First Place Financial 8-K First Place Financial Corp. Reports Third Quarter Net Income of $2.5 Million

Exhibit 99.1

For release: April 22, 2009	For further information:
	Steven R. Lewis, President & CEO
	David W. Gifford, CFO
	(330) 373-1221

First Place Financial Corp. Reports Third Quarter Net Income of $2.5 Million

Board of Directors Approves Quarterly Dividend

Highlights

• Net income for the third quarter of fiscal 2009 was $2.5 million, primarily driven by mortgage banking gains, partially offset by provision for loan losses and loan servicing losses;

• Historically low interest rates continued during the quarter resulting in an increase in mortgage banking activity and gains of $6.8 million, an increase of $2.9 million from the same quarter in the prior year;

• First Place continued to strengthen its allowance for loan losses by $2.2 million or 6.5% during the current quarter to $35.8 million or 1.41% of loans, up from 1.28% of loans at December 31, 2008;

• With the receipt of the U.S. Treasury’s Capital Purchase Program funds of $72.9 million, liquidity and capital levels far exceed regulatory requirements which positions First Place for long-term success;

• Organic deposits increased $39 million during the current quarter, funding the payoff of $31 million in wholesale deposit maturities resulting in a net gain of $8 million in deposits; and

• The Board of Directors declared the Company’s 41st consecutive quarterly common cash dividend. The dividend of $0.01 per share is the same as the prior quarter.

Summary

Warren, Ohio – April 22, 2009 – First Place Financial Corp. (Nasdaq: FPFC) reported net income of $2.5 million for the quarter ended March 31, 2009 compared with $4.8 million for the quarter ended March 31, 2008. The decline was primarily due to an increase of $2.1 million in the provision for loan losses and a $3.0 million increase in noninterest expense partially offset by an increase of $1.2 million in noninterest income and a decrease of $1.9 million in income tax expense. Diluted earnings per common share for the current quarter were $0.14 compared with $0.30 for the same quarter in the prior year. Return on average equity and return on average tangible equity for the current quarter were 4.46% and 4.71%, respectively, compared with 6.11% and 9.25% for the same quarter in the prior year.

Net income of $2.5 million for the quarter ended March 31, 2009 represented an improvement of $96.6 million from a net loss of $94.1 million for the preceding quarter ended December 31, 2008. The $93.7 million pre-tax charge for goodwill impairment in the December 2008 quarter was the primary cause of the loss in the preceding

1

quarter. Diluted earnings per common share for the current quarter were $0.14 compared with a net loss per common share of $5.68 for the preceding quarter ended December 31, 2008. Return on average equity and return on average tangible equity for the current quarter were 4.46% and 4.71% respectively, compared with -121.96% and -185.71% for the preceding quarter ended December 31, 2008.

For the nine months ended March 31, 2009, the Company reported a net loss of $97.7 million compared with net income of $7.9 million for the nine months ended March 31, 2008. The decrease was primarily due to pre-tax charges of $93.7 million for goodwill impairment, $12.4 million for a decline in the fair value of securities and an increase of $11.5 million in the provision for loan losses, partially offset by decreases of $5.9 million in impairment of securities and $9.6 million in income tax expense. Net loss per common share was $5.91 for the nine months ended March 31, 2009 compared with diluted earnings per common share of $0.48 for the nine months ended March 31, 2008. Return on average assets and return on average equity for the nine months ended March 31, 2009 were -3.91% and -45.73%, respectively, compared with 0.32% and 3.29% for the nine months ended March 31, 2008.

Core earnings are a supplementary financial measure computed using methods other than Generally Accepted Accounting Principles (GAAP) that exclude certain unusual or nonrecurring items of revenue or expense. There were no differences between net income and core earnings for the third quarter of fiscal 2009 and the same quarter in the prior year. For the nine months ended March 31, 2009, the pre-tax charges of $93.7 million for goodwill impairment and $1.1 million for merger, integration and restructuring expenses have been excluded from core earnings. For the nine months ended March 31, 2008, the pre-tax charge of $0.8 million for merger, integration and restructuring expenses has been excluded from core earnings. For additional information on core earnings, see the Explanation of Certain Non-GAAP Measures beginning on page five of this release and the Reconciliation of Net Income to Core Earnings on page nine.

