WARREN, Ohio – First Place Financial Corp., parent of First Place Bank, filed with the U.S. Securities and Exchange Commission Wednesday for an extension in reporting its results for the quarter ended Dec. 31, 2011.
In its narrative in SEC form 12b-25, First Place “determined it is unable to file its quarterly report on Form 10Q [that is, how much it earned or lost] for the [three-month] period ended Dec. 31, 2011, by the Feb. 14 due date or within the five calendar day extension permitted by SEC rules.”
First Place told the SEC it earlier intended to amend its annual and quarterly consolidated financial statements for fiscal 2010, 2009 and 2008 – First Place’ fiscal year runs from July 1 to June 30 -- and could not file its annual report for 2011 until those amended financial statements are submitted.
First Place said:
“The company’s results of operations for the three and six months ended Dec. 31 are still being finalized as a result of the pending restatement of [its] consolidated financial statements for the quarterly and annual periods within the fiscal years ended June 30, 2010, 2009 and 2008, and the completion of the audit for the fiscal year ended June 30, 2011. Consequently, the company is not in a position to quantify any significant changes in operations for the three and six months ended Dec. 31 as compared with the three and six months ended Dec. 31, 2010.
“However, as recently disclosed in the company’s Form 8-K dated Nov. 8, increases to the allowance for loan losses over the periods of restatement will have a material adverse impact on the shareholders’ equity, the regulatory capital levels of First Place Bank and the ability of the bank to achieve capital levels set forth in the cease-and-desist order dated July 13, 2011.
“The company anticipates that its results for the three months ended Dec. 31, compared to the same period [in 2010] will generally reflect an increase in mortgage banking gains and a decrease in personnel expense. These improvements will be offset by a decrease in net interest income, less favorable results from loan servicing due to the impairment of mortgage servicing rights, and higher costs incurred in connection with the restatement.
“The company anticipates that its results for the six months ended Dec. 31, compared to the first six months of fiscal 2011, will generally reflect an increase in mortgage banking gains and an increase in ‘other income’ attributable to a gain from the sale of [its] insurance business in the quarter ended Sept. 30. These improvements will be offset by a decrease in net interest income, less favorable results from loan servicing and higher costs incurred in connection with the restatement.”
First Place Financial Corp. describes itself as a “$3.1 billion financial services holding company with two subsidiaries: First Place Bank and First Place Holdings Inc.
The company’s stock, now traded over the counter, closed at 78 cents Wednesday on value of 12,587 shares.
Copyright 2012 The Business Journal, Youngstown, Ohio.