First Defiance Financial (FDEF) Tops Q2 EPS by 2c

First Defiance Financial (NASDAQ: FDEF) reported Q2 EPS of $0.54, $0.02 better than the analyst estimate of $0.52.

• Diluted earnings per share of $0.54 for 2018 second quarter, up from $0.41 in the 2017 second quarter
• Net income of $11.1 million for 2018 second quarter, up from $8.3 million in the 2017 second quarter
• Return on average assets of 1.48% for the 2018 second quarter, compared to 1.15% in the 2017 second quarter
• Net interest margin of 3.95% for the 2018 second quarter, up from 3.89% in the 2017 second quarter
• Loan growth of $27.0 million during 2018 second quarter
• Non-performing assets of $20.1 million for 2018 second quarter, compared to $31.0 million for 2017 second quarter

“Enhanced profitability, steady growth, and improved asset quality metrics from a year ago were all reflected in our very strong financial performance for the quarter,” said Donald P. Hileman, President and Chief Executive Officer of First Defiance Financial Corp. “Including the benefit of the lower corporate tax rate, our return on assets in the second quarter was 1.48%, up solidly from 1.15% in the second quarter last year. In addition, total assets have grown 5.2% over the last year; and non-accrual loans are down 40% from a year ago. Our outlook remains extremely positive for the rest of the year.”

“As the Federal Reserve has increased rates over the last year, our net interest margin has remained strong despite the flattening of the yield curve. Combined with the steady organic growth of our balance sheet, we continue to generate solid growth in net interest income,” said Hileman. “Net interest income for the second quarter was up 7.8% over the second quarter last year, and our interest rate risk position remains well-balanced to future interest rate changes.”

For earnings history and earnings-related data on First Defiance Financial (FDEF) click here.

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