Tri-State 1st Banc Reports Earnings Up 19%
EAST LIVERPOOL, Ohio — Tri-State 1st Banc Inc., holding company for 1st National Community Bank, reports earnings of $179,210 for the first quarter, up $28,776 or 19% from earnings for the first quarter of 2014.
Last year’s earnings include results from Gateminder Corp. and Cooper Insurance Agency Inc., which were sold at the end of 2014. 1st National Community Bank and MDH Investment Management Inc. results are included in both quarters. MDH Investment Management Inc. was sold to its management April 1.
Company total assets as of March 31 were $139.48 million and shareholder’s equity was $10.95 million.
“We are extremely pleased with our first quarter results. The increase in earnings is the result of improved focus on 1st National Community Bank and the continued steady performance of MDH Investment Management,” said Stephen R. Sant, president and CEO of Tri-State 1st Banc Inc., in a prepared statement.
Highlights for the quarter included:
- An increase in total loans of $2,776,000 or 4.33% from the first quarter of 2014.
- An increase in net interest margin from 3.37% at March 31, 2014 to 3.44% at the same date this year.
- 280% increase in revenue from investment product sales in branches over the first quarter of 2014.
- 44% decrease in non-performing loans from the first quarter of 2014.
“The improved focus at the bank is evidenced by the 4.33% annualized loan growth over the first quarter of 2014,” Sant remarked. “This growth was led by an increase in commercial and commercial real estate loans of 10.6% over the first quarter of 2014. This loan growth was not at the expense of credit quality as evidenced by the 44% decrease in non-performing loans from the first quarter of 2014.”
SOURCE: Tri-State 1st Banc Inc.
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