The core net loss for the nine months ended March 31, 2009 was $4.9 million compared with core net income of $8.4 million for the nine months ended March 31, 2008. Core loss per common share was $0.31 for the nine months ended March 31, 2009 compared with core diluted earnings per common share of $0.52 for the nine months ended March 31, 2008. Core return on average equity and core return on average tangible equity for the nine months ended March 31, 2009 were -2.27% and -3.09%, respectively, compared with 3.51% and 5.28% for the nine months ended March 31, 2008.

Commenting on these results, Steven R. Lewis, President and CEO, stated, “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. Also during this quarter, the U. S. Treasury chose to invest $73 million in our Company as part of the Capital Purchase Program for healthy institutions. This is a vote of confidence for First Place along with being a significant boost to our capital levels which will put us in a better position to weather the current economic crisis and enable us to continue to invest in our local markets by making quality loans. Finally, we have experienced a record breaking quarter in residential mortgage loan originations providing reduced interest rates and mortgage payments to thousands of customers while generating record mortgage banking gains.”

Revenue

Net interest income for the third quarter of fiscal 2009 was $21.7 million, a decrease of $0.1 million or 0.7% compared with $21.8 million in the third quarter of fiscal 2008. This decrease was the result of a decline in the net interest margin of 13 basis points to 2.85% for the current quarter from 2.98% for the same quarter in the prior year, partially offset by a 4.5% increase in average earning assets in the current quarter compared with the same quarter in the prior year. Net interest income of $21.7 million for the quarter ended March 31, 2009 represents an increase of $0.4 million from net interest income of $21.3 million for the quarter ended December 31, 2008 while net interest margin of 2.85% for the current quarter increased from net interest margin of 2.81% from the preceding quarter. The primary reason for the increase in net interest margin from the December 2008 quarter was that interest rates paid on interest-bearing liabilities decreased at a faster pace than interest rates on interest-

2

earning assets declined. During the current quarter, the Company carried a high level of short-term liquid assets due to the uncertainties in the financial markets. However, significant reductions in the cost of deposits more than offset the negative impact of high liquidity resulting in the net increase of four basis points in net interest margin.

Noninterest income for the third quarter of fiscal 2009 was $11.1 million, an increase of $1.2 million or 12.1% compared with $9.9 million in the third quarter of fiscal 2008. This increase was primarily due to increases of $2.9 million in mortgage banking gains and $0.5 million in service charges on deposit accounts, partially offset by a charge of $0.5 million for the decline in the fair value of securities in the current quarter and decreases of $0.6 million in loan servicing income and $0.6 million in other income – nonbank subsidiaries.

The volume of loan sales in the current quarter was $638 million compared to $329 million for the same quarter in the prior year. The increase in mortgage banking gains was primarily due to higher margins on mortgage banking sales and a $309 million increase in the volume of loans sold. The $0.6 million decrease in loan servicing income was primarily due to continued low interest rates during the current quarter, precipitating an increase in prepayment speeds and as a result, the amortization of mortgage servicing rights increased.

Mr. Lewis commented, “Congratulations to all of our mortgage banking personnel. Their efforts this quarter resulted in more than $700 million in residential mortgage loan originations which was more than 70% higher than any previous quarter in our history. This is a win for us and for our customers who were able to purchase new homes or reduce the monthly payments on their current homes.”

Noninterest Expense

Noninterest expense for the third quarter of fiscal year 2009 was $23.0 million, an increase of $3.0 million or 15.2% compared with $20.0 million in the third quarter of fiscal year 2008. The increase in noninterest expense was primarily due to increases of $1.3 million in salaries and employee benefits, $1.0 million in other expenses and $0.6 million in real estate owned expense. In order to utilize our employees more efficiently, we changed our organizational structure this quarter to manage by product line rather than by geographic region. This resulted in the elimination of certain positions by consolidating similar positions that existed in more than one region. As a result we experienced severance costs. Salaries and employee benefits also increased due to an increase in health care costs and the impact of employees added with the OC Financial acquisition in June 2008. The increase in other expenses was primarily due to an increase in FDIC premiums. This increase resulted from increases in premium rates and deposit balances along with the exhaustion of credits issued in 2006. Noninterest expense as a percent of average assets increased to 2.80% for the quarter ended March 31, 2009 from 2.45% for the same quarter in the prior year. Real estate owned expense as a percent of average assets was 0.13% for the quarter ended March 31, 2009 compared with 0.07% for the quarter ended March 31, 2008.

