DEFIANCE, Ohio (AP) _ First Defiance Financial Corp. (FDEF) on Tuesday reported a first-quarter loss of $22.5 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Defiance, Ohio-based company said it had a loss of 71 cents. Earnings, adjusted for costs related to mergers and acquisitions, came to 24 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.
The holding company for First Federal Bank of the Midwest posted revenue of $68.5 million in the period. Its adjusted revenue was $59.5 million, surpassing Street forecasts. Four analysts surveyed by Zacks expected $59.3 million.
First Defiance shares have dropped 46% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $16.97, a fall of 42% in the last 12 months.