Tri-State Reports Second-Quarter Loss of $45,675
EAST LIVERPOOL, Ohio – Tri-State 1st Banc Inc., holding company of 1st National Community Bank, reports a second-quarter net loss of $46,675 but first-half net income of $132,535.
Second-quarter results were hurt by recognizing the expense of $196,885 on the sale April 1 of MDH Investment Management, which the holding company sold to MDH management. Also recognized were $87,264 in investment banking fees and $77,645 in legal fees related to the spinoff.
Absent these fees, second quarter net income would have been $192,109, a 7.2% increase above first-quarter results, Tri-State said.
Tri-State noted in its earnings release that it will be acquired by Farmers National Banc Corp. and the $14.2 million sale is expected to close late next month.
Second-quarter highlights the company cited:
- An increase in total assets of $9.94 million or 7.74% over the year-ago quarter. Total assets at March 31 were $139.48 million.
- A 28.6% decrease in loans 90 or more days past due from June 30, 2014, to 1.30% of total loans.
- An increase of 2.75% in commercial loans over the last four quarters.
SOURCE: Tri-State 1st Banc Inc.
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