Noninterest expense for the third quarter of fiscal 2009 of $23.0 million decreased $93.6 million from $116.6 million in the preceding quarter. The decrease was primarily due to the $93.7 million charge for goodwill impairment in the prior quarter. Noninterest expense as a percent of average assets decreased to 2.80% in the current quarter compared with 13.81% in the preceding quarter. Core noninterest expense as a percent of average assets increased to 2.80% in the current quarter compared with 2.58% in the preceding quarter.

Core noninterest expense excludes goodwill impairment and merger, integration and restructuring costs. There were no differences for the third quarter of fiscal 2009 and the same quarter in the prior year. Core noninterest expense for the nine months ended March 31, 2009 was $66.1 million, an increase of $4.0 million or 6.5% over core noninterest expense of $62.1 million for the nine months ended March 31, 2008. For the nine months ended March 31, 2009, core noninterest expense as a percent of average assets increased to 2.64% from 2.55% for the nine months ended March 31, 2008.

3

Asset Quality

Nonperforming assets, which are comprised of nonperforming loans and real estate owned, were $104.2 million at March 31, 2009, or 3.08% of total assets, up $2.4 million from $101.8 million or 3.10% of total assets at December 31, 2008. Nonperforming loans were $69.2 million at March 31, 2009, or 2.74% of total loans, up $2.2 million from $67.0 million or 2.56% of total loans at December 31, 2008. Real estate owned was $35.0 million at March 31, 2009, up $0.2 million from $34.8 million at December 31, 2008. First Place works with borrowers to avoid foreclosure if at all possible. Furthermore, if it becomes inevitable that a borrower will not be able to retain ownership of their property, First Place often seeks a deed in lieu of foreclosure in order to gain control of the property earlier in the recovery process. First Place has been pursuing deeds in lieu of foreclosure aggressively since January 1, 2008. Over the long term, pursuing deeds in lieu of foreclosure should result in a significant reduction in the holding period for nonperforming assets and ultimately reduce economic losses. Single family residential properties represented $22.6 million of the $35.0 million balance of real estate owned at March 31, 2008.

Net charge-offs were $4.6 million in the current quarter which was an increase of $2.4 million over net charge-offs of $2.2 million in the quarter ended March 31, 2008 and a decrease of $2.5 million from net charge-offs of $7.1 million in the preceding quarter. Each quarter, management performs a review of estimated probable incurred credit losses in the loan portfolio. Based on this analysis, a provision for loan losses of $6.8 million was recorded for the quarter ended March 31, 2009. That provision represents a $2.1 million increase over the provision of $4.7 million recorded in the quarter ended March 31, 2008 and a $2.4 million decrease from the provision of $9.2 million recorded in the preceding quarter. The allowance for loan losses increased to $35.8 million at March 31, 2009, from $33.6 million at December 31, 2008 and $28.9 million at March 31, 2008. The ratio of the allowance for loan losses to total loans was 1.41% at March 31, 2009, compared with 1.28% at December 31, 2008 and 1.10% at March 31, 2008. The allowance for loan losses as a percent of nonperforming loans was 51.7% at March 31, 2009, up from 50.2% at December 31, 2008. Of the total nonperforming loans at March 31, 2009, 94% were secured by real estate. Real estate loans are generally well secured and if these loans do default, the majority of the loan balance is recovered by liquidating the real estate.

Steven Lewis commented, “We have continued to experience unemployment and depressed real estate values in the markets where we lend, resulting in an unsatisfactory level of nonperforming loans. Our greatest exposure exists in our loans to builders to develop residential building lots and build new homes. Reducing our concentrations of credit in construction and development lending and the disposition of nonperforming assets remain our highest priorities. In the meantime, we continue to fully recognize the cost of our current delinquent and nonperforming loans through our provision for loan losses. We remain committed to reducing nonperforming assets in the coming months.”

Balance Sheet Activity

Assets were $3.385 billion at March 31, 2009, compared with $3.284 billion at December 31, 2008, an increase of $101 million or 3.1%. The increase was due to the receipt of $73 million in the U.S. Treasury’s Capital Purchase Program funds and $28 million of organic growth. The organic growth was primarily due to increases in cash and due from banks and loans held for sale, partially offset by a decrease in portfolio loans. Total portfolio loans were $2.529 billion at March 31, 2009, a decrease of $84 million from December 31, 2008. Mortgage and construction loans decreased $68 million during the current quarter, or 7.1%, to $887 million. Consumer loans decreased $10 million during the current quarter and commercial loans decreased $6 million during the same period. Commercial loans now account for 49.8% of the loan portfolio, up from 48.4% at December 31, 2008. Loans held for sale increased $63 million to $160 million at March 31, 2009 compared with $97 million at December 31, 2008.

