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First Defiance Financial Corp. Revises 2014 Earnings Upward by $0.06 Per Diluted Share for Adjusted Tax Expense

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First Defiance Financial Corp. (NASDAQ:FDEF) announced today an upward adjustment of $551,000, or $0.06 per diluted common share, to its previously reported fourth quarter and full year 2014 net income. The adjustment relates to First Defiance’s provision for income taxes for the fourth quarter and has no effect on any other previously reported period. The adjustment to the provision for income taxes reflects the utilization of capital loss carryforwards greater than previously identified. As a result, the provision for income taxes for the quarter and full year ended December 31, 2014 was previously overstated by $551,000.

First Defiance’s revised earnings of $6.4 million, or $0.65 per diluted common share, for the quarter ended December 31, 2014, compares to $5.1 million or $0.50 per diluted common share for the fourth quarter a year ago. For the year ended December 31, 2014, First Defiance’s net income increased to $24.3 million, or $2.44 per diluted common share, compared to $22.2 million, or $2.19 per diluted common share, in 2013.

The attached financial statements and highlights reflect the adjustment to the provision for income taxes and related effects on net income, earnings per common share, liabilities, stockholders equity, common book value and tangible common book value per share, and financial ratios for return on average assets, return on average equity, shareholders’ equity/assets, common dividend payout ratio and effective tax rate.

First Defiance Financial Corp.

First Defiance Financial Corp., headquartered in Defiance, Ohio, is the holding company for First Federal Bank of the Midwest and First Insurance Group. First Federal operates 33 full-service branches and 43 ATM locations in northwest Ohio, southeast Michigan and northeast Indiana and a loan production office in Columbus, Ohio. First Insurance Group is a full-service insurance agency with five offices throughout northwest Ohio.

For more information, visit the company’s Web site at www.fdef.com.

Financial Statements and Highlights Follow-

Safe Harbor Statement

This news release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21 B of the Securities Act of 1934, as amended, which are intended to be safe harbors created thereby. Those statements may include, but are not limited to, all statements regarding intent, beliefs, expectations, projections, forecasts and plans of First Defiance Financial Corp. and its management, and specifically include statements regarding: changes in economic conditions, the nature, extent and timing of governmental actions and reforms, future movements of interest rates, the production levels of mortgage loan generation, the ability to continue to grow loans and deposits, the ability to benefit from a changing interest rate environment, the ability to sustain credit quality ratios at current or improved levels, the ability to sell real estate owned properties, continued strength in the market area for First Federal Bank of the Midwest, and the ability of the Company to grow in existing and adjacent markets. These forward-looking statements involve numerous risks and uncertainties, including those inherent in general and local banking, insurance and mortgage conditions, competitive factors specific to markets in which the Company and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions or capital market conditions and other risks and uncertainties detailed from time to time in the Company’s Securities and Exchange Commission (SEC) filings, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. One or more of these factors have affected or could in the future affect the Company’s business and financial results in future periods and could cause actual results to differ materially from plans and projections. Therefore, there can be no assurances that the forward-looking statements included in this news release will prove to be accurate. In light of the significant uncertainties in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other persons, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this news release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements.

Consolidated Balance Sheets (Unaudited)
First Defiance Financial Corp.
December 31, December 31,
(in thousands) 2014 2013
Assets
Cash and cash equivalents
Cash and amounts due from depository institutions $ 41,936 $ 36,318
Interest-bearing deposits 71,000 143,000
112,936

