First Defiance Financial Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 23, 2018 at 04:00 am IST
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First Defiance Financial Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest income was $28,527,000 against $22,770,000 a year ago. Net interest income was $25,387,000 against $20,539,000 a year ago. Net interest income after provision for loan losses was $25,073,000 against $20,688,000 a year ago. Income before income taxes was $13,829,000 against $10,801,000 a year ago. Net income was $9,399,000 or $0.92 diluted per share against $7,365,000 or $0.81 diluted per share a year ago. Return on average assets was 1.26% against 1.19% a year ago. Return on average equity was 10.10% against 10.02% a year ago. The increase in net interest income was mostly attributable to the added operations from the Commercial Savings Bank (“CSB”) merger completed earlier in 2017.
For the year, the company reported total interest income was $108,102,000 against $87,383,000 a year ago. Net interest income was $96,671,000 against $78,943,000 a year ago. Net interest income after provision for loan losses was $93,722,000 against $78,660,000 a year ago. Income before income taxes was $48,452,000 against $41,597,000 a year ago. Net income was $32,268,000 or $3.22 diluted per share against $28,843,000 or $3.19 diluted per share a year ago. Common book value per share as on December 31, 2017 was $36.76 against $32.62 as at December 31, 2016. Tangible common book value per share as on December 31, 2017 was $26.49 against $25.59 as at December 31, 2016. Return on average assets was 1.13% against 1.20% a year ago. Return on average equity was 9.19% against 10.10% a year ago.
Premier Financial Corp. is the holding company for Premier Bank (the Bank). The Bank is primarily engaged in community banking. It attracts deposits from the general public through its offices and Website, and uses those and other available sources of funds to originate residential real estate loans, commercial real estate loans, commercial loans, home improvement and home equity loans and consumer loans. In addition, the Bank invests in United States Treasury and federal government agency obligations, obligations of states and political subdivisions, mortgage-backed securities that are issued by federal agencies, including real estate mortgage investment conduits (REMICs) and residential collateralized mortgage obligations (CMOs), and corporate bonds. The Bank offers customers a range of deposit products including demand, checking, money market and savings accounts. The Bank operates approximately 75 branches and nine loan offices in Ohio, Michigan, Indiana and Pennsylvania.