Business Briefs for 7-28-13
1st Banc reports second quarter earnings
EAST LIVERPOOL – Tri-State 1st Banc Inc. reported increased earnings for the 2nd Quarter 2013 compared to 2012.
The company reported consolidated net earnings of $282,334 for the second quarter compared to $240,723 in the second quarter of 2012. Net income for the quarter increased $41,611 or 17.3 percent over the earnings of 2013’s second quarter. For the half year ended June 30, 2013, the company has also seen an increase of 17.8 percent or $80,381 increase over 2012’s net income of 452,444 for the first half of 2012. For 2013, the first half of the year’s net income was $532,825.
The company was able to improve upon the income above the previous year’s quarter while managing a challenging interest rate environment and trying to increase loan production. Loans have increased $5,285,061, or 8.7 percent compared to June 2012 but despite the increase in loans, the income from loans has fallen by $52,015 on a year to date basis. The decrease reflects the lower interest rate environment and increased competition for high quality loans. The reduced income from loans was primarily offset by reductions in interest expenses of $61,950. In addition, Tri-State benefitted from the improved revenue of the nonbank subsidiaries.
Company total assets as of June 30, 2013, were $147.1 million, compared with June 2012 when Total Assets were $143.4 million. This represents an increase in total assets of $3.7 million or 2.6 percent since second quarter of 2012. Shareholder’s Equity was $12.5 million on June 30, 2013.
Stephen R. Sant, president and CEO of Tri-State 1st Banc Inc stated: “We are extremely satisfied with earnings for the second quarter and first six months of 2013. They continue to show year over year improvement. The focused calling efforts or our lenders have allowed us to grow loans by 8.7 percent year over year. This growth has been obtained without sacrificing credit quality.
“Our results also reflect the success of our strategic initiatives to grow the wealth management segment of our business. This growth comes from all parts of our wealth management business, MDH Investment Management and 1st Banks’s trust and retail investment programs. This segment of our business is less regulated than traditional banking and provides Tri-State with fee income which tends to be much more stable than spread income which is influenced by interest rates.”
Consumers announces new board member
MINERVA – Consumers Bancorp, the holding company for Consumers National Bank, has announced its Board of Directors approved the appointment of Frank L. Paden as a director of Consumers Bancorp and Consumers National Bank, effective July 15. He has also been appointed to serve on the Audit, Risk, and Compensation committees.
Paden is currently a trustee with Hiram College, serving on the Finance Committee, Student/Athlete Board Committee, and as chairman of the Audit Committee. He formerly served in a number of executive positions at Farmers National Bank of Canfield for 37 years.
“Frank’s extensive banking experience combined with his generous community involvement makes him an excellent addition to the Consumers Bancorp Board of Directors,” said Laurie McClellan, chairman of the board of Consumers Bancorp. “His dedication to the communities and local businesses of the Mahoning Valley region supports our bank’s community banking philosophy. We are very pleased that Frank has chosen to join our Board and serve as a liaison between the bank and the greater Youngstown market.”
Paden is a resident of Canfield and a graduate of Chanley High School and Hiram College with a Bachelor of Arts in Economics.
CHESTER – Mountaineer Casino, Racetrack and Resort donated more than 600 decks of playing cards to the Ladies Auxiliary Post 6540 in Chester.
The organization will distribute the playing cards to active duty military personnel to help pass the time during deployment, as well as to veterans homes that the VFW sponsors.
“It is a pleasure to donate the cards to an organization that can do great things with them,” said Chris Kern, general manager of Mountaineer Casino, Racetrack and Resort. “We hope that these playing cards will bring enjoyment to the men and women currently serving in our military and to our veterans at home.”
Local artist at national event
NAPPANEE, Ind. – Local artist Marina Schaum, owner of Ohio Valley Herbal Products of East Liverpool, will be exhibiting Aug. 1-4 at the 51st Annual Amish Acres Arts & Crafts Festival in Nappanee, Ind.
More than 300 artists and artisans from across the nation will be part of the event. This nationally-recognized, juried arts and crafts event also features continuous live entertainment on four stages, children’s activities, craft demonstrations, festival food, and a beer garden.
Festival hours are 9 a.m. to 6 p.m. Aug. 1-3 and 10 a.m. to 5 p.m. Aug. 4. Admission is $7 for adults, $6 for seniors, active military personnel, and ages 12-17; and free for ages 11-under. Parking is free.
Amish Acres is located on U.S. Highway 6, one mile west of downtown Nappanee. More information on Amish Acres and the 51st annual Arts & Crafts Festival can be obtained online at www.amishacres.com.