179,318
Securities

Available-for sale, carried at fair value 239,321 198,170
Held-to-maturity, carried at amortized cost 313 387
239,634 198,557
Loans 1,646,786 1,580,448
Allowance for loan losses (24,766 ) (24,950 )
Loans, net 1,622,020 1,555,498
Loans held for sale 4,535 9,120
Mortgage servicing rights 9,012 9,106
Accrued interest receivable 6,037 5,778
Federal Home Loan Bank stock 13,802 19,350
Bank Owned Life Insurance 47,013 42,715
Office properties and equipment 40,496 38,597
Real estate and other assets held for sale 6,181 5,859
Goodwill 61,525 61,525
Core deposit and other intangibles 2,395 3,497
Deferred taxes - 565
Other assets 13,366 7,663
Total Assets $ 2,178,952 $ 2,137,148
Liabilities and Stockholders’ Equity
Non-interest-bearing deposits $ 379,552 $ 348,943
Interest-bearing deposits 1,381,261 1,386,849
Total deposits 1,760,813 1,735,792
Advances from Federal Home Loan Bank 21,544 22,520
Notes payable and other interest-bearing liabilities 54,759 51,919
Subordinated debentures 36,083 36,083
Advance payments by borrowers for tax and insurance 2,309 1,519
Deferred Taxes 1,176
Other liabilities 22,763 17,168
Total Liabilities 1,899,447 1,865,001
Stockholders’ Equity
Preferred stock -
Common stock, net 127 127
Common stock warrant 878 878
Additional paid-in-capital 136,266 136,403
Accumulated other comprehensive income 4,114 545
Retained earnings 200,600 182,290
Treasury stock, at cost (62,480 ) (48,096 )
Total stockholders’ equity 279,505 272,147
Total Liabilities and Stockholders’ Equity $ 2,178,952 $ 2,137,148
Consolidated Statements of Income (Unaudited)
First Defiance Financial Corp.
Three Months Ended Twelve Months Ended
December 31, December 31,
(in thousands, except per share amounts) 2014 2013 2014 2013
Interest Income:
Loans $ 17,788 $ 17,037 $ 68,682 $ 68,077
Investment securities 1,719 1,397 6,575 5,596
Interest-bearing deposits 66 108 349 282
FHLB stock dividends 140 195 642 826
Total interest income 19,713 18,737 76,248 74,781
Interest Expense:

Deposits 1,293 1,399 5,283 5,913
FHLB advances and other 131 136 528 434
Subordinated debentures 148 149 587 601
Notes Payable 40 44 161 222
Total interest expense 1,612 1,728 6,559 7,170
Net interest income 18,101 17,009 69,689 67,611
Provision for loan losses 162 475 1,117 1,824
Net interest income after provision for loan losses 17,939 16,534 68,572 65,787
Non-interest Income:
Service fees and other charges 2,766 2,506 10,258 10,045
Mortgage banking income 1,270 1,324 5,602 8,443
Gain on sale of non-mortgage loans 102 49 181 101
Gain on sale of securities 1 932 97
Impairment on securities - (337 ) - (337 )
Insurance commissions 2,219 2,089 9,859 9,627
Trust income 345 274 1,240 969
Income from Bank Owned Life Insurance 218 211 1,802 883
Other non-interest income 421 415 1,767 950
Total Non-interest Income 7,342 6,531 31,641 30,778
Non-interest Expense:
Compensation and benefits 9,075 8,310 35,543 34,301
Occupancy 1,778 1,733 6,683 6,970
FDIC insurance premium 332 359 1,419 1,616
Financial institutions tax 239 486 1,762 2,323
Data processing 1,523 1,313 5,856 5,125
Amortization of intangibles 269 296 1,102 1,241
Other non-interest expense 3,753 3,490 14,393 13,476
Total Non-interest Expense 16,969 15,987 66,758 65,052
Income before income taxes 8,312 7,078 33,455 31,513
Income taxes 1,957 1,991 9,163 9,278
Net Income $ 6,355 $ 5,087 $ 24,292 $ 22,235
Earnings per common share:
Basic $ 0.68 $ 0.52 $ 2.55 $ 2.28
Diluted $ 0.65 $ 0.50 $ 2.44 $ 2.19
Average Shares Outstanding:
Basic 9,316 9,766 9,511 9,764
Diluted 9,801 10,198 9,975 10,171
Financial Summary and Comparison (Unaudited)
First Defiance Financial Corp.
Three Months Ended Twelve Months Ended

