DEFIANCE, Ohio--(BUSINESS WIRE)--First Defiance Financial Corp. (NASDAQ: FDEF) announced today that net income for the fiscal year ended December 31, 2018, totaled $46.2 million, or $2.26 per diluted common share, compared to $32.3 million, or $1.61 per diluted common share, for the year ended December 31, 2017. For the fourth quarter of 2018, First Defiance earned $12.1 million, or $0.59 per diluted common share, compared to $9.4 million, or $0.46 per diluted common share for the fourth quarter of 2017. The fourth quarter of 2018 results included an increase of $806,000 pre-tax ($636,000 after-tax), or $0.03 per diluted share, from an immaterial accounting correction related to the company’s deferred compensation plan.
“With fourth quarter earnings per share up 28% over last year, we are pleased to announce our sixth consecutive year of record earnings performance,” said Donald P. Hileman, President and Chief Executive Officer of First Defiance. “Our balance sheet and earnings growth, net interest margin expansion and asset quality improvement supported a strong finish to the year and positions us well as we start the new year.”
Net interest income up compared to fourth quarter 2017
Net interest income of $28.5 million in the fourth quarter of 2018 was up from $25.4 million in the fourth quarter of 2017. The increase was primarily due to the growth in earning assets supplemented by expansion in the net interest margin versus the fourth quarter last year. The net interest margin was 4.02% for the fourth quarter, up from 4.00% for the third quarter of 2018 and 3.88% in the fourth quarter of 2017. Yield on interest earning assets increased by 38 basis points, to 4.73% in the fourth quarter of 2018 from 4.35% in the fourth quarter of 2017. The cost of interest-bearing liabilities increased by 33 basis points in the fourth quarter of 2018 to 0.95% from 0.62% in the fourth quarter of 2017.
“Our net interest income increase in the fourth quarter was driven by both solid balance sheet growth and margin expansion,” said Hileman. “Our loans and deposits grew in the fourth quarter at annualized rates of 13.6% and 15.3%, respectively, providing strong momentum for 2019.”
Non-interest income down from fourth quarter 2017
First Defiance’s non-interest income for the fourth quarter of 2018 was $8.4 million compared to $9.9 million in the fourth quarter of 2017. Results for the fourth quarter of 2018 included a $690,000 decrease in deferred compensation plan assets compared to a $170,000 increase for the same period in 2017 due to stock market performance. In addition, fourth quarter of the prior year included an increase in trust income of $428,000 attributable to a change to accrual basis accounting.
Mortgage banking income was $1.4 million in the fourth quarter of 2018, down from $1.7 million in the fourth quarter of 2017 due to lower volumes. Gains from the sale of mortgage loans decreased in the fourth quarter of 2018 to $758,000 from $1.1 million in the fourth quarter of 2017. Mortgage loan servicing revenue was $978,000 in the fourth quarter of 2018, up from $945,000 in the fourth quarter of 2017. First Defiance had a positive change in the valuation adjustment in mortgage servicing assets of $41,000 in the fourth quarter of 2018 compared to a positive adjustment of $69,000 in the fourth quarter of 2017.
For the fourth quarter of 2018, service fees and other charges were $3.3 million, up from $3.1 million in the fourth quarter of 2017; and commissions from the sale of insurance products were $3.1 million, up from $3.0 million in the fourth quarter of 2017. Trust income was $503,000 in the fourth quarter of 2018 and consistent with $932,000 in the fourth quarter of 2017, which included $428,000 for an adjustment to accrual basis accounting. The fourth quarter of 2018 included gains of $97,000 from the sale of securities compared to gains of $160,000 in the fourth quarter of 2017.
Other non-interest income for the fourth quarter of 2018 was a negative $494,000 down $999,000 compared to 2017 primarily due to the decrease in deferred compensation plan assets described above. Excluding the impact of this item, other non-interest income for fourth quarter 2018 would be $196,000 compared to $335,000 in the fourth quarter of 2017.
Non-interest expenses up from fourth quarter 2017
Non-interest expense totaled $21.2 million in the fourth quarter of 2018 compared to $21.1 million in the fourth quarter of 2017, primarily due to increases in core non-interest expenses offset by a decrease in other non-interest expenses. The comparison includes an $806,000 reduction in expenses from the accounting correction to the company’s deferred compensation plan in the fourth quarter of 2018, and a further impact from a $1.3 million decrease in deferred compensation plan expense due to stock market performance. Compensation and benefits in the fourth quarter of 2018 was $13.5 million, an increase of $1.3 million compared to the fourth quarter of 2017. Occupancy expense was $2.4 million in the fourth quarter 2018, up $433,000 from the fourth quarter 2017. Data processing cost was $2.2 million in the fourth quarter of 2018, up $301,000 from the fourth quarter of 2017.
Other non-interest expense was $2.0 million (or $2.8 million excluding the benefit from the deferred compensation accounting correction) in the fourth quarter of 2018 compared to $4.0 million in the fourth quarter of 2017. Additionally, results for the fourth quarter of 2018 included a $1,052,000 decrease in deferred compensation plan liabilities compared to a $200,000 increase for the same period in 2017 due to stock market performance. Excluding the impact of these items, other non-interest expense for fourth quarter 2018 would be $3.9 million compared to $3.8 million in the fourth quarter of 2017.
Credit quality
Non-performing loans totaled $19.0 million at December 31, 2018, a decrease from $30.7 million at December 31, 2017. In addition, real estate owned totaled $1.2 million at December 31, 2018, down from $1.5 million at December 31, 2017. Accruing troubled debt restructured loans were $11.6 million at December 31, 2018, a decrease from $13.8 million at December 31, 2017.
The fourth quarter of 2018 results include net recoveries of $220,000 and a provision for loan losses of $472,000 compared with net recoveries of $28,000 and a provision of $314,000 for the same period in 2017. The allowance for loan loss as a percentage of total loans was 1.12% at December 31, 2018, compared with 1.13% at September 30, 2018, and 1.14% at December 31, 2017.
“Our non-performing assets to total assets at year-end improved significantly from the prior year to 0.64%; and as a continuation of our favorable net loan loss experience from the previous quarter, net recoveries were $220,000 in the fourth quarter,” said Hileman. “Additional reductions in our non-performing assets remain a priority in 2019.”
