Exhibit 99

For Immediate Release

FIRST DEFIANCE FINANCIAL CORP. ANNOUNCES 2011

FOURTH QUARTER AND FULL YEAR EARNINGS

DEFIANCE, OHIO (January 23, 2012) – First Defiance Financial Corp. (NASDAQ: FDEF) announced today that net income for the fiscal year ended December 31, 2011 totaled $15.5 million, or $1.42 per diluted common share compared to $8.1 million or $.75 per diluted common share for the year ended December 31, 2010. The 2010 twelve month results included $1.3 million of core conversion related charges associated with the successful transition to a new core processing provider. For the fourth quarter ended December 31, 2011, First Defiance earned $4.1 million or $.36 per diluted common share compared to $2.3 million or $0.22 per diluted common share for the fourth quarter of 2010. The fourth quarter of 2010 included $802,000 of core conversion charges.

“I am pleased to report that despite the ongoing challenges presented by the operating environment, First Defiance continued to show improvement in our core operating metrics in the fourth quarter and full year 2011,” said William J. Small, Chairman, President, and Chief Executive Officer of First Defiance Financial Corp. “Asset quality stabilized in the last half of the year, but management is committed to showing more improvement in 2012.”

Credit Quality

The fourth quarter 2011 results include expense for provision for loan losses of $4.1 million, compared with $5.7 million in the same period in 2010 and $3.1 million in the third quarter of 2011. The allowance for loan loss as a percentage of total loans decreased to 2.24% at December 31, 2011 from 2.61% at September 30, 2011 and 2.70% at December 31, 2010. The decline in the allowance for loan loss as a percentage of total loans is the result of $9.1 million in

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charge-offs in the fourth quarter of 2011, of which, $8.2 million were partial charge-offs on loans that had previously identified reserves on them.

Non-performing loans totaled $42.7 million at December 31, 2011, down from $47.0 million at December 31, 2010. The December 31, 2011 balance included $39.3 million of loans that were on non-accrual, or 90 days past due, and another $3.4 million of loans considered non-performing because of changes in terms granted to borrowers, although the loans were still accruing interest. In addition, First Defiance had $3.6 million of real estate owned at December 31, 2011 down from $9.6 million at December 31, 2010. For the fourth quarter of 2011, First Defiance recorded net charge-offs of $9.0 million, which represented 2.49% of average loans outstanding (annualized) for the quarter, compared with 1.55% in the third quarter of 2011 and 1.58% in the fourth quarter of 2010.

“Asset quality continued to show improvement this quarter, reflected by a 18% reduction in non-performing assets from the fourth quarter of 2010” Small said. “We had an increase in net charge-offs in the fourth quarter, reflecting an acceleration of charge offs to proactively address certain credits in the commercial real estate portfolio, but we expect marked improvement in subsequent quarters.”

Net Interest Margin

Net interest income decreased to $17.5 million in the fourth quarter of 2011 compared to $17.8 million in the 2010 fourth quarter, and was down slightly from the third quarter of 2011, which was $17.6 million. Net interest margin was 3.83% for the 2011 fourth quarter compared to 3.89% in the third quarter of 2011 and 3.89% in the fourth quarter of 2010. Yield on interest earning assets declined by 46 basis points, to 4.63% in the fourth quarter of 2011 from 5.09% in the 2010 fourth quarter, while the cost of interest-bearing liabilities and non-interest-bearing demand deposits decreased by 38 basis points, to 0.84% from 1.22%.

“We are pleased with the stability of our net interest margin for the quarter and throughout this economic cycle,” said Small. “We will continue to see pricing pressures and anticipate an extended low rate environment adding more stress on the margin.”

Non-Interest Income

Non-interest income for the 2011 fourth quarter increased to $7.9 million from $7.6 million in the fourth quarter of 2010. Gain on investment securities was $169,000 for the fourth quarter of 2011, compared with a loss of $14,000 in the fourth quarter of 2010. Mortgage banking income decreased to $1.9 million in the fourth quarter of 2011, compared with $2.7 million in the same period in 2010. Gains from the sale of mortgage loans decreased in the fourth quarter of 2011 to $1.7 million from $1.8 million in the fourth quarter of 2010. Mortgage loan servicing revenue increased slightly in the fourth quarter 2011 to $874,000 from $856,000 in the fourth quarter of 2010. Income from the sale of insurance and investment products increased to $2.0 million in the fourth quarter of 2011, up from $1.3 million in the same period of 2010. This increase is largely due to the Payak-Dubbs Insurance Agency, Inc. (“PDI”) acquisition that was completed on July 1, 2011. The acquisition of PDI contributed $610,000 of income in the fourth quarter of 2011.

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First Defiance recorded a positive valuation adjustment of $181,000 on mortgage servicing rights (“MSR”) in the fourth quarter of 2011, compared with $1.1 million in the fourth quarter of 2010. The MSR valuation adjustment is a reflection of the increase in the fair value of certain sectors of the Company’s portfolio of MSRs.

