<PAGE>
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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: JUNE 30, 1996
-------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number 0-25956
FIRST PLACE FINANCIAL CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
New Mexico 85-0317365
- ------------------------------- ------------------
(State or other jurisdiction of (I.R.S) Employer
incorporation or organization) Identification No.
100 East Broadway
Farmington, New Mexico 87401
----------------------------------------------------------------
(Address, including ZIP Code, of registrant's executive offices)
(505) 326-9000
----------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
----------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months, and
(2) has been subject to such filing requirements for the past 90
days.
YES X NO
----- -----
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Outstanding at
Class July 31, 1996
- --------------------------- -------------
Common shares, no par value 2,122,209
=================================================================
<PAGE>
FIRST PLACE FINANCIAL CORPORATION
FORM 10Q
INDEX
Page
Number
------
PART I. FINANCIAL INFORMATION
- ------------------------------
Item 1. Financial Statements (Unaudited)
Consolidated Statements of Financial
Condition--June 30, 1996 and December 31, 1995 3
Consolidated Statements of Income -- Six months
ended June 30, 1996 and 1995 4
Consolidated Statement of Cash Flows -- Six months
ended June 30, 1996 and 1995 5
Notes to the Consolidated Financial Statements
June 30, 1996 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 9
PART II. OTHER INFORMATION
- --------------------------
Item 4. Submission of Matters to a Vote of Security Holders 14
Item 6. Exhibits and Reports on Form 8-K 14
SIGNATURES 15
- ----------
(2)
<PAGE>
PART I. FINANCIAL INFORMATION
FIRST PLACE FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)
ASSETS
June 30, December 31,
1996 1995
(unaudited)
----------- -----
Cash and due from banks $ 41,869 $ 35,662
Interest bearing deposits in banks 12,430 10,887
Federal funds sold 4,000 2,725
-------- --------
Cash and cash equivalents 58,299 49,274
Investment securities:
Available for sale (at market value) 220,132 218,250
Loans, net (Note B) 427,065 396,092
Bank premises and equipment, net 14,288 11,079
Other real estate owned 3,290 564
Other assets 17,286 15,536
-------- --------
$740,360 $690,795
-------- --------
-------- --------
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand $105,378 $107,455
Interest-bearing demand 72,676 63,488
Savings 110,905 101,876
Time certificates, $100,000 and over 170,843 150,625
Other time certificates 115,892 105,603
-------- --------
Total deposits 575,694 529,047
Securities sold under agreements to repurchase 49,579 51,929
Federal funds purchased 8,370 4,365
Long term and other notes payable 38,836 38,642
Other liabilities 7,781 9,056
-------- --------
Total liabilities 680,260 633,039
Stockholders' equity:
Common stock, no par value:
Authorized shares - 5,000,000
Issued shares - 2,122,125 at 6/30/96
and 2,104,707 at 12/31/95 13,729 13,609
Additional paid-in capital 118 62
Net unrealized holding gain(loss) on securities
available for sale (639) 922
Retained earnings 47,283 43,689
-------- --------
60,491 58,382
Treasury stock, at cost-9,468 shares at 6/30/96
and 13,371 shares at 12/31/95 (391) (526)
-------- --------
Total stockholders' equity 60,100 57,756
-------- --------
$740,360 $690,795
-------- --------
-------- --------
See notes to consolidated financial statements
(3)
<PAGE>
FIRST PLACE FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share)
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
------------------ -----------------
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest income:
Loans, including fees $10,549 $ 8,766 $20,723 $16,892
Investment securities:
Taxable 2,469 2,372 4,839 4,919
Exempt from federal income taxes 679 758 1,353 1,435
Interest-bearing deposits 226 32 407 130
Federal funds sold 128 58 224 128
--------- --------- --------- ---------
14,051 11,986 27,546 23,504
Interest expense:
Time deposits of $100,000 and over 2,380 1,716 4,686 3,286
Other deposits 3,209 2,500 6,253 4,756
Short-term borrowings 795 1,079 1,530 2,247
Other borrowings 576 509 1,132 1,018
--------- --------- --------- ---------
