TRI-STATE 1ST BANC INC.
16926 St. Clair Ave., P. O. Box 796
East Liverpool, OH 43920
July 22, 2011
2nd Quarter Earnings
East Liverpool, OH – Tri-State 1st Banc Inc. reported earnings for the 2nd Quarter 2011 and for the six months year-to-date period at near record levels. Net Income of $193,093 for the 2nd Quarter is the best second quarter since 2004. The six month Net Income for the company of $305,954 is the best six month total since 2008.
Net income for the 2nd Quarter of 2011 of $193.1 thousand was $80.2 thousand more than the first quarter of the year and this is 71% better than the prior quarter. Compared with the 2nd Quarter for the prior year 2010 when Net Income was $114.8 thousand, the increase is $78.3 thousand for an improvement of 68%. Six month comparable Net Income figures are $305.9 thousand on June 30, 2011 compared to $210.3 thousand at mid-year 2010. This is an increase of $95.9 thousand and a 46% improvement over the same period in 2010.
Company Total Assets as of June 30, 2011 were $130.2 million compared with the 1st Quarter 2011 when Total Assets were $132.7 million. This constitutes a decrease of $2.5 million from the end of the 1st Quarter. However this still represents an increase in Total Assets of $6.2 million or 5% since year-end 2010 when the assets totalled $124.0 million. Shareholders Equity was $12.0 million on June 30, 2011.
The subsidiary 1st Bank reported net income of $199.9 thousand for the 2nd Quarter with deposits on June 30th of $102.1 million. Gateminder Corporation had net income for the Quarter of $13.4 thousand for an increase of 15% over the previous quarter. The Net Income of MDH Investment Management Inc. for the Quarter was $39.4 thousand for an increase in Net Income over the prior Quarter of $10 thousand or 34%.
Dr. Marc D. Hoffrichter, President of MDH, whose company has been a part of Tri-State since 2005, stated: “Thanks to the efforts of my associates, David Bickerton and Mryna Crawford, we have completed another good period of strong growth in the dollar amount of assets under management. We are proud of the appreciation we are seeing in the value of the individually managed portfolios of our clients during such turbulent times. I anticipate more of the same for the remainder of the year.”
Tri-State 1st Banc stock is publicly traded with a NASDAQ.BB symbol of “TSOH”. The company is headquartered at 16926 St. Clair Avenue, East Liverpool, Ohio. Tri-State’s shareholder base is made up predominately of persons who reside or work in the tri-state area.
Stephen A. Beadnell, CFO
Tri-State 1st Banc Inc.
16926 St. Clair Ave., P.O. Box 796
East Liverpool, OH 43920