“Non-interest income increased driven by insurance revenues and solid fee income, which are part of our core operating strategy. The insurance acquisitions in 2010 and 2011 have had an immediate positive impact, and we also saw an increase in wealth management revenue year over year. Gain on sale of mortgage loans was lower this quarter compared to the 2010 fourth quarter,” stated Small.

Non-Interest Expenses

Total non-interest expense was $15.6 million for the quarter ended December 31, 2011, a decrease from $16.5 million in the fourth quarter of 2010. The fourth quarter of 2010 included $802,000 of core conversion related charges.

Compensation and benefits increased by $854,000 in the fourth quarter of 2011 compared to the fourth quarter of 2010. The year over year increase in compensation and benefits expense is largely due to the Company freezing pay in 2010 coupled with the acquisition of PDI that added $381,000 in compensation and benefits expense in the fourth quarter of 2011. FDIC insurance expense decreased to $658,000 in the fourth quarter of 2011 from $885,000 in the same period of 2010, due to the changes in the assessment rate calculation per the Dodd-Frank regulations. Other non-interest expense decreased to $3.2 million in the fourth quarter of 2011 from $4.4 million in the fourth quarter of 2010. Other operating expenses decreased $802,000 in the fourth quarter of 2011 as a result of the core conversion related charges expensed in the fourth quarter of 2010. Credit, collection and real estate owned costs were $983,000 in the fourth quarter of 2011, a $49,000 increase over the fourth quarter of 2010.

Annual Results

On an annual basis, earnings for 2011 were $15.5 million compared with $8.1 million in 2010. Net interest income for 2011 totaled $69.9 million, a $282,000 or 0.40% decrease over 2010. Average interest-earning assets increased to $1.848 billion for 2011 compared to $1.836 billion in 2010. Net interest margin for 2011 was 3.88%, compared with 3.89% for 2010.

The provision for loan losses for 2011 was $12.4 million, which was down $10.7 million or 46% from $23.2 million in 2010.

Non-interest income for the twelve month period ended December 31, 2011 was $27.5 million compared to $27.6 million during the same period of 2010. The 2011 results include securities gains of $216,000, of which $218,000 relate to gain on sale of available-for-sale securities slightly offset by $2,000 related to other-than-temporary impairment (“OTTI”) charges recognized for impaired investment securities. The 2010 securities losses of $339,000 consisted of $331,000 related to OTTI charges recognized for impaired investment securities and $8,000 related to losses from the sale of available-for-sale securities. Service fees and other charges were $11.4 million for the year compared to $12.7 million during 2010. Mortgage banking income for 2011 was $6.4 million, down from $7.8 million in 2010. Insurance and investment

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sales revenues increased to $7.1 million in 2011, compared to $5.1 million in 2010, mainly due to the PDI acquisition.

Non-interest expense decreased to $62.8 million for the full year of 2011 from $63.5 million in 2010. The full year 2010 included $1.3 million of core conversion related charges. FDIC insurance expense decreased to $2.9 million from $3.8 million in 2010.

Non-interest expense also includes $3.3 million of credit, collection and real estate owned costs compared with $5.5 million in 2010.

Total Assets at $2.07 Billion

Total assets at December 31, 2011 were $2.07 billion, compared to $2.04 billion at December 31, 2010. Net loans receivable (excluding loans held for sale) were $1.45 billion at December 31, 2011 compared to $1.48 billion at December 31, 2010. Total cash and cash equivalents were $174.9 million at December 31, 2011 compared with $169.2 million at December 31, 2010. Total deposits at December 31, 2011 were $1.60 billion compared to $1.58 billion at December 31, 2010. Non-interest bearing deposits at December 31, 2011 were $245.9 million compared to $216.7 million at December 31, 2010. Total stockholders’ equity was $278.1 million at December 31, 2011 compared to $240.3 million at the December 31, 2010. Also at December 31, 2011, goodwill and other intangible assets totaled $67.7 million compared to $63.7 million at December 31, 2010.

Conference Call

First Defiance Financial Corp. will host a conference call at 11:00 a.m. (EST) on Tuesday, January 24, 2012 to discuss the earnings results and business trends. The conference call may be accessed by calling 1-877-317-6789. A live webcast may be accessed at https://services.choruscall.com/links/fdef120124.html.

Audio replay of the Internet Web cast will be available at www.fdef.com until April 30, 2012 at 9:00 a.m.

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 44 ATM locations in northwest Ohio, southeast Michigan and Fort Wayne, Indiana. First Insurance Group is a full service insurance agency with six offices throughout northwest Ohio.

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

Financial Statements and Highlights Follow-

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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, 2010. 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

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Consolidated Balance Sheets

First Defiance Financial Corp.

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Consolidated Statements of Income (Unaudited)

First Defiance Financial Corp.

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Financial Summary and Comparison

First Defiance Financial Corp.

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Income from Mortgage Banking

Revenue from sales and servicing of mortgage loans consisted of the following:

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Yield Analysis

First Defiance Financial Corp.