York Traditions Bank Reports 2nd Quarter Earnings

YORK, Pa., July 19, 2018 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income of $1,146,000, or $0.40 cents per share, for the second quarter ended June 30, 2018, compared to $754,000, or 34 cents per share, for the second quarter ended June 30, 2017. This represents a $392,000, or 52%, increase over the second quarter of 2017. Net income for the six months ended June 30, 2018 was $2,240,000, or $0.79 cents per share. This represents an increase of $881,000, or 65%, over the first six months of last year. Book value per common share increased to $17.04 at June 30, 2018.

"We are pleased to report our earnings for the first half of 2018," stated Eugene J. Draganosky, President and Chief Executive Officer. "Net interest income continues to improve, boosted by higher net interest margins and continued loan growth. Net interest income rose $1,074,000, or 17%, for the first six months of 2018 compared to the same period last year. Our net interest margin increased from 3.45% to 3.58% while loans grew $19,485,000, or 6%, during the same period. Loan yields have benefited from rising variable interest rates. Despite intense deposit rate competition, deposits expanded 12%, or $39,632,000, as of June 30, 2018, compared to the same period last year. Mortgage gains were consistent with the prior year at $2,164,000 for the first six months. As a result of the Tax Cut and Jobs Act enacted in late 2017, our income tax expense fell $76,000, or 13%, despite our income before taxes increasing $805,000, or 41%. Our loan quality remains satisfactory with loan recoveries exceeding charge-offs so far this year. We remain well capitalized and look forward to the remainder of 2018."

The Bank expects to open its sixth branch office, its first in York City, in early September 2018.

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