YORK, Pa., Oct. 17, 2014 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income available to common shareholders of $608,000, or 28 cents per share, for the third quarter ended September 30, 2014, compared to $383,000, or 18 cents per share, for the third quarter ended September 30, 2013. This represents a $225,000 or 59% increase. Net income available to common shareholders for the nine months ended September 30, 2014 was $1,519,000, or 70 cents per share, compared to $1,422,000, or 66 cents per share, for the same period last year. Book value per common share stood at $12.46 at September 30, 2014, which is an increase of 89 cents per share over the last twelve months.
"We are pleased with our continued loan growth, strengthening real estate market, and strong credit quality," stated Michael E. Kochenour, Chairman, President and Chief Executive Officer. "This has translated into higher net interest income, increased gains on sale of mortgages, and a lower provision for loan losses. In addition, we have now surpassed $300 million in assets, we improved our net interest margin, we have had no loan charge-offs in 2014, and we remain well capitalized."
York Traditions Bank will celebrate its twelfth anniversary and open its fifth York County branch office at 361 Eisenhower Drive, Hanover, PA, later this month. For more information about York Traditions Bank, visit www.yorktraditionsbank.com
FINANCIAL HIGHLIGHTS (unaudited): |
||||||||
Selected Financial Data |
Sept 30, |
Dec 31, 2013 |
Sept 30, |
|||||
Investment securities |
$ |
36,515 |
$ |
39,203 |
$ |
40,444 |
||
Loans, net of unearned income |
239,320 |
220,842 |
217,817 |
|||||
Total assets |
302,182 |
284,499 |
285,376 |
|||||
Deposits |
237,688 |
244,971 |
236,549 |
|||||
Borrowings |
31,251 |
7,750 |
17,877 |
|||||
Shareholders' equity |
32,316 |
30,421 |
30,098 |
|||||
Book value per common share |
$ |
12.46 |
$ |
11.76 |
$ |
11.57 |
||
Allowance/loans |
1.05% |
1.04% |
1.09% |
|||||
Non-performing assets/total assets |
0.80% |
0.81% |
0.85% |
|||||
Tier 1 capital/average assets |
10.84% |
10.84% |
10.63% |
|||||
Three months ended Sept 30, |
Nine months ended Sept 30, |
|||||||
Selected Operations Data |
2014 |
2013 |
2014 |
2013 |
||||
Interest income |
$ |
3,035 |
$ |
2,880 |
$ |
8,852 |
$ |
8,529 |
Interest expense |
(495) |
(496) |
(1,431) |
(1,544) |
||||
Net interest income |
2,540 |
2,384 |
7,421 |
6,985 |
||||
Provision for loan losses |
(60) |
(121) |
(196) |
(451) |
||||
Investment securities gains |
6 |
- |
12 |
63 |
||||
Gains on sale of mortgages |
583 |
360 |
1,461 |
1,340 |
||||
Other income |
249 |
226 |
711 |
672 |
||||
Other expense |
(2,426) |
(2,279) |
(7,170) |
(6,502) |
||||
Income before income taxes |
892 |
570 |
2,239 |
2,107 |
||||
Income taxes |
(271) |
(175) |
(681) |
(647) |
||||
Net income |
621 |
395 |
1,558 |
1,460 |
||||
Preferred stock dividends |
(13) |
(12) |
(39) |
(38) |
||||
Net income available to common shareholders |
$ |
608 |
$ |
383 |
$ |
1,519 |
$ |
1,422 |
Earnings per common share (basic) |
$ |
0.28 |
$ |
0.18 |
$ |
0.70 |
$ |
0.66 |
Return on average assets |
0.83% |
0.56% |
0.72% |
0.71% |
||||
Return on average equity |
7.87% |
5.33% |
6.76% |
6.74% |
||||
Net interest margin |
3.62% |
3.54% |
3.62% |
3.57% |
||||
Net charge-offs(recoveries)/average loans |
0.00% |
0.57% |
0.00% |
0.19% |
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.
SOURCE York Traditions Bank
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