TRI-STATE 1ST BANC INC.
16926 St. Clair Ave., P. O. Box 796
East Liverpool, OH 43920
April 23, 2013
1st Banc Reports Increased First Quarter Earnings
East Liverpool, OH. (04/23/13) – Tri-State 1st Banc Inc. reported increased earnings for the 1st Quarter 2013 compared to 2012. The company reported consolidated net earnings of $250,591 for the first quarter compared to $211,721 in the first quarter of 2012. Net income for the quarter increased $38,870 or 18.4% over the earnings of 2012’s first quarter.
The company was able to improve upon the income in the previous year’s quarter while continuing to have less than optimal loan demand. Despite the weaker loan demand gross loans have increased $822,000 since March 31, 2012. Despite the increase in loans, the income from loans has fallen by about $34,000 on a year to date basis. The reduced income from loans was primarily offset by reductions in interest expenses of almost the same amount, 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, 2013 were $151.2 million, compared with March 2012 when Total Assets were $141.3 million. This represents an increase in total assets of $9.9 million or 7.0% since first quarter of 2012. Shareholder’s Equity was $13.3 million on March 31, 2013, an increase of 4.7% over first quarter 2012, due to retained earnings of the company.
Stephen R. Sant, President & CEO of Tri-State 1st Banc Inc stated: “We are extremely pleased with our 1st Quarter results. Earnings improvements were the result of all four of our affiliates improving on 1st quarter 2012 earnings. Because of our three non-bank affiliates, Tri-State continues to have non-interest income well above peers.”
Mr. Sant went on to say: “We are encouraged about the remainder of 2013 as all affiliates anticipate increasing opportunities related to the oil and gas shale play in our area.”
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