First Place Financial Corp. in Warren, Ohio, reported that it lost $13 million in the last quarter and cited unfavorable market conditions in canceling a stock offering.
It had planned to raise $80 million of capital in a common stock offering. It withdrew the registration statement, originally filed June 3, on Thursday.
The $3.1 billion-asset company, which operates on a fiscal-year calendar, said its loss shrank 5.7% in the fourth quarter, which ended June 30, compared with a year earlier. Its losses for the fiscal year totaled $34.6 million, or $2.08 a share, compared with a $111.7 million loss, or $6.75 per share, the year earlier. The company reduced its provision for loan losses by 40% from the previous quarter, to $19 million. But it charged off $26 million, mostly commercial loans, compared with net chargeoffs of $31 million in its third quarter. Nonperformers shrank $16 million, to $132.7 million, or 4.21% of total assets.
At June 30, it had a total risk-based capital ratio of 12.91% and tangible common equity of 5.56%.