EAST LIVERPOOL, Ohio -- Tri-State 1st Banc Inc., parent of 1st National Community Bank, reports record consolidated net earnings of $1,113,528 for 2013 compared to $1,025,669 in 2012.
Earnings in the fourth quarter were $273,321 compared to 281,434 in 2012. On a per-share basis, 2013 earnings were 88 cents compared to 79 cents for the previous year; earnings for the quarter were 28 cents per share in 2013 and 2012.
Net income for the year increased $87,859 or 8.6% over the record earnings of the previous year and the increase in earnings per share of nine cents was an increase of 11.4%.
The company was able to improve upon the income in the previous year despite a tightening interest rate margin and maintaining higher than normal federal fund balances for strategic initiatives, said its president and CEO, Stephen Sant.
Income from loans was down slightly for the year due to the continuing low rate environment and was partially offset by lower funding costs that do not decline as much as income, he said. The company also experienced slightly increased non-interest expense but that was set off by increases in non-interest income.
Total assets as of Dec. 31 were $127.4 million, compared with $138.2 million at December 2012. This constitutes an decrease of over $10.8 million from the end of 2012. The decrease is primarily a result of closing the New Cumberland, W. Va., branch of 1st National Community Bank. Shareholder’s equity was $12.6 million on Dec. 31, a decrease of about $1.0 million from Dec. 31, 2012 primarily from a reduction in the market value of securities.
Stephen Sant, President and CEO of Tri-State 1st Bank stated “We are pleased to be able to report another year of record earnings. Our earnings are the result of solid performance by each of our four affiliates. Our three non-bank affiliates help insulate us from the impact of a continuing low rate environment," Sant said in a prepared statement.
“The closing of 1st National Community Bank’s New Cumberland branch was part of an overall strategy designed to enable us to redeem our Series B Preferred Stock in April 2014 which will greatly reduce our overall cost of capital," he added.
The annual shareholders meeting will be held April 16at the East Liverpool Motor Lodge.
In addition to 1st National Community Bank, Tri-State 1st Banc Inc. is parent company to MDH Investment Management Co., Gateminder Corp. and the Cooper Insurance Agency.
Founder Charles B. Lang is chairman and of Tri-State 1st Banc Inc.
SOURCE: Tri-State 1st Bank Inc.
Published by The Business Journal, Youngstown, Ohio.
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