TRI-STATE 1ST BANC INC.
16926 St. Clair Ave., P. O. Box 796
East Liverpool, OH 43920
Feb 3, 2014
1st Banc Reports Another Record Year of Earnings
East Liverpool, OH.–Tri-State 1st Banc Inc. reported earnings for the 4th Quarter 2013 and record earnings for 2013. The company reported consolidated net earnings of $1,113,528 for 2013 compared to $1,025,669 in 2012. Earnings in the fourth quarter were 273,321 compared to 281,434 in 2012. On a per share basis the earnings were $0.88 compared to $0.79 for the previous year and earnings for the quarter were $0.28 per share in 2013 and 2012.
Net income for the year increased $87,859 or 8.6% over the record earnings of the previous year and the increase in earnings per share of $0.09 was an increase of 11.4%. The company was able to improve upon the income in the previous year despite a tightening interest rate margin and maintaining higher than normal federal fund balances for strategic initiatives. Income from loans was down slightly for the year due to the continuing low rate environment and was partially offset by lower funding costs that do not decline as much as income. The company also experienced slightly increased non-interest expense but that was more than set off by increases in non-interest income.
Company total assets as of December 31, 2013 were $127.4 million, compared with December 31, 2012 when total assets were $138.2 million. This constitutes an decrease of over $10.8 million from the end of 2012. The decrease is primarily a result of closing the New Cumberland, WV branch of 1st National Community Bank. Shareholder’s equity was $12.6 million on December 31, 2013 a decrease of about $1.0 million from December 31, 2012 primarily from a reduction in the market value of securities.
Stephen Sant, President and CEO of Tri-State 1st Bank stated “We are pleased to be able to report another year of record earnings. Our earnings are the result of solid performance by each of our four affiliates. Our three non-bank affiliates help insulate us from the impact of a continuing low rate environment.”
Mr. Sant went on to say “The closing of 1st National Community Bank’s New Cumberland, WV branch was part of an overall strategy designed to enable us to redeem our Series B Preferred Stock in April 2014 which will greatly reduce our overall cost of capital.”
The Annual Shareholders meeting will be held on April 16th, 2014 at the East Liverpool Motor Lodge. 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 is 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