TRI-STATE 1ST BANC INC.
16926 St. Clair Ave., P. O. Box 796
East Liverpool, OH 43920
April 25, 2012
1st Banc Reports Strong First Quarter Earnings
East Liverpool, OH. – Tri-State 1st Banc Inc. reported strong earnings for the 1st Quarter 2012 compared to 2011. The company reported consolidated net earnings of $211,721 for the first quarter compared to $112,861 in the first quarter of 2011. Net income for the year increased $98,860 or 87.6% over the earnings of 2011’s first quarter.
The company was able to improve upon the income in the previous year’s despite a weak market for loans that saw the balances basically flat compared to the first quarter of 2011. The reduced income from loans was primarily offset by reductions in interest expenses, gains on security sales and a reduction in loan credit expenses due to improving loan quality at the bank. In addition, Tri-State benefitted from the improved revenue of the nonbank subsidiaries.
Company total assets as of March 31, 2012 were $141.3, compared with March 2011 when Total Assets were $132.7 million. This represents an increase in total assets of $8.6 million or 6.5% since first quarter of 2011. Shareholder’s Equity was $12.7 million on March 31, 2011, an increase of 10.1% over first quarter 2011, due to the increased value of the investment portfolio and the retained earnings of the company.
Charles B. Lang, Chairman/CEO of Tri-State 1st Banc Inc stated: “I am pleased that the first quarter of 2012, the final quarter before we celebrate our 25th Anniversary in the month June, continued to show such strong operating results following up on the outstanding year that the company recorded in 2011. It is exciting for me to see all four subsidiaries performing well while making a significant contribution as each helps the company achieve its overall goal of benefiting the Tri-State area residents by providing the highest possible quality service in a customer-friendly manner.”
Mr. Lang went on to say: “Utica shale drilling activity in our market along with some very positive developments occurring along the Ohio River present our resident with some great opportunities for economic growth and progress not seen in our area for decades. Our company looks forward to helping our customers address new challenges that will confront all of us as we pursue the best means of making the most of these opportunities while building a strong and vibrant economy.”
The Annual Shareholders meeting will be held on May 16th, 2012 at the East Liverpool Motor Lodge. The meeting is being held later this year in order to celebrate the 25th anniversary of the bank opening which occurred in June 1987. A dinner will be served before the meeting.
Tri-State 1st Banc Inc (NASDAQ.BB symbol “TSOH.OB”) is an Ohio Financial Holding Company and is parent company to four subsidiary companies. They are 1st National Community Bank under President Stephen R. Sant, Dr. Marc D. Hoffrichter founded MDH Investment Management Company in 1983 and still serves as its President, Gateminder Corporation was chartered in 1999 and Lance Lang is President, and the Cooper Insurance Agency joined the company in 2010 with Stephen W. Cooper who remains as its President.
Founder Charles B. Lang is Chairman/CEO and Stephen R. Sant serves as President of the parent company, Tri-State 1st Banc Inc.
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