December 31,

December 31,

(dollars in thousands, except per share data) 2014 2013 % change 2014 2013 % change
Summary of Operations
Tax-equivalent interest income (1) $ 20,174 $ 19,143 5.4 % $ 78,046 $ 76,413 2.1 %
Interest expense 1,612 1,728 (6.7 ) 6,559 7,170 (8.5 )
Tax-equivalent net interest income (1) 18,562 17,415 6.6 71,487 69,243 3.2
Provision for loan losses 162 475 (65.9 ) 1,117 1,824 (38.8 )
Tax-equivalent NII after provision for loan loss (1) 18,400 16,940 8.6 70,370 67,419 4.4
Investment Securities gains 1 NM 932 97 NM
Non-interest income (excluding securities gains/losses) 7,341 6,810 7.8 30,709 30,810 (0.3 )
Non-interest expense 16,969 15,929 6.5 66,758 64,844 3.0
Income taxes 1,957 1,991 (1.7 ) 9,163 9,278 (1.2 )
Net Income 6,355 5,087 24.9 24,292 22,235 9.3
Tax equivalent adjustment (1) 461 406 13.5 1,798 1,632 10.2
At Period End
Assets 2,178,952 2,137,148 2.0
Earning assets 1,975,757 1,950,475 1.3
Loans 1,646,786 1,580,448 4.2
Allowance for loan losses 24,766 24,950 (0.7 )
Deposits 1,760,813 1,735,792 1.4
Stockholders’ equity 279,505 272,147 2.7
Average Balances
Assets 2,184,792 2,124,109 2.9 2,162,468 2,052,250 5.4
Earning assets 1,964,074 1,915,508 2.5 1,947,078 1,845,462 5.5
Loans 1,615,657 1,543,057 4.7 1,574,753 1,528,176 3.0
Deposits and interest-bearing liabilities 1,879,918 1,833,291 2.5 1,862,834 1,766,579 5.4
Deposits 1,764,908 1,719,319 2.7 1,750,184 1,661,895 5.3
Stockholders’ equity 278,944 270,856 3.0 276,537 265,065 4.3
Stockholders’ equity / assets 12.77 % 12.75 % 0.1 12.79 % 12.92 % (1.0 )
Per Common Share Data
Net Income
Basic $ 0.68 $ 0.52 30.8 $ 2.55 $ 2.28 11.8
Diluted 0.65 0.50 30.0 2.44 2.19 11.4
Dividends 0.175 0.10 75.0 0.625 0.40 56.3
Market Value:
High $ 35.70 $ 27.25 31.0 $ 35.70 $ 27.25 31.0
Low 26.95 23.31 15.6 24.24 23.31 4.0
Close 34.06 25.97 31.2 34.06 25.97 31.2
Common Book Value 30.17 27.91 8.1 30.17 27.91 8.1
Tangible Common Book Value 23.25 21.22 9.6 23.25 21.22 9.6
Shares outstanding, end of period (000) 9,235 9,720 (5.0 ) 9,235 9,720 (5.0 )
Performance Ratios (annualized)
Tax-equivalent net interest margin (1) 3.76 % 3.61 % 4.2 3.68 % 3.76 % (2.1 )
Return on average assets 1.15 % 0.95 % 21.5 1.12 % 1.08 % 3.7
Return on average equity 9.04 % 7.45 % 21.3 8.78 % 8.39 % 4.7
Efficiency ratio (2) 65.51 % 65.75 % (0.4 ) 65.32 % 64.81 % 0.8
Effective tax rate 23.54 % 28.13 % (16.3 ) 27.39 % 29.44 % (7.0 )
Dividend payout ratio (basic) 25.74 % 19.23 % 33.8 24.51 % 17.54 % 39.7

(1)

Interest income on tax-exempt securities and loans has been adjusted to a tax-equivalent basis using the statutory federal income tax rate of 35%

(2)

Efficiency ratio = Non-interest expense divided by sum of tax-equivalent net interest income plus non-interest income, excluding securities gains or losses, net.

NM Percentage change not meaningful
Income from Mortgage Banking
Revenue from sales and servicing of mortgage loans consisted of the following:
Three Months Ended Twelve Months Ended

