TRI-STATE 1ST BANC INC.
16926 St. Clair Ave., P. O. Box 796
East Liverpool, OH 43920
November 2, 2010
1st Banc Reports Third Quarter Earnings
East Liverpool, OH. – Tri-State 1st Banc Inc. continued to report improving earnings in the 3rd Quarter and for the full year-to-date 2010. Charles B. Lang, Chairman of the company that is headquartered in East Liverpool, Columbiana County, Ohio, attributes the exceptional success of Tri-State this year to the President & CEOs of it four subsidiaries. Stephen R. Sant heads 1st National Community Bank, Lance H. Lang directs Gateminder Corporation, Dr. Marc D. Hoffrichter is in charge of M D H Investment Management Inc. and the Cooper Insurance Agency Inc. operates under the leadership of Stephen W. Cooper. Chairman Lang stated that the four Presidents have demonstrated exceptionally strong leadership and commitment to excellance of performance in the year 2010.
Tri-State 1st Banc Inc. stock is publicly traded with a NASDAQ.BB symbol of “TSOH.OB”. The company is headquartered at 16926 St. Clair Avenue, East Liverpool, Ohio. Tri-State is owned by its shareholders the majority of which reside and/or work in the tri-state area. Through an Employee Stock Ownership Plan (ESOP) created for the benefit of its employees in 1996, present and former employees of the Bank constitute a meaningful part of the ownership of the company. All four subsidiary companies are owned 100% by the company that is owned by its shareholders.
Tri-State reported net income for the third Quarter of $284.4 thousand. This reflects a significant increase in earnings compared with the third Quarter in 2009 when net income was $122.6 thousand for an increase of 132.0%. For the first nine months of 2010 the net income is $494.4 thousand that compares favorably with $75.2 thousand net income for the first nine months of 2009.
On September 30, 2010, total assets of Tri-State were $123.4 million that was greater compared to December 31, 2009 when assets totalled $120.7 million. This constitutes an increase of $2.7 million.
Total Capital for the first nine months of 2010 increased by $673.7 thousand reaching $12.0 million on September 30, 2010 for a 5.6% increase.
1st National Community Bank opened under a charter granted by the Office of the Comproller of Currancy in June of 1987 and is the flag ship company of the Tri-State. For the Third Quarter, the Bank had net income of $199.8 thousand. This compares favorably with net income for the third Quarter of 2009 of $161.8 thousand, an increase of 23.5%. The Bank has 5 banking offices in the tri-state area located in Columbiana County, Ohio, Hancock County, West Virginia and Beaver County, Pennsylvania.
The next oldest subsidiary in terms of the date when it became a part of the company is Gateminder Corporation that was incorporated in 1999. Net Income for the 3rd Quarter was $4.8 thousand and for the full year-to-date is $19.1 thousand. In 2009 the net income for the first nine months was $12.6 thousand that represents an increase of 51.6% from the prior year. Gateminder manages nearly 150 ATMs primarily in Pennsylvania, Ohio and West Virginia under contract with financial institutions and merchant-type businesses.
MDH Investment Management Inc. is engaged in the management of investments for clients with a combined market value that exceeds $81 million. Revenues for the
3rd Quarter exceeded Revenues for the 2nd Quarter of 2010 by $3.5 thousand. Net Income for MDH for the 3rd Quarter 2010 of $24.5 thousand exceeded Net Income for the 2nd Quarter of 2010 by $2.2 thousand. MDH joined the holding company in 2005 but has been engaged in the investment advisory business under the direction of Dr. Marc D. Hoffrichter for over 25 years.
The Cooper Insurance Agency is the oldest company in the organization dating back to 1906. It is also the newest member organization having joined Tri-State in May of this year. Vice President David Hamilton had been with Cooper Insurance for 16 years but he became a full-time employee with the Agency in May when it was merged with Tri-State. The Agency has experienced rising revenues since January. Net Income for the 3rd Quarter reached $7.7 thousand which bettered company projections for the Quarter.
Stephen Beadnell, CFO
Tri-State 1st Banc Inc.
16926 St. Clair Avenue
P. O. Box 796
East Liverpool, OH. 43920
(330) 385-9200 FAX (330) 386-7452