Deposits totaled $2.549 billion at March 31, 2009, an increase of $8 million since December 31, 2008. The increase in deposits was primarily due to an increase of $39 million in deposits generated through our retail branch deposit network, partially offset by maturities of $31 million in certificates of deposit acquired through brokers and public funds of the state of Ohio. Total borrowings increased $1 million to $508 million at March 31, 2009, compared with December 31, 2008.

4

As stated above, the Company received the U.S. Treasury’s Capital Purchase Program funds to strengthen total equity which increased to $294 million at March 31, 2009, up from $218 million at December 31, 2008. Total equity as a percent of assets was 8.70% at March 31, 2009, up from 6.63% at December 31, 2008. Tangible equity to tangible assets increased to 8.36% at March 31, 2009, up from 6.29% at December 31, 2008. The Company invested $31 million of the U.S. Treasury’s Capital Purchase Program funds directly into First Place Bank, strengthening even further the Bank’s capital position. First Place Bank was well capitalized under regulatory capital standards prior to the receipt of the U.S. Treasury’s Capital Purchase Program funds and continued to be well capitalized at March 31, 2009.

Steven Lewis noted, “With the recent and dramatic disruption in the capital markets and the resulting tightening of credit nationwide, we have carefully monitored and maintained appropriate levels of both liquidity and capital. With today’s environment forcing earnings to take a back seat, maintenance of both liquidity and capital adequacy are keys to weathering these trying times. Our growth in deposits not only strengthens our funding base, but also demonstrates the confidence that the public and our customers have in First Place.”

Board Actions

At its regular meeting held on April 21, 2009, the Board of Directors declared a per share cash dividend of $0.01 payable on May 14, 2009, to shareholders of record as of the close of business on April 30, 2009. This dividend is at the same level as the dividend declared in January 2009.

Conference Call

Steven R. Lewis, Chief Executive Officer of First Place Financial Corp., and David W. Gifford, Chief Financial Officer, along with members of the Company’s executive team, will provide an overview of third quarter fiscal 2009 performance and business highlights in a conference call and simultaneous webcast to be held at 10 a.m. E.T. Thursday, April 23. The conference call can be accessed by dialing 877-407-0783 or 201-689-8564. The webcast can be accessed live at the Company’s website,www.firstplacebank.com, along with the release and supporting financial information. The event will be archived on the First Place website for one month. In addition, the recorded version of the conference call can be accessed by phone from 12 p.m. April 23, 2009 through midnight May 7, 2009 by dialing 877-660-6853 Account #286, ID #318408.

About First Place Financial Corp.

First Place Financial Corp. is a $3.4 billion financial services holding company based in Warren, Ohio. First Place Financial Corp. operates 44 retail locations, 2 business financial service centers and 18 lending centers throughout the Midwest. Additional affiliates of First Place Financial Corp. include First Place Holdings, Inc., the holding company for the Company’s nonbank affiliates including First Place Insurance Agency, Ltd.; Coldwell Banker First Place Real Estate, Ltd.; TitleWorks Agency, LLC, APB Financial Group, Ltd. and American Pension Benefits, Inc. Information about First Place Financial Corp. may be found on the Company’s web site:www.firstplacebank.com.

Explanation of Certain Non-GAAP Measures

This press release contains certain financial information determined by methods other than in accordance with GAAP. Specifically, we have provided financial measures that are based on core earnings rather than net income. Ratios and other financial measures with the word “core” in their title were computed using core earnings rather than net income. Core earnings excludes merger, integration and restructuring expense; extraordinary income or expense; income or expense from discontinued operations; and income, expense, gains and losses that are not reflective of ongoing operations or that we do not expect to reoccur. Similarly, core noninterest expense or core noninterest income exclude the pre-tax impact of those same items that impact noninterest income or noninterest expense. We believe that this information is useful to both investors and to management and can aid them in

5

understanding the Company’s current performance, performance trends and financial condition. While core earnings can be useful in evaluating current performance and projecting current trends into the future, we do not believe that core earnings are a substitute for GAAP net income. We encourage investors and others to use core earnings as a supplemental tool for analysis and not as a substitute for GAAP net income. Our non-GAAP measures may not be comparable to the non-GAAP measures of other companies. In addition, future results of operations may include nonrecurring items that would not be included in core earnings. A reconciliation from GAAP net income to the non-GAAP measure of core earnings is shown in the consolidated financial highlights on page nine.