Total interest expense 6,960 5,804 13,601 11,307
--------- --------- --------- ---------
Net interest income 7,091 6,182 13,945 12,197
Provision for loan losses 270 226 505 416
--------- --------- --------- ---------
Net interest income after provision
for loan losses 6,821 5,956 13,440 11,781
Other income:
Service charges on deposit
accounts 655 676 1,290 1,275
Other service charges and fees 274 326 567 700
Investment securities
gains(losses) 0 0 5 0
Other operating income 315 208 841 378
--------- --------- --------- ---------
1,244 1,210 2,703 2,353
Other expense:
Salaries and employee benefits 2,534 2,169 4,992 4,292
Occupancy expenses, net 493 467 986 917
Other operating expenses 1,549 1,480 3,056 2,813
--------- --------- --------- ---------
Total other expenses 4,576 4,116 9,034 8,022
--------- --------- --------- ---------
Income before income taxes 3,489 3,050 7,109 6,112
Income taxes 1,035 977 2,169 1,971
--------- --------- --------- ---------
Net income $ 2,454 $ 2,073 $ 4,940 $ 4,141
--------- --------- --------- ---------
--------- --------- --------- ---------
Net income per share $ 1.16 $ 1.03 $ 2.34 $ 2.05
--------- --------- --------- ---------
--------- --------- --------- ---------
Weighted average shares outstanding 2,120,222 2,022,345 2,115,050 2,021,895
--------- --------- --------- ---------
--------- --------- --------- ---------
</TABLE>
See notes to consolidated financial statements
(4)
<PAGE>
FIRST PLACE FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For Six Months Ended June 30, 1996 and 1995
(in thousands)
(unaudited)
1996 1995
---- ----
Cash flows from operating activities
Net Income $ 4,940 $ 4,141
Adjustments to reconcile net income to cash
provided by operations:
Amortization (80) (11)
Depreciation 514 467
Provision for loan losses 505 416
(Increase) decrease in other assets 257 (589)
Increase in other liabilities 955 996
Gain on sale of property, plant and
equipment (9) (46)
Gain on the sale of other real estate (259) (15)
Gain on sale of AFS securities (5) 0
Net change in trading securities 0 861
Provision for deferred income taxes 83 (65)
------- -------
Net cash provided (used by) operating activities 6,901 6,155
Cash flows from investing activities:
Proceeds from sale of AFS securities 583 1,327
Proceeds from maturities of AFS securities 22,439 44,778
Purchases of AFS securities (27,161) (20,821)
Proceeds from maturities of HTM securities 0 3,105
Purchases of HTM securities 0 (3,845)
Net change in loans (34,309) (33,290)
Proceeds on sale of property and equipment 104 344
Proceeds from sale of other real estate 365 30
Acquisition of other real estate owned (2,850) 0
Purchase of property and equipment (3,818) (1,390)
------- -------
Net cash used by investing activities (44,647) (9,762)
Cash flows from financing activities:
Net change in deposit accounts 16,140 (7,029)
Net change in certificates of deposit 30,508 29,952
Net change in securities sold under agreements
to repurchase (2,350) (28,744)
Net change in federal funds purchased 4,005 0
Net change in interest bearing demand notes 194 (742)
Cash dividends paid (2,037) (1,548)
Acquisition of treasury stock (248) (506)
Proceeds from sales of treasury stock 383 193
Proceeds from issuance of common stock 176 30
------- -------
Net cash provided (used by) financing activities 46,771 (8,394)
------- -------
Net increase (decrease) in cash and cash equivalents 9,025 (12,001)
Cash and cash equivalents at beginning of period 49,274 44,820
------- -------
Cash and cash equivalents at end of period $58,299 $32,819
------- -------
------- -------
See notes to consolidated financial statements
(5)
<PAGE>
FIRST PLACE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
For the Six Months Ended June 30, 1996 and 1995
(in thousands)
(unaudited)
1996 1995
---- ----
Supplemental Disclosure of Cash Flow Information:
Cash paid during period for:
Interest 13,578 10,787
Taxes 2,322 1,968
Non-cash assets acquired through foreclosure 2,850 53
See notes to consolidated financial statements
(6)
<PAGE>
FIRST PLACE FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note A - Basis of Presentation
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10Q and
Article 10 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the six months ended June 30, 1996 are not necessarily
indicative of the results that may be expected for the year ending
December 31, 1996.