Annual results
Net income for the full year ended on December 31, 2018, totaled $46.2 million, or $2.26 per diluted common share, compared to $32.3 million, or $1.61 per diluted common share for 2017. The year 2017 included approximately ten months of operations of the Commercial Savings Bank (“CSB”) acquisition completed on February 24, 2017, and nine months of operations from Corporate One Benefits Agency, Inc. (“Corporate One”) acquired on April 1, 2017. In addition, 2017 included merger and conversion expenses related to the acquisitions of $4.0 million, which had an after tax impact of $2.8 million, or $0.14 per diluted share. The year 2018 included a benefit of $806,000 from an accounting correction, which had an after tax impact of $636,000 or $0.03 per diluted share.
Net interest income for 2018 totaled $108.3 million, compared with $96.7 million for 2017. Average interest-earning assets increased to $2.74 billion for 2018, compared to $2.55 billion in 2017. Net interest margin for 2018 was 3.98%, up 10 basis points from the 3.88% margin for 2017. The provision for loan losses for 2018 was $1.2 million, compared to $2.9 million for 2017.
Non-interest income for the year 2018 was $39.2 million, compared to $40.1 million in 2017. The year 2017 included the operating results from the CSB and Corporate One mergers completed in 2017, a $1.5 million enhancement value gain related to the purchase of bank owned life insurance in the first quarter of 2017, and an increase in trust revenues of $428,000 related to a change to accrual basis accounting.
Service fees and other charges were $13.1 million for 2018, up from $12.1 million in 2017. Mortgage banking income remained stable at $7.1 million for 2018, compared to $7.0 million in 2017. Gains on the sale of non-mortgage loans were $317,000 for 2018, compared to $217,000 in 2017. Insurance commissions increased to $14.1 million for 2018, compared to $12.9 million in 2017. Non-interest income for 2018 included $173,000 of net securities gains compared to $584,000 of net securities gains for 2017.
Non-interest expense increased to $89.4 million in 2018 from $85.4 million in 2017. Included in non-interest expense for 2017 were merger and conversion expenses of $4.0 million related to acquisitions. Compensation and benefits expense was $52.6 million for 2018 compared to $49.8 million for 2017. Expenses also included increases in occupancy expense of $934,000 and data processing expense of $818,000. Other non-interest expense was $15.2 million (or $16.0 million excluding the benefit from the deferred compensation accounting correction) in 2018 compared to $15.7 million in 2017.
Total assets at $3.18 billion
Total assets at December 31, 2018, were $3.18 billion compared to $2.99 billion at December 31, 2017. Net loans receivable (excluding loans held for sale) were $2.51 billion at December 31, 2018, compared to $2.32 billion at December 31, 2017. Also, at December 31, 2018, goodwill and other intangible assets totaled $103.0 million compared to $104.3 million at December 31, 2017.
Total deposits at December 31, 2018, were $2.62 billion compared with $2.44 billion at December 31, 2017. Total stockholders’ equity was $399.6 million at December 31, 2018, compared to $373.3 million at December 31, 2017.
Dividend to be paid February 22
The Board of Directors declared a quarterly cash dividend of $0.19 per common share payable February 22, 2019, to shareholders of record at the close of business on February 15, 2019. The dividend represents an annual dividend of 2.81% based on the First Defiance common stock closing price on January 18, 2019. First Defiance has approximately 20,196,026 common shares outstanding.
Share Repurchase Program
Under its existing authorization to repurchase shares, the company completed the repurchase of 231,000 shares of its common stock during the fourth quarter of 2018. At year-end, 524,000 shares of common stock remained available for repurchase under the authorization. Repurchases will be made periodically depending on market conditions and other factors. The repurchased shares will be held as treasury stock and will be available for general corporate purposes, including employee stock option plans. The exact number of shares to be repurchased by the company is not guaranteed.
Purchases under the First Defiance Financial Corp. stock repurchase program may be made periodically, in the open market, through block trades and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Commission or otherwise, and also in privately negotiated transactions. Depending on market conditions and other factors, these purchases may be commenced or suspended at any time or periodically without prior notice.
Conference call
First Defiance will host a conference call at 11:00 a.m. ET on Tuesday, January 22, 2019, to discuss the earnings results and business trends. The conference call may be accessed by calling 1-877-444-1726. A live webcast may also be accessed at https://services.choruscall.com/links/fdef190122.html. The replay of the conference call webcast will be available at www.fdef.com until 9:00 a.m. ET on Wednesday, January 22, 2020.
First Defiance Financial Corp.
First Defiance Financial Corp. (NASDAQ: FDEF), headquartered in Defiance, Ohio, is the holding company for First Federal Bank of the Midwest and First Insurance Group. First Federal Bank operates 44 full-service branches in northwest and central Ohio, southeast Michigan and northeast Indiana and a loan production office in Ann Arbor, Michigan. First Insurance Group is a full-service insurance agency with nine offices throughout northwest Ohio.
For more information, visit the company’s website at www.fdef.com.
Financial Statements and Highlights Follow
Safe Harbor Statement
This news release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21 B of the Securities Act of 1934, as amended, which are intended to be safe harbors created thereby. Those statements may include, but are not limited to, all statements regarding intent, beliefs, expectations, projections, forecasts and plans of First Defiance Financial Corp. and its management, and specifically include statements regarding: changes in economic conditions, the nature, extent and timing of governmental actions and reforms, future movements of interest rates, the production levels of mortgage loan generation, the ability to continue to grow loans and deposits, the ability to benefit from a changing interest rate environment, the ability to sustain credit quality ratios at current or improved levels, the ability to sell real estate owned properties, continued strength in the market area for First Federal Bank of the Midwest, and the ability to grow in existing and adjacent markets. These forward-looking statements involve numerous risks and uncertainties, including those inherent in general and local banking, insurance and mortgage conditions, competitive factors specific to markets in which First Defiance and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions or capital market conditions and other risks and uncertainties detailed from time to time in our Securities and Exchange Commission (SEC) filings, including our Annual Report on Form 10-K for the year ended December 31, 2017. One or more of these factors have affected or could in the future affect First Defiance's business and financial results in future periods and could cause actual results to differ materially from plans and projections. Therefore, there can be no assurances that the forward-looking statements included in this news release will prove to be accurate. In light of the significant uncertainties in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by First Defiance or any other persons, that our objectives and plans will be achieved. All forward-looking statements made in this news release are based on information presently available to the management of First Defiance. We assume no obligation to update any forward-looking statements. As required by U.S. GAAP, First Defiance will evaluate the impact of subsequent events through the issuance date of its December 31, 2018 consolidated financial statements as part of its Annual Report on Form 10-K to be filed with the SEC. Accordingly, subsequent events could occur that may cause First Defiance to update its critical accounting estimates and to revise its financial information from that which is contained in this news release.
