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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: April 20, 2000
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FIRST PLACE FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
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<CAPTION>
Delaware 0-25049 34-1880130
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<S> <C> <C>
(State or other jurisdiction (Commission File Number) (IRS Employer Identification #)
of incorporation)
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185 E. Market Street, Warren, OH 44482
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area 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
Third 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: April 20, 2000 By: /s/ Steven R. Lewis
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Steven R. Lewis,
President and CEO
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For Immediate Release For Further Information:
Thursday, April 20, 2000 Steven Lewis, President and CEO
Troy Adair, Investor Relations
Phone (330) 373-1221
Fax (330) 392-8227
First Place Financial Corp. Announces Third Quarter Net Income
Warren, Ohio, April 20, 2000 - First Place Financial Corp. (NASDAQ: FPFC), the
holding company for First Federal Savings and Loan Association of Warren (the
"Association"), reported net income for the three months ended March 31, 2000 of
$2.0 million, or $.26 per diluted share, compared to net income of $2.6 million,
or $.25 per share, for the three month period ended March 31, 1999.
The Company continued its previously announced share repurchase activities
during the quarter purchasing an additional 537,000 shares at an average cost of
$11.28. To date, the company has purchased 2.4 million shares since converting
to a publicly owned stock company on December 31, 1998. Approximately 2.1
million of these shares will be reissued to the shareholders of Ravenna Savings
Bank to complete the merger announced on November 23, 1999. Both companies will
hold shareholder meetings on April 28, 2000 to vote upon the proposed merger.
Assuming a favorable vote by the shareholders of both companies, the merger will
close on May 5, 2000.
Assets increased to $825.7 million at March 31, 2000, an increase of $78.4
million, or 10.5%, from $747.3 million at June 30, 1999. This increase was
primarily due to growth in net loans receivable offset by a decline in fed funds
sold which were used to repurchase stock.
Loans receivable increased $89.5 million, or 19.7%, to $543.3 million at March
31, 2000. Approximately, 60% of this increase is due to traditional 1-4 family
mortgage lending with the remainder spread evenly between auto loans, equity
loans and lines, commercial real estate and commercial loans. While the company
remains committed to its traditional mortgage lending business, continued focus
will be placed on diversification of the loan portfolio.
Deposits increased to $466.8 million at March 31, 2000 compared to $429.2
million at June 30, 1999. The increase was primarily due to growth in
certificates of deposit and money market funds. Total borrowings increased
$71.4 million and totaled $220.7 million at March 31, 2000. The increase in
borrowings was used to fund the growth in loans not supported by deposit growth.
Total shareholders' equity decreased $31.8 million to $126.3 million at March
31, 2000 compared to $158.1 million at June 30, 1999. This decrease was
primarily the result of the stock repurchases discussed previously.
Additional information about the Company may be found on the Company's web site:
www.firstfederalofwarren.com.
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FIRST PLACE FINANCIAL CORP.
Selected Consolidated Financial Condition Data:
(Unaudited)
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<CAPTION>
March 31, December 31, June 30,
($ in thousands) 2000 1999 1999
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<S> <C> <C> <C>
Total assets $825,695 $804,850 $747,332
Loans receivable, net 543,294 516,036 453,791
Loans available for sale 705 815 945
Allowance for loan losses 3,758 3,743 3,623
Non performing assets 1,869 2,031 1,391
Securities available for sale 252,747 248,476 249,159
Deposits 466,833 445,240 429,225
Federal Home Loan Bank Advances 145,657 142,351 94,811
Repurchase Agreements 75,000 74,430 54,430
Total shareholders' equity 126,292 131,306 158,054
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<CAPTION>
Three Months Ended Nine Months Ended
March 31, % March 31, %
Selected Consolidated Operations Data: 2000 1999 Change 2000 1999 Change
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($ in thousands except per share amounts)
<S> <C> <C> <C> <C> <C> <C>
Total interest income $14,415 $12,455 16% $41,815 $35,522 18%
Total interest expense 8,058 5,990 35% 22,291 19,611 14%
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Net interest income 6,357 6,465 -2% 19,524 15,911 23%
Provision for loan losses 222 166 34% 605 824 -27%
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Net interest income after provision 6,135 6,299 -3% 18,919 15,087 25%
Non interest income 497 468 6% 1,461 1,416 3%
Gain (loss) on sale of securities (1) (8) -88% (6) (48) -88%
Contribution to Community Foundation 0 0 N/M 0 8,026 N/M
Gain (loss) on sale of loans 96 2 N/M 271 2 N/M
Non interest expense 3,660 3,076 19% 10,830 9,401 15%
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Income before federal income tax 3,067 3,685 -17% 9,815 (970) N/M
Federal income tax expense 1,029 1,105 -7% 3,199 (476) N/M
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Net income $2,038 $2,580 -21% $6,616 ($494) N/M
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Basic earnings per share $0.26 $0.25 $0.72 N/M
Diluted earnings per share $0.26 $0.25 $0.72 N/M
Cash dividends declared per share $0.075 N/A $0.225 N/A
Average shares outstanding - basic 7,931,541 10,347,117 9,144,179 N/A
Average shares outstanding - diluted 7,931,541 10,347,117 9,144,179 N/A
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N/M - Not meaningful.
N/A - Not applicable.
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<CAPTION>
At or for the Three At or for the Nine
Months Ended Months Ended
March 31, March 31,
Selected Average Balances and Financial Ratios: (1) 2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Average Balances (000's):
Assets $800,537 $719,654 $780,928 $668,328
Loans receivable, net 526,573 424,745 499,514 395,943
Securities available for sale 246,673 279,857 253,609 249,523
Deposits 450,920 417,194 442,949 439,782
Federal Home Loan Bank Advances 134,037 82,781 113,735 68,440
Repurchase Agreements 74,630 44,430 69,187 54,649
Shareholders' equity 130,076 159,253 144,404 93,764
Performance Ratios:
Return on average assets (2) 1.02% 1.43% 1.13% -0.10%
Return on average equity (3) 6.27% 6.48% 6.11% -0.70%
Interest rate spread (4) 2.44% 2.61% 2.52% 2.57%
Net interest margin (5) 3.26% 3.63% 3.43% 3.24%
Efficiency ratio (6) 52.67% 44.42% 50.96% 100.84%
Net interest income to operating expenses 173.69% 210.18% 180.28% 91.30%
Capital Ratios:
Equity to total assets at end of period 15.30% 21.53% 15.30% 21.53%
Book value per share (7) $16.55 $15.37 $16.55 $15.37
Average interest-earning assets to
average interest-bearing liabilities 119.78% 129.98% 123.36% 116.88%
Asset Quality Data:
Nonperforming assets as a percent of total assets (8) 0.23% 0.19% 0.23% 0.19%
Allowance for loan losses to non performing loans 275.35% 283.98% 275.35% 283.98%
Allowance for loan losses to loans outstanding 0.69% 0.81% 0.69% 0.81%
Year-to-date net charge-offs (000's) $207 $111 $469 $319
Annualized net charge-offs to average loans 0.16% 0.10% 0.13% 0.11%
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(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
less unallocated ESOP shares and unallocated recognition and
retention plan shares.
(8) Non performing assets consist of nonperforming loans and repossessed
automobiles.
N/A - Not applicable.
