|Defiance Bank net income report soars|
|Written by Sentinel Staff|
|Monday, 05 August 2013 10:53|
DEFIANCE - First Defiance Financial Corp. has reported net income for the second quarter ended June 30 of $6.1 million, compared to $3.9 million for the quarter ended June 30, 2012.
"The momentum that we carried from the strong finish in 2012 has continued into the first half of this year and resulted in record earnings for the second consecutive quarter in 2013," said William J. Small, chairman, president, and CEO of First Defiance Financial Corp. "We are still very cognizant of the challenges the banking industry faces, but we believe we are well positioned to deal with them."
Non-performing loans totaled $28.7 million at June 30 a decrease from $41.7 million at June 30, 2012. In addition, First Defiance had $6.5 million of real estate owned at June 30 compared to $3.5 million at June 30, 2012. Accruing troubled debt restructured loans were $28.7 million at June 30, compared with $3.6 million a year ago. For the second quarter of 2013, First Defiance recorded net charge-offs of $637,000, down from $6.5 million in the second quarter of 2012 and relatively flat with the first quarter of 2013. The allowance for loan loss as a percentage of total loans was 1.68% at June 30 compared with 1.76% at June 30, 2012.
The second quarter results include expense for provision for loan losses of $448,000, compared with $4.1 million for the same period in 2012 and $425,000 in the first quarter of 2013.
"We are pleased with the significant improvement in asset quality during the quarter including significant declines in nonperforming loans, net charge-offs and classified loans. We also saw improvement in delinquency levels in all categories of our loan portfolio," said Small. "As a result of this progress, provision expense was well below the level recorded in the 2012 second quarter."
Net interest income of $16.9 million in the second quarter of 2013 was down from $17.2 million in the second quarter of 2012.
Income from the sale of insurance and investment products increased to $2.3 million in the second quarter of 2013, from $2.2 million in the second quarter of 2012.
For the six month period ended June 30net interest income totaled $33.4 million, compared with $34.4 million in the first six months of 2012. Average interest-earning assets decreased to $1.824 billion in the first half of 2013, compared to $1.892 billion in the first half of 2012.
Total assets at June 30 were $2.07 billion, compared to $2.05 billion at December 31, 2012.
Total deposits at June 30 were $1.64 billion compared with $1.67 billion at December 31, 2012 and $1.61 billion at June 30, 2012.
|Last Updated on Monday, 05 August 2013 14:26|
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