TRI-STATE 1ST BANC INC.
16926 St. Clair Ave., P. O. Box 796
East Liverpool, OH 43920
April 11, 2011
1st Banc Reports 4th Quarter
and Year End 2010 Earnings
East Liverpool, OH. – Tri-State 1st Banc Inc. significantly improved earnings in the 4th Quarter and for the full year 2010. Charles B. Lang, Chairman of the company that is headquartered in East Liverpool, Columbiana County, Ohio, stated that he attributes these good results to the strong leadership of management and dedication of the staff of the four subsidiaries directed toward the achievement of clearly defined goals and the aggressive pursuit of those goals throughout the year.
For the full year 2010, net income available to shareholders before Preferred stock dividends was $759,316. This is an increase of $581,367 (+326.7%) over available net income of $177,949 for 2009.
Tri-State reported a net income for the 4th Quarter 2010 of $264,676. Compared with the 4th Quarter 2009 when net income was $177,949 this is an improvement of $86,727 or 48.7%. Earnings were down slightly in the 4th Quarter 2010 by $19,689 (- 6.9%) compared with the 3rd Quarter in 2010 when net income was $284,365.
Total assets of Tri-State were $124.1 million on December 31, 2010 compared with $125.6 million and $120.9 million on September 30, 2010 and December 31, 2009 respectively. Shareholders equity was $11.7 million compared with $11.6 million and $11.4 million the same two prior periods.
At year end, the contribution of earnings for the twelve month period of 2010 to the holding company were $722 thousand from 1st National Community Bank, $97 thousand from MDH Investment Inc. and $30 thousand from Gateminder Corporation. Cooper Insurance Agency joined the company in May 2010 so it did not have a full year of operations for reporting purposes.
Stephen R. Sant serves as President and CEO of 1st National Community Bank and as President of Tri-State 1st Banc, Marc Hoffrichter is President and CEO of MDH Investment Management Inc., Lance Lang is President and CEO of Gateminder Corporation and Stephen W. Cooper is President and CEO of Cooper Insurance Agency Inc. Stephen A. Beadnell is the CFO of Tri-State and two of the other subsidiaries. Jean B. Edwards is CFO of 1st National Community Bank and also serves on its Board of Directors.
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 whom reside and/or work in the tri-state area. An Employee Stock Ownership Plan (ESOP) created for the benefit of employees in 1996 benefits present and former employees of the Bank and has allowed them the benefit of ownership of a portion of the company for which they work. All four subsidiary companies are owned 100% by Tri-State that is owned by its shareholders.
Stephen A. 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