Forward-Looking Statements

When used in this press release, or future press releases or other public or shareholder communications, in filings by the Company with the Securities and Exchange Commission or in oral statements made with the approval of an authorized executive officer, the words or phrases such as “will likely result,” “expect,” “will continue,” “anticipate,” “estimate,” “project,” “believe,” “should,” “may,” “will,” “plan,” or variations of such terms or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the Company’s actual results to be materially different from those indicated. Such statements are subject to certain risks and uncertainties including changes in economic conditions in the market areas the Company conducts business, which could materially impact credit quality trends, changes in laws, regulations or policies of regulatory agencies, fluctuations in interest rates, demand for loans in the market areas the Company conducts business, and competition, that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

6

FIRST PLACE FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three months ended March 31,						Percent Change		Nine months ended March 31,						Percent Change
(Dollars in thousands, except share data)	2009			2008					2009			2008
Interest income	$	42,408		$	47,421		(10.6	)%	$	130,365		$	144,812		(10.0	)%
Interest expense		20,723			25,586		(19.0	)		64,422			80,047		(19.5	)
Net interest income		21,685			21,835		(0.7	)		65,943			64,765		1.8
Provision for loan losses		6,797			4,680		45.2			23,364			11,836		97.4
Net interest income after Provision for loan losses		14,888			17,155		(13.2	)		42,579			52,929		(19.6	)
Noninterest income
Service charges on deposit accounts		2,675			2,145		24.7			7,278			6,206		17.3
Net gains (losses) on sale of securities		1			8		(87.5	)		320			737		(56.6	)
Impairment of securities		—			—		N/M			—			(5,900	)	N/M
Change in fair value of securities		(489	)		—		N/M			(12,353	)		—		N/M
Mortgage banking gains		6,812			3,938		73.0			10,693			6,859		55.9
Gain on sale of loan servicing rights		—			490		N/M			—			1,961		N/M
Loan servicing income (loss)		(1,009	)		(411	)	N/M			(1,993	)		(267	)	N/M
Other income – bank		1,653			1,624		1.8			4,953			4,969		(0.3	)
Insurance commission income		1,036			1,072		(3.4	)		2,979			2,730		9.1
Other income – nonbank		457			1,070		(57.3	)		2,204			3,546		(37.8	)
Total noninterest income		11,136			9,936		12.1			14,081			20,841		(32.4	)
Noninterest expense
Salaries and employee benefits		11,382			10,083		12.9			31,818			30,719		3.6
Occupancy and equipment		3,639			3,459		5.2			10,421			9,627		8.2
Professional fees		823			649		26.8			2,485			2,154		15.4
Loan expenses		899			592		51.9			2,239			1,476		51.7
Marketing		268			453		(40.8	)		1,423			2,126		(33.1	)
Merger, integration & restructuring		—			—		N/M			1,109			790		40.4
Goodwill impairment		—			—		N/M			93,741			—		N/M
Amortization of intangible assets		784			1,104		(29.0	)		2,378			3,327		(28.5	)
Real estate owned expense		1,102			550		100.4			3,574			2,690		32.9
Other expense		4,103			3,082		33.1			11,771			9,947		18.3
Total noninterest expense		23,000			19,972		15.2			160,959			62,856		156.1
Income (loss) before income tax expense (benefit)		3,024			7,119		(57.5	)		(104,299	)		10,914		N/M
Income tax expense (benefit)		483			2,350		(79.4	)		(6,584	)		3,038		(316.7	)
Net income (loss)		2,541			4,769		(46.7	)		(97,715	)		7,876		N/M
Preferred stock dividends and accretion		216			—		N/M			216			—		N/M
Income (loss) available to common shareholders	$	2,325		$	4,769		(51.2	)	$	(97,931	)	$	7,876		N/M
SHARE DATA:
Basic earnings (loss) per common share	$	0.14		$	0.30		(53.3	)%	$	(5.91	)	$	0.49		N/M
Diluted earnings (loss) per common share	$	0.14		$	0.30		(53.3	)	$	(5.91	)	$	0.48		N/M
Cash dividends per common share	$	0.01		$	0.17		(94.1	)	$	0.180		$	0.495		(63.6	)
Average common shares outstanding—basic		16,569,366			15,968,711		3.8			16,558,189			16,180,416		2.3
Average common shares outstanding—diluted		16,569,366			15,998,585		3.6			16,558,189			16,259,477		1.8

