First Defiance Financial (FDEF) Misses Q1 EPS by 20c

First Defiance Financial (NASDAQ: FDEF) reported Q1 EPS of $0.24, $0.20 worse than the analyst estimate of $0.44.

First Quarter 2020 Highlights

• Completed strategic merger with UCFC on January 31, 2020
• Quarterly dividend of $0.22 per share, up 15.8% from 2019 first quarter
• Organic loan growth of $36.6 million, or 5.3% annualized growth
• Organic deposit growth of $41.2 million, or 5.7% annualized growth
• Earnings per share of ($0.71), or $0.24 excluding merger-related expenses, compared to $0.57 for 2019 first quarter
• Pre-tax pre-provision income of $15.7 million, or $27.2 million excluding merger-related costs, compared to $14.2 million for 2019 first quarter
• Pre-tax pre-provision ROAA of 1.18%, or 2.04% excluding merger-related costs, compared to 1.81% for 2019 first quarter

“The great momentum we had through most of the first quarter started to slow with the effects of COVID-19,” said Donald P. Hileman, Chief Executive Officer of First Defiance. “The pandemic has caused a severe disruption on the global and regional economic outlooks as well as the markets in which we operate. We have shifted focus to servicing the immediate needs of our clients and the health and well-being of our employees while supporting the communities we serve. We have been working extremely hard to assist clients by executing the Small Business Administration Paycheck Protection Program enacted as part of the CARES Act stimulus plan, and by helping them navigate additional relief programs.”

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

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