Company Quick10K Filing
First Defiance Financial
Price29.16 EPS2
Shares20 P/E12
MCap575 P/FCF30
Net Debt-112 EBIT86
TEV463 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
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FDEF 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-3.2 fdef-ex32_283.htm
EX-10.5 fdef-ex105_194.htm
EX-31.1 fdef-ex311_9.htm
EX-31.2 fdef-ex312_8.htm
EX-32.1 fdef-ex321_6.htm
EX-32.2 fdef-ex322_7.htm

First Defiance Financial Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q 1 fdef-10q_20200331.htm 10-Q fdef-10q_20200331.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _______________

Commission File Number: 0-26850

 

First Defiance Financial Corp.

(Exact Name of Registrant as Specified in its Charter)

 

 

Ohio

34-1803915

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

601 Clinton Street

Defiance, OH

43512

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (419) 782-5015

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, Par Value $0.01 Per Share

 

FDEF

 

The NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐    No  

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.     Yes  ☒    No  

As of June 5, 2020, the registrant had 37,285,731 shares of common stock, $.01 par value per share, outstanding.

 

 

 

 


Explanatory Note

In accordance with the Securities and Exchange Commission Order Under Section 36 of the Securities Exchange Act of 1934 Modifying Exemptions from the Reporting and Proxy Delivery Requirements for Public Companies, SEC Release No. 34-88465, dated March 25, 2020 (the “Order”), First Defiance relied on the relief provided by the Order to delay the filing of this Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (the “First Quarter Form 10-Q”) by up to 45 days. We experienced significant disruptions to our business and operations as a result of the COVID-19 pandemic. In particular, we have a majority of our employees working remotely, including most of our finance staff. In addition, we rely on several third parties to perform analyses related to the preparation of our financial statements, and those third parties have also experienced disruptions to their operations due to COVID-19. Accordingly, we relied on the Order to postpone the filing of our First Quarter Form 10-Q to provide us with additional time to develop and process our financial information as well as prepare additional required disclosures related to COVID -19.  

 

Pursuant to the requirements of the Order, we filed a Form 8-K with the Commission on April 29, 2020, indicating our intention to rely upon the Order with respect to the filing of this Form 10-Q. This Form 10-Q is being filed within the 45-day extension period provided by the Order.

 

 

 

2


 

FIRST DEFIANCE FINANCIAL CORP.

 

INDEX

 

 

Page

Number

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

 

Consolidated Condensed Financial Statements (Unaudited):

2

 

 

 

 

 

 

Consolidated Condensed Statements of Financial Condition – March 31, 2020 and December 31, 2019

2

 

 

 

 

 

 

Consolidated Condensed Statements of Income Three months ended March 31, 2020 and 2019

4

 

 

 

 

 

 

Consolidated Condensed Statements of Comprehensive Income – Three months ended March 31, 2020 and 2019

5

 

 

 

 

 

 

Consolidated Condensed Statements of Changes in Stockholders’ Equity – Three months ended March 31, 2020 and 2019

6

 

 

 

 

 

 

Consolidated Condensed Statements of Cash Flows - Three months ended March 31, 2020 and 2019

7

 

 

 

 

 

 

Notes to Consolidated Condensed Financial Statements

8

 

 

 

 

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

45

 

 

 

 

Item 3

 

Quantitative and Qualitative Disclosures about Market Risk

65

 

 

 

 

Item 4

 

Controls and Procedures

67

 

 

 

 

PART II - OTHER INFORMATION:

 

 

 

Item 1

 

Legal Proceedings

71

 

 

 

 

Item 1A.

 

Risk Factors

71

 

 

 

 

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

72

 

 

 

 

Item 3

 

Defaults upon Senior Securities

73

 

 

 

 

Item 4

 

Mine Safety Disclosures

73

 

 

 

 

Item 5

 

Other Information

73

 

 

 

 

Item 6

 

Exhibits

73

 

 

 

 

 

 

Signatures

75

 

 

 

1


PART I-FINANCIAL INFORMATION

Item 1. Financial Statements

FIRST DEFIANCE FINANCIAL CORP.

