York Traditions Bank Reports 1st Quarter Earnings


York Traditions Bank (OTC Pink: YRKB) reported net income of $605,000, or 27 cents per share, for the first quarter ended March 31, 2017, compared to $675,000, or 31 cents per share, for the first quarter 2016. This represents a 10% decrease in net income over the first quarter of 2016. Book value per common share grew to $15.14 at March 31, 2017.

"We are pleased with the first quarter financial performance," stated Eugene J. Draganosky, President and Chief Executive Officer. "First quarter 2016 earnings included $108,000 of non-recurring income. Our first quarter 2017 earnings were $87,000 or 17% higher than the fourth quarter of 2016. Loans grew a robust $48.6 million since a year ago and $9.0 million since year-end. This helped boost net interest income by $350,000 or 12%. Gains on sale of mortgages were nearly equal to the first quarter 2016 which set the stage for record mortgage gains last year. Our net interest margin improved 11 basis points to 3.45% fueled by more loans as a percentage of interest earning assets and higher market interest rates. Net loan charge-offs were a minimal $8,000 for the quarter, non-performing assets were 0.61% of total assets, and the allowance for loan and lease losses has increased to 1.04%. We remained well capitalized with an 8.42% Tier 1 capital ratio as of March 31, 2017. We are optimistic for our future and look forward to the remainder of 2017."

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