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York Traditions Bank Reports 1st Quarter Earnings


News provided by

York Traditions Bank

Apr 23, 2015, 07:59 ET

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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):
(Dollars in thousands, except per share data)






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

Related Links

www.yorktraditionsbank.com

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