Attached files
| file | filename |
|---|---|
| 8-K - 8-K - PREMIER FINANCIAL CORP | v450641_8k.htm |
Exhibit 99.1
 |
NEWS RELEASE |
| Contact: Donald P. Hileman | |
| President and CEO | |
| (419) 782-5104 | |
| dhileman@first-fed.com |
For Immediate Release
FIRST DEFIANCE FINANCIAL CORP. ANNOUNCES 2016
THIRD QUARTER EARNINGS
| · | Diluted earnings per share of $0.78 for 2016 third quarter, up from $0.72 in the 2015 third quarter |
| · | Net income of $7.0 million for 2016 third quarter, up from $6.7 million in the 2015 third quarter |
| · | Return on average assets of 1.16% for the 2016 third quarter, compared to 1.20% in the 2015 third quarter |
| · | Net interest margin of 3.69% for the 2016 third quarter, compared to 3.78% in the 2015 third quarter |
| · | Loan growth of $64.3 million during 2016 third quarter |
| · | Deposit growth of $7.4 million during 2016 third quarter |
| · | Non-performing assets, including accruing TDRs, down 21% from 2015 third quarter |
DEFIANCE, OHIO (October 17, 2016) – First Defiance Financial Corp. (NASDAQ: FDEF) announced today that net income for the third quarter ended September 30, 2016 totaled $7.0 million, or $0.78 per diluted common share, compared to $6.7 million or $0.72 per diluted common share for the quarter ended September 30, 2015.
“Our third quarter results demonstrated our focus on maintaining strong financial performance as we grow our business,” said Donald P. Hileman, President and Chief Executive Officer of First Defiance Financial Corp. “Our diluted earnings per share was $0.78 in the third quarter, an 8.3% increase over third quarter last year and $2.37 year to date, up 12.3% from the prior year. We are pleased with our momentum as we prepare for our pending merger with Commercial Bancshares, Inc. that is anticipated to be completed early next year.”
Net Interest Income up Compared to Third Quarter 2015
Net interest income of $19.8 million in the third quarter of 2016 was up from $18.5 million in the third quarter of 2015. Net interest margin was 3.69% for the third quarter of 2016, down from 3.71% in the second quarter of 2016, and down from 3.78% in the third quarter of 2015. Yield on interest earning assets decreased by 4 basis points, to 4.09% in the third quarter of 2016 from 4.13% in the third quarter of 2015. The cost of interest-bearing liabilities increased by 7 basis points in the third quarter of 2016 to 0.52% from 0.45% in the third quarter of 2015.
“Our robust loan growth kept our net interest margin healthy and propelled our net interest income expansion in the third quarter,” said Hileman. “Commercial loan demand remained strong in our markets contributing to total loan growth of just over $64 million in the third quarter of 2016 and an increase in net interest income of $1.3 million, or 6.9% over the third quarter last year.”
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Non-Interest Income up from Third Quarter 2015
First Defiance’s non-interest income for the third quarter of 2016 was $8.5 million compared with $8.0 million in the third quarter of 2015. The third quarter of 2016 included gains of $151,000 from the sale of securities, compared to no gains or losses in the third quarter of 2015.
Mortgage banking income was $2.0 million in the third quarter of 2016, an increase from $1.7 million in the third quarter of 2015. Mortgage originations totaled $101.7 million in the third quarter of 2016, up from $75.9 million in the second quarter of 2016 and up from $68.2 million in the same quarter last year. Gains from the sale of mortgage loans increased in the third quarter of 2016 to $1.7 million from $1.2 million in the third quarter of 2015. Mortgage loan servicing revenue was $885,000 in the third quarter of 2016, up slightly from $866,000 in the third quarter of 2015. First Defiance had a positive change in the valuation adjustment in mortgage servicing assets of $7,000 in the third quarter of 2016 compared with a positive adjustment of $24,000 in the third quarter of 2015. In addition, gains on the sale of non-mortgages, which include SBA and FSA loans, totaled $148,000 in the third quarter of 2016 compared to $543,000 in the third quarter of 2015.
For the third quarter of 2016, commissions from the sale of insurance products were $2.5 million, up from $2.3 million in the third quarter of 2015; and service fees and other charges were $2.8 million in the third quarter of 2016, even with $2.8 million in the third quarter of 2015. Trust income was $420,000 in the third quarter of 2016, up 13.5% from $370,000 in the third quarter of 2015.
“In the third quarter, we had particularly strong growth in several of our key non-interest income business lines. Compared to the third quarter last year, mortgage banking revenues grew 21.4%, insurance commissions were up 7.1% and trust income rose 13.5%,” continued Hileman. “Total non-interest income, excluding securities gains, increased 4.9% over this same period in the prior year.”
Non-Interest Expenses up from Third Quarter 2015
Total non-interest expense was $18.3 million in the third quarter of 2016, an increase from $16.8 million in the third quarter of 2015. Compensation and benefits increased to $10.3 million in the third quarter of 2016, compared to $9.8 million in the third quarter of 2015. The increase in compensation and benefits from a year ago is mainly related to merit increases, staff additions to support growth strategies and higher incentive compensation, less reduced medical insurance costs. Other non-interest expense of $3.4 million in the third quarter of 2016 was up from $2.8 million in the third quarter of 2015. The increase in other non-interest expense was primarily due to deferred compensation plan costs which totaled $296,000 in the third quarter 2016 versus a credit of $182,000 in the same quarter last year. In addition, non-interest expense in the third quarter 2016 included $252,000 for costs related to the pending merger with Commercial Bancshares, Inc.
