YORK, Pa., Oct. 18, 2016 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income available to common shareholders of $920,000, or 42 cents per share, for the third quarter ended September 30, 2016, compared to $471,000, or 22 cents per share, for the third quarter ended September 30, 2015. This represents a $449,000, or 95%, increase over the third quarter of 2015. Net income available to common shareholders for the nine months ended September 30, 2016 was $2,382,000, or $1.09 per share. This represents an increase of $893,000, or 60%, over the first nine months of last year. Return on assets has improved to 0.86%, and book value per common share stood at $14.63 at September 30, 2016, reflecting a 10% increase over the past year.
"We are pleased to report third quarter earnings," stated Michael E. Kochenour, Chairman and Chief Executive Officer. "Strong loan growth continued, increasing $27.8 million for the third quarter and $38.0 million, or 15%, since year end 2015. This has allowed us to increase year-to-date net interest income by $1,018,000, or 13%. Our Mortgage Division turned in another outstanding quarter. Gains on the sale of mortgages total $3,561,000 for the first nine months of 2016, an increase of $1,101,000, or 45%, over the same period last year. Other income increased $350,000 year-to-date and included a $76,000 net gain on the sale of other real estate and a $150,000 payment for establishing a new value-added merchant processing vendor. Deposit growth remains satisfactory, increasing $20.0 million so far in 2016. Our loan quality metrics compare favorably to the same periods last year, no charge offs were taken in the third quarter, and the Bank remains well capitalized."