York Traditions Bank Reports Fourth Quarter Earnings

YORK, Penn., Jan. 29, 2020 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income of $1,154,000, or 37 cents per share (diluted), for the fourth quarter ended December 31, 2019, compared to $1,236,000, or 40 cents per share, for the fourth quarter ended December 31, 2018. This represents an $82,000, or 7%, decrease over the fourth quarter of 2018. Net income for 2019 was $5,217,000, or $1.66 per share. This represents an increase of $489,000, or 10%, over 2018. Book value per common share rose to $18.00 at December 31, 2019.

"We are proud to report our fourth consecutive year of record earnings," stated Eugene J. Draganosky, President and Chief Executive Officer. As of yearend, loans advanced $31 million, or 8%, while deposits grew a robust $64 million, or 16%. This boosted net interest income by $1,770,000, or 12%. Falling short-term interest rates continued to put pressure on our net interest margin, which fell ten basis points to 3.41% in the fourth quarter compared to the same period last year. Gains on sale of residential mortgages, driven by significant purchase money financing volume, remained strong throughout the year, increasing $639,000, or 16%. Driven by 12% year-over-year balance sheet expansion, salary and self-funded medical insurance costs combined with elevated occupancy and equipment investments caused the majority of the Other Expense increase. After enjoying reduced medical costs through 2018 and much of 2019, claims began to rise in the latter half of 2019. Loan quality remains satisfactory. Net charge-offs were $149,000 for 2019, and non-performing assets to total assets ended the year at 0.22%. We remained well capitalized and look forward to 2020."

Yesterday, York Traditions Bank announced plans to open a new full-service branch and banking center at 1687 Oregon Pike in Lancaster, PA. Subject to regulatory approvals, this 3,600-square-foot office will begin serving the needs of Lancaster County business and individual clients in the Fall of 2020.

SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS:

This presentation contains forward-looking statements about York Traditions Bank that are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are not historical facts.  These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," "anticipate" or similar terminology.  Such forward-looking statements include, but are not limited to, discussions of strategy, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives, goals, expectations or consequences; and statements about future performance, operations, products and services of York Traditions Bank.

York Traditions Bank cautions readers not to place undue reliance on forward-looking statements and to consider possible events or factors that could cause results or performance to materially differ from those expressed in the forward-looking statements, including, but not limited to:  ineffectiveness of the bank's business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; interest rate movements; difficulties in integrating distinct business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; volatilities in the securities markets; and deteriorating economic conditions.

Forward-looking statements in this presentation speak only as of the date of this presentation and York Traditions Bank makes no commitment to review or update such statements to reflect changes that occur after the date the forward-looking statement was made.

SOURCE York Traditions Bank