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First Defiance Financial Corp (FDEF) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

First Defiance Financial Corp

CIK: 946647 Ticker: FDEF

 

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. REPORTS

RECORD FULL YEAR EARNINGS OF $22.2 MILLION FOR 2013, UP 19% FROM FULL YEAR 2012

 

·Net Income of $5.1 million for 2013 fourth quarter compared to $5.2 million in the fourth quarter of 2012
·Fourth quarter 2013 includes $219,000 after tax loss on CDO securities
·Loan growth $19.2 million during the quarter
·Deposit growth $77.3 million during the quarter
·Non-Performing loans down 15% from prior year
·Net Interest Margin of 3.61% , down from 3.92% for the fourth quarter of 2012

 

DEFIANCE, OHIO (January 20, 2014)

– First Defiance Financial Corp. (NASDAQ: FDEF) announced today record net income for the fiscal year ended December 31, 2013 totaled $22.2 million, or $2.19 per diluted common share, compared to $18.7 million or $1.81 per diluted common share for the year ended December 31, 2012. For the fourth quarter 2013, First Defiance earned $5.1 million, or $0.50 per diluted common share compared to $5.2 million; or $0.52 per diluted common share for the fourth quarter of 2012.

 

“The record earnings achieved in 2013 reflects a very successful year for First Defiance,” said Donald P. Hileman, President and CEO of First Defiance Financial Corp. “Despite the challenges of an often uncertain economy, our financial performance was strengthened, and our core profitability was enhanced particularly by improved credit quality.”

 

The fourth quarter 2013 results were negatively impacted by a $219,000 after tax loss, or $0.02 per diluted common share, as a result of $337,000 in other-than-temporary impairment losses recognized on $1.9 million of collateralized debt obligations (CDOs). The CDO securities were among those considered disallowed under the revised final “Volcker Rule” of the Dodd-Frank Act which requires the Company to liquidate these securities.

 

In the fourth quarter of 2012, the Company executed a balance sheet restructuring strategy taking an after tax loss of approximately $260,000 through selling $60 million in securities for a gain of $1.6 million and paying off $62 million in FHLB advances with a prepayment penalty of $2.0 million.

 


The following information was filed by First Defiance Financial Corp (FDEF) on Tuesday, January 21, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Quarterly Consolidated Results Of Operations (unaudited) (tables)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (parenthetical)
Consolidated Statements Of Income
Acquisitions
Acquisitions (details Textual)
Advances From Federal Home Loan Bank
Advances From Federal Home Loan Bank (details 1)
Advances From Federal Home Loan Bank (details Textual)
Advances From Federal Home Loan Bank (details)
Advances From Federal Home Loan Bank (tables)
Balance Sheet Restructure
Balance Sheet Restructure (details Textual)
Basis Of Presentation
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (details Textual)
Commitments And Contingent Liabilities (details)
Commitments And Contingent Liabilities (tables)
Deposits
Deposits (details 1)
Deposits (details 2)
Deposits (details Textual)
Deposits (details)
Deposits (tables)
Derivative Financial Instruments
Derivative Financial Instruments (details 1)
Derivative Financial Instruments (details Textual)
Derivative Financial Instruments (details)
Derivative Financial Instruments (tables)
Earnings Per Common Share
Earnings Per Common Share (details Textual)
Earnings Per Common Share (details)
Earnings Per Common Share (tables)
Employee Benefit Plans
Employee Benefit Plans (details Textal)
Fair Value
Fair Value (details 1)
Fair Value (details 2)
Fair Value (details 3)
Fair Value (details 4)
Fair Value (details 5)
Fair Value (details Textual)
Fair Value (details)
Fair Value (tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (details 1)
Goodwill And Intangible Assets (details 2)
Goodwill And Intangible Assets (details)
Goodwill And Intangible Assets (tables)
Income Taxes
Income Taxes (details 1)
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details Textual)
Income Taxes (details)
Income Taxes (tables)
Investment Securities
Investment Securities (details 1)
Investment Securities (details 2)
Investment Securities (details 3)
Investment Securities (details 4)
Investment Securities (details 5)
Investment Securities (details Textual)
Investment Securities (details)
Investment Securities (tables)
Junior Subordinated Debentures Owed To Unconsolidated Subsidiary Trust
Junior Subordinated Debentures Owed To Unconsolidated Subsidiary Trust (details Textual)
Junior Subordinated Debentures Owed To Unconsolidated Subsidiary Trust (details)
Junior Subordinated Debentures Owed To Unconsolidated Subsidiary Trust (tables)
Loans
Loans (details 1)
Loans (details 10)
Loans (details 11)
Loans (details 2)
Loans (details 3)
Loans (details 4)
Loans (details 5)
Loans (details 6)
Loans (details 7)
Loans (details 8)
Loans (details 9)
Loans (details Textual)
Loans (details)
Loans (tables)
Mortgage Banking
Mortgage Banking (details 1)
Mortgage Banking (details 2)
Mortgage Banking (details 3)
Mortgage Banking (details Textual)
Mortgage Banking (details)
Mortgage Banking (tables)
Notes Payable And Other Short-term Borrowings
Notes Payable And Other Short-term Borrowings (details Textual)
Notes Payable And Other Short-term Borrowings (details)
Notes Payable And Other Short-term Borrowings (tables)
Other Comprehensive Income (loss)
Other Comprehensive Income (loss) (details 1)
Other Comprehensive Income (loss) (details)
Other Comprehensive Income (loss) (tables)
Other Noninterest Expense
Other Noninterest Expense (details Textual)
Other Noninterest Expense (details)
Other Noninterest Expense (tables)
Parent Company Statements
Parent Company Statements (details 1)
Parent Company Statements (details 2)
Parent Company Statements (details)
Parent Company Statements (tables)
Postretirement Benefits
Postretirement Benefits (details 1)
Postretirement Benefits (details 2)
Postretirement Benefits (details 3)
Postretirement Benefits (details 4)
Postretirement Benefits (details 5)
Postretirement Benefits (details Textual)
Postretirement Benefits (details)
Postretirement Benefits (tables)
Preferred Stock
Preferred Stock (details Textual)
Premises And Equipment
Premises And Equipment (details 1)
Premises And Equipment (details Textual)
Premises And Equipment (details)
Premises And Equipment (tables)
Quarterly Consolidated Results Of Operations (unaudited)
Quarterly Consolidated Results Of Operations (unaudited) (details)
Regulatory Matters
Regulatory Matters (details Textual)
Regulatory Matters (details)
Regulatory Matters (tables)
Statement Of Accounting Policies
Statement Of Accounting Policies (details Textual)
Statement Of Accounting Policies (details)
Statement Of Accounting Policies (policies)
Statement Of Accounting Policies (tables)
Stock Compensation Plans
Stock Compensation Plans (details 1)
Stock Compensation Plans (details 2)
Stock Compensation Plans (details Textual)
Stock Compensation Plans (details)
Stock Compensation Plans (tables)
Subsequent Event
Subsequent Event (details Textual)
Ticker: FDEF
CIK: 946647
Form Type: 10-K Annual Report
Accession Number: 0001144204-14-012461
Submitted to the SEC: Fri Feb 28 2014 3:09:18 PM EST
Accepted by the SEC: Fri Feb 28 2014
Period: Tuesday, December 31, 2013
Industry: Savings Institution Federally Chartered

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