First Defiance Financial (NASDAQ: FDEF) stock rises on pleasing results

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First Defiance Financial (NASDAQ: FDEF) stock rises 1.8% on Jan 21st, 2020 (as of  12:20 pm GMT-5 ; Source: Google finance) after the company posted better than expected results for the fourth quarter of FY 19. FDEF has reported the net income for FY 19 of $49.4 million compared to $46.2 million, for the year ended December 31, 2018. For the fourth quarter of 2019, First Defiance posted the earnings of $12.5 million, compared to $12.1 million for the fourth quarter of 2018. The company has delivered the net interest income of $29.5 million in the fourth quarter of 2019 compared to $28.5 million in the fourth quarter of 2018. The increase was mainly due to the growth in earning assets offset partly by compression in the net interest margin versus the fourth quarter last year. The net interest margin was 3.80% for the fourth quarter, which is  down from 3.88% for the third quarter of 2019 and 4.02% in the fourth quarter of 2018.

Moreover, the company posted the non-performing loans of $13.5 million at December 31, 2019, which has declined from $19 million at December 31, 2018. In addition, real estate owned totaled $100,000 at December 31, 2019, down from $1.2 million at December 31, 2018. Accruing troubled debt restructured loans fell to $8.4 million at December 31, 2019, which is a decrease from $11.6 million at December 31, 2018. Further, FDEF’s total assets at December 31, 2019, were $3.47 billion compared to $3.18 billion at December 31, 2018. Total deposits at December 31, 2019, were $2.87 billion compared with $2.62 billion at December 31, 2018. Total stockholders’ equity was $426.2 million at December 31, 2019, compared to $399.6 million at December 31, 2018.

FDEF in the fourth quarter of FY 19 has reported the adjusted earnings per share of 66 cents, which is in line with the analysts’ estimates for the adjusted earnings per share of 66 cents, according to Zacks Consensus Estimate. The company had reported the adjusted revenue of $41.31 million in the fourth quarter of FY 19, beating the analysts’ estimates for revenue by 2.39%.

Additionally, During the quarter ended June 30, 2019, the company had announced a new 500,000 share repurchase plan authorization with all such shares available for repurchase as of December 31, 2019. The company has also declared a quarterly cash dividend of $0.22 per common share which will be payable February 21, 2020, to shareholders of record at the close of business on February 14, 2020.

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