pdf icon

OTC Pink: YRKB

$ 18.00

Change: $ 0.00 0.00%
Volume: 0

Press Release

York Traditions Bank Reports 2nd Quarter Earnings

Company Release - 7/24/2019 6:30 AM ET

YORK, Pa., July 24, 2019 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income of $1,505,000, or 48 cents per share, for the second quarter ended June 30, 2019, compared to $1,146,000, or 37 cents per share, for the second quarter ended June 30, 2018. This represents a $359,000, or 31%, increase over the second quarter of 2018. Net income for the six months ended June 30, 2019 was $2,593,000, or 83 cents per share. This represents an increase of $353,000, or 16%, over the first six months of last year. Book value per common share stood at $17.16 at June 30, 2019.

York Traditions Bank logo (PRNewsfoto/York Traditions Bank)

"We achieved record-setting net income and strong results across all segments of the bank during the second quarter. At the same time, we realized a milestone during the period, surpassing $500 million in assets," stated Eugene J. Draganosky, President and Chief Executive Officer. "Loans increased $18.4 million and deposits expanded $13.4 million during the quarter, and each grew 12% over the trailing twelve months. Along with an improved net interest margin, this boosted net interest income by $846,000, or 11%, compared to the first six months of 2018. Gains on the sale of mortgages were $1,310,000 for the second quarter and $2,080,000 for the first half of the year, nearly equal to the gains for the first six months of 2018. We continue to drive robust business loan and residential mortgage activity. Credit quality remains satisfactory with non-performing assets falling to 0.24% of total assets at the end of the second quarter."

On June 21, 2019, York Traditions Bank paid a 10% stock dividend to shareholders of record at the close of business on June 7, 2019. All per share amounts for all periods presented have been adjusted for the stock dividend.

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








Selected Financial Data


June 30,

2019


Dec 31,

2018


June 30,

2018



Investment securities

$

64,756

$

57,918

$

57,645



Loans, net of unearned income


393,944


378,918


353,026



Total assets


519,520


482,918


455,067



Deposits


419,054


395,179


374,529



Borrowings


36,110


30,628


26,887



Subordinated debt


5,000


5,000


5,000



Shareholders' equity


54,099


50,080


47,118



Book value per common share

$

17.16

$

16.30

$

15.51



Allowance/loans


0.98%


0.99%


1.06%



Non-performing assets/total assets


0.24%


0.41%


0.60%



Tier 1 capital/average assets


10.71%


10.66%


10.60%













Three months ended June 30, 

Six months ended June 30,

Selected Operations Data


2019


2018


2019


2018

Interest income

$

5,673

$

4,829

$

11,144

$

9,380

Interest expense


(1,410)


(1,009)


(2,752)


(1,834)

Net interest income


4,263


3,820


8,392


7,546

Provision for loan losses


(112)


(120)


(187)


(200)

Investment securities gains(losses)


-


-


(5)


(3)

Gains on sale of mortgages


1,310


1,136


2,080


2,164

Other income


425


375


816


685

Other expense


(4,044)


(3,802)


(7,922)


(7,437)

Income before income taxes


1,842


1,409


3,174


2,755

Income taxes


(337)


(263)


(581)


(515)

Net income

$

1,505

$

1,146

$

2,593

$

2,240

Earnings per common share (basic)

$

0.48

$

0.37

$

0.83

$

0.72

Earnings per common share (diluted)

$

0.48

$

0.37

$

0.83

$

0.72

Return on average assets


1.21%


1.02%


1.07%


1.01%

Return on average equity


11.49%


9.67%


10.06%


9.63%

Net interest margin


3.64%


3.55%


3.65%


3.58%

Net charge-offs(recoveries)/average loans


0.05%


-0.01%


0.04%


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 to download multimedia:http://www.prnewswire.com/news-releases/york-traditions-bank-reports-2nd-quarter-earnings-300889935.html

SOURCE York Traditions Bank

You are about to leave the York Traditions Bank website

The website you have selected is an external website located on another server. York Traditions Bank has no responsibility for any external websites. It neither endorses the information, content, presentation, or accuracy, nor makes any warranty, express or implied, regarding an external site.