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Press Release

York Traditions Bank Reports 1st Quarter Earnings

Company Release - 4/19/2018 5:58 AM ET

YORK, Pa., April 19, 2018 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income of $1,094,000, or 39 cents per share, for the first quarter ended March 31, 2018, compared to $605,000, or 27 cents per share, for the first quarter ended March 31, 2017. This represents an 81% increase over the first quarter of 2017. Book value per common share increased to $16.62 at March 31, 2018.

"We are off to a solid start in 2018," stated Eugene J. Draganosky, President and Chief Executive Officer. "Loans have grown $39.3 million, or 13%, over the past year. In conjunction with advances in interest rates, this drove the first quarter increase in net interest income of $573,000 or 18%. Continued solid credit quality allowed us to reduce our first quarter provision for loan losses to $80,000. Traditions Mortgage turned in an outstanding quarter recognizing $1,028,000 from gains on the sale of mortgages, an increase of $149,000 or 17% over the first quarter last year. We also recognized the benefit of the recently enacted Tax Cut and Jobs Act. Our effective tax rate fell from 30.3% in the first quarter 2017 to 18.7% in the first quarter 2018. Despite pre-tax earnings increasing $478,000, or 55%, our federal income tax fell $11,000 or 4%."

On March 22, 2018, York Traditions Bank opened its first loan production office in Camp Hill, Pennsylvania. Later this summer, the Bank will open its sixth branch office, which will be its first located in York City.

 

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






Selected Financial Data


Mar 31,

2018


Dec 31,

2017


Mar 31,

2017

Investment securities

$

56,084

$

55,258

$

52,275

Loans, net of unearned income


353,633


348,533


314,290

Total assets


447,953


441,289


400,780

Deposits


364,308


363,089


326,651

Borrowings


30,631


26,224


34,342

Subordinated debt


5,000


5,000


5,000

Shareholders' equity


45,884


45,319


33,092

Book value per common share

$

16.62

$

16.22

$

15.14

Allowance/loans


1.03%


1.02%


1.04%

Non-performing assets/total assets


0.64%


0.64%


0.61%

Tier 1 capital/average assets


10.61%


10.38%


8.42%









Three months ended Mar 31,   


Selected Operations Data


2018


2017



Interest income

$

4,551

$

3,820



Interest expense


(825)


(667)



Net interest income


3,726


3,153



Provision for loan losses


(80)


(153)



Investment securities gains (losses)


(3)


-



Gains on sale of mortgages


1,028


879



Other income


310


300



Other expense


(3,635)


(3,311)



Income before income taxes


1,346


868



Income taxes


(252)


(263)



Net income

$

1,094

$

605



Earnings per common share (basic)

$

0.39

$

0.28



Earnings per common share (diluted)

$

0.39

$

0.27



Return on average assets


1.01%


0.62%



Return on average equity


9.58%


7.41%



Net interest margin


3.61%


3.45%



Net charge-offs(recoveries)/average loans


0.00%


0.01%



 

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-300632717.html

SOURCE York Traditions Bank

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