N/M – Not meaningful

7

FIRST PLACE FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in thousands)	Mar. 31, 2009 (Unaudited)		Dec. 31, 2008 (Unaudited)		Sept. 30, 2008 (Unaudited)		June 30, 2008		Mar. 31, 2008 (Unaudited)
ASSETS
Cash and due from banks	$	70,564	$	38,647	$	65,444	$	59,483	$	52,351
Interest-bearing deposits in other banks		111,376		74,494		5,992		4,151		5,049
Federal funds sold		41,000		—		150		5,608		—
Securities, at fair value		287,719		283,097		278,989		284,433		275,519
Loans held for sale, at fair value		160,165		96,851		66,039		72,341		85,372
Loans
Mortgage and construction		886,805		954,660		989,003		1,015,010		1,018,083
Commercial		1,258,784		1,265,165		1,245,998		1,234,130		1,212,947
Consumer		383,640		393,630		395,942		399,637		384,629
Total loans		2,529,229		2,613,455		2,630,943		2,648,777		2,615,659
Less allowance for loan losses		35,766		33,577		31,428		28,216		28,874
Loans, net		2,493,463		2,579,878		2,599,515		2,620,561		2,586,785
Federal Home Loan Bank stock		36,221		36,221		36,221		35,761		34,523
Premises and equipment, net		38,561		40,454		40,328		40,089		50,902
Premises held for sale, net		14,739		13,333		13,491		13,555		—
Goodwill		909		—		93,741		93,626		91,978
Core deposit and other intangibles		11,380		11,979		12,767		13,573		13,998
Other assets		119,273		109,328		103,276		97,865		92,507
Total assets	$	3,385,370	$	3,284,282	$	3,315,953	$	3,341,046	$	3,288,984
LIABILITIES
Deposits
Noninterest-bearing checking	$	230,968	$	227,434	$	222,305	$	248,851	$	227,994
Interest-bearing checking		166,394		160,274		158,298		159,874		155,941
Savings		399,343		393,070		438,410		475,835		453,609
Money markets		283,927		285,615		305,320		359,801		362,711
Certificates of deposit		1,468,643		1,474,557		1,281,294		1,124,731		1,128,340
Total deposits		2,549,275		2,540,950		2,405,627		2,369,092		2,328,595
Short-term borrowings		170,946		142,454		156,173		197,100		150,214
Long-term debt		337,092		364,269		414,448		424,374		464,371
Other liabilities		33,681		18,752		28,790		31,513		32,106
Total liabilities		3,090,994		3,066,425		3,005,038		3,022,079		2,975,286
SHAREHOLDERS’ EQUITY		294,376		217,857		310,915		318,967		313,698
Total liabilities and shareholders’ equity	$	3,385,370	$	3,284,282	$	3,315,953	$	3,341,046	$	3,288,984

