TRI-STATE 1ST BANC INC.
16926 St. Clair Ave., P. O. Box 796
East Liverpool, OH 43920
Oct 23, 2013
Tri State 1st Banc Reports Third Quarter Earnings
East Liverpool, OH.–East Liverpool, OH – Tri-State 1st Banc Inc. reported increased earnings for the 3rd Quarter 2013 compared to 2012 and for the year to date. The company reported consolidated net earnings of $307,362 for the third quarter compared to $291,791 in the 3rd quarter of 2012. Net income for the quarter increased $15,571 or 5.3% over the earnings of 2012’s third quarter. For the nine months ended September 30, 2013 the company has also seen an increase of 12.9% or $95,972 over 2012’s net income of 744,235. For 2013 the 1st nine months of the year’s net income was $840,207.
The company was able to improve upon the income above the previous year’s while managing a challenging interest rate environment. Loans have increased $4,727,945, or 7.7% compared to September 2012 but despite the increase in loans, the income from loans has fallen by $101,486 on a year to date basis. The decrease reflects the lower interest rate environment and increased competition for high quality loans. The reduced income from loans was primarily offset by reductions in interest expenses of $90,878 and an increase in the revenue of the non-bank subsidiaries in the amount of $39,075.
Company total assets as of September 30, 2013 were $141.5 million, compared with September 30, 2012 when Total Assets were $147.4 million. This represents a decrease in total assets of $5.9 million or 4.0% since the third quarter of 2012. Shareholder’s Equity was $12.7 million on September 30, 2013.
Stephen R. Sant, President & CEO of Tri-State 1st Banc Inc stated: “We are very pleased with our 3rd quarter results which continues our recent trend of year over year quarterly earnings improvement. We are especially excited by our year over year loan growth of 7.7% which is significantly better than industry averages for community financial service companies. The growth has not come at the expense of asset quality which continues to be well controlled. The 3rd quarter also shows the increasing importance of our non-bank subsidiaries in driving our results.”
Mr. Sant went on to say: “The year over year decrease in assets is the result of our strategic initiatives for capital planning. The decrease is at our bank subsidiary, 1st National Community Bank, which as been focused on eliminating non-profitable accounts and businesses. We believe these initiatives will allow us to reallocate capital between the bank and Tri-State, leading to a significant decrease in our cost of capital.”
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