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First Defiance Financial Q1 net income down

First Defiance Financial has reported net income of $3.42 million, or $0.47 per diluted share, for the first quarter of 2008, compared to net income of $3.61 million, or $0.50 per diluted share, for the same period of 2007.

Net interest income increased to $13.6 million for Q1 2008, a 13.4% increase from Q1 2007. First Defiance’s non-interest income for the first quarter of 2008 increased to $6 million from $5.6 million in the first quarter of 2007. Most of the increase was in mortgage banking income, which increased to $1.1 million in Q1 2008 from $782,000 in the same period of 2007.

William Small, chairman, president and CEO of First Defiance Financial, said: We’re encouraged by the results of our 2008 first quarter, particularly the substantial improvement in our net interest margin in a very difficult rate environment.

We also successfully completed the acquisition of Pavilion Bancorp. This was our largest acquisition yet and teams from throughout the combined organization worked extremely hard to make the transition as smooth as possible for our new customers.