8

FIRST PLACE FINANCIAL CORP.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

	As of or for the three months ended											As of or for the nine months ended March 31,
	3/31/09			12/31/08		9/30/08		6/30/08		3/31/08
(Dollars in thousands except per share data)	3rd Qtr FY 2009			2nd Qtr FY 2009		1st Qtr FY 2009		4th Qtr FY 2008		3rd Qtr FY 2008
												2009		2008
EARNINGS (GAAP)
Fully tax equivalent net interest income	$	22,038		21,712		23,358		23,241		22,246		67,108		65,922
Net interest income	$	21,685		21,303		22,955		22,861		21,835		65,943		64,765
Provision for loan losses	$	6,797		9,216		7,351		4,631		4,680		23,364		11,836
Noninterest income	$	11,136		4,543		(1,598	)	6,124		9,936		14,081		20,841
Noninterest expense	$	23,000		116,599		21,360		21,209		19,972		160,959		62,856
Net income (loss)	$	2,541		(94,097	)	(6,159	)	2,914		4,769		(97,715	)	7,876
Income (loss) available to common shareholders	$	2,325		(94,097	)	(6,159	)	2,914		4,769		(97,931	)	7,876
Basic earnings (loss) per common share	$	0.14		(5.68	)	(0.37	)	0.18		0.30		(5.91	)	0.49
Diluted earnings (loss) per common share	$	0.14		(5.68	)	(0.37	)	0.18		0.30		(5.91	)	0.48
PERFORMANCE RATIOS (GAAP)(annualized)
Return on average assets		0.31	%	(11.14	)%	(0.74	)%	0.36	%	0.59	%	(3.91	)%	0.32	%
Return on average equity		4.46	%	(121.96	)%	(7.74	)%	3.75	%	6.11	%	(45.73	)%	3.29	%
Return on average tangible assets		0.31	%	(11.50	)%	(0.76	)%	0.37	%	0.61	%	(4.00	)%	0.34	%
Return on average tangible equity		4.71	%	(185.71	)%	(11.71	)%	5.66	%	9.25	%	(62.16	)%	4.96	%
Net interest margin, fully tax equivalent		2.85	%	2.81	%	3.07	%	3.13	%	2.98	%	2.89	%	2.94	%
Efficiency ratio		69.33	%	444.98	%	98.16	%	72.23	%	62.06	%	198.25	%	72.45	%
Noninterest expense to average assets		2.80	%	13.81	%	2.56	%	2.60	%	2.45	%	6.44	%	2.59	%
RECONCILIATION OF NET INCOME TO CORE EARNINGS
Net income (loss)	$	2,541		(94,097	)	(6,159	)	2,914		4,769		(97,715	)	7,876
Merger, integration and restructuring, net of tax	$	—		692		29		293		—		721		514
Goodwill impairment, net of tax	$	—		92,139		—		—		—		92,139		—
Core earnings (loss)	$	2,541		(1,266	)	(6,130	)	3,207		4,769		(4,855	)	8,390
Core earnings (loss) available to common shareholders	$	2,325		(1,266	)	(6,130	)	3,207		4,769		(5,071	)	8,390
CORE EARNINGS
Core earnings (loss) available to common shareholders	$	2,325		(1,266	)	(6,130	)	3,207		4,769		(5,071	)	8,390
Core basic earnings (loss) per common share	$	0.14		(0.08	)	(0.37	)	0.20		0.30		(0.31	)	0.52
Core diluted earnings (loss) per common share	$	0.14		(0.08	)	(0.37	)	0.20		0.30		(0.31	)	0.52
CORE PERFORMANCE RATIOS(annualized)
Core return on average assets		0.31	%	(0.15	)%	(0.73	)%	0.39	%	0.59	%	(0.19	)%	0.35	%
Core return on average equity		4.46	%	(1.64	)%	(7.71	)%	4.13	%	6.11	%	(2.27	)%	3.51	%
Core return on average tangible assets		0.31	%	(0.15	)%	(0.76	)%	0.41	%	0.61	%	(0.20	)%	0.36	%
Core return on average tangible equity		4.71	%	(2.50	)%	(11.65	)%	6.23	%	9.25	%	(3.09	)%	5.28	%
Core net interest margin, fully tax equivalent		2.85	%	2.81	%	3.07	%	3.13	%	2.98	%	2.89	%	2.94	%
Core efficiency ratio		69.33	%	83.00	%	97.95	%	70.69	%	62.06	%	81.43	%	71.54	%
Core noninterest expense to average assets		2.80	%	2.58	%	2.56	%	2.55	%	2.45	%	2.64	%	2.55	%