| Consolidated Balance Sheets (Unaudited) | ||||||||
| First Defiance Financial Corp. | ||||||||
| December 31, | December 31, | |||||||
| (in thousands) | 2018 | 2017 | ||||||
| Assets | ||||||||
| Cash and cash equivalents | ||||||||
| Cash and amounts due from depository institutions | $ | 55,962 | $ | 58,693 | ||||
| Interest-bearing deposits | 43,000 | 55,000 | ||||||
| 98,962 | 113,693 | |||||||
| Securities | ||||||||
| Available-for sale, carried at fair value | 294,076 | 260,650 | ||||||
| Held-to-maturity, carried at amortized cost | 526 | 648 | ||||||
| 294,602 | 261,298 | |||||||
| Loans | 2,540,039 | 2,348,713 | ||||||
| Allowance for loan losses | (28,331 | ) | (26,683 | ) | ||||
| Loans, net | 2,511,708 | 2,322,030 | ||||||
| Loans held for sale | 6,613 | 10,435 | ||||||
| Mortgage servicing rights | 10,119 | 9,808 | ||||||
| Accrued interest receivable | 9,641 | 8,706 | ||||||
| Federal Home Loan Bank stock | 14,217 | 15,992 | ||||||
| Bank Owned Life Insurance | 67,660 | 66,230 | ||||||
| Office properties and equipment | 40,670 | 40,217 | ||||||
| Real estate and other assets held for sale | 1,205 | 1,532 | ||||||
| Goodwill | 98,569 | 98,569 | ||||||
| Core deposit and other intangibles | 4,391 | 5,703 | ||||||
| Deferred taxes | 654 | 231 | ||||||
| Other assets | 23,365 | 38,959 | ||||||
| Total Assets | $ | 3,182,376 | $ | 2,993,403 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Non-interest-bearing deposits | $ | 607,198 | $ | 571,360 | ||||
|
Interest-bearing deposits |
2,013,684 | 1,866,296 | ||||||
| Total deposits | 2,620,882 | 2,437,656 | ||||||
| Advances from Federal Home Loan Bank | 85,189 | 84,279 | ||||||
| Notes payable and other interest-bearing liabilities | 5,741 | 26,019 | ||||||
| Subordinated debentures | 36,083 | 36,083 | ||||||
| Advance payments by borrowers for tax and insurance | 3,652 | 2,925 | ||||||
| Other liabilities | 31,240 | 33,155 | ||||||
| Total Liabilities | 2,782,787 | 2,620,117 | ||||||
| Stockholders’ Equity | ||||||||
| Preferred stock | - | - | ||||||
| Common stock, net | 127 | 127 | ||||||
| Additional paid-in-capital | 161,593 | 160,940 | ||||||
| Accumulated other comprehensive income (loss) | (2,148 | ) | 217 | |||||
| Retained earnings | 295,588 | 262,900 | ||||||
| Treasury stock, at cost | (55,571 | ) | (50,898 | ) | ||||
| Total stockholders’ equity | 399,589 | 373,286 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 3,182,376 | $ | 2,993,403 | ||||
| Consolidated Statements of Income (Unaudited) | |||||||||||||
| First Defiance Financial Corp. | |||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||
|
December 31, |
December 31, |
||||||||||||
| (in thousands, except per share amounts) | 2018 | 2017 | 2018 | 2017 | |||||||||
| Interest Income: | |||||||||||||
| Loans | $ | 30,841 | $ | 26,277 | $ | 114,398 | $ | 99,540 | |||||
| Investment securities | 2,167 | 1,747 | 8,134 | 6,942 | |||||||||
| Interest-bearing deposits | 325 | 281 | 1,270 | 836 | |||||||||
| FHLB stock dividends | 217 | 222 | 915 | 784 | |||||||||
| Total interest income | 33,550 | 28,527 | 124,717 | 108,102 | |||||||||
| Interest Expense: | |||||||||||||
| Deposits | 4,389 | 2,461 | 13,897 | 8,818 | |||||||||
| FHLB advances and other | 318 | 352 | 1,261 | 1,470 | |||||||||
| Subordinated debentures | 347 | 252 | 1,281 | 935 | |||||||||
| Notes Payable | 4 | 75 | 23 | 208 | |||||||||
| Total interest expense | 5,058 | 3,140 | 16,462 | 11,431 | |||||||||
| Net interest income | 28,492 | 25,387 | 108,255 | 96,671 | |||||||||
| Provision for loan losses | 472 | 314 | 1,176 | 2,949 | |||||||||
| Net interest income after provision for loan losses | 28,020 | 25,073 | 107,079 | 93,722 | |||||||||
| Non-interest Income: | |||||||||||||
| Service fees and other charges | 3,338 | 3,066 | 13,100 | 12,139 | |||||||||
| Mortgage banking income | 1,445 | 1,738 | 7,077 | 7,004 | |||||||||
| Gain on sale of non-mortgage loans | 17 | 45 | 317 | 217 | |||||||||
| Gain on sale of securities | 97 | 160 | 173 | 584 | |||||||||
| Insurance commissions | 3,061 | 3,032 | 14,085 | 12,866 | |||||||||
| Trust income | 503 | 932 | 2,091 | 2,332 | |||||||||
| Income from Bank Owned Life Insurance | 402 | 419 | 1,767 | 3,085 | |||||||||
| Other non-interest income | (494 | ) | 505 | 598 | 1,854 | ||||||||
| Total Non-interest Income | 8,369 | 9,897 | 39,208 | 40,081 | |||||||||
| Non-interest Expense: | |||||||||||||
| Compensation and benefits | 13,550 | 12,259 | 52,566 | 49,847 | |||||||||
| Occupancy | 2,390 | 1,957 | 8,641 | 7,707 | |||||||||
| FDIC insurance premium | 204 | 277 | 1,021 | 1,250 | |||||||||
| Financial institutions tax | 525 | 400 | 2,118 | 1,819 | |||||||||
