First Place Financial Q3 net income decreases

Published: 28-Apr-2009

For the nine months ended March 31, 2009, net interest income increased 1.8% compared to the same period 2008

First Place Financial has reported a net income of $2.5m or $0.14 per common share in third quarter of fiscal 2009, compared to $4.8m or $0.3 per common share in the third quarter of fiscal 2008.

In third quarter of fiscal 2009, net interest income was $21.7m, a decrease of 0.7%, compared to $21.8m in the third quarter of fiscal 2008.

For the nine months ended March 31, 2009, the company has reported a net loss of $97.7m or $5.91 loss per common share, compared to a net income of $7.9m or $0.48 loss per common share for the nine months ended March 31, 2008.

For the nine months ended March 31, 2009, net interest income increased 1.8% to $65.94m, compared to $64.76m for the nine months ended March 31, 2008.

Steven Lewis, president and CEO of First Place Financial, said: Although we still face economic challenges in the form of nonperforming assets, we are pleased with a number of positive events that occurred this quarter. Most importantly, we returned to profitability after experiencing net losses in the last two quarters.

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