Consolidated Condensed Statements of Financial Condition

(UNAUDITED)

(Amounts in Thousands, except share and per share data)

 

 

 

 

March 31,

2020

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

Cash and amounts due from depository institutions

 

$

79,000

 

 

$

46,254

 

Interest-bearing deposits

 

 

66,217

 

 

 

85,000

 

 

 

 

145,217

 

 

 

131,254

 

Securities available-for-sale, carried at fair value

 

 

534,206

 

 

 

283,448

 

Loans held for sale, carried at fair value

 

 

58,222

 

 

 

 

Loans held for sale, at lower of cost or market

 

 

27,372

 

 

 

18,008

 

Loans receivable, net of allowance for credit losses of $85,859 at March 31, 2020 and $31,243 at December 31, 2019, respectively

 

 

5,028,058

 

 

 

2,746,321

 

Mortgage servicing rights

 

 

15,742

 

 

 

10,267

 

Accrued interest receivable

 

 

19,048

 

 

 

10,244

 

Federal Home Loan Bank stock

 

 

89,252

 

 

 

11,915

 

Bank owned life insurance

 

 

142,259

 

 

 

75,544

 

Premises and equipment

 

 

59,870

 

 

 

39,563

 

Real estate and other assets held for sale

 

 

548

 

 

 

100

 

Goodwill

 

 

317,520

 

 

 

100,069

 

Core deposit and other intangibles

 

 

35,540

 

 

 

3,772

 

Other assets

 

 

66,088

 

 

 

38,487

 

Total assets

 

$

6,538,942

 

 

$

3,468,992

 

 

(continued)

2


FIRST DEFIANCE FINANCIAL CORP.

Consolidated Condensed Statements of Financial Condition

(UNAUDITED)

(Amounts in Thousands, except share and per share data)

 

 

 

 

March 31,

2020

 

 

December 31,

2019

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits

 

$

4,994,148

 

 

$

2,870,325

 

Advances from the Federal Home Loan Bank

 

 

486,000

 

 

 

85,063

 

Subordinated debentures

 

 

36,083

 

 

 

36,083

 

Securities sold under repurchase agreements

 

 

1,961

 

 

 

2,999

 

Advance payments by borrowers

 

 

23,962

 

 

 

5,491

 

Deferred taxes

 

 

3,642

 

 

 

905

 

Other liabilities

 

 

76,303

 

 

 

41,959

 

Total liabilities

 

 

5,622,099

 

 

 

3,042,825

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $.01 par value per share: 37,000 shares authorized; no

   shares issued

 

 

 

 

Preferred stock, $.01 par value per share: 4,963,000 shares authorized; no

   shares issued

 

 

 

 

Common stock, $.01 par value per share: 50,000,000 shares authorized;

   43,297,259 and 25,371,086  shares issued and 37,286,574 and 19,729,886

   shares outstanding at March 31, 2020 and December 31, 2019, respectively

 

 

306

 

 

 

127

 

Additional paid-in capital

 

 

687,996

 

 

 

161,955

 

Accumulated other comprehensive income (loss), net of tax of $3,208 and $1,221,

   respectively

 

 

12,068

 

 

 

4,595

 

Retained earnings

 

 

295,467

 

 

 

329,175

 

Treasury stock, at cost, 6,011,529 shares at March 31, 2020 and 5,641,200 shares

   at December 31, 2019

 

 

(78,994

)

 

 

(69,685

)

Total stockholders’ equity

 

 

916,843

 

 

 

426,167

 

Total liabilities and stockholders’ equity

 

$

6,538,942

 

 

$

3,468,992

 

 

See accompanying notes.

3


FIRST DEFIANCE FINANCIAL CORP.

Consolidated Condensed Statements of (Loss) Income

(UNAUDITED)

(Amounts in Thousands, except per share data)

 

 

 

 

Three Months Ended

March 31,

 

 

 

2020

 

 

2019

 

Interest Income

 

 

 

 

 

 

 

 

Loans

 

$

51,460

 

 

$

31,214

 

Investment securities:

 

 

 

 

 

 

 

 

Taxable

 

 

1,834

 

 

 

1,365

 

Non-taxable

 

 

883

 

 

 

840

 

Interest-bearing deposits

 

 

230

 

 

 

285

 

FHLB stock dividends

 

 

115

 

 

 

215

 

Total interest income

 

 

54,522

 

 

 

33,919

 

Interest Expense

 

 

 

 

 

 

 

 

Deposits

 

 

7,771

 

 

 

5,005

 

FHLB advances and other

 

 

1,006

 

 

 

276

 

Subordinated debentures

 

 

273

 

 

 

364

 

Notes payable

 

 

9

 

 

 

4

 

Total interest expense

 

 

9,059

 

 

 

5,649

 

Net interest income

 

 

45,463

 

 

 

28,270

 

Credit loss expense

 

 

43,786

 

 

 

212

 

Net interest income after credit loss expense

 

 

1,677

 

 

 

28,058

 

Non-interest Income

 

 

 

 

 

 

 

 

Service fees and other charges

 

 

5,183

 

 

 

3,007

 

Insurance commissions

 

 

5,155

 

 