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Credit Quality
Total non-performing assets totaled $18.9 million at September 30, 2016, a decrease from $21.5 million at September 30, 2015. Non-performing loans totaled $18.2 million at September 30, 2016, an increase from $16.6 million at September 30, 2015. In addition, First Defiance had $704,000 of real estate owned at September 30, 2016 compared to $4.9 million at September 30, 2015. Accruing troubled debt restructured loans were $9.1 million at September 30, 2016 compared with $13.8 million at September 30, 2015. For the third quarter of 2016, First Defiance recorded net charge-offs of $40,000, compared to net charge-offs of $148,000 in the third quarter of 2015. The allowance for loan loss as a percentage of total loans was 1.35% at September 30, 2016 compared with 1.45% at September 30, 2015.
The third quarter of 2016 results include a provision for loan losses of $15,000 compared with a credit provision of $27,000 for the same period in 2015.
“We are pleased that our credit quality remained strong and held steady in the third quarter,” said Hileman. “Our total non-performing assets including accruing troubled debt restructurings declined 21% from last year and at the end of the third quarter were 0.77% of total assets. Our allowance for loan losses coverage of our non-performing loans was 142.5% at the end of the third quarter.”
Year-To-Date Results
For the nine-month period ended September 30, 2016, net income totaled $21.5 million, or $2.37 per diluted common share, compared to $19.9 million, or $2.11 per diluted common share for the nine months ended September 30, 2015.
Net interest income was $58.4 million for the first nine months of 2016 compared with $55.1 million in the first nine months of 2015. Average interest-earning assets increased to $2.148 billion in the first nine months of 2016, compared to $1.984 billion in the first nine months of 2015. Net interest margin for the first nine months of 2016 was 3.73%, down 9 basis points from the 3.82% margin reported in the nine month period ended September 30, 2015.
The provision for loan losses in the first nine months of 2016 was $432,000, compared to $93,000 recorded during the first nine months of 2015.
Non-interest income for the first nine months of 2016 was $25.7 million, compared to $24.1 million during the same period of 2015. Service fees and other charges were $8.2 million for the first nine months of 2016, up from $8.0 million during the same period of 2015. Mortgage banking income increased to $5.3 million for the first nine months of 2016, compared with $5.2 million during the same period of 2015. Insurance commissions rose to $8.1 million for the first nine months of 2016, compared with $7.8 million for the same period of 2015. Non-interest income for the first nine months of 2016 included $509,000 of gains on the sale of securities compared with no securities gains or losses during the same period of 2015.
Non-interest expense was $52.9 million for the first nine months of 2016, up from $50.5 million for the same period of 2015. Compensation and benefits expense was $30.2 million for the first nine months of 2016 compared with $27.9 million during the same period of 2015. The increase in compensation and benefits over the prior year is mainly related to merit increases, staff additions to support growth strategies and higher medical insurance costs. Expenses also included increases in occupancy of $74,000 and data processing of $71,000 and decreases in the amortization of intangibles of $117,000 and other expenses of $271,000. The decrease in other expenses from the prior year was due to lower OREO write-downs of $650,000 and management consulting of $381,000 partially offset by higher deferred compensation plan costs of $484,000. In addition, non-interest expense in the first nine months of 2016 included $252,000 for costs related to the pending merger with Commercial Bancshares, Inc.
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Total Assets at $2.45 Billion
Total assets at September 30, 2016 were $2.45 billion compared to $2.30 billion at December 31, 2015 and $2.23 billion at September 30, 2015. Loans receivable (excluding loans held for sale) were $1.93 billion at September 30, 2016 compared to $1.80 billion at December 31, 2015 and $1.73 billion at September 30, 2015. Total cash and cash equivalents were $104.8 million at September 30, 2016 compared with $79.8 million at December 31, 2015 and $73.3 million at September 30, 2015. Also, at September 30, 2016, goodwill and other intangible assets totaled $63.2 million compared to $63.7 million at December 31, 2015 and $63.8 million at September 30, 2015.
Total deposits at September 30, 2016 were $1.93 billion compared with $1.84 billion at December 31, 2015 and $1.79 billion at September 30, 2015. Non-interest bearing deposits at September 30, 2016 were $443.3 million compared to $420.7 million at December 31, 2015 and $392.1 million at September 30, 2015. Total stockholders’ equity was $292.1 million at September 30, 2016 compared to $280.2 million at December 31, 2015 and $278.6 million at September 30, 2015.
Pending merger with Commercial Bancshares, Inc.
On August 23, 2016, First Defiance announced a definitive agreement to acquire Commercial Bancshares, Inc. and its wholly-owned subsidiary, Commercial Savings Bank (“CSB”). CSB, a $342 million commercial bank operates 7 full service branches in Wyandot, Marion and Hancock counties in Ohio. The merger is expected to close in the first quarter of 2017 and is subject to Commercial Bancshares shareholder approval, regulatory approval, and other conditions set forth in the merger agreement.
Dividend to be Paid November 18
The Board of Directors declared a quarterly cash dividend of $0.22 per common share payable November 18, 2016 to shareholders of record at the close of business on November 11, 2016. The dividend represents an annual dividend of 2.00% percent based on the First Defiance common stock closing price on October 14, 2016. First Defiance has approximately 8,980,867 common shares outstanding.
Conference Call
First Defiance Financial Corp. will host a conference call at 11:00 a.m. ET on Tuesday, October 18, 2016 to discuss the earnings results and business trends. The conference call may be accessed by calling 1-877-444-1726. In addition, a live webcast may be accessed at http://services.choruscall.com/links/fdef161018.html.
Audio replay of the Internet Webcast will be available at www.fdef.com until October 18, 2017 at 9:00 a.m. ET.
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First Defiance Financial Corp.
First Defiance Financial Corp., headquartered in Defiance, Ohio, is the holding company for First Federal Bank of the Midwest and First Insurance Group. First Federal Bank operates 34 full-service branches and numerous ATM locations in northwest Ohio, southeast Michigan and northeast Indiana and a loan production office in Columbus, Ohio. First Insurance Group is a full-service insurance agency with six offices throughout northwest Ohio.
