Thursday, February 05, 2015EAST LIVERPOOL, Ohio -- Tri-State 1st Banc Inc., holding company of 1st National Community Bank, Wednesday reported fourth-quarter net income of $215,297 and full-year 2014 net income of $918,900. This compares to fourth-quarter 2013 net income of $273,321 and full-year 2013 net income of $1,113,529.
The company did not provide earnings per common share data or any tabular data.
Tri-State 1st Banc attributed the decrease in earnings to a decrease of $15 million in assets at year-end compared to year-end 2013. Total assets at Dec. 31 were $130.8 million. “The smaller size allowed the company to pay off their Series B preferred stock, savings common stock shareholders $244,000 each year,” said Stephen R. Sant, president and CEO of the bank and the holding company.
Highlights the company cited were a 4% increase in commercial and commercial real estate loans, “fee income above peer led by nonbank affiliates,” an increase in fourth-quarter net interest margin to 3.61% compared to 3.48% in the year-ago quarter, a 39% decrease in loan delinquencies from a year ago, and a “tenfold increase in investment product sales in branches.”
During the fourth quarter, Tri-State sold two of its three nonbank subsidiaries, Gateminder Corp. -- its ATM affiliate, and the assets of Cooper Insurance Agency Inc. Said Sant, “The sale of our two nonbank affiliates was not an easy decision. Because of the ever-increasing regulatory burden on our core banking business, we felt more focus was necessary in that area.”
Sant also expressed satisfaction with how the holding company performed last year, noting the growth in commercial loans on the books of the bank and “we have a strong pipeline heading into 2015.”
SOURCE: Tri-State 1st Banc Inc.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our twice-monthly print edition and to our free daily email headlines.