First Defiance Financial Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
January 24, 2017 at 04:00 am IST
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First Defiance Financial Corp. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the full year ended on December 31, 2016, net income totaled $28.8 million, or $3.19 per diluted common share, compared to $26.4 million or $2.82 per diluted common share for 2015. Net interest income for 2016 totaled $78.9 million, compared with $74.1 million for 2015. Income before income taxes was $41.597 million against $37.833 million a year ago. Return on average assets was 1.20% against 1.19% a year ago. Return on average equity was 10.10% against 9.52% a year ago.
For the fourth quarter 2016, the company earned $7.4 million, or $0.81 per diluted common share compared to $6.6 million, or $0.71 per diluted common share for the fourth quarter of 2015. Net interest income was $20.5 million in the fourth quarter of 2016 was up from $19.0 million in the fourth quarter of 2015. The growth in net interest income of $1.5 million included interest recoveries primarily from loan payoffs of $501,000 in the fourth quarter 2016 compared to $228,000 of interest recoveries in the fourth quarter 2015. Income before income taxes was $10.801 million against $9.307 million a year ago. Return on average assets was 1.19% against 1.14% a year ago. Return on average equity was 10.02% against 9.33% a year ago. Common book value was $32.62 per share against $30.78 per share 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.