First Defiance Financial Corporation (FDEF) has reported a 28.30 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $5.14 million, or $0.54 a share in the quarter, compared with $7.17 million, or $0.79 a share for the same period last year.
Revenue during the quarter grew 17.04 percent to $32.14 million from $27.46 million in the previous year period. Net interest income for the quarter rose 12.80 percent over the prior year period to $21.64 million. Non-interest income for the quarter rose 22.15 percent over the last year period to $10.55 million.
First Defiance Financial Corp has made provision of $0.06 million for loan losses during the quarter, down 84.89 percent from $0.36 million in the same period last year.
Net interest margin improved 1 basis points to 3.81 percent in the quarter from 3.80 percent in the last year period. Efficiency ratio for the quarter deteriorated to 70.85 percent from 61.32 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"We are very pleased with our strong operating performance for the first quarter and our successful completion of the merger and integration of CSB late in the quarter," said Donald P. Hileman, president and chief executive officer of First Defiance Financial Corp. "While the inclusion of CSB's financials in the current quarter's results impacts comparison of the quarter's operating results, we were encouraged by our organic loan and deposit growth and the continued strength of our net interest margin. We look forward to building relationships in our new markets and realizing the benefits from merger in our future results."
Assets outpace liabilities growth
Total assets stood at $2,929.47 million as on Mar. 31, 2017, up 24.19 percent compared with $2,358.93 million on Mar. 31, 2016. On the other hand, total liabilities stood at $2,575.28 million as on Mar. 31, 2017, up 23.90 percent from $2,078.56 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $2,213.12 million as on Mar. 31, 2017, up 23 percent compared with $1,799.32 million on Mar. 31, 2016. Deposits stood at $2,373.79 million as on Mar. 31, 2017, up 26.86 percent compared with $1,871.16 million on Mar. 31, 2016.
Investments stood at $261.37 million as on Mar. 31, 2017, up 14.60 percent or $33.30 million from year-ago. Shareholders equity stood at $354.19 million as on Mar. 31, 2017, up 26.33 percent or $73.82 million from year-ago.
Return on average assets moved down 46 basis points to 0.79 percent in the quarter from 1.25 percent in the last year period. At the same time, return on average equity decreased 370 basis points to 6.63 percent in the quarter from 10.33 percent in the last year period.
Nonperforming assets moved down 16.15 percent or $3.04 million to $15.78 million on Mar. 31, 2017 from $18.82 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.54 percent in the quarter, down from 0.80 percent in the last year period.
Equity to assets ratio was 11.99 percent for the quarter, down from 12.06 percent for the previous year quarter. Book value per share was $34.92 for the quarter, up 11.60 percent or $3.63 compared to $31.29 for the same period last year.
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