Note B - Loans
A summary of loans at June 30, 1996 and December 31, 1995 follows
(amounts in thousands):
June December
1996 1995
---- ----
Commercial, financial and agriculture $105,197 $ 91,232
Real estate mortgage 226,793 218,694
Real estate construction 34,435 29,818
Consumer installment 69,502 65,235
Lease financing 438 490
Other 641 362
-------- --------
437,006 405,831
Less deferred loan fees, premiums and discounts 1,220 1,151
-------- --------
435,786 404,680
Less allowance for loan losses 8,721 8,588
-------- --------
$427,065 $396,092
-------- --------
-------- --------
(7)
<PAGE>
Note C - Loans to Directors, Officers & Associated Companies
June December
1996 1995
---- ----
Beginning Balance $10,273 $ 9,006
Advances/New Loans 10,267 15,411
Payments (5,961) (14,144)
------- --------
Ending balance $14,579 $ 10,273
------- --------
------- --------
Note D - Changes in Allowance for Loan and Lease Losses
June December
1996 1995
---- ----
Beginning Balance $8,588 $7,586
Acquired in merger with Western Bank 0 302
Recoveries 523 715
Less charge-offs 895 852
Provision for loan and lease losses 505 837
------ ------
$8,721 $8,588
------ ------
------ ------
(8)
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
(A) RESULTS OF OPERATIONS
Net income for the quarter ended June 30, 1996 was
$2,454,000, an increase of $381,000 ,or 18.4%, compared to the
$2,073,000 recorded for the second quarter of 1995. The
acquisition of Western Bank, Gallup in August 1995, accounted for
$20,000 of the increase while internal growth accounted for
$361,000 of the increase. The primary factor contributing to
internal growth was an increase in net loans during the quarter
which resulted in an increase in interest income of $1,274,000, a
14.5%, increase over the same quarter last year.
Net income for the six months ended June 30, 1996 was
$4,940,000, an increase of $799,000, or 19.3%, over the
$4,141,000 recorded for the first six months of 1995. The
acquisition of Western Bank, Gallup accounted for $40,000 of the
increase. The Company's continued loan growth in 1996 resulted
in net interest income of $13,945,000, an increase of $1,748,000,
or 14.3%, over the $12,197,000 recorded as of June 30, 1995 and
was the most significant factor contributing to the improved
earnings. Additionally, other income as of June 30, 1996,
increased $350,000 over the same period last year and the
effective tax rate declined from 32.2% to 30.5%.
Interest income for the quarter ending June 30, 1996 was
$14,051,000, a $2,065,000, or 17.2%, increase compared to the
$11,986,000 recorded for the same period last year. The
acquisition of Western Bank resulted in $644,000 of the increase.
Loan growth accounted for $1,274,000 of the increase while
interest earned on interest-bearing deposits and interest earned
on federal funds sold increased $194,000 and $29,000,
respectively. Interest on tax-exempt securities declined during
the quarter by $79,000 due to reduced volumes of tax-exempt
securities outstanding.
Interest income for the six month period ending June 30,
1996 was $27,546,000, an increase of $4,042,000, or 17.2%,
compared to the $23,504,000 recorded for the same period last
year. The acquisition of Western Bank, Gallup accounted for
$1,257,000 of the increase. Average net loans for the six months
ended June 30, 1996, excluding Western Bank, increased
$29,879,000 which resulted in an increase in interest on loans of
$2,833,000. Interest on deposits held at the Federal Home Loan
Bank increased by $277,000. Interest earned on taxable and
tax-exempt securities declined by $239,000 and $82,000, respectively
due to lower average outstanding balances in the investment
portfolio while interest on federal funds sold decreased by
$4,000.
