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"Tri-State 1st Banc Nets $209,104 for Second Quarter"
"EAST LIVERPOOL, Ohio -- Tri-State 1st Banc Inc., parent company of 1st National Community Bank and Gateminder Corp., reports net income for the second quarter ended June 30 of $209,104, or 23 cents per diluted share. This is an increase of 15.9% from $180,483, or 20 cents per share, for the second quarter of 2003. The increase in the net income was primarily the result of a 14.1% drop in total interest expense and a 17.3% increase in other operating income. Interest income decreased $17,977 and other operating expenses increased $17,483 for the second quarter.For the first six months of 2004, net income was $363,389, or 41 cents per diluted share, an increase of 6 cents per share or 17.1% from the first six months of 2003.Total net income for the six months ending June 30, 2003, was $319,141."While the improvement in earnings for the quarter was gratifying given the current interest rate environment, we are also pleased with company asset growth so far this year," says Charles B. Lang, president.Total assets exceeded $93 million on June 30, showing an increase of $4.3 million, or 4.9%, over Dec. 31.The company recently announced that it had entered into a definitive agreement to acquire MDH Investment Management Inc., an investment advisory company owned by Dr. Marc D. Hoffrichter. The purchase should be consummated at the end of the third quarter. At the end of June, the bank staff moved into a new addition to the main office on St. Clair Avenue in East Liverpool as the Bank continues to progress toward converting that office into its operation center.The bank, which employs 71, operates seven banking offices including five in Columbiana County, Ohio, one in Hancock County, W.Va., and an office in Beaver County, Pa. "