 

4,115

 

Mortgage banking income

 

 

848

 

 

 

1,841

 

Gain on sale of non-mortgage loans

 

 

234

 

 

 

89

 

Trust income

 

 

838

 

 

 

523

 

Income from Bank Owned Life Insurance

 

 

781

 

 

 

392

 

Other non-interest income

 

 

960

 

 

 

846

 

Total non-interest income

 

 

13,999

 

 

 

10,813

 

Non-interest Expense

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

17,585

 

 

 

14,085

 

Occupancy

 

 

3,731

 

 

 

2,241

 

FDIC insurance premium

 

 

492

 

 

 

273

 

Financial institutions tax

 

 

834

 

 

 

556

 

Data processing

 

 

3,040

 

 

 

2,297

 

Acquisition related charges

 

 

11,486

 

 

 

 

Amortization of intangibles

 

 

1,245

 

 

 

299

 

Other non-interest expense

 

 

5,355

 

 

 

5,115

 

Total non-interest expense

 

 

43,768

 

 

 

24,866

 

Income before income taxes

 

 

(28,092

)

 

 

14,005

 

Federal income taxes

 

 

(5,610

)

 

 

2,523

 

Net (loss) income

 

$

(22,482

)

 

$

11,482

 

(Loss) earnings per common share

 

 

 

 

 

 

 

 

Basic

 

$

(0.71

)

 

$

0.57

 

Diluted

 

$

(0.71

)

 

$

0.57

 

 

See accompanying notes.

 

4


 

FIRST DEFIANCE FINANCIAL CORP.

Consolidated Condensed Statements of Comprehensive Income

(UNAUDITED)

(Amounts in Thousands)

 

 

 

 

Three Months Ended

March 31,

 

 

 

2020

 

 

2019

 

Net (loss) income

 

$

(22,482

)

 

$

11,482

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Unrealized gains (losses) on securities available for sale

 

 

9,458

 

 

 

4,603

 

Reclassification adjustment for securities gains included in net income

 

 

 

 

 

 

Income tax expense (benefit)

 

 

(1,985

)

 

 

(968

)

Net of tax amount

 

 

7,473

 

 

 

3,635

 

 

 

 

 

 

 

 

 

 

Change in unrealized gain/(loss) on postretirement benefit:

 

 

 

 

 

 

 

 

Reclassification adjustment for deferred tax on defined

   benefit postretirement medical plan

 

 

 

 

 

82

 

Net of tax amount

 

 

 

 

 

82

 

 

 

 

 

 

 

 

 

 

Total other comprehensive income (loss)

 

 

7,473

 

 

 

3,717

 

 

 

 

 

 

 

 

 

 

Comprehensive (loss) income

 

$

(15,009

)

 

$

15,199

 

 

  

See accompanying notes.

 

5


 

FIRST DEFIANCE FINANCIAL CORP.

Consolidated Statement of Changes in Stockholders’ Equity

(UNAUDITED)

(Amounts in Thousands, except share data)

 

 

 

 

Preferred

Stock

 

 

Common

Stock

Shares

 

 

Common

Stock

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Other

Comprehensive

Income

 

 

Retained

Earnings

 

 

Treasury

Stock

 

 

Total

Stockholders

Equity

 

Balance at January 1, 2020

 

$

 

 

 

19,729,886

 

 

$

127

 

 

$

161,955

 

 

$

4,595

 

 

$

329,175

 

 

$

(69,685

)

 

$

426,167

 

Net (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,482

)

 

 

 

 

 

 

(22,482

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,473

 

 

 

 

 

 

 

 

 

 

 

7,473

 

Adoption of ASC 326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,566

)

 

 

 

 

 

 

(2,566

)

Deferred compensation plan

 

 

 

 

 

 

7,524

 

 

 

 

 

 

 

(94

)

 

 

 

 

 

 

 

 

 

 

94

 

 

 

 

Stock based compensation expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,230

 

 

 

 

 

 

 

 

 

 

 

6

 

 

 

1,236

 

Capital stock issuance

 

 

 

 

 

 

17,927,017

 

 

 

179

 

 

 

526,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

526,875

 

Vesting of incentive plans

 

 

 

 

 

 

39,548

 

 

 

 

 

 

 

(1,989

)

 

 

 

 

 

 

 

 

 

 

493

 

 

 

(1,496

)

Restricted share issuance

 

 

 

 

 

 

13,349

 

 

 

 

 

 

 

198

 

 

 

 

 

 

 

(374

)

 

 

176

 

 

 

 

Restricted share forfeitures

 

 

 

 

 

 

(750

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued from direct stock sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares repurchased