December 31,

December 31,

(dollars in thousands) 2014 2013 2014 2013
Gain from sale of mortgage loans $ 734 $ 756 $ 3,335 $ 5,716
Mortgage loan servicing revenue (expense):
Mortgage loan servicing revenue 900 918 3,552 3,564
Amortization of mortgage servicing rights (375 ) (346 ) (1,401 ) (2,098 )
Mortgage servicing rights valuation adjustments 11 (4 ) 116 1,261
536 568 2,267 2,727
Total revenue from sale and servicing of mortgage loans $ 1,270 $ 1,324 $ 5,602 $ 8,443
Yield Analysis
First Defiance Financial Corp.
Three Months Ended December 31,
(dollars in thousands)
2014 2013
Average Yield Average Yield
Balance Interest(1) Rate(2) Balance Interest(1) Rate(2)
Interest-earning assets:
Loans receivable $ 1,615,657 $ 17,833 4.38 % $ 1,543,057 $ 17,055 4.39 %
Securities 238,553 2,135 3.65 % 187,230 1,785 3.82 %
Interest Bearing Deposits 96,062 66 0.27 % 165,871 108 0.26 %
FHLB stock 13,802 140 4.02 % 19,350 195 4.00 %
Total interest-earning assets 1,964,074 20,174 4.09 % 1,915,508 19,143 3.97 %
Non-interest-earning assets 220,718 208,601
Total assets $ 2,184,792 $ 2,124,109
Deposits and Interest-bearing liabilities:
Interest bearing deposits $ 1,393,584 $ 1,293 0.37 % $ 1,382,526 $ 1,399 0.40 %
FHLB advances and other 21,628 131 2.40 % 22,604 136 2.39 %
Subordinated debentures 36,128 148 1.63 % 36,129 149 1.64 %
Notes payable 57,254 40 0.28 % 55,239 44 0.32 %
Total interest-bearing liabilities 1,508,594 1,612 0.42 % 1,496,498 1,728 0.46 %
Non-interest bearing deposits 371,324 336,793
Total including non-interest-bearing demand deposits 1,879,918 1,612 0.34 % 1,833,291 1,728 0.37 %
Other non-interest-bearing liabilities 25,930 19,962
Total liabilities 1,905,848 1,853,253
Stockholders’ equity 278,944 270,856
Total liabilities and stockholders’ equity $ 2,184,792 $ 2,124,109
Net interest income; interest rate spread $ 18,562 3.67 % $ 17,415 3.51 %
Net interest margin (3) 3.76 % 3.61 %
Average interest-earning assets to average interest bearing liabilities 130 % 128 %
Twelve Months Ended December 31,
2014 2013
Average Yield Average Yield
Balance Interest(1) Rate Balance Interest(1) Rate
Interest-earning assets:
Loans receivable $ 1,574,753 $ 68,828 4.37 % $ 1,528,176 $ 68,147 4.46 %
Securities 223,534 8,227 3.79 % 191,039 7,158 3.78 %
Interest Bearing Deposits 134,114 349 0.26 % 106,742 282 0.26 %
FHLB stock 14,677 642 4.37 % 19,505 826 4.23 %
Total interest-earning assets 1,947,078 78,046 4.01 % 1,845,462 76,413 4.14 %
Non-interest-earning assets 215,390 206,788
Total assets $ 2,162,468 $ 2,052,250
Deposits and Interest-bearing liabilities:
Interest bearing deposits $ 1,399,507 $ 5,283 0.38 % $ 1,353,304 $ 5,913 0.44 %
FHLB advances and other 21,995 528 2.40 % 17,709 434 2.45 %
Subordinated debentures 36,131 587 1.62 % 36,133 601 1.66 %
Notes payable 54,524 161 0.30 % 50,842 222 0.44 %
Total interest-bearing liabilities 1,512,157 6,559 0.43 % 1,457,988 7,170 0.49 %
Non-interest bearing deposits 350,677 308,591
Total including non-interest-bearing demand deposits 1,862,834 6,559 0.35 % 1,766,579 7,170 0.41 %
Other non-interest-bearing liabilities 23,097 20,606
Total liabilities 1,885,931 1,787,185
Stockholders’ equity 276,537 265,065
Total liabilities and stockholders’ equity $ 2,162,468 $ 2,052,250
Net interest income; interest rate spread $ 71,487 3.57 % $ 69,243 3.65 %
Net interest margin (3) 3.68 % 3.76 %
Average interest-earning assets to average interest bearing liabilities 129 % 127 %

(1)

Interest on certain tax exempt loans and securities is not taxable for Federal income tax purposes. In order to compare the tax-exempt yields on these assets to taxable yields, the interest earned on these assets is adjusted to a pre-tax equivalent amount based on the marginal corporate federal income tax rate of 35%.

(2)

Annualized

(3)

Net interest margin is net interest income divided by average interest-earning assets.