| Data processing | 2,206 | 1,905 | 8,555 | 7,737 | |||||||||
| Amortization of intangibles | 314 | 358 | 1,312 | 1,289 | |||||||||
| Other non-interest expense | 2,021 | 3,985 | 15,199 | 15,702 | |||||||||
| Total Non-interest Expense | 21,210 | 21,141 | 89,412 | 85,351 | |||||||||
| Income before income taxes | 15,179 | 13,829 | 56,875 | 48,452 | |||||||||
| Income taxes | 3,082 | 4,430 | 10,626 | 16,184 | |||||||||
| Net Income | $ | 12,097 | $ | 9,399 | $ | 46,249 | $ | 32,268 | |||||
| Earnings per common share: | |||||||||||||
| Basic | $ | 0.60 | $ | 0.47 | $ | 2.27 | $ | 1.62 | |||||
| Diluted | $ | 0.59 | $ | 0.46 | $ | 2.26 | $ | 1.61 | |||||
| Average Shares Outstanding: | |||||||||||||
| Basic | 20,313 | 20,310 | 20,358 | 19,950 | |||||||||
| Diluted | 20,404 | 20,444 | 20,449 | 20,068 | |||||||||
| Financial Summary and Comparison (Unaudited) | ||||||||||||||||||||||
| First Defiance Financial Corp. | ||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
|
December 31, |
December 31, |
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| (dollars in thousands, except per share data) | 2018 | 2017 | % change | 2018 | 2017 | % change | ||||||||||||||||
| Summary of Operations | ||||||||||||||||||||||
| Tax-equivalent interest income (2) | $ | 33,808 | $ | 29,009 | 16.5 | % | $ | 125,721 | $ | 110,016 | 14.3 | % | ||||||||||
| Interest expense | 5,058 | 3,140 | 61.1 | 16,462 | 11,431 | 44.0 | ||||||||||||||||
| Tax-equivalent net interest income (2) | 28,750 | 25,869 | 11.1 | 109,259 | 98,585 | 10.8 | ||||||||||||||||
| Provision for loan losses | 472 | 314 | 50.3 | 1,176 | 2,949 | (60.1 | ) | |||||||||||||||
| Tax-equivalent NII after provision for loan loss (2) | 28,278 | 25,555 | 10.7 | 108,083 | 95,636 | 13.0 | ||||||||||||||||
| Investment securities gains | 97 | 160 | (39.4 | ) | 173 | 584 | (70.4 | ) | ||||||||||||||
| Non-interest income (excluding securities gains/losses) | 8,272 | 9,737 | (15.0 | ) | 39,035 | 39,497 | (1.2 | ) | ||||||||||||||
| Non-interest expense | 21,210 | 21,141 | 0.3 | 89,412 | 85,351 | 4.8 | ||||||||||||||||
| Income taxes | 3,082 | 4,430 | (30.4 | ) | 10,626 | 16,184 | (34.3 | ) | ||||||||||||||
| Net Income | 12,097 | 9,399 | 28.7 | 46,249 | 32,268 | 43.3 | ||||||||||||||||
| Tax equivalent adjustment (2) | 258 | 482 | (46.5 | ) | 1,004 | 1,914 | (47.5 | ) | ||||||||||||||
| At Period End | ||||||||||||||||||||||
| Assets | 3,182,376 | 2,993,403 | 6.3 | |||||||||||||||||||
| Earning assets | 2,898,471 | 2,691,438 | 7.7 | |||||||||||||||||||
| Loans | 2,540,039 | 2,348,713 | 8.1 | |||||||||||||||||||
| Allowance for loan losses | 28,331 | 26,683 | 6.2 | |||||||||||||||||||
| Deposits | 2,620,882 | 2,437,656 | 7.5 | |||||||||||||||||||
| Stockholders’ equity | 399,589 | 373,286 | 7.0 | |||||||||||||||||||
| Average Balances | ||||||||||||||||||||||
| Assets | 3,138,202 | 2,968,445 | 5.7 | 3,048,525 | 2,851,531 | 6.9 | ||||||||||||||||
| Earning assets | 2,831,866 | 2,646,643 | 7.0 | 2,741,215 | 2,545,261 | 7.7 | ||||||||||||||||
| Loans | 2,474,221 | 2,279,358 | 8.5 | 2,382,941 | 2,198,639 | 8.4 | ||||||||||||||||
| Deposits and interest-bearing liabilities | 2,705,736 | 2,560,258 | 5.7 | 2,626,004 | 2,464,952 | 6.5 | ||||||||||||||||
| Deposits | 2,594,635 | 2,400,061 | 8.1 | 2,507,553 | 2,298,712 | 9.1 | ||||||||||||||||
| Stockholders’ equity | 392,701 | 369,366 | 6.3 | 384,305 | 351,236 | 9.4 | ||||||||||||||||
| Stockholders’ equity / assets | 12.51 | % | 12.44 | % | 0.6 | 12.61 | % | 12.32 | % | 2.3 | ||||||||||||
| Per Common Share Data | ||||||||||||||||||||||
| Net Income | ||||||||||||||||||||||
| Basic | $ | 0.60 | $ | 0.47 | 29.0 | $ | 2.27 | $ | 1.62 | 40.6 | ||||||||||||
| Diluted | 0.59 | 0.46 | 28.3 | 2.26 | 1.61 | 40.4 | ||||||||||||||||
| Dividends | 0.17 | 0.13 | 36.0 | 0.64 | 0.50 | 28.0 | ||||||||||||||||
| Market Value: | ||||||||||||||||||||||
| High | $ | 31.09 | $ | 28.46 | 9.3 | $ | 35.00 | $ | 28.46 | 23.0 | ||||||||||||
| Low | 22.78 | 25.14 | (9.4 | ) | 22.78 | 23.14 | (1.5 | ) | ||||||||||||||
| Close | 24.51 | 25.99 | (5.7 | ) | 24.51 | 25.99 | (5.7 | ) | ||||||||||||||
| Common Book Value | 19.81 | 18.38 | 7.8 | 19.81 | 18.38 | 7.8 | ||||||||||||||||
| Tangible Common Book Value (1) | 14.71 | 13.24 | 11.0 | 14.71 | 13.24 | 11.0 | ||||||||||||||||
| Shares outstanding, end of period (000) | 20,171 | 20,312 | (0.7 | ) | 20,171 | 20,312 | (0.7 | ) | ||||||||||||||
| Performance Ratios (annualized) | ||||||||||||||||||||||
| Tax-equivalent net interest margin (2) | 4.02 | % | 3.88 | % | 3.5 | 3.98 | % | 3.88 | % | 2.6 | ||||||||||||
| Return on average assets | 1.53 | % | 1.26 | % | 21.7 | 1.52 | % | 1.13 | % | 34.1 | ||||||||||||