For more information, visit the company’s Web site 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, 2015. 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 September 30, 2016 consolidated financial statements as part of its Quarterly Report on Form 10-Q 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.
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Consolidated Balance Sheets (Unaudited)
First Defiance Financial Corp.
| September 30, | December 31, | |||||||
| (in thousands) | 2016 | 2015 | ||||||
| Assets | ||||||||
| Cash and cash equivalents | ||||||||
| Cash and amounts due from depository institutions | $ | 47,797 | $ | 38,769 | ||||
| Interest-bearing deposits | 57,000 | 41,000 | ||||||
| 104,797 | 79,769 | |||||||
| Securities | ||||||||
| Available-for sale, carried at fair value | 234,223 | 236,435 | ||||||
| Held-to-maturity, carried at amortized cost | 191 | 243 | ||||||
| 234,414 | 236,678 | |||||||
| Loans | 1,925,694 | 1,802,217 | ||||||
| Allowance for loan losses | (25,923 | ) | (25,382 | ) | ||||
| Loans, net | 1,899,771 | 1,776,835 | ||||||
| Loans held for sale | 9,839 | 5,523 | ||||||
| Mortgage servicing rights | 9,308 | 9,248 | ||||||
| Accrued interest receivable | 7,452 | 6,171 | ||||||
| Federal Home Loan Bank stock | 13,800 | 13,801 | ||||||
| Bank Owned Life Insurance | 52,594 | 51,908 | ||||||
| Office properties and equipment | 36,983 | 38,166 | ||||||
| Real estate and other assets held for sale | 704 | 1,321 | ||||||
| Goodwill | 61,798 | 61,798 | ||||||
| Core deposit and other intangibles | 1,452 | 1,871 | ||||||
| Other assets | 17,128 | 14,587 | ||||||
| Total Assets | $ | 2,450,040 | $ | 2,297,676 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Non-interest-bearing deposits | $ | 443,321 | $ | 420,691 | ||||
| Interest-bearing deposits | 1,484,365 | 1,415,446 | ||||||
| Total deposits | 1,927,686 | 1,836,137 | ||||||
| Advances from Federal Home Loan Bank | 114,184 | 59,902 | ||||||
| Notes payable and other interest-bearing liabilities | 50,493 | 57,188 | ||||||
| Subordinated debentures | 36,083 | 36,083 | ||||||
| Advance payments by borrowers for tax and insurance | 2,073 | 2,674 | ||||||
| Deferred taxes | 1,775 | 877 | ||||||
| Other liabilities | 25,608 | 24,618 | ||||||
| Total Liabilities | 2,157,902 | 2,017,479 | ||||||
| Stockholders’ Equity | ||||||||
| Preferred stock | - | - | ||||||
| Common stock, net | 127 | 127 | ||||||
| Additional paid-in-capital | 126,200 | 125,734 | ||||||
| Accumulated other comprehensive income | 4,967 | 3,622 | ||||||
| Retained earnings | 235,203 | 219,737 | ||||||
| Treasury stock, at cost | (74,359 | ) | (69,023 | ) | ||||
| Total stockholders’ equity | 292,138 | 280,197 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 2,450,040 | $ | 2,297,676 | ||||
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Consolidated Statements of Income (Unaudited)
First Defiance Financial Corp.
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| (in thousands, except per share amounts) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
| Interest Income: | ||||||||||||||||
| Loans | $ | 20,264 | $ | 18,419 | $ | 59,242 | $ | 54,445 | ||||||||
| Investment securities | 1,498 | 1,676 | 4,671 | 5,089 | ||||||||||||
| Interest-bearing deposits | 104 | 33 | 287 | 113 | ||||||||||||
| FHLB stock dividends | 137 | 138 | 413 | 413 | ||||||||||||
| Total interest income | 22,003 | 20,266 | 64,613 | 60,060 | ||||||||||||
| Interest Expense: | ||||||||||||||||
| Deposits | 1,635 | 1,363 | 4,613 | 3,947 | ||||||||||||
| FHLB advances and other | 322 | 178 | 940 | 461 | ||||||||||||
| Subordinated debentures | 191 | 154 | 548 | 451 | ||||||||||||
| Notes Payable | 35 | 38 | 108 | 113 | ||||||||||||
| Total interest expense | 2,183 | 1,733 | 6,209 | 4,972 | ||||||||||||
| Net interest income | 19,820 | 18,533 | 58,404 | 55,088 | ||||||||||||
| Provision for loan losses | 15 | (27 | ) | 432 | 93 | |||||||||||
| Net interest income after provision for loan losses | 19,805 | 18,560 | 57,972 | 54,995 | ||||||||||||
| Non-interest Income: | ||||||||||||||||
| Service fees and other charges | 2,765 | 2,799 | 8,208 | 8,018 | ||||||||||||
| Mortgage banking income | 2,039 | 1,680 | 5,342 | 5,248 | ||||||||||||
| Gain on sale of non-mortgage loans | 148 | 543 | 604 | 776 | ||||||||||||
| Gain on sale of securities | 151 | - | 509 | - | ||||||||||||
| Insurance commissions | 2,473 | 2,310 | 8,113 | 7,793 | ||||||||||||
| Trust income | 420 | 370 | 1,256 | 1,095 | ||||||||||||
| Income from Bank Owned Life Insurance | 225 | 238 | 686 | 658 | ||||||||||||
| Other non-interest income | 305 | 42 | 1,019 | 485 | ||||||||||||
| Total Non-interest Income | 8,526 | 7,982 | 25,737 | 24,073 | ||||||||||||
| Non-interest Expense: | ||||||||||||||||
| Compensation and benefits | 10,295 | 9,791 | 30,250 | 27,896 | ||||||||||||
| Occupancy | 1,822 | 1,788 | 5,435 | 5,361 | ||||||||||||
| FDIC insurance premium | 352 | 329 | 1,008 | 999 | ||||||||||||
| Financial institutions tax | 446 | 447 | 1,339 | 1,340 | ||||||||||||
| Data processing | 1,622 | 1,531 | 4,723 | 4,652 | ||||||||||||
| Acquisition related charges | 252 | - | 252 | - | ||||||||||||
| Amortization of intangibles | 115 | 157 | 419 | 536 | ||||||||||||
| Other non-interest expense | 3,388 | 2,805 | 9,487 | 9,758 | ||||||||||||
| Total Non-interest Expense | 18,292 | 16,848 | 52,913 | 50,542 | ||||||||||||
| Income before income taxes | 10,039 | 9,694 | 30,796 | 28,526 | ||||||||||||
| Income taxes | 2,994 | 2,998 | 9,318 | 8,666 | ||||||||||||
| Net Income | $ | 7,045 | $ | 6,696 | $ | 21,478 | $ | 19,860 | ||||||||
| Earnings per common share: | ||||||||||||||||
| Basic | $ | 0.78 | $ | 0.72 | $ | 2.39 | $ | 2.15 | ||||||||
| Diluted | $ | 0.78 | $ | 0.72 | $ | 2.37 | $ | 2.11 | ||||||||
| Average Shares Outstanding: | ||||||||||||||||
| Basic | 8,976 | 9,238 | 8,980 | 9,247 | ||||||||||||
| Diluted | 9,050 | 9,322 | 9,050 | 9,430 | ||||||||||||
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Financial Summary and Comparison (Unaudited)
First Defiance Financial Corp.
