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Published: Tuesday, 7/26/2011 - Updated: 4 years ago

First Defiance reports doubling of profit

DEFIANCE — First Defiance Financial Corp. reported Monday it doubled its profit and sliced its loan-loss provision in the second quarter from the same period a year earlier.

The Defiance company, which owns First Federal Bank of the Midwest and an insurance firm, said its profit was $4.8 million, or 43 cents a share, up from $2.1 million, or 19 cents a share, for the same period a year ago. Net interest income was $17.5 million in the quarter, about the same as a year earlier, and its provision for loan losses dropped to $2.4 million from $5.4 million a year ago.

“We are pleased with the overall performance in the quarter, including improvement in the level of non-performing loans as well as the decline in credit-related costs,” William Small, the company’s chief executive officer, said in a statement.

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