York Traditions Bank Reports 1st Quarter Earnings

News provided by

York Traditions Bank

Apr 23, 2019, 06:35 ET

YORK, Pa., April 23, 2019 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income of $1,088,000, or 38 cents per share, for the first quarter ended March 31, 2019, compared to $1,094,000, or 39 cents per share, for the first quarter ended March 31, 2018. This represents a $6,000 decrease, or 1%, over the first quarter of 2018. Book value per common share stood at $18.32 at March 31, 2019.

"While first quarter 2019 earnings were even with the prior year, affected mainly by lower gains on the sale of residential mortgages, we are satisfied with our start to 2019," stated Eugene J. Draganosky, President and Chief Executive Officer. "Net interest income grew $403,000, or 11%, over last year's first quarter attributed primarily to commercial loan growth and a higher net interest margin. Annualized first quarter branch deposit growth of nearly 11%, closely mirroring year-over-year branch deposit performance, continues to provide necessary funding for earning asset generation. The recent moderation of long-term interest rates and a favorable local real estate market give us confidence for the remainder of 2019. Credit quality remains strong with non-performing assets to total loans at 0.24% and minimal loan charge-offs in the first quarter."

FINANCIAL HIGHLIGHTS (unaudited):
(Dollars in thousands, except per share data)







Selected Financial Data

Mar 31,

2019

Dec 31,

2018

Mar 31,

2018

Investment securities

$

61,991

$

57,918

$

56,084

Loans, net of unearned income

375,594

378,918

353,633

Total assets

488,753

482,918

447,953

Deposits

405,694

395,179

364,308

Borrowings

20,958

30,628

30,631

Subordinated debt

5,000

5,000

5,000

Shareholders' equity

51,874

50,080

45,884

Book value per common share

$

18.32

$

17.93

$

16.62

Allowance/loans

1.01%

0.99%

1.03%

Non-performing assets/total assets

0.24%

0.41%

0.64%

Tier 1 capital/average assets

10.72%

10.66%

10.61%












Three months ended Mar 31,   



Selected Operations Data

2019

2018



Interest income

$

5,471

$

4,551



Interest expense

(1,342)

(825)



Net interest income

4,129

3,726



Provision for loan losses

(75)

(80)



Investment securities gains (losses)

(5)

(3)



Gains on sale of mortgages

770

1,028



Other income

391

310



Other expense

(3,878)

(3,635)



Income before income taxes

1,332

1,346



Income taxes

(244)

(252)



Net income

$

1,088

$

1,094



Earnings per common share (basic)

$

0.38

$

0.39



Earnings per common share (diluted)

$

0.38

$

0.39



Return on average assets

0.92%

1.01%



Return on average equity

8.58%

9.58%



Net interest margin

3.67%

3.61%



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

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

icon3
440k+
Newsrooms &
Influencers
icon1
9k+
Digital Media
Outlets
icon2
270k+
Journalists
Opted In
GET STARTED