| Return on average equity | 12.22 | % | 10.10 | % | 21.1 | 12.03 | % | 9.19 | % | 31.0 | ||||||||||||
| Efficiency ratio (3) | 57.29 | % | 59.37 | % | (3.5 | ) | 60.29 | % | 61.81 | % | (2.5 | ) | ||||||||||
| Effective tax rate | 20.30 | % | 32.03 | % | (36.6 | ) | 18.68 | % | 33.40 | % | (44.1 | ) | ||||||||||
| Dividend payout ratio (basic) | 28.33 | % | 26.88 | % | 5.4 | 28.19 | % | 30.96 | % | (8.9 | ) | |||||||||||
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(1) |
Tangible common book value = total stockholders' equity less the sum of goodwill, core deposit and other intangibles, and preferred stock divided by shares outstanding at the end of the period. |
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(2) |
Interest income on tax-exempt securities and loans has been adjusted to a tax-equivalent basis using the statutory federal income tax rate of 21% in 2018 and 35% in 2017. |
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(3) |
Efficiency ratio = Non-interest expense divided by sum of tax-equivalent net interest income plus non-interest income, excluding securities gains or losses, net. |
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NM Percentage change not meaningful |
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| Income from Mortgage Banking | ||||||||||||||||
| Revenue from sales and servicing of mortgage loans consisted of the following: | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
|
December 31, |
December 31, |
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| (dollars in thousands) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
| Gain from sale of mortgage loans | $ | 758 | $ | 1,087 | $ | 4,502 | $ | 4,664 | ||||||||
| Mortgage loan servicing revenue (expense): | ||||||||||||||||
| Mortgage loan servicing revenue | 978 | 945 | 3,784 | 3,714 | ||||||||||||
| Amortization of mortgage servicing rights | (332 | ) | (363 | ) | (1,341 | ) | (1,464 | ) | ||||||||
| Mortgage servicing rights valuation adjustments | 41 | 69 | 132 | 90 | ||||||||||||
| 687 | 651 | 2,575 | 2,340 | |||||||||||||
| Total revenue from sale and servicing of mortgage loans | $ | 1,445 | $ | 1,738 | $ | 7,077 | $ | 7,004 | ||||||||
| Yield Analysis | ||||||||||||||||||||||||
| First Defiance Financial Corp. | ||||||||||||||||||||||||
| Three Months Ended December 31, | ||||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||
| 2018 | 2017 | |||||||||||||||||||||||
| Average | Yield | Average | Yield | |||||||||||||||||||||
| Balance | Interest(1) | Rate(2) | Balance | Interest(1) | Rate(2) | |||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans receivable | $ | 2,474,221 | $ | 30,867 | 4.95 | % | $ | 2,279,358 | $ | 26,327 | 4.58 | % | ||||||||||||
| Securities | 289,233 | 2,399 | 3.22 | % |
(3 |
) | 261,328 | 2,179 | 3.35 | % |
(3 |
) |
||||||||||||
| Interest Bearing Deposits | 54,195 | 325 | 2.38 | % | 89,965 | 281 | 1.24 | % | ||||||||||||||||
| FHLB stock | 14,217 | 217 | 6.06 | % | 15,992 | 222 | 5.51 | % | ||||||||||||||||
| Total interest-earning assets | 2,831,866 | 33,808 | 4.73 | % | 2,646,643 | 29,009 | 4.35 | % | ||||||||||||||||
| Non-interest-earning assets | 306,336 | 321,802 | ||||||||||||||||||||||
| Total assets | $ | 3,138,202 | $ | 2,968,445 | ||||||||||||||||||||
| Deposits and Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest bearing deposits | $ | 2,002,541 | $ | 4,389 | 0.87 | % | $ | 1,847,837 | $ | 2,461 | 0.53 | % | ||||||||||||
| FHLB advances and other | 69,782 | 318 | 1.81 | % | 94,773 | 352 | 1.47 | % | ||||||||||||||||
| Subordinated debentures | 36,083 | 347 | 3.82 | % | 36,161 | 252 | 2.76 | % | ||||||||||||||||
| Notes payable | 5,236 | 4 | 0.30 | % | 29,263 | 75 | 1.02 | % | ||||||||||||||||
| Total interest-bearing liabilities | 2,113,642 | 5,058 | 0.95 | % | 2,008,034 | 3,140 | 0.62 | % | ||||||||||||||||
| Non-interest bearing deposits | 592,094 | - | - | 552,224 | - | - | ||||||||||||||||||
| Total including non-interest-bearing demand deposits | 2,705,736 | 5,058 | 0.74 | % | 2,560,258 | 3,140 | 0.49 | % | ||||||||||||||||
| Other non-interest-bearing liabilities | 39,765 | 38,821 | ||||||||||||||||||||||
| Total liabilities | 2,745,501 | 2,599,079 | ||||||||||||||||||||||
| Stockholders' equity | 392,701 | 369,366 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 3,138,202 | $ | 2,968,445 | ||||||||||||||||||||
| Net interest income; interest rate spread | $ | 28,750 | 3.78 | % | $ | 25,869 | 3.73 | % | ||||||||||||||||
| Net interest margin (4) | 4.02 | % | 3.88 | % | ||||||||||||||||||||
| Average interest-earning assets to average interest bearing liabilities | 134 | % | 132 | % | ||||||||||||||||||||