9

FIRST PLACE FINANCIAL CORP.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

	As of or for the three months ended											As of or for the nine months ended March 31,
	3/31/09			12/31/08		9/30/08		6/30/08		3/31/08
(Dollars in thousands except per share data)	3rd Qtr FY 2009			2nd Qtr FY 2009		1st Qtr FY 2009		4th Qtr FY 2008		3rd Qtr FY 2008
												2009		2008
CAPITAL
Total equity to total assets at end of period		8.70	%	6.63	%	9.38	%	9.55	%	9.54	%	8.70	%	9.54	%
Tangible total equity to tangible assets at end of period		8.36	%	6.29	%	6.37	%	6.55	%	6.53	%	8.36	%	6.53	%
Book value per common share	$	13.27		12.84		18.32		18.79		19.11		13.27		19.11
Tangible book value per common share	$	12.55		12.13		12.04		12.48		12.65		12.55		12.65
Period-end market value per common share	$	3.36		3.83		12.85		9.40		13.00		3.36		13.00
Dividends declared per common share	$	0.010		0.085		0.085		0.170		0.170		0.180		0.495
Period-end common shares outstanding (000)		16,973		16,973		16,973		16,973		16,418		16,973		16,418
Average basic common shares outstanding (000)		16,569		16,558		16,547		15,986		15,969		16,558		16,180
Average diluted common shares outstanding (000)		16,569		16,558		16,547		15,992		15,999		16,558		16,259
ASSET QUALITY
Net charge-offs	$	4,609		7,066		4,140		5,434		2,165		15,815		9,066
Annualized net charge-offs to average loans		0.72	%	1.07	%	0.63	%	0.85	%	0.33	%	0.80	%	0.46	%
Nonperforming loans	$	69,190		66,951		62,860		50,722		57,480		69,190		57,480
Nonperforming loans to total loans		2.74	%	2.56	%	2.39	%	1.91	%	2.20	%	2.74	%	2.20	%
Nonperforming assets	$	104,159		101,752		89,433		74,417		70,692		104,159		70,692
Nonperforming assets to total assets		3.08	%	3.10	%	2.70	%	2.23	%	2.15	%	3.08	%	2.15	%
Allowance for loan losses	$	35,766		33,577		31,428		28,216		28,874		35,766		28,874
Allowance for loan losses to total loans		1.41	%	1.28	%	1.19	%	1.07	%	1.10	%	1.41	%	1.10	%
Allowance for loan losses to nonperforming loans		51.69	%	50.15	%	50.00	%	55.63	%	50.23	%	51.69	%	50.23	%
MORTGAGE BANKING
Mortgage originations	$	717,403		291,765		263,900		333,000		335,700		1,273,068		948,800
Mortgage banking gains	$	6,812		2,106		2,064		2,398		3,938		10,982		6,859
Mortgage servicing portfolio	$	1,833,518		1,549,536		1,498,521		1,425,915		1,357,944		1,833,518		1,357,944
Mortgage servicing rights	$	16,994		13,636		14,457		14,272		13,402		16,994		13,402
Mortgage servicing rights valuation (loss) recovery	$	226		(1,071	)	(292	)	350		(145	)	(1,137	)	(450	)
Mortgage servicing rights to mortgage servicing portfolio		0.93	%	0.88	%	0.96	%	1.00	%	0.99	%	0.93	%	0.99	%
END OF PERIOD BALANCES
Loans	$	2,529,229		2,613,455		2,630,943		2,648,777		2,615,659		2,529,229		2,615,659
Assets	$	3,385,370		3,284,282		3,315,953		3,341,046		3,288,984		3,385,370		3,288,984
Deposits	$	2,549,275		2,540,950		2,405,627		2,369,092		2,328,595		2,549,275		2,328,595
Total equity	$	294,376		217,857		310,915		318,967		313,698		294,376		313,698
Tangible total equity	$	282,087		205,878		204,407		211,768		207,722		282,087		207,722
Common equity	$	225,291		217,857		310,915		318,967		313,698		225,291		313,698
Tangible common equity	$	213,002		205,878		204,407		211,768		207,722		213,002		207,722
AVERAGE BALANCES
Loans	$	2,585,519		2,622,016		2,608,491		2,584,075		2,625,799		2,621,937		2,596,732
Earning assets	$	3,141,122		3,063,980		3,016,618		2,990,206		3,007,062		3,089,866		2,981,229
Assets	$	3,331,969		3,350,845		3,308,996		3,277,762		3,276,830		3,330,594		3,233,093
Deposits	$	2,566,770		2,483,101		2,394,237		2,330,860		2,323,244		2,480,746		2,276,060
Total equity	$	231,155		306,099		315,519		312,476		313,888		284,646		318,406
Tangible total equity	$	218,737		201,020		208,705		207,018		207,400		209,421		211,310
Common equity	$	219,640		306,099		315,519		312,476		313,888		280,864		318,406
Tangible common equity	$	207,222		201,020		208,705		207,018		207,400		205,639		211,310

10