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||
| (dollars in thousands, except per share data) | 2016 | 2015 | % change | 2016 | 2015 | % change | ||||||||||||||||||
| Summary of Operations | ||||||||||||||||||||||||
| Tax-equivalent interest income (1) | $ | 22,449 | $ | 20,748 | 8.2 | % | $ | 65,994 | $ | 61,485 | 7.3 | % | ||||||||||||
| Interest expense | 2,183 | 1,733 | 26.0 | 6,209 | 4,972 | 24.9 | ||||||||||||||||||
| Tax-equivalent net interest income (1) | 20,266 | 19,015 | 6.6 | 59,785 | 56,513 | 5.8 | ||||||||||||||||||
| Provision for loan losses | 15 | (27 | ) | NM | 432 | 93 | 364.5 | |||||||||||||||||
| Tax-equivalent NII after provision for loan loss (1) | 20,251 | 19,042 | 6.3 | 59,353 | 56,420 | 5.2 | ||||||||||||||||||
| Investment Securities gains | 151 | - | NM | 509 | - | NM | ||||||||||||||||||
| Non-interest income (excluding securities gains/losses) | 8,375 | 7,982 | 4.9 | 25,228 | 24,073 | 4.8 | ||||||||||||||||||
| Non-interest expense | 18,292 | 16,848 | 8.6 | 52,913 | 50,542 | 4.7 | ||||||||||||||||||
| Income taxes | 2,994 | 2,998 | (0.1 | ) | 9,318 | 8,666 | 7.5 | |||||||||||||||||
| Net Income | 7,045 | 6,696 | 5.2 | 21,478 | 19,860 | 8.1 | ||||||||||||||||||
| Tax equivalent adjustment (1) | 446 | 482 | (7.5 | ) | 1,381 | 1,425 | (3.1 | ) | ||||||||||||||||
| At Period End | ||||||||||||||||||||||||
| Assets | 2,450,040 | 2,228,281 | 10.0 | |||||||||||||||||||||
| Earning assets | 2,240,747 | 2,030,218 | 10.4 | |||||||||||||||||||||
| Loans | 1,925,694 | 1,733,538 | 11.1 | |||||||||||||||||||||
| Allowance for loan losses | 25,923 | 25,209 | 2.8 | |||||||||||||||||||||
| Deposits | 1,927,686 | 1,793,053 | 7.5 | |||||||||||||||||||||
| Stockholders’ equity | 292,138 | 278,556 | 4.9 | |||||||||||||||||||||
| Average Balances | ||||||||||||||||||||||||
| Assets | 2,425,535 | 2,222,843 | 9.1 | 2,376,934 | 2,205,135 | 7.8 | ||||||||||||||||||
| Earning assets | 2,194,170 | 2,000,284 | 9.7 | 2,148,438 | 1,983,526 | 8.3 | ||||||||||||||||||
| Loans | 1,879,760 | 1,696,370 | 10.8 | 1,834,981 | 1,672,393 | 9.7 | ||||||||||||||||||
| Deposits and interest-bearing liabilities | 2,103,054 | 1,918,587 | 9.6 | 2,062,637 | 1,899,943 | 8.6 | ||||||||||||||||||
| Deposits | 1,929,368 | 1,786,814 | 8.0 | 1,889,284 | 1,776,036 | 6.4 | ||||||||||||||||||
| Stockholders’ equity | 288,609 | 277,235 | 4.1 | 283,411 | 277,130 | 2.3 | ||||||||||||||||||
| Stockholders’ equity / assets | 11.90 | % | 12.47 | % | (4.6 | ) | 11.92 | % | 12.57 | % | (5.1 | ) | ||||||||||||
| Per Common Share Data | ||||||||||||||||||||||||
| Net Income | ||||||||||||||||||||||||
| Basic | $ | 0.78 | $ | 0.72 | 8.3 | $ | 2.39 | $ | 2.15 | 11.2 | ||||||||||||||
| Diluted | 0.78 | 0.72 | 8.3 | 2.37 | 2.11 | 12.3 | ||||||||||||||||||
| Dividends | 0.22 | 0.20 | 10.0 | 0.66 | 0.575 | 14.8 | ||||||||||||||||||
| Market Value: | ||||||||||||||||||||||||
| High | $ | 46.83 | $ | 39.95 | 17.2 | $ | 46.83 | $ | 39.95 | 17.2 | ||||||||||||||
| Low | 35.90 | 35.03 | 2.5 | 34.80 | 29.05 | 19.8 | ||||||||||||||||||
| Close | 44.64 | 36.56 | 22.1 | 44.64 | 36.56 | 22.1 | ||||||||||||||||||
| Common Book Value | 32.53 | 30.37 | 7.1 | 32.53 | 30.37 | 7.1 | ||||||||||||||||||
| Tangible Common Book Value (1) | 25.49 | 23.41 | 8.9 | 25.49 | 23.41 | 8.9 | ||||||||||||||||||
| Shares outstanding, end of period (000) | 8,980 | 9,172 | (2.1 | ) | 8,980 | 9,172 | (2.1 | ) | ||||||||||||||||
| Performance Ratios (annualized) | ||||||||||||||||||||||||
| Tax-equivalent net interest margin (2) | 3.69 | % | 3.78 | % | (2.5 | ) | 3.73 | % | 3.82 | % | (2.4 | ) | ||||||||||||
| Return on average assets | 1.16 | % | 1.20 | % | (3.3 | ) | 1.21 | % | 1.20 | % | 0.2 | |||||||||||||
| Return on average equity | 9.71 | % | 9.58 | % | 1.3 | 10.12 | % | 9.58 | % | 5.7 | ||||||||||||||
| Efficiency ratio (3) | 63.87 | % | 62.41 | % | 2.3 | 62.24 | % | 62.72 | % | (0.8 | ) | |||||||||||||
| Effective tax rate | 29.82 | % | 30.93 | % | (3.6 | ) | 30.26 | % | 30.38 | % | (0.4 | ) | ||||||||||||
| Dividend payout ratio (basic) | 28.21 | % | 27.78 | % | 1.5 | 27.62 | % | 26.74 | % | 3.3 | ||||||||||||||
