First Defiance Financial Corp. (FDEF, Financial) filed Quarterly Report for the period ended 2010-09-30.
First Defiance Financial Corp. has a market cap of $90.2 million; its shares were traded at around $11.13 with a P/E ratio of 37.1 and P/S ratio of 0.7. FDEF is in the portfolios of Private Capital of Private Capital Management, Jim Simons of Renaissance Technologies LLC.
At September 30, 2010, First Defiances total assets, deposits and stockholders equity amounted to $2.04 billion, $1.59 billion and $241.0 million, respectively, compared to $2.06 billion, $1.58 billion and $234.1 million, respectively, at December 31, 2009.
Net loans receivable (excluding loans held for sale) declined $72.2 million to $1.51 billion from $1.58 billion at December 31, 2009. The decrease in loans is mainly attributable to the continued economic weakness in the market areas served by the Company. The Company is starting to see some signs of improvement as some businesses are showing stronger 2010 operating results and improved cash flows but the signs are more isolated than across the board. The variances in loans receivable between September 30, 2010 and December 31, 2009 include decreases in commercial real estate loans (down $29.9 million), commercial loans (down $6.8 million), home equity and improvement loans (down $10.2 million), construction loans (down $16.9 million), consumer loans (down $7.0 million) and one to four family residential real estate (down $14.0 million).
The investment securities portfolio increased $17.9 million to $157.3 million at September 30, 2010 from $139.4 million at December 31, 2009. The increase is the result of $47.5 million of securities being purchased during the first nine months of 2010 partially offset by $19.2 million of securities being matured or called in the period, principal pay downs of $13.3 million in CMOs and mortgage-backed securities, and $22,000 of securities being sold. There was an unrealized gain in the investment portfolio of $4.3 million at September 30, 2010 compared to an unrealized gain of $721,000 at December 31, 2009.
Deposits increased $10.4 million to $1.59 billion at September 30, 2010 compared to December 31, 2009. Interest-bearing demand deposits and money market accounts increased $44.0 million to $543.5 million, savings accounts increased $11.0 million to $141.2 million and non interest-bearing demand deposits increased $24.3 million to $213.4 million. These increases were mostly offset by a decline in retail time deposits of $66.8 million to $647.2 million.
FHLB advances decreased $30.0 million to $116.9 million at September 30, 2010 from $146.9 million at December 31, 2009. The decrease is the result of paying off a $10.0 million putable advance in the third quarter of 2010 and a $20.0 million LIBOR advance in the first quarter of 2010.
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First Defiance Financial Corp. has a market cap of $90.2 million; its shares were traded at around $11.13 with a P/E ratio of 37.1 and P/S ratio of 0.7. FDEF is in the portfolios of Private Capital of Private Capital Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Securities are classified as held-to-maturity when First Defiance has the positive intent and ability to hold the security to maturity. Held-to-maturity securities are stated at amortized cost and had a recorded value of $918,000 at September 30, 2010. Securities not classified as held-to-maturity are classified as available-for-sale, which are stated at fair value and had a recorded value of $156.4 million at September 30, 2010. The available-for-sale portfolio consists of obligations of U.S. Government corporations and agencies ($11.1 million), certain municipal obligations ($52.1 million), CMOs and REMICs ($55.2 million), mortgage backed securities ($36.5 million) and trust preferred and preferred stock ($1.5 million).At September 30, 2010, First Defiances total assets, deposits and stockholders equity amounted to $2.04 billion, $1.59 billion and $241.0 million, respectively, compared to $2.06 billion, $1.58 billion and $234.1 million, respectively, at December 31, 2009.
Net loans receivable (excluding loans held for sale) declined $72.2 million to $1.51 billion from $1.58 billion at December 31, 2009. The decrease in loans is mainly attributable to the continued economic weakness in the market areas served by the Company. The Company is starting to see some signs of improvement as some businesses are showing stronger 2010 operating results and improved cash flows but the signs are more isolated than across the board. The variances in loans receivable between September 30, 2010 and December 31, 2009 include decreases in commercial real estate loans (down $29.9 million), commercial loans (down $6.8 million), home equity and improvement loans (down $10.2 million), construction loans (down $16.9 million), consumer loans (down $7.0 million) and one to four family residential real estate (down $14.0 million).
The investment securities portfolio increased $17.9 million to $157.3 million at September 30, 2010 from $139.4 million at December 31, 2009. The increase is the result of $47.5 million of securities being purchased during the first nine months of 2010 partially offset by $19.2 million of securities being matured or called in the period, principal pay downs of $13.3 million in CMOs and mortgage-backed securities, and $22,000 of securities being sold. There was an unrealized gain in the investment portfolio of $4.3 million at September 30, 2010 compared to an unrealized gain of $721,000 at December 31, 2009.
Deposits increased $10.4 million to $1.59 billion at September 30, 2010 compared to December 31, 2009. Interest-bearing demand deposits and money market accounts increased $44.0 million to $543.5 million, savings accounts increased $11.0 million to $141.2 million and non interest-bearing demand deposits increased $24.3 million to $213.4 million. These increases were mostly offset by a decline in retail time deposits of $66.8 million to $647.2 million.
FHLB advances decreased $30.0 million to $116.9 million at September 30, 2010 from $146.9 million at December 31, 2009. The decrease is the result of paying off a $10.0 million putable advance in the third quarter of 2010 and a $20.0 million LIBOR advance in the first quarter of 2010.
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