(9)
<PAGE>
Interest expense for the quarter ended June 30, 1996 was
$6,960,000, an increase of $1,156,000, or 19.9%, compared to the
$5,804,000 recorded for the same quarter in 1995. The
acquisition of Western Bank, Gallup accounted for $276,000 of the
increase. Increased balances of time deposits of $100,000 and
over and other time deposits certificates resulted in increased
interest expense on these deposits of $539,000 and $558,000,
respectively. Interest on other borrowings, which consist
primarily of advances from the Federal Home Loan Bank, increased
$67,000 while interest on short-term borrowings, consisting of
repurchase agreements and federal funds purchased, decreased
$284,000.
Interest expense for the six months ended June 30, 1996, was
$13,601,000, an increase of $2,294,000, or 20.3%, compared to
$11,307,000 recorded for the same period last year. The
acquisition of Western Bank, Gallup accounted for $531,000 of the
increase. Average balances of certificates of deposit $100,000
and over, excluding Western Bank, Gallup, increased approximately
$17,742,000 resulting in an increase in interest expense of
$1,155,000 while increases in average balances of interest
bearing demand accounts, savings accounts and certificates of
deposit less than $100,000, resulted in an increase in interest
expense of $1,211,000. Interest on other borrowings, consisting
of advances from the Federal Home Loan Bank to match-fund the
Company's mortgage loans, increased $114,000 while decreases in
repurchase agreement average balances and federal funds purchased
average balances resulted in a decrease in interest expense of
$717,000.
Other income for the three months ended June 30, 1996, was
$1,244,000 compared to $1,210,000 for the same quarter of 1995.
The acquisition of Western Bank, Gallup accounted for $60,000 of
the increase in other income. Other operating income increased
$104,000 while service charges on deposit accounts and other
service charges and fees declined by $75,000 and $55,000,
respectively.
Other income for the six months ended June 30, 1996 was
$2,703,000, an increase of $350,000, or 14.9%, compared to the
$2,353,000 recorded for the same period in 1995. The acquisition
of Western Bank, Gallup contributed $140,000 to the increase.
Service charges on deposit accounts, net of Western Bank, Gallup,
declined $96,000 primarily from decreases in analysis service
charges on commercial accounts while other service charges and
fees decreased by $142,000. Other operating income increased
$423,000, excluding Western Bank, Gallup. Gains on the sale of
other real estate owned and other income increased $155,000 and
$116,000, respectively and were the primary factors in the
increase in other operating income.
Other expenses for the three months ended June 30, 1996,
were $4,576,000 compared to $4,116,000 for the second quarter of
1995. The acquisition of Western Bank, Gallup, accounted for
$400,000 of the $460,000 increase. Salary expense and related
(10)
<PAGE>
payroll costs increased by $201,000 primarily as a result of
normal salary increases and an increase in the number of full-time
equivalent employees compared to last year. Occupancy
expense, net of Western Bank, Gallup, declined $30,000 primarily
due to a decrease in building depreciation as a result of the
tax-free exchange of the Burn's bank building which took place in
September 1995. Other operating expenses declined $111,000
primarily as the result of decreased FDIC premiums in 1996 versus
1995.
Other expenses for the six months ended June 30, 1996 were
$9,034,000, an increase of $1,012,000, or 12.6%, compared to the
first six months of 1995. The acquisition of Western Bank,
Gallup, resulted in $782,000 of the increase. Salaries and
employee benefits, net of Western Bank, Gallup, increased
$363,000. This increase was the result of several salary
increases during the period as well as an increase of twenty
full-time equivalent employees to support asset growth.
Occupancy expenses, net of Western Bank, decreased $48,000
primarily as the result of a decrease in building depreciation at
Burns National Bank. Other operating expenses, net of Western
Bank, declined $85,000 primarily as a result of lower FDIC
insurance premiums.
(B) BALANCE SHEET ANALYSIS
Total assets as of June 30, 1996, were $740,360,000 compared
to $690,795,000 at December 31, 1995, an increase of $49,565,000,
or 7.2%. Total loans at June 30, 1996, were $435,786,000, an
increase of $31,106,000, or 7.7% compared to total loans of
$404,680,000 at December 31, 1995. The Company's continued loan
growth was the primary factor in overall asset growth. While
loan growth has been significant during 1996, it is anticipated
that at year-end it will be somewhat less than last year's
internal growth rate of 17.5%. Commercial, financial and
agriculture loans increased $13,965,000, or 15.3%, while real
estate mortgage loans, real estate construction loans and
consumer loans increased $8,099,000 (3.7%), $4,617,000 (15.5%),
and $4,267,000 (6.5%), respectively. Cash and due from banks
increased $6,207,000, or 17.4%, during the first six months of
1996. Interest bearing deposits on banks, which consists of
balances maintained at the Federal Home Loan Bank for short-term
investment purposes, increased $1,543,000, while federal funds
sold increased $1,275,000.
