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1st Banc Reports Q1 Net Income of $250,591
EAST LIVERPOOL, Ohio -- Tri-State 1st Banc Inc., holding company of 1st National Community Bank, reports first-quarter net income $250,591, an 18.4% increase from the $211,721 reported a year ago.
The company improved upon the income of the previous year’s quarter, executives said, while continuing to have “less than optimal” loan demand. Despite weaker loan demand, gross loans increased $822,000 since March 31, 2012. Despite the increase in loans, income from loans has fallen by about $34,000 year to date.
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 because of improving loan quality at the bank. In addition, Tri-State benefited from the improved revenues of its other subsidiaries.
Total assets as of March 31 were $151.2 million, compared with March 2012 when they stood at $141.3 million. Shareholders’ equity was $13.3 million, an increase of 4.7% over the same quarter in 2012.
In a prepared statement, the president and CEO, Stephen R. Sant, stated: “We are extremely pleased with our first-quarter results. Earnings improvements were the result of all four of our affiliates improving on first- quarter 2012 earnings. Because of our three nonbank affiliates, Tri-State continues to have noninterest income well above [our] peers. 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. is the parent of 1st National Community Bank, MDH Investment Management Co., Gateminder Corp. and Cooper Insurance Agency.
Published by The Business Journal, Youngstown, Ohio.
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