First Place Financial has reported a net loss of $2.6 million for the second quarter of fiscal 2009, compared to a net loss of $3.1 million for the second quarter of fiscal 2008.
According to the company, the change was primarily due to a decrease of
$5.9 million in impairment of securities and a decrease of $1.4 million in income tax expense, partially offset by an increase of $4 million in the provision for loan losses and a $2.5 million charge for a decline in the fair value of securities. Net loss per share for the current quarter was $0.16, compared with a net loss per share of $0.20 for the same quarter in the prior year.
Net interest income for the second quarter of fiscal 2009 was $21.3 million, a decrease of $0.3 million or 1.2%, compared with $21.6 million in the second quarter of fiscal 2008.
For the six months ended December 31, 2008, the company reported a net loss of $8.8 million, compared with a net income of $3.1 million for the same period in 2007. The decrease was primarily due to an $11.9 million charge for a decline in the fair value of securities and an increase of $9.4 million in the provision for loan losses, partially offset by decreases of $5.9 million in impairment of securities and $5.5 million in income tax expense.
Net loss per share was $0.53 for the first half of fiscal 2009, compared with diluted net earnings per share of $0.19 for the same period in the prior year.
Assets were $3.38 billion at December 31, 2008, compared with $3.32 billion at September 30, 2008, an increase of $62 million or 1.9%. Deposits totalled $2.54 billion at December 31, 2008, an increase of $135 million since September 30, 2008. Shareholders’ equity was $309 million at December 31, 2008, down $2 million from September 30, 2008.