 

 

 

 

 

 

(430,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,078

)

 

 

(10,078

)

Common stock dividends declared ($0.22 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,286

)

 

 

 

 

 

 

(8,286

)

Balance at March 31, 2020

 

$

 

 

 

37,286,574

 

 

$

306

 

 

$

687,996

 

 

$

12,068

 

 

$

295,467

 

 

$

(78,994

)

 

$

916,843

 

 

  

 

Preferred

Stock

 

 

Common

Stock

Shares

 

 

Common

Stock

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Other

Comprehensive

Income

 

 

Retained

Earnings

 

 

Treasury

Stock

 

 

Total

Stockholders

Equity

 

Balance at January 1, 2019

 

$

 

 

 

20,171,392

 

 

$

127

 

 

$

161,593

 

 

$

(2,148

)

 

$

295,588

 

 

$

(55,571

)

 

$

399,589

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,482

 

 

 

 

 

 

 

11,482

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,717

 

 

 

 

 

 

 

 

 

 

 

3,717

 

Deferred compensation plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22

)

 

 

 

 

 

 

 

 

 

 

42

 

 

 

20

 

Stock based compensation expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Shares issued under stock

   option plan, net of 178

   repurchased and retired

 

 

 

 

 

 

17,822

 

 

 

 

 

 

 

(22

)

 

 

 

 

 

 

(5

)

 

 

212

 

 

 

185

 

Restricted share activity under

   stock incentive plans net of

   25,195 repurchased and retired

 

 

 

 

 

 

38,890

 

 

 

 

 

 

 

(751

)

 

 

 

 

 

 

 

 

 

 

440

 

 

 

(311

)

Shares issued from direct stock sales

 

 

 

 

 

 

1,065

 

 

 

 

 

 

 

19

 

 

 

 

 

 

 

 

 

 

 

12

 

 

 

31

 

Shares repurchased

 

 

 

 

 

 

(515,977

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,147

)

 

 

(15,147

)

Common stock dividends declared ($0.19 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,788

)

 

 

 

 

 

 

(3,788

)

Balance at March 31, 2019

 

$

 

 

$

19,713,192

 

 

$

127

 

 

$

160,828

 

 

$

1,569

 

 

$

303,277

 

 

$

(70,012

)

 

$

395,789

 

 

 

See accompanying notes.

 

6


 

FIRST DEFIANCE FINANCIAL CORP.

Consolidated Condensed Statements of Cash Flows

(UNAUDITED)

(Amounts in Thousands)

 

 

 

 

Three Months Ended

March 31,

 

 

 

2020

 

 

2019

 

Operating Activities

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(22,482

)

 

$

11,482

 

Items not requiring (providing) cash:

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

43,786

 

 

 

212

 

Depreciation

 

 

1,631

 

 

 

1,031

 

Amortization of mortgage servicing rights, net of impairment charges/recoveries

 

 

5,648

 

 

 

399

 

Amortization of core deposit and other intangible assets

 

 

1,245

 

 

 

299

 

Net accretion of premiums and discounts on loans and deposits

 

 

(1,745

)

 

 

(155

)

Amortization of premiums and discounts on securities

 

 

633

 

 

 

285

 

Change in deferred taxes

 

 

77

 

 

 

155

 

Proceeds from the sale of loans held for sale

 

 

101,090

 

 

 

38,910

 

Originations of loans held for sale

 

 

(110,026

)

 

 

(37,513

)

Gain from sale of loans

 

 

(5,136

)

 

 

(1,390

)

Loss on sale or write down of property plant and equipment

 

 

0

 

 

 

10

 

Gain/loss on sale / write-down of real estate and other assets held for sale

 

 

10

 

 

 

249

 

Stock option expense

 

 

1,236

 

 

 

11

 

Restricted stock vesting

 

 

(1,496

)

 

 

(311

)

Income from bank owned life insurance

 

 

(781

)

 

 

(392

)

Excess tax benefit on stock compensation plans

 

 

 

 

 

(105

)

Changes in:

 

 

 

 

 

 

 

 

Accrued interest receivable

 

 

(438

)

 

 

(1,539

)

Other assets

 

 

(2,416

)

 

 

(3,609

)

Other liabilities

 

 

2,525

 

 

 

1,662

 

Net cash provided by operating activities

 

 

13,361

 

 

 

9,691

 

 

 

 

 

 

 

 

 

 

Investing Activities

 

 

 

 

 

 

 

 

Proceeds from maturities, calls and pay-downs of available-for-sale securities

 

 

19,389

 

 

 

6,673

 

Proceeds from sale of premises and equipment, real estate and other assets held for sale