| (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. |
| (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 35% |
| (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. |
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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| (dollars in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
| Gain from sale of mortgage loans | $ | 1,683 | $ | 1,197 | $ | 4,103 | $ | 3,728 | ||||||||
| Mortgage loan servicing revenue (expense): | ||||||||||||||||
| Mortgage loan servicing revenue | 885 | 866 | 2,638 | 2,593 | ||||||||||||
| Amortization of mortgage servicing rights | (536 | ) | (407 | ) | (1,281 | ) | (1,264 | ) | ||||||||
| Mortgage servicing rights valuation adjustments | 7 | 24 | (118 | ) | 191 | |||||||||||
| 356 | 483 | 1,239 | 1,520 | |||||||||||||
| Total revenue from sale and servicing of mortgage loans | $ | 2,039 | $ | 1,680 | $ | 5,342 | $ | 5,248 | ||||||||
9
| Yield Analysis | ||||||||||||||||||||||||
| First Defiance Financial Corp. | ||||||||||||||||||||||||
| Three Months Ended September 30, | ||||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||
| 2016 | 2015 | |||||||||||||||||||||||
| Average | Yield | Average | Yield | |||||||||||||||||||||
| Balance | Interest(1) | Rate(2) | Balance | Interest(1) | Rate(2) | |||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans receivable | $ | 1,879,760 | $ | 20,316 | 4.30 | % | $ | 1,696,370 | $ | 18,472 | 4.32 | % | ||||||||||||
| Securities | 231,864 | 1,892 | 3.37 | %(3) | 236,485 | 2,105 | 3.63 | %(3) | ||||||||||||||||
| Interest Bearing Deposits | 68,746 | 104 | 0.60 | % | 53,627 | 33 | 0.24 | % | ||||||||||||||||
| FHLB stock | 13,800 | 137 | 3.95 | % | 13,802 | 138 | 3.97 | % | ||||||||||||||||
| Total interest-earning assets | 2,194,170 | 22,449 | 4.09 | % | 2,000,284 | 20,748 | 4.13 | % | ||||||||||||||||
| Non-interest-earning assets | 231,365 | 222,559 | ||||||||||||||||||||||
| Total assets | $ | 2,425,535 | $ | 2,222,843 | ||||||||||||||||||||
| Deposits and Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest bearing deposits | $ | 1,487,465 | $ | 1,635 | 0.44 | % | $ | 1,397,965 | $ | 1,363 | 0.39 | % | ||||||||||||
| FHLB advances and other | 84,598 | 322 | 1.51 | % | 41,047 | 178 | 1.72 | % | ||||||||||||||||
| Subordinated debentures | 36,140 | 191 | 2.10 | % | 36,128 | 154 | 1.69 | % | ||||||||||||||||
| Notes payable | 52,948 | 35 | 0.26 | % | 54,598 | 38 | 0.28 | % | ||||||||||||||||
| Total interest-bearing liabilities | 1,661,151 | 2,183 | 0.52 | % | 1,529,738 | 1,733 | 0.45 | % | ||||||||||||||||
| Non-interest bearing deposits | 441,903 | - | - | 388,849 | - | - | ||||||||||||||||||
| Total including non-interest-bearing demand deposits | 2,103,054 | 2,183 | 0.41 | % | 1,918,587 | 1,733 | 0.36 | % | ||||||||||||||||
| Other non-interest-bearing liabilities | 33,872 | 27,021 | ||||||||||||||||||||||
| Total liabilities | 2,136,926 | 1,945,608 | ||||||||||||||||||||||
| Stockholders' equity | 288,609 | 277,235 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 2,425,535 | $ | 2,222,843 | ||||||||||||||||||||
| Net interest income; interest rate spread | $ | 20,266 | 3.57 | % | $ | 19,015 | 3.68 | % | ||||||||||||||||
| Net interest margin (4) | 3.69 | % | 3.78 | % | ||||||||||||||||||||
| Average interest-earning assets to average interest bearing liabilities | 132 | % | 131 | % | ||||||||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||||||||||||
| 2016 | 2015 | |||||||||||||||||||||||
| Average | Yield | Average | Yield | |||||||||||||||||||||
| Balance | Interest(1) | Rate | Balance | Interest(1) | Rate | |||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans receivable | $ | 1,834,981 | $ | 59,395 | 4.32 | % | $ | 1,672,393 | $ | 54,590 | 4.36 | % | ||||||||||||
| Securities | 230,058 | 5,899 | 3.55 | %(3) | 241,016 | 6,369 | 3.64 | %(3) | ||||||||||||||||
| Interest Bearing Deposits | 69,599 | 287 | 0.55 | % | 56,315 | 113 | 0.27 | % | ||||||||||||||||
| FHLB stock | 13,800 | 413 | 4.00 | % | 13,802 | 413 | 4.00 | % | ||||||||||||||||
| Total interest-earning assets | 2,148,438 | 65,994 | 4.12 | % | 1,983,526 | 61,485 | 4.16 | % | ||||||||||||||||
