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Published: Tuesday, 10/20/2009

First Defiance posts 2% profit in third quarter

DEFIANCE — First Defiance Financial Corp., owners of First Federal Bank of the Midwest, reported that third-quarter profit rose 2 percent to $329,000, or 2 cents per share, from the same period a year earlier, when it posted profit of $322,000, or 4 cents per share.

William Small, First Defiance chairman, president, and CEO, said the lender's core operating numbers were solid, but the economy forced higher loan loss provisions, and other expenses related to collections and foreclosed properties had a negative effect on earnings.

First Defiance said its provisions for loan losses rose to $8.1 million from $4.9 million a year ago. Its quarterly net interest income grew to $17.6 million, versus $16.4 million for the same period a year ago.

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