York Traditions Bank Reports 4th Quarter Earnings

YORK, Pa., Jan. 29, 2019 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income available to common shareholders of $1,236,000, or 44 cents per share (diluted), for the fourth quarter ended December 31, 2018, compared to $970,000, or 34 cents per share, for the fourth quarter ended December 31, 2017.  This represents a $266,000 or 27% increase over the fourth quarter of 2017. Net income available to common shareholders for 2018 was $4,728,000, or $1.67 per share. This represents an increase of $1,334,000, or 39%, over 2017. Book value per common share stood at $17.93 at December 31, 2018.

"We are proud to report another year of record earnings," stated Eugene J. Draganosky, President and Chief Executive Officer. "Annual loan growth of 9% and an improved net interest margin bolstered year-to-date net interest income by $1,622,000, or 12%. During the same period, our balance sheet funding requirements were met with year over year deposit growth of 9%. Credit quality has been exceptional with net loan charge offs of $36,000 for 2018 and nonperforming assets as a percentage of total assets declining from 0.64% to 0.41%. This permitted us to reduce our provision for loan loss expense by $253,000, or 53%, for the year. Gains on sale of residential mortgages were $3,918,000 despite higher interest rates and a shortage of available inventory in our markets. Tempered by a $272,000, or 31%, reduction in self-funded medical insurance costs due to favorable claims experience, other expenses grew a modest $953,000, or 7%. Income taxes fell $555,000, or 34%, as a result of lower tax rates from the Tax Cut and Jobs Act enacted in late 2017. Our book value per share finished the year at $17.93, up $1.70, or 10%, over the prior year."

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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https://www.yorktraditionsbank.com