TRI-STATE 1ST BANC INC.
16926 St. Clair Ave., P. O. Box 796
East Liverpool, OH 43920
July 25, 2012
1st Banc Reports Higher Quarterly Earnings
East Liverpool, OH. – Tri-State 1st Banc Inc. reported higher earnings for the 1st half of 2012 and second quarter of 2012 compared to 2011 and the first quarter of 2012. The company reported consolidated net earnings of $240,723 for the second quarter compared to $193,093 in the second quarter of 2011. This is an increase of $47,630 or 24.7% over the previous year’s second quarter. Compared to the first quarter’s earnings of $211,721 net income increased by $29,002 or 13.7% in the second quarter. Net income for the first half of 2012 was $ 452,444 compared to $305,954 in in the first half of 2011 which is an increase of $146,490 or 47.9% over the earnings of last year’s first six months.
The company was able to improve upon the income in the previous year and quarter despite a weak market for loans that saw the balances slightly lower compared to the year end 2011 and the second quarter of 2011. The bank continues to see a reduction in loan credit expenses due to improving loan quality which is having a positive impact on earnings. In addition, Tri-State benefitted from the improved revenue of the nonbank subsidiaries.
Company total assets as of June 30, 2012 were $143.4, compared with June 2011 when Total Assets were $130.2 million. This represents an increase in total assets of $13.2 million or 10.1% since second quarter of 2011. Shareholder’s Equity was $13.1 million on June 30, 2012, an increase of 9.2% over second quarter 2011, due to the increased value of the investment portfolio and the retained earnings of the company.
Stephen R. Sant, CEO/President of Tri-State 1st Banc Inc stated: “Tri-State continues to believe that its non-bank affiliates provide a significant buffer against earnings fluctuations caused by changes in interest rates which can affect bank earnings. All three of our non-bank subsidiaries have had an excellent first half of the year with strong prospects for the remainder of 2012.”
Mr. Sant went on to say: “1st National Community Bank is seeing the benefit of strengthening its credit culture with an emphasis on improving overall loan quality. These efforts resulted in lower credit costs during the 1st half of 2012 which helped account for improved earnings.”
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 and Stephen W. Cooper serves as its President.
Founder Charles B. Lang is Chairman and Stephen R. Sant serves as CEO/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