Bank premises and equipment as of June 30, 1996, was
$14,288,000, an increase of $3,209,000, or 28.9%, compared to the
$11,079,000 as of December 31, 1995. The increase was primarily
attributable to the construction costs of the new bank building
for Burns National Bank. The construction was completed in mid-May
and the bank moved into the new facility on May 20, 1996.
Additionally, Western Bank, Gallup, acquired two free-standing
ATM machines to help expand its consumer market. Other real
estate owned increased $2,726,000 to $3,290,000. The increase
was attributable to a large real estate loan which was foreclosed
(11)
<PAGE>
on in late May. At the time of foreclosure, the project was 90%-95%
complete. Work is currently underway to fully complete the
project so that it can be sold. Management believes that the
property will be disposed of with little, if any, loss. Other
assets were $17,287,000 as of June 30, 1996, a $1,751,000, or
11.3% increase compared to the $15,536,000 recorded as of
December 31, 1995. The increase was primarily the result of an
increase in the Company's deferred tax asset of $500,000 and the
purchase of tax benefits in an affordable housing project in
Farmington, New Mexico in the amount of $1,281,605. In addition
to purchasing the tax credits on the project, the Company also
made a $3,300,000 interim construction loan to the developer.
Total deposits as of June 30, 1996, were $575,694,000, an
8.8% increase over the December 31, 1995 balance of $529,047,000.
Time certificates, $100,000 and over, increased $20,218,000, or
13.4%. Other time deposits increased $10,289,000, or 9.7%,
primarily as a result of increased sales of the Company's two-year
prime rate floating certificate of deposit. Interest
bearing demand accounts and savings accounts increased $9,188,000
(14.5%) and $9,029,000 (8.9%), respectively. Noninterest bearing
demand deposits declined $2,077,000, or 1.9%.
Securities sold under agreements to repurchase as of June 30,
1996 were $49,579,000, a decrease of $2,350,000, or 4.5%,
compared to the December 31, 1995 balance of $51,929,000.
Federal funds, which are routinely purchased from the Company's
downstream correspondents, increased $4,005,000 as of June 30,
1996. Excess funds purchased and not required for liquidity
purposes are resold as part of the Company's own federal funds
sold or invested in an overnight interest bearing account with
the Federal Home Loan Bank. Long term and other notes payable,
which consists of advances from the Federal Home Loan Bank to
match-fund 15-year mortgages remained relatively unchanged
compared to December 31, 1995 while other liabilities decreased
by $1,276,000. The two primary factors in this decrease were a
reduction of $679,000 in the reserve for taxes and reduction of
$691,000 in dividends payable.
CAPITAL RESOURCES AND LIQUIDITY
LIQUIDITY
Liquidity to meet the Company's growing loan demand, to fund
its building projects, and to accommodate deposit withdrawals, as
well as other funding needs, was provided from three sources.
Net cash provided from operating activities was $4,940,000 as of
June 30, 1996 compared to $4,141,000 for the same period in 1995.
Proceeds from investing activities which includes proceeds from
the sale of maturities of available-for-sale securities, proceeds
from the sale and property and equipment and proceeds from the
sale of other real estate owned, provided cash of $23,492,000 as
of June 30, 1996 compared to $49,584,000 for the same period in
1995. Cash provided form financing activities, which consists of
increases in deposit accounts, certificates of deposit, federal
funds purchased, interest bearing demand notes and proceeds from
(12)
<PAGE>
the sale of treasury stock and the issuance of common stock, was
$51,405,000 as of June 30, 1996 compared to $30,175,000 for the
same period in 1995. Additional liquidity was provided by
federal fund lines of credit the Company established with its
upstream correspondents. As of June 30, 1996, these lines
totalled $38,000,000. The Company also routinely enhances its
liquidity through purchases of excess funds from downstream
correspondent banks. While the above mentioned sources of
liquidity are expected to provide significant amounts of funds in
the future, their mix, as well as the possible use of other
sources of funds, will depend upon future economic and market
conditions.