| Twelve Months Ended December 31, | ||||||||||||||||||||||||
| 2018 | 2017 | |||||||||||||||||||||||
| Average | Yield | Average | Yield | |||||||||||||||||||||
| Balance | Interest(1) | Rate | Balance | Interest(1) | Rate | |||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans receivable | $ | 2,382,941 | $ | 114,500 | 4.80 | % | $ | 2,198,639 | $ | 99,742 | 4.54 | % | ||||||||||||
| Securities | 279,867 | 9,036 | 3.23 | % | (3 | ) | 258,775 | 8,654 | 3.39 | % |
(3 |
) |
||||||||||||
| Interest Bearing Deposits | 63,261 | 1,270 | 2.01 | % | 72,215 | 836 | 1.16 | % | ||||||||||||||||
| FHLB stock | 15,146 | 915 | 6.04 | % | 15,632 | 784 | 5.02 | % | ||||||||||||||||
| Total interest-earning assets | 2,741,215 | 125,721 | 4.59 | % | 2,545,261 | 110,016 | 4.33 | % | ||||||||||||||||
| Non-interest-earning assets | 307,310 | 306,270 | ||||||||||||||||||||||
| Total assets | $ | 3,048,525 | $ | 2,851,531 | ||||||||||||||||||||
| Deposits and Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest bearing deposits | $ | 1,945,114 | $ | 13,897 | 0.71 | % | $ | 1,769,786 | $ | 8,818 | 0.50 | % | ||||||||||||
| FHLB advances and other | 73,421 | 1,261 | 1.72 | % | 102,155 | 1,470 | 1.44 | % | ||||||||||||||||
| Subordinated debentures | 36,083 | 1,281 | 3.55 | % | 36,156 | 935 | 2.58 | % | ||||||||||||||||
| Notes payable | 8,947 | 23 | 0.26 | % | 27,929 | 208 | 0.74 | % | ||||||||||||||||
| Total interest-bearing liabilities | 2,063,565 | 16,462 | 0.80 | % | 1,936,026 | 11,431 | 0.59 | % | ||||||||||||||||
| Non-interest bearing deposits | 562,439 | - | - | 528,926 | - | - | ||||||||||||||||||
| Total including non-interest-bearing demand deposits | 2,626,004 | 16,462 | 0.63 | % | 2,464,952 | 11,431 | 0.46 | % | ||||||||||||||||
| Other non-interest-bearing liabilities | 38,216 | 35,343 | ||||||||||||||||||||||
| Total liabilities | 2,664,220 | 2,500,295 | ||||||||||||||||||||||
| Stockholders' equity | 384,305 | 351,236 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 3,048,525 | $ | 2,851,531 | ||||||||||||||||||||
| Net interest income; interest rate spread | $ | 109,259 | 3.79 | % | $ | 98,585 | 3.74 | % | ||||||||||||||||
| Net interest margin (4) | 3.98 | % | 3.88 | % | ||||||||||||||||||||
| Average interest-earning assets to average interest bearing liabilities | 133 | % | 131 | % | ||||||||||||||||||||
|
(1) |
Interest on certain tax exempt loans and securities is not taxable for Federal income tax purposes. In order to compare the tax-exempt yields on these assets to taxable yields, the interest earned on these assets is adjusted to a pre-tax equivalent amount based on the marginal corporate federal income tax rate of 21% in 2018 and 35% in 2017. |
||
|
(2) |
Annualized |
||
|
(3) |
Securities yield = annualized interest income divided by the average balance of securities, excluding average unrealized gains/losses. |
||
|
(4) |
Net interest margin is tax equivalent net interest income divided by average interest-earning assets. |
||
| Selected Quarterly Information | ||||||||||||||||||||
| First Defiance Financial Corp. | ||||||||||||||||||||
| (dollars in thousands, except per share data) | 4th Qtr 2018 | 3rd Qtr 2018 | 2nd Qtr 2018 | 1st Qtr 2018 | 4th Qtr 2017 | |||||||||||||||
| Summary of Operations | ||||||||||||||||||||
| Tax-equivalent interest income (1) | $ | 33,808 | $ | 32,220 | $ | 30,550 | $ | 29,142 | $ | 29,009 | ||||||||||
| Interest expense | 5,058 | 4,434 | 3,752 | 3,218 | 3,140 | |||||||||||||||
| Tax-equivalent net interest income (1) | 28,750 | 27,786 | 26,798 | 25,924 | 25,869 | |||||||||||||||
| Provision for loan losses | 472 | 1,376 | 423 | (1,095 | ) | 314 | ||||||||||||||
| Tax-equivalent NII after provision for loan losses (1) | 28,278 | 26,410 | 26,375 | 27,019 | 25,555 | |||||||||||||||
| Investment securities gains, net of impairment | 97 | 76 | - | - | 160 | |||||||||||||||
| Non-interest income (excluding securities gains/losses) | 8,272 | 9,846 | 10,214 | 10,703 | 9,737 | |||||||||||||||
| Non-interest expense | 21,210 | 22,286 | 22,665 | 23,251 | 21,141 | |||||||||||||||
| Income taxes | 3,082 | 2,483 | 2,564 | 2,497 | 4,430 | |||||||||||||||
| Net income | 12,097 | 11,306 | 11,109 | 11,737 | 9,399 | |||||||||||||||
| Tax equivalent adjustment (1) | 258 | 257 | 251 | 237 | 482 | |||||||||||||||
| At Period End | ||||||||||||||||||||
| Total assets | $ | 3,182,376 | $ | 3,098,093 | $ | 3,039,589 | $ | 3,023,004 | $ | 2,993,403 | ||||||||||
| Earning assets | 2,898,471 | 2,810,624 | 2,756,712 | 2,748,338 | 2,691,438 | |||||||||||||||
| Loans | 2,540,039 | 2,456,357 | 2,385,344 | 2,358,330 | 2,348,713 | |||||||||||||||
| Allowance for loan losses | 28,331 | 27,639 | 27,321 | 27,267 | 26,683 | |||||||||||||||
