13,812
Investment securities gains (losses), including impairment 1,606 103 382 43 169
Non-interest income (excluding securities gains/losses) 8,574 7,677 7,612 8,376 7,707
Non-interest expense 17,538 16,450 15,532 16,259 15,589
Income taxes 2,253 2,366 1,690 1,703 1,640
Net income 5,157 5,434 3,921 4,153 4,064
Dividends Declared on Preferred Shares - (3 ) (435 ) (462 ) (462 )
Accretion on Preferred Shares - (8 ) (305 ) (46 ) (46 )
Redemption on Preferred Shares - 642 - - -
Net Income (Loss) Applicable to Common Shares 5,157 5,423 3,823 3,645 3,556
Tax equivalent adjustment (1)     421       427       416       390       395  
At Period End
Total assets $ 2,046,948 $ 2,055,672 $ 2,067,616 $ 2,142,264 $ 2,068,190
Earning assets 1,853,585 1,874,671 1,885,846 1,966,419 1,898,152
Loans 1,525,257 1,512,132 1,500,637 1,473,955 1,487,076
Allowance for loan losses 26,711 26,310 26,409 28,833 33,254
Deposits 1,667,472 1,609,350 1,613,611 1,671,370 1,596,241
Stockholders’ equity 258,128 255,136 249,870 281,364 278,127
Stockholders’ equity / assets 12.61 % 12.41 % 12.08 % 13.13 % 13.45 %
Goodwill     61,525       61,525       61,525       61,525       61,525  
Average Balances
Total assets $ 2,023,890 $ 2,047,139 $ 2,102,675 $ 2,080,502 $ 2,067,881
Earning assets 1,815,263 1,849,715 1,903,714 1,879,393 1,861,186
Loans 1,509,611 1,481,995 1,462,312 1,456,807 1,440,839
Deposits and interest-bearing liabilities 1,744,274 1,774,312 1,800,036 1,781,710 1,772,812
Deposits 1,633,432 1,605,749 1,629,094 1,610,275 1,594,938
Stockholders’ equity 256,304 251,592 281,031 279,848 275,848
Stockholders’ equity / assets     12.66 %     12.29 %     13.37 %     13.45 %     13.34 %
Per Common Share Data
Net Income:
Basic $ 0.53 $ 0.56 $ 0.39 $ 0.37 $ 0.37
Diluted 0.52 0.54 0.38 0.37 0.36
Dividends 0.05 0.05 0.05 0.05 0.05
Market Value:
High $ 19.38 $ 18.06 $ 17.46 $ 17.76 $ 15.39
Low 15.75 15.80 15.23 14.41 13.00
Close 19.19 17.26 17.12 16.86 14.59
Book Value 26.44 26.13 25.49 25.06 24.74
Shares outstanding, end of period (in thousands)     9,729       9,729       9,729       9,728       9,726  
Performance Ratios (annualized)
Tax-equivalent net interest margin (1) 3.92 % 3.80 % 3.75 % 3.78 % 3.83 %
Return on average assets 1.01 % 1.06 % 0.75 % 0.80 % 0.78 %
Return on average equity 8.00 % 8.59 % 5.61 % 5.97 % 5.85 %
Efficiency ratio (2) 66.48 % 65.07 % 61.45 % 62.62 % 60.85 %
Effective tax rate 30.40 % 30.33 % 30.12 % 29.08 % 28.75 %
Common dividend payout ratio (basic)     9.43 %     8.93 %     12.82 %     13.51 %     13.51 %

(1)

 

Interest income on tax-exempt securities and loans has been adjusted to a tax-equivalent basis using the statutory federal income tax rate of 35%

(2)

Efficiency ratio = Non-interest expense divided by sum of tax-equivalent net interest income plus non-interest income, excluding securities gains, net.

         
Selected Quarterly Information
First Defiance Financial Corp.
 
(dollars in thousands, except per share data)   4th Qtr 2012   3rd Qtr 2012   2nd Qtr 2012   1st Qtr 2012   4th Qtr 2011
Loan Portfolio Composition
One to four family residential real estate $ 200,826 $ 210,053 $ 210,520 $ 202,132 $ 203,401
Construction 37,788 31,428 22,923 36,362 31,552
Commercial real estate 797,385 792,351 775,526 790,168 775,992
Commercial 383,817 365,510 372,266 326,904 349,053
Consumer finance 15,936 16,785 17,127 17,647 18,887
Home equity and improvement   108,718       111,563       112,427       114,891       122,143  
Total loans 1,544,470 1,527,690 1,510,789 1,488,104 1,501,028
Less:
Loans in process 18,478 14,831 9,439 13,430 13,243
Deferred loan origination fees 735 727 713 719 709
Allowance for loan loss   26,711       26,310       26,409       28,833       33,254  
Net Loans $ 1,498,546     $ 1,485,822     $ 1,474,228     $ 1,445,122     $ 1,453,822  
                     
