YORK, Pa., April 23, 2015 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income available to common shareholders of $521,000, or 24 cents per share, for the first quarter ended March 31, 2015, compared to $376,000, or 17 cents per share, for the first quarter ended March 31, 2014. This represents a $145,000, or 38.6%, increase. Book value per common share stood at $12.87 at March 31, 2015.
"We are pleased with our first quarter results," stated Michael E. Kochenour, Founder, Chairman and Chief Executive Officer. "Falling long term interest rates boosted residential mortgage volume increasing gains from the sale of mortgages by $480,000 or 145%. We continue to grow our loans and deposits, which have both increased 7.7% in the last twelve months. This translated into a $134,000 or 5.6% increase in net interest income. These increases helped offset other expenses, which were higher due to our new branch office in Hanover, Pennsylvania and several technology initiatives now underway. We remain well capitalized with excellent loan quality."
On March 27, 2015, the Bank completed a $5 million aggregate principal amount of subordinated notes due March 27, 2025 with a 6.25% interest rate. The Bank also fully repaid $5,115,000 of preferred stock on March 31, 2015 as part of the United States Treasury's Small Business Lending Fund (SBLF).
| FINANCIAL HIGHLIGHTS (unaudited): |
||||||
| Selected Financial Data |
Mar 31, 2015 |
Dec 31, 2014 |
Mar 31, 2014 |
|||
| Investment securities |
$ |
37,481 |
$ |
35,215 |
$ |
40,959 |
| Loans, net of unearned income |
244,945 |
237,798 |
227,329 |
|||
| Total assets |
311,255 |
300,231 |
290,057 |
|||
| Deposits |
255,155 |
247,860 |
236,918 |
|||
| Borrowings |
21,529 |
18,390 |
21,394 |
|||
| Subordinated debt |
5,000 |
- |
- |
|||
| Shareholders' equity |
28,311 |
32,815 |
30,928 |
|||
| Book value per common share |
$ |
12.87 |
$ |
12.62 |
$ |
11.94 |
| Allowance/loans |
1.09% |
1.08% |
1.06% |
|||
| Non-performing assets/total assets |
0.73% |
0.74% |
0.49% |
|||
| Tier 1 capital/average assets |
9.28% |
10.80% |
10.86% |
|||
| Three months ended Mar 31, |
||||||
| Selected Operations Data |
2015 |
2014 |
||||
| Interest income |
$ |
3,074 |
$ |
2,875 |
||
| Interest expense |
(528) |
(463) |
||||
| Net interest income |
2,546 |
2,412 |
||||
| Provision for loan losses |
(90) |
(96) |
||||
| Investment securities gains |
- |
6 |
||||
| Gains on sale of mortgages |
812 |
332 |
||||
| Other income |
246 |
225 |
||||
| Other expense |
(2,749) |
(2,320) |
||||
| Income before income taxes |
765 |
559 |
||||
| Income taxes |
(231) |
(170) |
||||
| Net income |
534 |
389 |
||||
| Preferred stock dividends |
(13) |
(13) |
||||
| Net income available to common shareholders |
$ |
521 |
$ |
376 |
||
| Earnings per common share (basic and diluted) |
$ |
0.24 |
$ |
0.17 |
||
| Return on average assets |
0.72% |
0.56% |
||||
| Return on average equity |
6.73% |
5.19% |
||||
| Net interest margin |
3.66% |
3.65% |
||||
| Net charge-offs(recoveries)/average loans |
-0.02% |
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.
SOURCE York Traditions Bank
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