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OTC Pink: YRKB

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Press Release

York Traditions Bank Reports 1st Quarter Earnings

Company Release - 4/23/2019 6:35 AM ET

YORK, Pa., April 23, 2019 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income of $1,088,000, or 38 cents per share, for the first quarter ended March 31, 2019, compared to $1,094,000, or 39 cents per share, for the first quarter ended March 31, 2018. This represents a $6,000 decrease, or 1%, over the first quarter of 2018. Book value per common share stood at $18.32 at March 31, 2019.

"While first quarter 2019 earnings were even with the prior year, affected mainly by lower gains on the sale of residential mortgages, we are satisfied with our start to 2019," stated Eugene J. Draganosky, President and Chief Executive Officer. "Net interest income grew $403,000, or 11%, over last year's first quarter attributed primarily to commercial loan growth and a higher net interest margin. Annualized first quarter branch deposit growth of nearly 11%, closely mirroring year-over-year branch deposit performance, continues to provide necessary funding for earning asset generation. The recent moderation of long-term interest rates and a favorable local real estate market give us confidence for the remainder of 2019. Credit quality remains strong with non-performing assets to total loans at 0.24% and minimal loan charge-offs in the first quarter."

 

FINANCIAL HIGHLIGHTS (unaudited):
(Dollars in thousands, except per share data)









Selected Financial Data


Mar 31,

2019



Dec 31,

2018



Mar 31,

2018


Investment securities

$

61,991


$

57,918


$

56,084


Loans, net of unearned income


375,594



378,918



353,633


Total assets


488,753



482,918



447,953


Deposits


405,694



395,179



364,308


Borrowings


20,958



30,628



30,631


Subordinated debt


5,000



5,000



5,000


Shareholders' equity


51,874



50,080



45,884


Book value per common share

$

18.32


$

17.93


$

16.62


Allowance/loans


1.01%



0.99%



1.03%


Non-performing assets/total assets


0.24%



0.41%



0.64%


Tier 1 capital/average assets


10.72%



10.66%



10.61%














Three months ended Mar 31,   



Selected Operations Data


2019



2018





Interest income

$

5,471


$

4,551





Interest expense


(1,342)



(825)





Net interest income


4,129



3,726





Provision for loan losses


(75)



(80)





Investment securities gains (losses)


(5)



(3)





Gains on sale of mortgages


770



1,028





Other income


391



310





Other expense


(3,878)



(3,635)





Income before income taxes


1,332



1,346





Income taxes


(244)



(252)





Net income

$

1,088


$

1,094





Earnings per common share (basic)

$

0.38


$

0.39





Earnings per common share (diluted)

$

0.38


$

0.39





Return on average assets


0.92%



1.01%





Return on average equity


8.58%



9.58%





Net interest margin


3.67%



3.61%





Net charge-offs(recoveries)/average loans


0.02%



0.00%





Safe Harbor Statement:

Except for historical information contained herein, the matters discussed in this release are forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Because of these risks and uncertainties, our actual future results may be materially different from the results indicated by these forward looking statements.  In addition, our past results of operations do not necessarily indicate our future results.  We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Cision View original content:http://www.prnewswire.com/news-releases/york-traditions-bank-reports-1st-quarter-earnings-300835884.html

SOURCE York Traditions Bank

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