| Non-interest-earning assets | 228,496 | 221,609 | ||||||||||||||||||||||
| Total assets | $ | 2,376,934 | $ | 2,205,135 | ||||||||||||||||||||
| Deposits and Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest bearing deposits | $ | 1,457,010 | $ | 4,613 | 0.42 | % | $ | 1,396,731 | $ | 3,947 | 0.38 | % | ||||||||||||
| FHLB advances and other | 82,598 | 940 | 1.52 | % | 34,038 | 461 | 1.81 | % | ||||||||||||||||
| Subordinated debentures | 36,140 | 548 | 2.03 | % | 36,129 | 451 | 1.67 | % | ||||||||||||||||
| Notes payable | 54,615 | 108 | 0.27 | % | 53,740 | 113 | 0.28 | % | ||||||||||||||||
| Total interest-bearing liabilities | 1,630,363 | 6,209 | 0.51 | % | 1,520,638 | 4,972 | 0.44 | % | ||||||||||||||||
| Non-interest bearing deposits | 432,274 | - | - | 379,305 | - | - | ||||||||||||||||||
| Total including non-interest-bearing demand deposits | 2,062,637 | 6,209 | 0.40 | % | 1,899,943 | 4,972 | 0.35 | % | ||||||||||||||||
| Other non-interest-bearing liabilities | 30,886 | 28,062 | ||||||||||||||||||||||
| Total liabilities | 2,093,523 | 1,928,005 | ||||||||||||||||||||||
| Stockholders' equity | 283,411 | 277,130 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 2,376,934 | $ | 2,205,135 | ||||||||||||||||||||
| Net interest income; interest rate spread | $ | 59,785 | 3.61 | % | $ | 56,513 | 3.72 | % | ||||||||||||||||
| Net interest margin (4) | 3.73 | % | 3.82 | % | ||||||||||||||||||||
| Average interest-earning assets to average interest bearing liabilities | 132 | % | 130 | % | ||||||||||||||||||||
| (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 35%. |
| (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 net interest income divided by average interest-earning assets. |
10
| Selected Quarterly Information | ||||||||||||||||||||
| First Defiance Financial Corp. | ||||||||||||||||||||
| (dollars in thousands, except per share data) | 3rd Qtr 2016 | 2nd Qtr 2016 | 1st Qtr 2016 | 4th Qtr 2015 | 3rd Qtr 2015 | |||||||||||||||
| Summary of Operations | ||||||||||||||||||||
| Tax-equivalent interest income (1) | $ | 22,449 | $ | 21,940 | $ | 21,605 | $ | 21,256 | $ | 20,748 | ||||||||||
| Interest expense | 2,183 | 2,084 | 1,942 | 1,809 | 1,733 | |||||||||||||||
| Tax-equivalent net interest income (1) | 20,266 | 19,856 | 19,663 | 19,447 | 19,015 | |||||||||||||||
| Provision for loan losses | 15 | 53 | 364 | 43 | (27 | ) | ||||||||||||||
| Tax-equivalent NII after provision for loan losses (1) | 20,251 | 19,803 | 19,299 | 19,404 | 19,042 | |||||||||||||||
| Investment securities gains, net of impairment | 151 | 227 | 131 | 22 | - | |||||||||||||||
| Non-interest income (excluding securities gains/losses) | 8,375 | 8,348 | 8,505 | 7,708 | 7,982 | |||||||||||||||
| Non-interest expense | 18,292 | 17,347 | 17,274 | 17,347 | 16,848 | |||||||||||||||
| Income taxes | 2,994 | 3,307 | 3,017 | 2,744 | 2,998 | |||||||||||||||
| Net income | 7,045 | 7,264 | 7,169 | 6,563 | 6,696 | |||||||||||||||
| Tax equivalent adjustment (1) | 446 | 460 | 475 | 480 | 482 | |||||||||||||||
| At Period End | ||||||||||||||||||||
| Total assets | $ | 2,450,040 | $ | 2,409,599 | $ | 2,358,931 | $ | 2,297,676 | $ | 2,228,281 | ||||||||||
| Earning assets | 2,240,747 | 2,200,517 | 2,158,177 | 2,099,219 | 2,030,218 | |||||||||||||||
| Loans | 1,925,694 | 1,861,403 | 1,824,986 | 1,802,217 | 1,733,538 | |||||||||||||||
| Allowance for loan losses | 25,923 | 25,948 | 25,668 | 25,382 | 25,209 | |||||||||||||||
| Deposits | 1,927,686 | 1,920,270 | 1,871,157 | 1,836,137 | 1,793,053 | |||||||||||||||
| Stockholders’ equity | 292,138 | 286,616 | 280,418 | 280,197 | 278,556 | |||||||||||||||
| Stockholders’ equity / assets | 11.92 | % | 11.89 | % | 11.89 | % | 12.19 | % | 12.50 | % | ||||||||||
| Goodwill | 61,798 | 61,798 | 61,798 | 61,798 | 61,798 | |||||||||||||||
| Average Balances | ||||||||||||||||||||
| Total assets | $ | 2,425,535 | $ | 2,391,064 | $ | 2,314,203 | $ | 2,276,060 | $ | 2,222,843 | ||||||||||
| Earning assets | 2,194,170 | 2,162,574 | 2,088,582 | 2,051,331 | 2,000,284 | |||||||||||||||