Selected Quarterly Information
First Defiance Financial Corp.
(dollars in thousands, except per share data) 4th Qtr 2014 3rd Qtr 2014 2nd Qtr 2014 1st Qtr 2014 4th Qtr 2013
Summary of Operations
Tax-equivalent interest income (1) $ 20,174 $ 19,751 $ 19,221 $ 18,900 $ 19,143
Interest expense 1,612 1,623 1,645 1,678 1,728
Tax-equivalent net interest income (1) 18,562 18,128 17,576 17,222 17,415
Provision for loan losses 162 406 446 103 475
Tax-equivalent NII after provision for loan losses (1) 18,400 17,722 17,130 17,119 16,940
Investment securities gains, net of impairment 1 460 471 (337 )
Non-interest income (excluding securities gains/losses) 7,341 8,896 7,146 7,326 6,869
Non-interest expense 16,969 16,771 16,357 16,661 15,987
Income taxes 1,957 2,773 2,254 2,179 1,991
Net income 6,355 7,069 5,689 5,179 5,087
Tax equivalent adjustment (1) 461 465 447 426 406
At Period End
Total assets $ 2,178,952 $ 2,151,079 $ 2,151,490 $ 2,163,659 $ 2,137,148
Earning assets 1,975,757 1,954,496 1,949,729 1,965,225 1,950,475
Loans 1,646,786 1,636,266 1,581,984 1,563,953 1,580,448
Allowance for loan losses 24,766 24,567 24,627 24,783 24,950
Deposits 1,760,813 1,730,645 1,741,812 1,760,617 1,735,792
Stockholders’ equity 279,505 278,233 276,449 274,877 272,147
Stockholders’ equity / assets 12.83 % 12.93 % 12.85 % 12.70 % 12.73 %
Goodwill 61,525 61,525 61,525 61,525 61,525
Average Balances
Total assets $ 2,184,792 $ 2,153,226 $ 2,165,486 $ 2,146,369 $ 2,124,109
Earning assets 1,964,074 1,934,651 1,952,440 1,937,145 1,915,508
Loans 1,615,657 1,586,652 1,551,799 1,544,902 1,543,057
Deposits and interest-bearing liabilities 1,879,918 1,853,271 1,865,824 1,852,322 1,833,291
Deposits 1,764,908 1,738,494 1,756,098 1,741,237 1,719,319
Stockholders’ equity 278,944 276,968 276,490 273,745 270,856
Stockholders’ equity / assets 12.77 % 12.86 % 12.77 % 12.75 % 12.75 %
Per Common Share Data
Net Income:
Basic $ 0.68 $ 0.75 $ 0.59 $ 0.53 $ 0.52
Diluted 0.65 0.71 0.57 0.51 0.50
Dividends 0.18 0.15 0.15 0.15 0.10
Market Value:
High $ 35.70 $ 29.00 $ 29.00 $ 28.23 $ 27.25
Low 26.95 26.99 26.50 24.24 23.31
Close 34.06 27.01 28.70 27.12 25.97
Common Book Value 30.17 29.60 28.96 28.38 27.91
Shares outstanding, end of period (in thousands) 9,235 9,371 9,515 9,653 9,720
Performance Ratios (annualized)
Tax-equivalent net interest margin (1) 3.76 % 3.73 % 3.62 % 3.61 % 3.61 %
Return on average assets 1.15 % 1.30 % 1.05 % 0.98 % 0.95 %
Return on average equity 9.04 % 10.13 % 8.25 % 7.67 % 7.45 %
Efficiency ratio (2) 65.51 % 62.06 % 66.16 % 67.87 % 65.75 %
Effective tax rate 23.54 % 28.18 % 28.38 % 29.61 % 28.13 %
Common dividend payout ratio (basic) 25.74 % 20.00 % 25.42 % 28.30 % 19.23 %

(1)

Interest income on tax-exempt securities and loans has been adjusted to a tax-equivalent basis using the statutory federal income tax rate of 35%

(2)

Efficiency ratio = Non-interest expense divided by sum of tax-equivalent net interest income plus non-interest income, excluding securities gains, net.

