First Defiance Financial Corp. (FDEF, Financial) filed Quarterly Report for the period ended 2009-06-30.
First Defiance Financial Corp. is a unitary thrift holding company that through its subsidiaries focuses on traditional banking mortgage banking and property and casualty life and group health insurance products. Theirtraditional banking activities include originating and servicing residential commercial and consumer loans and providing a broad range of depository services. First Defiance Financial Corp. has a market cap of $125.1 million; its shares were traded at around $15.41 with a P/E ratio of 14.7 and P/S ratio of 1. The dividend yield of First Defiance Financial Corp. stocks is 2.2%. First Defiance Financial Corp. had an annual average earning growth of 2.5% over the past 5 years.
At June 30, 2009, First Defiances total assets, deposits and stockholders equity amounted to $2.02 billion, $1.55 billion and $232.7 million, respectively, compared to $1.96 billion, $1.47 billion and $229.2 million, respectively, at December 31, 2008.
Net loans receivable (excluding loans held for sale) decreased $8.0 million to $1.58 billion at June 30, 2009 compared to $1.59 billion at December 31, 2008. The decrease in loans receivable between December 31, 2008 and June 30, 2009 included decreases in one-to-four family residential real estate loans (down $13.8 million), home equity and improvement loans (down $10.0 million), construction loans (down $28.3 million), and consumer loans (down $2.9 million) while commercial loans increased $25.9 million and non-residential and multi-family loans increased $13.0 million.
The investment securities portfolio increased $15.4 million to $133.8 million at June 30, 2009 from $118.5 million at December 31, 2008. The increase is the result of $30.0 million of securities being purchased during the first six months of 2009 partially offset by $1.8 million of securities being matured or called in the period, principal pay downs of $8.4 million in CMOs and mortgage-backed securities, and $3.5 million of securities being sold. The unrealized loss in the investment portfolio decreased $143,000 to $1.5 million at June 30, 2009 from $1.7 million at December 31, 2008.
Deposits increased from $1.47 billion at December 31, 2008 to $1.55 billion as of June 30, 2009. Of the $83.2 million increase, interest-bearing demand deposits and money market accounts increased $81.7 million to $456.2 million, savings accounts increased $3.7 million to $135.8 million, non-interest bearing checking accounts increased $4.0 million to $180.0 million and broker/national certificates of deposit increased $8.6 million to $47.1 million. These increases were slightly offset by a decline in retail time deposits of $14.8 million to $734.0 million.
Stockholders equity increased from $229.2 million at December 31, 2008 to $232.7 million at June 30, 2009. The increase is primarily the result of recording net income of $6.3 million partially offset by $2.1 million of cash dividends declared on common stock and $930,000 of accrued dividends on preferred stock.
Read the The complete ReportFDEF is in the portfolios of Bruce Sherman of Private Capital Management.
First Defiance Financial Corp. is a unitary thrift holding company that through its subsidiaries focuses on traditional banking mortgage banking and property and casualty life and group health insurance products. Theirtraditional banking activities include originating and servicing residential commercial and consumer loans and providing a broad range of depository services. First Defiance Financial Corp. has a market cap of $125.1 million; its shares were traded at around $15.41 with a P/E ratio of 14.7 and P/S ratio of 1. The dividend yield of First Defiance Financial Corp. stocks is 2.2%. First Defiance Financial Corp. had an annual average earning growth of 2.5% over the past 5 years.
Highlight of Business Operations:
Securities are classified as held-to-maturity when First Defiance has the positive intent and ability to hold the security to maturity. Held-to-maturity securities are stated at amortized cost and had a recorded value of $831,000 at June 30, 2009. Securities not classified as held-to-maturity are classified as available-for-sale, which are stated at fair value and had a recorded value of $133.0 million at June 30, 2009. The available-for-sale portfolio consists of obligations of U.S. Government corporations and agencies ($17.5 million), certain municipal obligations ($43.7 million), CMOs and REMICs ($35.4 million), mortgage backed securities ($34.1 million) and trust preferred stock ($2.3 million).At June 30, 2009, First Defiances total assets, deposits and stockholders equity amounted to $2.02 billion, $1.55 billion and $232.7 million, respectively, compared to $1.96 billion, $1.47 billion and $229.2 million, respectively, at December 31, 2008.
Net loans receivable (excluding loans held for sale) decreased $8.0 million to $1.58 billion at June 30, 2009 compared to $1.59 billion at December 31, 2008. The decrease in loans receivable between December 31, 2008 and June 30, 2009 included decreases in one-to-four family residential real estate loans (down $13.8 million), home equity and improvement loans (down $10.0 million), construction loans (down $28.3 million), and consumer loans (down $2.9 million) while commercial loans increased $25.9 million and non-residential and multi-family loans increased $13.0 million.
The investment securities portfolio increased $15.4 million to $133.8 million at June 30, 2009 from $118.5 million at December 31, 2008. The increase is the result of $30.0 million of securities being purchased during the first six months of 2009 partially offset by $1.8 million of securities being matured or called in the period, principal pay downs of $8.4 million in CMOs and mortgage-backed securities, and $3.5 million of securities being sold. The unrealized loss in the investment portfolio decreased $143,000 to $1.5 million at June 30, 2009 from $1.7 million at December 31, 2008.
Deposits increased from $1.47 billion at December 31, 2008 to $1.55 billion as of June 30, 2009. Of the $83.2 million increase, interest-bearing demand deposits and money market accounts increased $81.7 million to $456.2 million, savings accounts increased $3.7 million to $135.8 million, non-interest bearing checking accounts increased $4.0 million to $180.0 million and broker/national certificates of deposit increased $8.6 million to $47.1 million. These increases were slightly offset by a decline in retail time deposits of $14.8 million to $734.0 million.
Stockholders equity increased from $229.2 million at December 31, 2008 to $232.7 million at June 30, 2009. The increase is primarily the result of recording net income of $6.3 million partially offset by $2.1 million of cash dividends declared on common stock and $930,000 of accrued dividends on preferred stock.
Read the The complete ReportFDEF is in the portfolios of Bruce Sherman of Private Capital Management.