| Loans | 1,879,760 | 1,828,984 | 1,796,200 | 1,732,472 | 1,696,370 | |||||||||||||||
| Deposits and interest-bearing liabilities | 2,103,054 | 2,079,442 | 2,005,395 | 1,967,199 | 1,918,587 | |||||||||||||||
| Deposits | 1,929,368 | 1,903,139 | 1,835,345 | 1,823,396 | 1,786,814 | |||||||||||||||
| Stockholders’ equity | 288,609 | 282,573 | 279,051 | 279,192 | 277,235 | |||||||||||||||
| Stockholders’ equity / assets | 11.90 | % | 11.82 | % | 12.06 | % | 12.27 | % | 12.47 | % | ||||||||||
| Per Common Share Data | ||||||||||||||||||||
| Net Income: | ||||||||||||||||||||
| Basic | $ | 0.78 | $ | 0.81 | $ | 0.80 | $ | 0.72 | $ | 0.72 | ||||||||||
| Diluted | 0.78 | 0.80 | 0.79 | 0.71 | 0.72 | |||||||||||||||
| Dividends | 0.22 | 0.22 | 0.220 | 0.200 | 0.200 | |||||||||||||||
| Market Value: | ||||||||||||||||||||
| High | $ | 46.83 | $ | 41.21 | $ | 40.98 | $ | 42.46 | $ | 39.95 | ||||||||||
| Low | 35.90 | 37.53 | 34.80 | 35.01 | 35.03 | |||||||||||||||
| Close | 44.64 | 38.85 | 38.41 | 37.78 | 36.56 | |||||||||||||||
| Common Book Value | 32.53 | 31.95 | 31.29 | 30.78 | 30.37 | |||||||||||||||
| Shares outstanding, end of period (in thousands) | 8,980 | 8,971 | 8,961 | 9,102 | 9,172 | |||||||||||||||
| Performance Ratios (annualized) | ||||||||||||||||||||
| Tax-equivalent net interest margin (1) | 3.69 | % | 3.71 | % | 3.80 | % | 3.77 | % | 3.78 | % | ||||||||||
| Return on average assets | 1.16 | % | 1.22 | % | 1.25 | % | 1.14 | % | 1.20 | % | ||||||||||
| Return on average equity | 9.71 | % | 10.34 | % | 10.33 | % | 9.33 | % | 9.58 | % | ||||||||||
| Efficiency ratio (2) | 63.87 | % | 61.51 | % | 61.32 | % | 63.88 | % | 62.41 | % | ||||||||||
| Effective tax rate | 29.82 | % | 31.28 | % | 29.62 | % | 29.48 | % | 30.93 | % | ||||||||||
| Common dividend payout ratio (basic) | 28.21 | % | 27.16 | % | 27.50 | % | 27.78 | % | 27.78 | % | ||||||||||
| (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 35% |
| (2) | Efficiency ratio = Non-interest expense divided by sum of tax-equivalent net interest income plus non-interest income, excluding securities gains, net. |
11
| Selected Quarterly Information | ||||||||||||||||||||
| First Defiance Financial Corp. | ||||||||||||||||||||
| (dollars in thousands, except per share data) | 3rd Qtr 2016 | 2nd Qtr 2016 | 1st Qtr 2016 | 4th Qtr 2015 | 3rd Qtr 2015 | |||||||||||||||
| Loan Portfolio Composition | ||||||||||||||||||||
| One to four family residential real estate | $ | 209,097 | $ | 206,861 | $ | 208,818 | $ | 205,330 | $ | 205,370 | ||||||||||
| Construction | 177,075 | 161,282 | 145,635 | 163,877 | 129,230 | |||||||||||||||
| Commercial real estate | 1,043,820 | 1,001,315 | 989,468 | 948,428 | 922,207 | |||||||||||||||
| Commercial | 456,099 | 428,599 | 412,911 | 419,349 | 402,681 | |||||||||||||||
| Consumer finance | 17,251 | 16,690 | 15,679 | 16,281 | 15,774 | |||||||||||||||
| Home equity and improvement | 118,165 | 116,685 | 116,856 | 116,962 | 113,781 | |||||||||||||||
| Total loans | 2,021,507 | 1,931,432 | 1,889,367 | 1,870,227 | 1,789,043 | |||||||||||||||
| Less: | ||||||||||||||||||||
| Undisbursed loan funds | 94,552 | 68,850 | 63,267 | 66,902 | 54,484 | |||||||||||||||
| Deferred loan origination fees | 1,261 | 1,179 | 1,114 | 1,108 | 1,021 | |||||||||||||||
| Allowance for loan loss | 25,923 | 25,948 | 25,668 | 25,382 | 25,209 | |||||||||||||||
| Net Loans | $ | 1,899,771 | $ | 1,835,455 | $ | 1,799,318 | $ | 1,776,835 | $ | 1,708,329 | ||||||||||
| Allowance for loan loss activity | ||||||||||||||||||||
| Beginning allowance | $ | 25,948 | $ | 25,668 | $ | 25,382 | $ | 25,209 | $ | 25,384 | ||||||||||
| Provision for loan losses | 15 | 53 | 364 | 43 | (27 | ) | ||||||||||||||
| Credit loss charge-offs: | ||||||||||||||||||||
| One to four family residential real estate | 111 | 37 | 55 | 8 | 185 | |||||||||||||||
| Commercial real estate | 79 | 0 | 13 | 103 | 64 | |||||||||||||||
| Commercial | 26 | 18 | 336 | 0 | 43 | |||||||||||||||
| Consumer finance | 24 | 18 | 0 | 32 | 5 | |||||||||||||||
| Home equity and improvement | 74 | 66 | 30 | 10 | 110 | |||||||||||||||
| Total charge-offs | 314 | 139 | 434 | 153 | 407 | |||||||||||||||