| Deposits | 2,620,882 | 2,524,431 | 2,489,128 | 2,491,801 | 2,437,656 | |||||||||||||||
| Stockholders’ equity | 399,589 | 393,457 | 386,920 | 379,214 | 373,286 | |||||||||||||||
| Stockholders’ equity / assets | 12.56 | % | 12.70 | % | 12.73 | % | 12.54 | % | 12.47 | % | ||||||||||
| Goodwill | 98,569 | 98,569 | 98,569 | 98,569 | 98,569 | |||||||||||||||
| Average Balances | ||||||||||||||||||||
| Total assets | $ | 3,138,202 | $ | 3,059,225 | $ | 3,018,808 | $ | 2,977,864 | $ | 2,968,445 | ||||||||||
| Earning assets | 2,831,866 | 2,754,561 | 2,714,328 | 2,664,114 | 2,646,643 | |||||||||||||||
| Loans | 2,474,221 | 2,403,932 | 2,337,294 | 2,316,316 | 2,279,358 | |||||||||||||||
| Deposits and interest-bearing liabilities | 2,705,736 | 2,633,054 | 2,600,029 | 2,565,537 | 2,560,258 | |||||||||||||||
| Deposits | 2,594,635 | 2,513,708 | 2,487,430 | 2,434,440 | 2,400,061 | |||||||||||||||
| Stockholders’ equity | 392,701 | 389,361 | 381,165 | 373,993 | 369,366 | |||||||||||||||
| Stockholders’ equity / assets | 12.51 | % | 12.73 | % | 12.63 | % | 12.56 | % | 12.44 | % | ||||||||||
| Per Common Share Data | ||||||||||||||||||||
| Net Income: | ||||||||||||||||||||
| Basic | $ | 0.60 | $ | 0.55 | $ | 0.54 | $ | 0.58 | $ | 0.47 | ||||||||||
| Diluted | 0.59 | 0.55 | 0.54 | 0.58 | 0.46 | |||||||||||||||
| Dividends | 0.17 | 0.17 | 0.15 | 0.15 | 0.125 | |||||||||||||||
| Market Value: | ||||||||||||||||||||
| High | $ | 31.09 | $ | 35.00 | $ | 33.72 | $ | 29.93 | $ | 28.46 | ||||||||||
| Low | 22.78 | 29.61 | 27.63 | 25.51 | 25.14 | |||||||||||||||
| Close | 24.51 | 30.11 | 33.53 | 28.66 | 25.99 | |||||||||||||||
| Common Book Value | 19.81 | 19.29 | 18.97 | 18.62 | 18.38 | |||||||||||||||
| Shares outstanding, end of period (in thousands) | 20,171 | 20,396 | 20,396 | 20,364 | 20,312 | |||||||||||||||
| Performance Ratios (annualized) | ||||||||||||||||||||
| Tax-equivalent net interest margin (1) | 4.02 | % | 4.00 | % | 3.95 | % | 3.95 | % | 3.88 | % | ||||||||||
| Return on average assets | 1.53 | % | 1.47 | % | 1.48 | % | 1.60 | % | 1.26 | % | ||||||||||
| Return on average equity | 12.22 | % | 11.52 | % | 11.69 | % | 12.73 | % | 10.10 | % | ||||||||||
| Efficiency ratio (2) | 57.29 | % | 59.22 | % | 61.24 | % | 63.48 | % | 59.37 | % | ||||||||||
| Effective tax rate | 20.30 | % | 18.01 | % | 18.75 | % | 17.54 | % | 32.03 | % | ||||||||||
| Common dividend payout ratio (basic) | 28.33 | % | 30.91 | % | 27.78 | % | 26.09 | % | 26.88 | % | ||||||||||
|
(1) |
Interest income on tax-exempt securities and loans has been adjusted to a tax-equivalent basis using the statutory federal income tax rate of 21% in 2018 and 35% in 2017. |
|
|
(2) |
Efficiency ratio = Non-interest expense divided by sum of tax-equivalent net interest income plus non-interest income, excluding securities gains, net. |
|
| Selected Quarterly Information | ||||||||||||||||||||
| First Defiance Financial Corp. | ||||||||||||||||||||
| (dollars in thousands, except per share data) | 4th Qtr 2018 | 3rd Qtr 2018 | 2nd Qtr 2018 | 1st Qtr 2018 | 4th Qtr 2017 | |||||||||||||||
| Loan Portfolio Composition | ||||||||||||||||||||
| One to four family residential real estate | $ | 322,686 | $ | 313,300 | $ | 307,480 | $ | 275,547 | $ | 274,862 | ||||||||||
| Construction | 265,772 | 274,344 | 283,911 | 251,944 | 265,476 | |||||||||||||||
| Commercial real estate | 1,404,810 | 1,363,087 | 1,283,698 | 1,282,027 | 1,235,221 | |||||||||||||||
| Commercial | 509,577 | 489,393 | 489,296 | 500,496 | 526,142 | |||||||||||||||
| Consumer finance | 34,405 | 32,379 | 29,724 | 28,035 | 29,109 | |||||||||||||||
| Home equity and improvement | 128,152 | 129,295 | 129,868 | 133,407 | 135,457 | |||||||||||||||
| Total loans | 2,665,402 | 2,601,798 | 2,523,977 | 2,471,456 | 2,466,267 | |||||||||||||||
| Less: | ||||||||||||||||||||
| Undisbursed loan funds | 123,293 | 143,286 | 136,563 | 111,450 | 115,972 | |||||||||||||||
| Deferred loan origination fees | 2,070 | 2,155 | 2,070 | 1,676 | 1,582 | |||||||||||||||
| Allowance for loan loss | 28,331 | 27,639 | 27,321 | 27,267 | 26,683 | |||||||||||||||
| Net Loans | $ | 2,511,708 | $ | 2,428,718 | $ | 2,358,023 | $ | 2,331,063 | $ | 2,322,030 | ||||||||||
| Allowance for loan loss activity | ||||||||||||||||||||
| Beginning allowance | $ | 27,639 | $ | 27,321 | $ | 27,267 | $ | 26,683 | $ | 26,341 | ||||||||||
| Provision for loan losses | 472 | 1,376 | 423 | (1,095 | ) | 314 | ||||||||||||||
| Credit loss charge-offs: | ||||||||||||||||||||
| One to four family residential real estate | 31 | 136 | 78 | 16 | 170 | |||||||||||||||
| Commercial real estate | 30 | 1,048 | 254 | 55 | 29 | |||||||||||||||
