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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: February 4, 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
of incorporation) Identification
Number)
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)
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Item 5 Other Events
Second Quarter Financial Information Press Release............
Item 7 Financial Statements
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: February 4, 1999 By: /s/ Steven R. Lewis
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Steven R. Lewis,
President and CEO
FIRST PLACE FINANCIAL CORP.
185 E. Market Street
Warren, OH 44482
For Immediate Release
First Place Financial Corp. Reports Second Quarter Results
Warren, Ohio, February 4, 1999 First Place Financial Corp. (NASDAQ: FPFC), the
holding company for First Federal Savings and Loan Association of Warren (the
"Association"), reported a loss for the three months ended December 31, 1998 of
$4.3 million which was primarily due to an $8.0 million contribution to the
First Federal of Warren Community Foundation. Also contributing to the decline
in the current period compared to the prior period, was a restructure of fixed
rate borrowings that amounted to $500,000. Excluding these items, net income
for the three months would have been $1.3 million. Earnings for the comparable
period in the prior year were $1.2 million. Earnings per share data are not
reported, as the company did not complete its stock offering until December 31,
1998 rendering the information meaningless.
Net income for the six-month period ended December 31, 1998 was ($3.1) million
compared to $2.5 million in the year ago period. The change is primarily due to
the contribution to the Community Foundation. The restructure of the fixed rate
borrowings also contributed to the decline in net income. Excluding these
items, net income for the 1998 six-month period would have been $2.6 million.
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The Company believes that the funding of the Foundation will enhance its
visibility and reputation in the communities in which it operates, ultimately
enhancing the long-term value of the Company. Steve Lewis, President and CEO,
stated that "We were very pleased with the desire of our shareholders to allow
us to establish the Foundation. The Association has long emphasized charitable
involvement and the formation of the Foundation will allow that involvement to
continue while allowing us to place increased emphasis on community lending and
development. The first six months of fiscal year 1999 have been extremely
productive and we feel that we have positioned First Place for continued growth
as we look towards the new millennium."
Total assets increased from $609.4 million at June 30, 1998 to $744.2 million at
December 31, 1998 while total shareholders' equity increased $98.3 million to
$157.6 million at December 31, 1998 from $59.4 million at June 30, 1998. The
increase in total shareholders' equity was due to the proceeds received in
connection with the conversion of the Association from a federally chartered
mutual association to a federally chartered stock association.
The Association is a wholly owned subsidiary of First Place Financial Corp. with
eleven full-service banking facilities serving Trumbull and Mahoning Counties in
Northeastern Ohio. Additional information may be found on the Company's web
site: www.firstfederalofwarren.com.
Financial Statements and Exhibits:
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FIRST PLACE FINANCIAL CORP.
<S> <C> <C> <C> <C>
(Unaudited)
December 31, June 30, %
Selected Consolidated Financial Condition Data: 1998 1998 Change
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(Dollars in Thousands)
Total assets $744,186 $609,398 22%
Loans receivable, net 414,908 353,012 18%
Securities available for sale 257,105 211,185 18%
Securities held to maturity (1) 0 28,295 N/M
Deposits 422,135 435,462 -3%
Federal Home Loan Bank Advances 34,645 44,820 -23%
Repurchase Agreements 44,430 60,430 -26%
Equity 157,616 59,357 166%
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<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
Selected Consolidated Operations Data: December 31, December 31,
(Dollars in Thousands) 1998 1997 1998 1997
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<S> <C> <C> <C> <C>
Total interest income $ 11,851 $ 10,498 $ 23,066 $20,692
Total interest expense 6,921 6,358 13,621 12,452
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Net interest income 4,930 4,140 9,445 8,240
Provison for loan losses 475 95 658 340
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Net interest income after provision 4,455 4,045 8,787 7,900
Noninterest income 493 373 951 825
Gain (loss) on sale of securities (40) 0 (40) 106
Contribution to Foundation 8,026 0 8,026 0
Noninterest expense 3,425 2,538 6,325 5,187
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Income before federal income tax (6,543) 1,880 (4,653) 3,644
Federal income tax expense (2,224) 660 (1,581) 1,158
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Net income ($4,319) $ 1,220 ($3,072) $ 2,486
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(1) Effective October 1, 1998, the company adopted Statement of Financial
Accounting Standards (SFAS) No. 133, "Accounting for Derivative Instruments
and Hedging Activities." Management reclassified all held to maturity
securities to available for sale as allowed by SFAS No. 133.
Contact: First Place Financial Corp.
Steve Lewis, President and CEO
Troy Adair, Investor Relations
(330) 373-1221 Ext. 218
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