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Tri-State 1st Banc Reports Earnings Up 11.3%
East Liverpool, Ohio -- Tri-State 1st Banc Inc., parent company of 1st National Community Bank and Gateminder Co., reports net income for the first quarter ended March 31 of $154,000 or $0.17 per share, up 11.3% or $16,000 from the same period in 2003. On a per share basis, net income was up $0.02 per share or 13.3%.Total assets for the quarter increased by $3.8 million to $93.2 million, a 4.2% increase from Dec. 31, said Kevin Anglemyer, chief financial officer. Total deposits were up by $1.5 million or 2.0% to $72.8 million. Total loans increased $274,000 or 0.06% from the year-end 2003, he said. "The improvement in earnings for the quarter is attributable to an improvement of interest income at the bank resulting from additional income on investment securities coupled with a decrease in interest expense, said Charles B. Lang, president. "The deposit growth for the quarter provided funds for additional security purchases after first meeting loan demand.Increases in operating income in the first quarter more than offset an increase in operating expenses."1st National Community Bank expects to be moving into a new operations center facility later this month. The 3,300-square-foot addition to the main office on St. Clair Avenue in East Liverpool will permit expansion of the data processing department, the loan department and will allow the human resources function to move into the operation center. Officials anticipate the building addition will result in greater efficiencies as well as enhancing security protection for customer's records in the interests of customer privacy.Tri-State 1st Banc Inc. held its 2004 annual shareholders meeting April 21 at the East Liverpool Motor Lodge in East Liverpool.Approximately 120 shareholders were present.Following a dinner that preceded the meeting, bank director Marvin H. Feldman spoke about his world travels over the past several years on behalf of the Million Dollar Round Table, generally regarded as the most prestigious trade association representing the insurance industry. Feldman served as chairman of that organization in 2002 and 2003.More thanr 76% of the shares outstanding were voted through proxy at the annual shareholders meeting. The three directors eligible for re-election to the board were all returned to their positions for another three years. They are Keith R. Clutter, Timothy G. Dickey and John P. Scotford, Sr. S.R. Snodgrass was retained as the independent certified public accountants for the coming year.Following the shareholders meeting, the board of directors held its annual reorganization meeting. Two officers received advancements in titles with the bank. Cynthia Vincent, who joined to the bank in 2003 as human resource director was named assistant vice president/human resources director. Pamela Jordan, who has been with the bank in various capacities since it was organized in 1987 was promoted to the position of chief compliance officer. All other bank officers were re-appointed including Charles B. Lang, chairman and chief executive officer, Keith R. Clutter, president & chief operating officer, Kevin Anglemyer, vice president and chief financial officer and Steven A. Mabbott, vice president. The company operates seven banking offices, five in Columbiana County, Ohio, and one each in Hancock County, W. Va. and Beaver County, Pa. 1st National Community Bank was chartered in June of 1987 as a national banking association by the Office of the Comptroller of the Currency. It employs 65."