First Place Financial Corp. of Warren, Ohio, said a regulatory examination was behind its decision to postpone the release of its results for its fiscal first quarter, which ended Sept. 30.
The $3.1 billion-asset company announced Thursday that the Office of Thrift Supervision had orally advised it that it believed First Place's loan-loss allowance should be increased. As of June 30 the allowance was 46.55% of nonperforming loans. The company said it was determining the appropriate level.
That announcement followed a short press release from the company Tuesday that said it had postponed the release of its first-quarter results. It did not say when it would release them.