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First Place Financial in Warren, Ohio, hasn't reported any financial results since June 30, 2010. The company is in the midst of restating its results from 2008 through 2010 after a regulator ordered it to increase its loan-loss allowance.
January 6
First Place Financial Corp. in Warren, Ohio said it was not able to file its results for the quarter ending Dec. 31, marking its sixth consecutive quarter in the dark, as its massive multi-year restatement drags on.
The $2.8 billion-asset company has not published its quarterly results since it released its annual report for the fiscal year that ended June 30, 2010. That year, the company announced that it would amend those results and over time the look-back has stretched to its 2008 results. The restatements are centered on the company's credit quality and how it accounted for its allowance for loan losses. Late last year, the company said it had hoped to finish the restatements by the end of 2011, but that it needed more time.
Last week in a filing with the Securities and Exchange Commission, the company provided some vague details about its results. For instance, it said it had higher mortgage banking gains and lower personnel expenses for the quarter ending Dec. 31, 2011 as compared to a year earlier. Meanwhile, the company said it had lower net interest income, less favorable results from loan servicing on mortgage rights and higher costs from the restatement.
The company has also said that its restatements will have a "material adverse impact" on its equity and its regulatory capital ratios. According to data from the Federal Deposit Insurance Corp., First Place Bank, the company's thrift unit, had a leverage ratio of 6.07% and a total risk-based capital ratio of 10.08% at year-end. A July 2011 cease-and-desist agreement established with the Office of Thrift Supervision ordered those ratios to be 8.5% and 12% respectively by Dec. 31.
