First Place reports earnings loss, dividend cut

WARREN — First Place Financial Corp. reported lower earnings and a 50 percent cut in its quarterly dividend.

The Warren-based parent company of First Place Bank said Tuesday that it earned $2.9 million in the quarter that ended June 30, compared with earnings of $5.6 million in the same quarter last year.

The company said the decrease in earnings came from a $1.5 million increase in money it sets aside for loan losses and from a $1.4 million accounting charge for a decrease in value of investment securities.

First Place set aside $4.6 million for loan losses in the quarter as it continues to review its outstanding loans.

Its nonperforming assets stood at $74.4 million on June 30, compared with $40.7 million a year earlier. This includes loans that haven’t been paid on in 90 days and real estate owned by the company.

For the complete story, see Wednesday’s Vindicator and Vindy.com.