Subject: ERN
York Traditions Bank Reports 3rd Quarter Earnings
YORK, Pa., Oct. 19, 2017 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income available to common shareholders of $1,065,000, or 48 cents per share, for the third quarter ended September 30, 2017 compared to $920,000, or 42 cents per share, for the third quarter ended September 30, 2016. This represents a $145,000, or 16%, increase over the third quarter of 2016. Net income available to common shareholders for the nine months ended September 30, 2017 was $2,424,000, or $1.09 per share (diluted). This represents an increase of $42,000, or 2%, over the first nine months of last year. Book value per common share stood at $15.86 at September 30, 2017.
"We are immensely satisfied with the third quarter results," stated Eugene J. Draganosky, President and Chief Executive Officer. "We outperformed third quarter earnings in 2016 by 16%. Like the prior year, this was our best quarter, positioning us well for the remainder of 2017. Our year-to-date earnings are now also running ahead of last year. Excellent growth in loans and deposits has boosted net interest income by $1,377,000, or 16%, through the first nine months of 2017. Loans have grown $43.9 million, or 15%, while deposits have grown $40.4 million, or 13%, during the past twelve months. Loan quality remains strong with $26,000 in net charge-offs so far in 2017 and a 0.71% non-performing asset ratio. The recently completed $10 million private placement capital offering increased our Tier 1 capital ratio to 10.83%, putting us in excellent position to continue to pursue the great growth opportunities in our market."
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FINANCIAL HIGHLIGHTS (unaudited): |
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Selected Financial Data |
Sept 30, 2017 |
Dec 31, 2016 |
Sept 30, 2016 |
|||||
|
Investment securities |
$ |
51,684 |
$ |
50,185 |
$ |
53,584 |
||
|
Loans, net of unearned income |
340,679 |
305,277 |
296,815 |
|||||
|
Total assets |
435,526 |
396,716 |
397,565 |
|||||
|
Deposits |
354,861 |
322,317 |
314,455 |
|||||
|
Borrowings |
28,857 |
35,710 |
43,477 |
|||||
|
Subordinated debt |
5,000 |
5,000 |
5,000 |
|||||
|
Shareholders' equity |
44,663 |
32,223 |
32,646 |
|||||
|
Book value per common share |
$ |
15.86 |
$ |
14.86 |
$ |
14.63 |
||
|
Allowance/loans |
1.03% |
1.02% |
0.94% |
|||||
|
Non-performing assets/total assets |
0.71% |
0.81% |
0.84% |
|||||
|
Tier 1 capital/average assets |
10.83% |
8.21% |
8.29% |
|||||
|
Three months ended Sept 30, |
Nine months ended Sept 30, | |||||||
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Selected Operations Data |
2017 |
2016 |
2017 |
2016 | ||||
|
Interest income |
$ |
4,391 |
$ |
3,680 |
$ |
12,285 |
$ |
10,674 |
|
Interest expense |
(839) |
(693) |
(2,261) |
(2,027) | ||||
|
Net interest income |
3,552 |
2,987 |
10,024 |
8,647 | ||||
|
Provision for loan losses |
(153) |
(300) |
(423) |
(694) | ||||
|
Investment securities gains |
1 |
5 |
1 |
72 | ||||
|
Gains on sale of mortgages |
1,057 |
1,355 |
3,251 |
3,561 | ||||
|
Other income |
408 |
452 |
967 |
1,119 | ||||
|
Other expense |
(3,357) |
(3,151) |
(10,362) |
(9,297) | ||||
|
Income before income taxes |
1,508 |
1,348 |
3,458 |
3,408 | ||||
|
Income taxes |
(443) |
(428) |
(1,034) |
(1,026) | ||||
|
Net income |
$ |
1,065 |
$ |
920 |
$ |
2,424 |
$ |
2,382 |
|
Earnings per common share (basic) |
$ |
0.48 |
$ |
0.42 |
$ |
1.10 |
$ |
1.09 |
|
Earnings per common share (diluted) |
$ |
0.48 |
$ |
0.42 |
$ |
1.09 |
$ |
1.09 |
|
Return on average assets |
0.98% |
0.95% |
0.79% |
0.86% | ||||
|
Return on average equity |
12.01% |
11.53% |
9.52% |
10.59% | ||||
|
Net interest margin |
3.45% |
3.25% |
3.43% |
3.28% | ||||
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Net charge-offs(recoveries)/average loans |
0.02% |
0.00% |
0.01% |
0.15% | ||||
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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