| Total recoveries | 274 | 366 | 356 | 282 | 259 | |||||||||||||||
| Net charge-offs (recoveries) | 40 | (227 | ) | 78 | (129 | ) | 148 | |||||||||||||
| Ending allowance | $ | 25,923 | $ | 25,948 | $ | 25,668 | $ | 25,382 | $ | 25,209 | ||||||||||
| Credit Quality | ||||||||||||||||||||
| Total non-performing loans (1) | $ | 18,198 | $ | 16,423 | $ | 17,707 | $ | 16,261 | $ | 16,612 | ||||||||||
| Real estate owned (REO) | 704 | 1,079 | 1,111 | 1,321 | 4,936 | |||||||||||||||
| Total non-performing assets (2) | $ | 18,902 | $ | 17,502 | $ | 18,818 | $ | 17,582 | $ | 21,548 | ||||||||||
| Net charge-offs (recoveries) | 40 | (227 | ) | 78 | (129 | ) | 148 | |||||||||||||
| Restructured loans, accruing (3) | 9,113 | 9,648 | 11,284 | 11,178 | 13,786 | |||||||||||||||
| Allowance for loan losses / loans | 1.35 | % | 1.39 | % | 1.41 | % | 1.41 | % | 1.45 | % | ||||||||||
| Allowance for loan losses / non-performing assets | 137.14 | % | 148.26 | % | 136.40 | % | 144.36 | % | 116.99 | % | ||||||||||
| Allowance for loan losses / non-performing loans | 142.45 | % | 158.00 | % | 144.96 | % | 156.09 | % | 151.75 | % | ||||||||||
| Non-performing assets / loans plus REO | 0.98 | % | 0.94 | % | 1.03 | % | 0.97 | % | 1.24 | % | ||||||||||
| Non-performing assets / total assets | 0.77 | % | 0.73 | % | 0.80 | % | 0.77 | % | 0.97 | % | ||||||||||
| Net charge-offs / average loans (annualized) | 0.01 | % | -0.05 | % | 0.02 | % | -0.03 | % | 0.03 | % | ||||||||||
| Deposit Balances | ||||||||||||||||||||
| Non-interest-bearing demand deposits | $ | 443,321 | $ | 442,811 | $ | 426,053 | $ | 420,691 | $ | 392,103 | ||||||||||
| Interest-bearing demand deposits and money market | 810,429 | 805,550 | 783,016 | 767,201 | 745,233 | |||||||||||||||
| Savings deposits | 241,016 | 240,316 | 233,546 | 219,655 | 216,613 | |||||||||||||||
| Retail time deposits less than $100,000 | 274,421 | 277,904 | 279,376 | 278,707 | 282,331 | |||||||||||||||
| Retail time deposits greater than $100,000 | 158,499 | 153,689 | 149,166 | 149,883 | 156,773 | |||||||||||||||
| Total deposits | $ | 1,927,686 | $ | 1,920,270 | $ | 1,871,157 | $ | 1,836,137 | $ | 1,793,053 | ||||||||||
| (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. |
12
| Loan Delinquency Information | ||||||||||||||||
| First Defiance Financial Corp. | ||||||||||||||||
| (dollars in thousands) | Total Balance | Current | 30 to 89 days past due | Non Accrual Loans | ||||||||||||
| September 30, 2016 | ||||||||||||||||
| One to four family residential real estate | $ | 209,097 | $ | 205,471 | $ | 706 | $ | 2,920 | ||||||||
| Construction | 177,075 | 177,075 | - | - | ||||||||||||
| Commercial real estate | 1,043,820 | 1,032,260 | 258 | 11,302 | ||||||||||||
| Commercial | 456,099 | 452,669 | 185 | 3,245 | ||||||||||||
| Consumer finance | 17,251 | 17,048 | 190 | 13 | ||||||||||||
| Home equity and improvement | 118,165 | 116,653 | 794 | 718 | ||||||||||||
| Total loans | $ | 2,021,507 | $ | 2,001,176 | $ | 2,133 | $ | 18,198 | ||||||||
| December 31, 2015 | ||||||||||||||||
| One to four family residential real estate | $ | 205,330 | $ | 201,806 | $ | 914 | $ | 2,610 | ||||||||
| Construction | 163,877 | 163,877 | - | - | ||||||||||||
| Commercial real estate | 948,428 | 937,844 | 736 | 9,848 | ||||||||||||
| Commercial | 419,349 | 416,114 | 157 | 3,078 | ||||||||||||
| Consumer finance | 16,281 | 16,215 | 30 | 36 | ||||||||||||
| Home equity and improvement | 116,962 | 115,465 | 808 | 689 | ||||||||||||
| Total loans | $ | 1,870,227 | $ | 1,851,321 | $ | 2,645 | $ | 16,261 | ||||||||
| September 30, 2015 | ||||||||||||||||
| One to four family residential real estate | $ | 205,370 | $ | 201,797 | $ | 828 | $ | 2,745 | ||||||||
| Construction | 129,230 | 129,095 | 135 | - | ||||||||||||
| Commercial real estate | 922,207 | 911,878 | 239 | 10,090 | ||||||||||||
| Commercial | 402,681 | 399,547 | 17 | 3,117 | ||||||||||||
| Consumer finance | 15,774 | 15,676 | 69 | 29 | ||||||||||||
| Home equity and improvement | 113,781 | 112,620 | 530 | 631 | ||||||||||||
| Total loans | $ | 1,789,043 | $ | 1,770,613 | $ | 1,818 | $ | 16,612 | ||||||||
13