UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report: October 21, 1999
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FIRST PLACE FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 0-25049 34-1880130
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(State or other jurisdiction (Commission File Number) (IRS Employer Identification #)
of incorporation)
185 E. Market Street, Warren, OH 44482
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including are code (330) 373-1221
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N/A
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(Former name or former address, if changed since last report)
Item 5 Other Events
First Quarter Financial Information Press Release............
Item 7 Financial Statements & Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
FIRST PLACE FINANCIAL CORP.
Date: October 21, 1999 By: /s/ Steven R. Lewis
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Steven R. Lewis,
President and CEO
For Immediate Release For Further Information:
Thursday, October 21, 1999 Steven Lewis, President and CEO
Troy Adair, Investor Relations
Phone (330) 373-1221
Fax (330) 392-8227
First Place Financial Corp. Announces Earnings for First Quarter
Warren, Ohio, October 21, 1999 First Place Financial Corp. (NASDAQ: FPFC), the
holding company for First Federal Savings and Loan Association of Warren (the
"Association"), reported net income of $2.4 million, or $.24 per basic and
diluted share, for the first quarter ended September 30, 1999. Net income for
the comparable period a year ago was $1.2 million.
Total assets were $795.9 million at September 30, 1999, up 6.5% from June 30,
1999. This increase was due to continued strong growth in loans receivable and
an increase in the size of the securities portfolio. Loans receivable increased
$33.3 million, or 7.3%, to $487.1 million at September 30, 1999. The increase
was driven primarily by growth in residential mortgage loans along with slight
increases in consumer, multi-family and commercial real estate loans.
Deposits increased from $429.2 million at June 30, 1999 to $438.7 million at
September 30, 1999. Total borrowings increased $46.2 million during the quarter
to $195.4 million at September 30, 1999. This increase was used to fund the
growth in loans and securities.
Total shareholders' equity declined to $152.0 million at September 30, 1999 from
$158.1 million at June 30, 1999. This decline was primarily the result of the
Company's purchase of 4% of its outstanding stock to fund the First Place
Financial Corp. 1999 Incentive Plan. This plan was approved by shareholders at
a special shareholders meeting held on July 2, 1999.
The Association has eleven full service offices located throughout Trumbull and
Mahoning counties along with six loan production offices spread throughout
Northeastern Ohio. Additional information about the Association may be found on
its web site: www.firstfederalofwarren.com.
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FIRST PLACE FINANCIAL CORP
Selected Consolidated Financial Condition Data:
(Unaudited)
September 30, June 30, %
($ in thousands) 1999 1999 Change
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Total assets $795,908 $747,332 6%
Loans receivable, net 487,054 453,791 7%
Loans available for sale 565 945 -40%
Allowance for loan losses 3,663 3,623 1%
Non performing assets 1,813 1,782 2%
Securities available for sale 260,172 249,159 4%
Deposits 438,681 429,225 2%
Federal Home Loan Bank Advances 120,964 94,811 28%
Repurchase Agreements 74,430 54,430 37%
Total shareholders' equity 151,964 158,054 -4%
Three Months Ended
September 30, %
Selected Consolidated Operations Data: 1999 1998 Change
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($ in thousands except per share amounts)
Total interest income $13,399 $11,215 19%
Total interest expense 6,790 6,700 1%
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Net interest income 6,609 4,515 46%
Provision for loan losses 169 183 -8%
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Net interest income after provision 6,440 4,332 49%
Non interest income 480 458 5%
Gain (loss) on sale of securities 0 0 N/M
Gain (loss) on sale of loans 79 0 N/M
Non interest expense 3,485 2,900 20%
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Income before federal income tax 3,514 1,890 86%
Federal income tax expense 1,114 643 73%
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Net income $2,400 $1,247 92%
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Basic earnings per share $0.24 N/A
Diluted earnings per share $0.24 N/A
Cash dividends declared per share $0.075 N/A
Average shares outstanding - basic 10,018,153 N/A
Average shares outstanding - diluted 10,018,153 N/A
N/M - Not meaningful.
At or for the Three
Months Ended
September 30,
Selected Financial Ratios and Other Data: (1) 1999 1998
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Performance Ratios:
Return on average assets (2) 1.27% 0.81%
Return on average equity (3) 6.21% 8.21%
Interest rate spread (4) 2.65% 2.55%
Net interest margin (5) 3.60% 3.03%
Efficiency ratio (6) 48.62% 58.31%
Net interest income to operating expenses 189.64% 155.67%
Capital Ratios:
Equity to total assets at end of period 19.09% 9.72%
Book value per share (7) $15.26 N/A
Average interest-earning assets to
average interest-bearing liabilities 126.29% 110.89%
Asset Quality Data:
Nonperforming assets as a percent of
total assets (8) 0.23% 0.21%
Allowance for loan losses to
non performing loans 217.52% 243.83%
Allowance for loan losses to loans
outstanding 0.75% 0.81%
Year-to-date net charge-offs (000's) $129 $67
Annualized net charge-offs to average loans 0.11% 0.07%
(1) Ratios are annualized where appropriate.
(2) Ratio of net income to average total assets.
(3) Ratio of net income to average equity.
(4) Difference between weighted average yield on interest-earning assets and
weighted average cost of interest-bearing liabilities.
(5) Ratio of net interest income to average interest-earning assets.
(6) Ratio of non interest expense to the sum of net interest income plus
non interest income.
(7) Total shareholders' equity divided by number of shares outstanding.
(8) Non performing assets consist of nonperforming loans and repossessed
automobiles.
N/A - Not applicable.