CAPITAL
First Place Financial Corporation and its subsidiary banks
are required by the Federal Reserve Board, the Office of the
Comptroller of the Currency and the Federal Deposit Insurance
Corporation to adhere to minimum capital requirements. The
minimum regulatory requirements for risk-based capital and Tier 1
capital ratios are 8.0% and 4.0%, respectively. As of June 30,
1996, the Company had a risk-based capital ratio of 12.6% and a
Tier 1 ratio of 11.5%. Additionally, the Company is required to
maintain a Tier 1 leverage ratio of 3%. As of June 30, 1996, the
Company's Tier 1 leverage ratio was 8.3%.
On May 15, 1996, the Company's Board of Directors approved a
3-for-1 stock split for shareholders of record as of May 15,
1996. On June 19, 1996, the Company declared a dividend of
$676,532, or $.32, per share payable July 1, 1996. The number of
shares used in computing earnings and dividends per share give
retroactive effect to the stock split for all periods presented.
Management believes that capital is adequate to support
anticipated growth, meet cash dividend requirements of the
Company and meet the future risk-based and regulatory capital
requirements of the Company and the subsidiary banks.
(13)
<PAGE>
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
The Annual Meeting of First Place Financial Corporation
was held at 9:15 a.m. on May 15, 1996 at the First
National Bank of Farmington. The purpose of the meeting
was to elect three directors to serve for a term of
three years. The table below outlines the results of
the election.
NOMINEES FOR ELECTION NUMBER OF SHARES VOTED
IN 1996 FOR AGAINST ABSTAIN
--------------------- --- ------- -------
Tom Bolack 533,676 3,159 409
Ben Heikkinen 536,835 0 409
Jack M. Morgan 536,685 150 409
The following seven individuals retained their position
on the Board of Directors:
NAME TERM EXPIRES
------------------- ------------
Robert S. Culpepper 1997
J. Gregory Merrion 1997
Roy L. Owen 1997
Marlo L. Webb 1997
Richard I. Ledbetter 1998
James D. Rose 1998
Thomas C. Taylor 1998
Item 6. Exhibits and Reports on Form 8-K
a. No exhibits are included herein.
b. The following reports were filed on Form 8-K during
the quarter ended June 30, 1996:
1. On April 25, 1996, the Company filed a form 8-K
outlining first quarter operating results.
2. On May 28, 1996, the Company filed a form 8-K
outlining the 3-for-1 stock split approved by
the Board of Directors on May 15, 1996.
3. On June 13, 1996, the Company filed a form 8-K
disclosing a change in accountants to KPMG.
4. On July 31, 1996, the Company filed a form 8-K
outlining the second quarter operating results.
(14)
<PAGE>
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 CORPORATION
-----------------------------------
(Registrant)
Date: August 5, 1996 James D. Rose
---------------- --------------------------------------
James D. Rose
President and Chief Operating Officer
(15)
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 58,299,000
<SECURITIES> 220,132,000
<RECEIVABLES> 435,786,000
<ALLOWANCES> (8,721,000)
<INVENTORY> 0
<CURRENT-ASSETS> 705,496,000
<PP&E> 24,887,000
<DEPRECIATION> (10,599,000)
<TOTAL-ASSETS> 740,360,000
<CURRENT-LIABILITIES> 575,694,000
<BONDS> 38,836,000
0
0
<COMMON> 13,729,000
<OTHER-SE> 46,371,000
<TOTAL-LIABILITY-AND-EQUITY> 740,360,000
<SALES> 0
<TOTAL-REVENUES> 14,051,000
<CGS> 0
<TOTAL-COSTS> 6,960,000
<OTHER-EXPENSES> 4,576,000
<LOSS-PROVISION> 270,000
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 3,489,000
<INCOME-TAX> 1,035,000
<INCOME-CONTINUING> 2,454,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,454,000
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</TABLE>
