Tri-State 1st Banc Announces Earnings
July 30, 2008
East Liverpool, OH. - The Board of Directors of Tri-State 1st Banc Inc. (NASDAQ.BB symbol "TSOH"), parent company the 1st National Community Bank, Gateminder Corporation and MDH Investment Management, Inc., has announced earnings for the 2nd Quarter, 2008. Earnings for the period April 1 to June 30, 2008 totaled $158,800 or $.19 per diluted share.
2nd Quarter earnings of the company were slightly lower than the 1st Quarter, 2008 earnings of $161,700. Earnings for the 2nd Quarter of 2007 had been $139,400 so there was an increase in the earnings for same period year-to-year of $19,400, or 13.9%.
For the six months ending June 30, 2008, Net Income was $320.5 thousand compared with $214.0 thousand for the six month period ended June 30, 2007. This represents an increase year-to-year of $106.5 thousand or an increase of 49.7%.
There were significant changes in the balance sheet of the company for the first six months of 2008 compared with year-end 2007 numbers. Total Assets at $116.4 million were up $12.3 million or 11.8%; Total Deposits were $86.8 million or $6.8 million (8.5%) higher; and loans were $65.0 million or up $3.5 million for an increase of 5.7%.
Charles B. Lang, President of the company, attributed the success thus far this year primarily to the banking subsidiary, 1st National Community Bank. Mr. Lang stated: "Through careful monitoring of interest margins and tight control of costs, the Bank alone has seen increases in Assets by 11.7%, of Deposits by 8.6% and of Loans by 7.0%. The other two subsidiaries are growing their businesses well also, but 1st Bank clearly had a strong first six months this year."
Edward L. Baumgardner, who is retiring as President and CEO of the Bank this year, reported that: "For the six months ending June 30, 2008, earnings were $348,600. That is up 85.1% from the same period in 2007. Earnings for the 2nd Quarter were $188,300 and this is an increase of $66.9 thousand or 55.1% over the same period in 2007."
1st National Community Bank now operates four banking offices in Columbiana County, Ohio in Lisbon, Calcutta and East Liverpool. The Wal-Mart office was permanently closed after ten years on June 30th when the lease expired. The Bank's ATM at Wal-Mart will remain in service until August 30, 2008. Customers are encouraged to conduct their banking business at the renovated Calcutta office on Route 170 in Calcutta or at the Downtown office at Bradshaw Square near the Giant Eagle store. Other banking offices include New Cumberland, West Virginia and Midland, Pennsylvania. The Bank maintains 12 convenient ATM locations at five of its banking offices and also at seven off-site locations around the tri-state area that includes several grocery stores and family convenience stores. Customers of the bank have use of all twelve ATMs without any service charge.
The Office of the Comptroller of the Currency chartered 1st National Community Bank on June 1, 1987 as a national banking association. The Bank celebrated its 21th anniversary during the month of June this year. The company increased the dividend payout for both of the first two quarters of 2008 resulting in a 10% increase in payments to shareholders in the first six months compared to last year.
For more information please contact:
Charles B. Lang, President
Tri-State 1st Banc, Inc
16924 St. Clair Avenue
East Liverpool, OH., 43920
Phone: (330) 385-9200
FAX: (330) 386-7452