Selected Quarterly Information
First Defiance Financial Corp.
(dollars in thousands, except per share data) 4th Qtr 2014 3rd Qtr 2014 2nd Qtr 2014 1st Qtr 2014 4th Qtr 2013
Loan Portfolio Composition
One to four family residential real estate $ 206,437 $ 209,135 $ 199,886 $ 196,940 $ 195,752
Construction 112,385 116,809 108,478 82,049 86,058
Commercial real estate 840,488 834,443 801,923 809,071 819,618
Commercial 399,730 392,465 390,055 380,144 388,236
Consumer finance 15,466 16,616 15,800 16,346 16,902
Home equity and improvement 111,813 111,151 108,460 106,632 106,930
Total loans 1,686,319 1,680,619 1,624,602 1,591,182 1,613,496
Less:
Loans in process 38,653 43,548 41,874 26,487 32,290
Deferred loan origination fees 880 805 744 742 758
Allowance for loan loss 24,766 24,567 24,627 24,783 24,950
Net Loans $ 1,622,020 $ 1,611,699 $ 1,557,357 $ 1,539,170 $ 1,555,498
Allowance for loan loss activity
Beginning allowance $ 24,567 $ 24,627 $ 24,783 $ 24,950 $ 25,964
Provision for loan losses 162 406 446 103 475
Credit loss charge-offs:
One to four family residential real estate 61 95 42 228 175
Commercial real estate 505 246 39 228 1,097
Commercial 212 1,272 973 525 670
Consumer finance 1 16 12 11 7
Home equity and improvement 87 42 80 184 144
Total charge-offs 866 1,671 1,146 1,176 2,093
Total recoveries 903 1,205 544 906 604
Net charge-offs (recoveries) (37 ) 466 602 270 1,489
Ending allowance $ 24,766 $ 24,567 $ 24,627 $ 24,783 $ 24,950
Credit Quality
Total non-performing loans (1) $ 24,130 $ 22,525 $ 24,863 $ 26,774 $ 27,847
Real estate owned (REO) 6,181 5,326 5,554 6,028 5,859
Total non-performing assets (2) $ 30,311 $ 27,851 $ 30,417 $ 32,802 $ 33,706
Net charge-offs (recoveries) (37 ) 466 602 270 1,489
Restructured loans, accruing (3) 24,686 26,579 26,975 26,654 27,630
Allowance for loan losses / loans 1.50 % 1.50 % 1.56 % 1.58 % 1.58 %
Allowance for loan losses / non-performing assets 81.71 % 88.21 % 80.96 % 75.55 % 74.02 %
Allowance for loan losses / non-performing loans 102.64 % 109.07 % 99.05 % 92.56 % 89.60 %
Non-performing assets / loans plus REO 1.83 % 1.70 % 1.92 % 2.09 % 2.12 %
Non-performing assets / total assets 1.39 % 1.29 % 1.41 % 1.52 % 1.58 %
Net charge-offs / average loans (annualized) -0.01 % 0.12 % 0.16 % 0.07 % 0.39 %
Deposit Balances
Non-interest-bearing demand deposits $ 379,552 $ 340,575 $ 355,268 $ 338,412 $ 348,943
Interest-bearing demand deposits and money market 727,729 739,292 717,506 740,783 715,939
Savings deposits 203,673 197,464 200,626 199,361 185,121
Retail time deposits less than $100,000 286,904 289,326 299,288 309,758 313,335
Retail time deposits greater than $100,000 162,955 163,988 169,124 172,303 172,454
Total deposits $ 1,760,813 $ 1,730,645 $ 1,741,812 $ 1,760,617 $ 1,735,792

(1)

Non-performing loans consist of non-accrual loans.

(2)

Non-performing assets are non-performing loans plus real estate and other assets acquired by foreclosure or deed-in-lieu thereof.

(3)

Accruing restructured loans are loans with known credit problems that are not contractually past due and therefore are not included in non-performing loans.

Loan Delinquency Information
First Defiance Financial Corp.
(dollars in thousands) Total Balance Current

30 to 89 days
past due

Non Accrual
Loans

December 31, 2014
One to four family residential real estate $ 206,437 $ 201,931 $ 1,174 $ 3,332
Construction 112,385 112,385 - -
Commercial real estate 840,488 824,770 544 15,174
Commercial 399,730 394,671 66 4,993
Consumer finance 15,466 15,330 124 12
Home equity and improvement 111,813 109,993 1,201 619
Total loans $ 1,686,319 $ 1,659,080 $ 3,109 $ 24,130
September 30, 2014
One to four family residential real estate $ 209,135 $ 205,428 $ 654 $ 3,053
Construction 116,809 116,809
Commercial real estate 834,443 820,502 68 13,873
Commercial 392,465 386,266 669 5,530
Consumer finance 16,616 16,524 92
Home equity and improvement 111,151 109,937 1,145 69
Total loans $ 1,680,619 $ 1,655,466 $ 2,628 $ 22,525
December 31, 2013
One to four family residential real estate $ 195,752 $ 190,854 $ 1,625 $ 3,273
Construction 86,058 86,058
Commercial real estate 819,618 803,218 566 15,834
Commercial 388,236 379,889 20 8,327
Consumer finance 16,902 16,771 131
Home equity and improvement 106,930 105,211 1,306 413
Total loans $ 1,613,496 $ 1,582,001 $ 3,648 $ 27,847

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