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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 25, 1997
FIRST PLACE FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
New Mexico 0-25956 85-0317365
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(State or other jurisdiction of (Commission (I.R.S Employer
incorporation or organization) file number) Identification No.)
100 East Broadway, Farmington, New Mexico 87401
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Address of principal executive offices Zip Code
Registrant's telephone number, including area code: (505) 324-9500
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ITEM 5. OTHER EVENTS
News release dated April 25, 1997 announcing the
Company's first quarter 1997 earnings and announcing
quarterly dividends payable May 1, 1997.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
News release from First Place Financial Corporation
dated April 25, 1997.
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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
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(Registrant)
Date: April 29, 1997 /s/ James D. Rose
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James D. Rose
President and Chief Operating Officer
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[LETTERHEAD]
NEWS RELEASE
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DATE: April 25, 1997
CONTACT: James D. Rose, President
TELEPHONE: (505) 324-9542
FIRST PLACE FINANCIAL CORPORATION
FARMINGTON, NEW MEXICO -- Richard I. Ledbetter, chief executive officer
of Farmington-based First Place Financial Corporation (FPLF on the
NASDAQ Bulletin Board), announced today that net income for the first
three months of 1997 was $2,298,000, a decrease of $187,000, or 7.5%,
versus the year earlier period. According to Ledbetter, 1996's reported
net income included approximately $200,000 of non-recurring income,
most of which was attributable to gains on disposal of other real
estate owned. "Core earnings remain strong," said Ledbetter, "and we
are encouraged by the growth we are experiencing in all three of our
markets."
Primary net income per share for the quarter was $1.06 versus $1.17
earned in the first quarter of 1996. Adjusted for the non-recurring
items, primary earnings per share at March 31, 1996 were $1.08.
Net interest income for the quarter was $7,226,000, an increase of
$371,000, or 5.4%, compared to the same period for 1996. Interest
income was up $1,633,000, or 12.2%, primarily as the result of a
$1,120,000 increase in interest and fees on loans. Interest expense
increased $1,262,000, or 19.3%, due to an increase in short-term and
other borrowings and more interest being paid on transaction accounts
as the result of the introduction of the new All-In-One checking
account by the company's First National Bank of Farmington subsidiary
in the third quarter of 1996.
The provision for loan losses for the quarter increased $95,000 to
$330,000 due to increased loans outstanding. At March 31, 1997, the
reserve for loan losses was $8,593,000, or 1.82% of loans, which is
significantly above the peer group average.
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James D. Rose, president, reported that other income (which included
the non-recurring gains on other real estate for 1996) was down
$317,000, or 21.9% from the same period a year ago, while other
expenses increased $464,000, or 10.4%. These negative variances were
somewhat offset by a lower effective income tax rate of 26 percent at
March 31, 1997 compared to 31 percent at March 31, 1996. Income taxes
decreased from $1,134,000 at March 31, 1996 to $816,000 at March 31,
1997. "Our 1997 lower effective income tax rate was primarily the
result of accruing for low income housing tax credits which were
purchased by our First National Bank of Farmington subsidiary during
the third quarter of 1996," said Rose.
Total assets at March 31, 1997 were $820,678,000, an increase of
$20,068,000, or 2.5%, compared to December 31, 1996. Total assets are
up $93,352,000 over the March 31, 1996 total of $727,326,000.
Stockholders' equity at March 31, 1997 was $65,900,000, or $1,140,000,
more than December 31, 1996. Dividends declared during the first
quarter of 1997 increased $85,000 to $754,000 versus $669,000 for the
first quarter of 1996. According to Rose, the quarterly dividend per
share was recently increased from $.32 to $.35, effective with the dividend
payable May 1, 1997 to shareholders of record as of March 19, 1997.
First Place stock, which recently has traded at $62.00 per share,
had a book value at March 31, 1997 of $30.86.
First Place Financial Corporation is the largest bank holding
company headquartered in New Mexico and owns First National Bank of
Farmington, Western Bank, Gallup, and Burns National Bank of Durango,
Colorado.
