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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):
January 29, 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) 326-9000
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ITEM 6. OTHER EVENTS
News release dated January 27, 1997 announcing the Company's
1996 earnings.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
News release from First Place Financial Corporation
dated January 27, 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: January 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: January 27, 1997
Contact: James D. Rose, President
Telephone: (505) 324-9542
FIRST PLACE FINANCIAL CORPORATION REPORTS
RECORD NET INCOME
FARMINGTON, NEW MEXICO -- Richard I. Ledbetter, chief executive officer of
First Place Financial Corporation, today reported record net income for 1996
of $9.8 million, or $4.56 per share, an increase of 11.9% and 6.8%,
respectively, over the $8.8 million, or $4.27 per share earned in 1995. The
return on average stockholders' equity for the year was 15.9%. Dividends per
share increased 14.2% for the year to $1.64.
First Place ended the year with $800.6 million in total assets, an
increase of $109.8 million, or 15.9%, over 1995. Total stockholders' equity
increased $7.0 million, or 12.1%, during the year to $64.8 million. Total
net loans, at year-end 1996, were $459.3 million, an increase of $63.2
million, or 16.0%, compared to 1995.
James D. Rose, president of First Place Financial Corporation, noted that
the increase in net income resulted from continued strong loan growth, good
asset quality, and excellent overhead control. "We continue to focus on
leveraging our two key resources--our capital and our people," said Rose.
"Our return on equity ranks us in the top quartile of our peer group and only
7% of our peer group have a lower net overhead."
First Place Financial Corporation, the largest bank holding company
headquartered in New Mexico, owns First National Bank of Farmington, Western
Bank, Gallup, and Burns National Bank of Durango, Colorado. Its stock is
quoted on the NASDAQ Bulletin Board under the symbol FPLF. The most recent
trades during January 1997 were at $60 per share. At year-end 1995, the bid
price was $40.83.
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FIRST PLACE FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
(unaudited)
(in thousands except for per share data)
Twelve Months
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1996 1995
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INCOME
Net interest income 28,614 25,299
Noninterest income 4,802 5,036
Provision for loan losses 1,155 837
Noninterest expenses 18,623 16,861
Income before income taxes 13,638 12,637
Income taxes 3,828 3,871
Net income 9,810 8,766
PER SHARE
Net income $ 4.56 $ 4.27
Dividends 1.64 1.43
Book value 30.50 27.44
AT PERIOD END
Total assets 800,610 690,795
Securities 244,687 218,250
Loans and leases, net 468,188 404,680
Allowance for loan losses 8,933 8,588
Total deposits 587,893 529,047
Shareholders' equity 64,760 57,756
Nonperforming assets 4,048 4,081
Loans past due 90 days or more 256 308
SELECTED RATIOS
Return on average assets 1.33% 1.38%
Return on average common equity 15.90% 17.29%
Average equity to average assets 8.34% 7.96%
Net interest margin 4.47% 4.58%
Nonperforming assets to net loans, and
leases, other real estate owned, and
other nonperforming assets 0.86% 1.01%
Weighted average common and common-
equivalent shares outstanding 2,152 2,054
