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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 23, 1999
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 23, 1999, announcing first quarter 1999
earnings and quarterly dividend.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
99.1 News release dated April 23, 1999.
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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 23, 1999 /s/ James D. Rose
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President and Chief Operating Officer
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[LETTERHEAD
NEWS RELEASE
DATE: April 23, 1999
CONTACT: James D. Rose, President
TELEPHONE: (505) 324-9542
FIRST PLACE FINANCIAL CORPORATION
REPORTS FIRST QUARTER 1999 NET INCOME
FARMINGTON, NEW MEXICO--Richard I. Ledbetter, chairman of the board and chief
executive officer of First Place Financial Corporation (FPFC), today reported
net income of $3.0 million for the first three months of 1999, an increase of
$1.3 million, or 79.3%, compared to the $1.7 million reported for the first
quarter of 1998. Basic earnings per share were $1.39 for the first quarter of
1999 compared to $.78 for the first quarter of 1998.
Jim Rose, president and chief operating officer of FPFC, reported that the
increase in net income was primarily due to an $800,000 reverse provision for
loan losses recorded during the first quarter of 1999 at the lead bank, First
National Bank of Farmington (FNBF). The reverse provision was mainly due to a
reduction in adversely classified commercial and commercial real estate loans.
FPFC's provision for loan losses for the first quarter of 1999 was $(609,000) a
decrease of $1,174,000 from the same period last year. In addition to the
reduction in the provision for loan loss expense, FPFC recorded increases in net
interest income and other income and a decrease in the effective tax rate
compared to the same period last year. Other operating expenses for the first
quarter of 1999 increased slightly from the first quarter of 1998.
FPFC ended the quarter with $923 million in total assets, a decrease of $5
million from March 31, 1998 total assets of $928 million but an increase of $21
million compared to December 31, 1998. Total loans at March 31, 1999 were $439
million, a decrease of 8 % from the $478 million reported at March 31, 1998.
Loans at March 31, 1999 increased $9 million from the $430 million reported at
December 31, 1998. Total stockholders' equity at March 31, 1999 was $78 million,
an increase of $5 million during the last twelve months.
The board of directors of FPFC recently declared a quarterly dividend of $.37
per share payable May 3, 1999 to shareholders of record as of April 19, 1999.
FPFC, the largest bank holding company headquartered in New Mexico, owns First
National Bank of Farmington, Western Bank, Gallup, Burns National Bank of
Durango, Colorado and Capital Bank, Albuquerque. FPFC stock is quoted on the
NASDAQ bulletin board under the symbol FPLF.
