pdf icon

OTC Pink: YRKB

$ 19.10

Change: $ 0.00 0.00%
Volume: 0

Press Release

York Traditions Bank Reports 3rd Quarter Earnings

Company Release - 10/29/2019 6:30 AM ET

YORK, Pa., Oct. 29, 2019 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income of $1,470,000, or 47 cents per share, for the third quarter ended September 30, 2019, compared to $1,252,000, or 40 cents per share, for the third quarter ended September 30, 2018. This represents a $218,000 or 17% increase over the third quarter of 2018. Net income for the nine months ended September 30, 2019, was $4,063,000 or $1.30 per share. This represents an increase of $571,000, or 16%, over the first nine months of last year. Book value per common share stood at $17.63 on September 30, 2019.

"We are pleased to report another strong quarter of earnings growth," stated Eugene J. Draganosky, President and Chief Executive Officer. "Net interest income increased $519,000 for the quarter and $1,365,000 year-to-date on double-digit loan and deposit generation. Loans grew $44.3 million, or 12%, and deposits grew $63.3 million, or 17%, over the past twelve months. Deposit generation was exceptional for the quarter and we expect the pace of growth to normalize. Our year-to-date net interest margin remains above the prior year; however, we have experienced modest compression with the recent Federal Reserve interest rate cuts. Mortgage production has benefited from lower rates and satisfactory local housing demand with gains increasing $435,000, or 46%, for the quarter. Credit quality remains very good with non-performing assets/total assets falling to 0.22% during the quarter."

FINANCIAL HIGHLIGHTS (unaudited):

(Dollars in thousands, except per share data)








Selected Financial Data


Sep 30,

2019


Dec 31,

2018


Sep 30,

2018



Investment securities

$

67,724

$

57,918

$

56,712



Loans, net of unearned income


405,651


378,918


361,367



Total assets


538,486


482,918


465,478



Deposits


440,635


395,179


377,327



Borrowings


31,620


30,628


33,299



Subordinated debt


5,000


5,000


5,000



Shareholders' equity


55,851


50,080


48,220



Book value per common share

$

17.63

$

16.30

$

15.90



Allowance/loans


0.98%


0.99%


1.05%



Non-performing assets/total assets


0.22%


0.41%


0.51%



Tier 1 capital/average assets


10.40%


10.66%


10.69%













Three months ended Sep 30, 

Nine months ended Sep 30,

Selected Operations Data


2019


2018


2019


2018

Interest income

$

5,911

$

5,059

$

17,055

$

14,439

Interest expense


(1,547)


(1,214)


(4,299)


(3,048)

Net interest income


4,364


3,845


12,756


11,391

Provision for loan losses


(112)


(20)


(300)


(220)

Investment securities gains(losses)


-


-


(5)


(3)

Gains on sale of mortgages


1,390


955


3,470


3,119

Other income


458


403


1,275


1,088

Other expense


(4,301)


(3,630)


(12,223)


(11,067)

Income before income taxes


1,799


1,553


4,973


4,308

Income taxes


(329)


(301)


(910)


(816)

Net income

$

1,470

$

1,252

$

4,063

$

3,492

Earnings per common share (basic)

$

0.47

$

0.40

$

1.30

$

1.13

Earnings per common share (diluted)

$

0.47

$

0.40

$

1.30

$

1.12

Return on average assets


1.10%


1.08%


1.08%


1.04%

Return on average equity


10.73%


10.17%


10.29%


9.82%

Net interest margin


3.47%


3.48%


3.59%


3.55%

Net charge-offs(recoveries)/average loans


0.01%


0.00%


0.03%


0.00%

SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS:

This presentation contains forward-looking statements about York Traditions Bank that are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are not historical facts.  These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," "anticipate" or similar terminology.  Such forward-looking statements include, but are not limited to, discussions of strategy, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives, goals, expectations or consequences; and statements about future performance, operations, products and services of York Traditions Bank.

York Traditions Bank cautions readers not to place undue reliance on forward-looking statements and to consider possible events or factors that could cause results or performance to materially differ from those expressed in the forward-looking statements, including, but not limited to:  ineffectiveness of the bank's business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; interest rate movements; difficulties in integrating distinct business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; volatilities in the securities markets; and deteriorating economic conditions.

Forward-looking statements in this presentation speak only as of the date of this presentation and York Traditions Bank makes no commitment to review or update such statements to reflect changes that occur after the date the forward-looking statement was made.

Cision View original content:http://www.prnewswire.com/news-releases/york-traditions-bank-reports-3rd-quarter-earnings-300946704.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.