Allowance for loan loss activity
Beginning allowance 26,310 26,409 28,833 $ 33,254 $ 38,110
Provision for loan losses 2,618 705 4,097 3,503 4,099
Credit loss charge-offs:
One to four family residential real estate 976 217 584 738 666
Commercial real estate 593 780 5,448 4,496 6,738
Commercial 541 355 486 2,666 1,423
Consumer finance 59 19 14 41 27
Home equity and improvement   497       203       254       211       251  
Total charge-offs 2,666 1,574 6,786 8,152 9,105
Total recoveries   449       770       265       228       150  
Net charge-offs (recoveries)   2,217       804       6,521       7,924       8,955  
Ending allowance $ 26,711     $ 26,310     $ 26,409     $ 28,833     $ 33,254  
                     
Credit Quality
Total non-performing loans (1) $ 32,570 $ 37,803 $ 41,702 $ 45,351 $ 39,328
Real estate owned (REO)   3,805       2,843       3,538       3,408       3,628  
Total non-performing assets (2) $ 36,375     $ 40,646     $ 45,240     $ 48,759     $ 42,956  
Net charge-offs 2,217 804 6,521 7,924 8,955
 
Restructured loans, accruing (3) 28,203 4,305 3,581 3,820 3,380
 
Allowance for loan losses / loans 1.75 % 1.74 % 1.76 % 1.96 % 2.24 %
Allowance for loan losses / non-performing assets 73.43 % 64.73 % 58.38 % 59.13 % 77.41 %
Allowance for loan losses / non-performing loans 82.01 % 69.60 % 63.33 % 63.58 % 84.56 %
Non-performing assets / loans plus REO 2.38 % 2.68 % 3.01 % 3.30 % 2.88 %
Non-performing assets / total assets 1.78 % 1.98 % 2.19 % 2.28 % 2.08 %
Net charge-offs / average loans (annualized) 0.59 % 0.22 % 1.78 % 2.18 % 2.49 %
                     
Deposit Balances
Non-interest-bearing demand deposits $ 315,132 $ 271,305 $ 261,211 $ 265,716 $ 245,927
Interest-bearing demand deposits and money market 664,857 636,510 628,760 665,889 609,057
Savings deposits 166,945 166,155 165,699 165,325 155,101
Retail time deposits less than $100,000 342,472 356,369 370,443 383,471 428,222
Retail time deposits greater than $100,000 176,029 176,725 180,594 183,420 147,298
National/Brokered time deposits   2,037       2,286       6,904       7,549       10,636  
Total deposits $ 1,667,472     $ 1,609,350     $ 1,613,611     $ 1,671,370     $ 1,596,241  

(1)

 

Non-performing loans consist of non-accrual loans that are contractually past due 90 days.

(2)

Non-performing assets are non-performing loans plus real estate and other assets acquired by foreclosure or deed-in-lieu thereof.

(3)

Accruing restructured loans are loans with known credit problems that are not contractually past due and therefore are not included in non-performing loans.

 
       
Loan Delinquency Information
First Defiance Financial Corp.
 
 
30 to 89 days Non Accrual
(dollars in thousands)   Total Balance   Current   past due   Loans
 
December 31, 2012                
One to four family residential real estate $ 200,826 $ 195,188 $ 2,036 $ 3,602
Construction 37,788 $ 37,788 - -
Commercial real estate 797,385 $ 773,170 1,125 23,090
Commercial 383,817 $ 376,548 1,608 5,661
Consumer finance 15,936 $ 15,701 235 -
Home equity and improvement   108,718   $ 106,002     2,499     217
Total loans $ 1,544,470   $ 1,504,397   $ 7,503   $ 32,570
 
September 30, 2012                
One to four family residential real estate $ 210,053 $ 202,073 $ 2,196 $ 5,784
Construction 31,428 31,428 - -
Commercial real estate 792,351 765,611 1,749 24,991
Commercial 365,510 358,452 388 6,670
Consumer finance 16,785 16,653 117 15
Home equity and improvement   111,563     109,556     1,664     343
Total loans $ 1,527,690   $ 1,483,773   $ 6,114   $ 37,803
 
December 31, 2011                
One to four family residential real estate $ 203,401 $ 197,209 $ 2,302 $ 3,890
Construction 31,552 31,552 - -
Commercial real estate 775,992 744,401 3,441 28,150
Commercial 349,053 341,835 334 6,884
Consumer finance 18,887 18,713 164 10
Home equity and improvement   122,143     118,908     2,841     394
Total loans $ 1,501,028   $ 1,452,618   $ 9,082   $ 39,328




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