| Commercial | 15 | 528 | 84 | 97 | 210 | |||||||||||||||
| Consumer finance | 105 | 25 | 72 | 31 | 27 | |||||||||||||||
| Home equity and improvement | 75 | 36 | 41 | 117 | 55 | |||||||||||||||
| Total charge-offs | 256 | 1,773 | 529 | 316 | 491 | |||||||||||||||
| Total recoveries | 476 | 715 | 160 | 1,995 | 519 | |||||||||||||||
| Net charge-offs (recoveries) | (220 | ) | 1,058 | 369 | (1,679 | ) | (28 | ) | ||||||||||||
| Ending allowance | $ | 28,331 | $ | 27,639 | $ | 27,321 | $ | 27,267 | $ | 26,683 | ||||||||||
| Credit Quality | ||||||||||||||||||||
| Total non-performing loans (1) | $ | 19,016 | $ | 20,929 | $ | 18,340 | $ | 27,925 | $ | 30,715 | ||||||||||
| Real estate owned (REO) | 1,205 | 1,676 | 1,795 | 1,440 | 1,532 | |||||||||||||||
| Total non-performing assets (2) | $ | 20,221 | $ | 22,605 | $ | 20,135 | $ | 29,365 | $ | 32,247 | ||||||||||
| Net charge-offs (recoveries) | (220 | ) | 1,058 | 369 | (1,679 | ) | (28 | ) | ||||||||||||
| Restructured loans, accruing (3) | 11,573 | 12,611 | 15,834 | 13,722 | 13,770 | |||||||||||||||
| Allowance for loan losses / loans | 1.12 | % | 1.13 | % | 1.15 | % | 1.16 | % | 1.14 | % | ||||||||||
| Allowance for loan losses / non-performing assets | 140.11 | % | 122.27 | % | 135.69 | % | 92.86 | % | 82.75 | % | ||||||||||
| Allowance for loan losses / non-performing loans | 148.99 | % | 132.06 | % | 148.97 | % | 97.64 | % | 86.87 | % | ||||||||||
| Non-performing assets / loans plus REO | 0.80 | % | 0.92 | % | 0.84 | % | 1.24 | % | 1.37 | % | ||||||||||
| Non-performing assets / total assets | 0.64 | % | 0.73 | % | 0.66 | % | 0.97 | % | 1.08 | % | ||||||||||
| Net charge-offs / average loans (annualized) | -0.04 | % | 0.18 | % | 0.06 | % | -0.29 | % | 0.00 | % | ||||||||||
| Deposit Balances | ||||||||||||||||||||
| Non-interest-bearing demand deposits | $ | 607,198 | $ | 556,316 | $ | 548,147 | $ | 550,742 | $ | 571,360 | ||||||||||
| Interest-bearing demand deposits and money market | 1,040,471 | 1,016,294 | 1,021,445 | 1,055,416 | 1,005,519 | |||||||||||||||
| Savings deposits | 292,829 | 293,359 | 297,870 | 306,510 | 302,022 | |||||||||||||||
| Retail time deposits less than $250,000 | 591,822 | 564,379 | 547,871 | 512,746 | 504,912 | |||||||||||||||
| Retail time deposits greater than $250,000 | 88,562 | 94,083 | 73,795 | 66,387 | 53,843 | |||||||||||||||
| Total deposits | $ | 2,620,882 | $ | 2,524,431 | $ | 2,489,128 | $ | 2,491,801 | $ | 2,437,656 | ||||||||||
|
(1) |
Non-performing loans consist of non-accrual loans. |
|
|
(2) |
Non-performing assets are non-performing loans plus real estate and other assets acquired by foreclosure or deed-in-lieu thereof. |
|
|
(3) |
Accruing restructured loans are loans with known credit problems that are not contractually past due and therefore are not included in non-performing loans. |
|
| Loan Delinquency Information | ||||||||||||
|
First Defiance Financial Corp. |
||||||||||||
|
|
30 to 89 days | Non Accrual | ||||||||||
|
(dollars in thousands) |
Total Balance | Current | past due | Loans | ||||||||
| December 31, 2018 | ||||||||||||
| One to four family residential real estate | $ | 322,686 | $ | 317,740 | $ | 1,306 | $ | 3,640 | ||||
| Construction | 265,772 | 265,772 | - | - | ||||||||
| Commercial real estate | 1,404,810 | 1,394,211 | 242 | 10,357 | ||||||||
| Commercial | 509,577 | 504,884 | 193 | 4,500 | ||||||||
| Consumer finance | 34,405 | 34,079 | 200 | 126 | ||||||||
| Home equity and improvement | 128,152 | 126,188 | 1,571 | 393 | ||||||||
| Total loans | $ | 2,665,402 | $ | 2,642,874 | $ | 3,512 | $ | 19,016 | ||||
| September 30, 2018 | ||||||||||||
| One to four family residential real estate | $ | 313,300 | $ | 308,108 | $ | 1,680 | $ | 3,512 | ||||
| Construction | 274,344 | 274,344 | - | - | ||||||||
| Commercial real estate | 1,363,087 | 1,351,257 | 138 | 11,692 | ||||||||
| Commercial | 489,393 | 484,216 | 48 | 5,129 | ||||||||
| Consumer finance | 32,379 | 32,124 | 221 | 34 | ||||||||
| Home equity and improvement | 129,295 | 127,291 | 1,442 | 562 | ||||||||
| Total loans | $ | 2,601,798 | $ | 2,577,340 | $ | 3,529 | $ | 20,929 | ||||
| December 31, 2017 | ||||||||||||
| One to four family residential real estate | $ | 274,862 | $ | 269,624 | $ | 2,201 | $ | 3,037 | ||||
| Construction | 265,476 | 265,476 | - | - | ||||||||
| Commercial real estate | 1,235,221 | 1,215,980 | 1,022 | 18,219 | ||||||||
| Commercial | 526,142 | 515,874 | 1,427 | 8,841 | ||||||||
| Consumer finance | 29,109 | 28,728 | 353 | 28 | ||||||||
| Home equity and improvement | 135,457 | 131,986 | 2,881 | 590 | ||||||||
| Total loans | $ | 2,466,267 | $ | 2,427,668 | $ | 7,884 | $ | 30,715 | ||||
