York Traditions Bank Reports 1st Quarter Earnings

YORK, Pa., April 19, 2018 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income of $1,094,000, or 39 cents per share, for the first quarter ended March 31, 2018, compared to $605,000, or 27 cents per share, for the first quarter ended March 31, 2017. This represents an 81% increase over the first quarter of 2017. Book value per common share increased to $16.62 at March 31, 2018.

"We are off to a solid start in 2018," stated Eugene J. Draganosky, President and Chief Executive Officer. "Loans have grown $39.3 million, or 13%, over the past year. In conjunction with advances in interest rates, this drove the first quarter increase in net interest income of $573,000 or 18%. Continued solid credit quality allowed us to reduce our first quarter provision for loan losses to $80,000. Traditions Mortgage turned in an outstanding quarter recognizing $1,028,000 from gains on the sale of mortgages, an increase of $149,000 or 17% over the first quarter last year. We also recognized the benefit of the recently enacted Tax Cut and Jobs Act. Our effective tax rate fell from 30.3% in the first quarter 2017 to 18.7% in the first quarter 2018. Despite pre-tax earnings increasing $478,000, or 55%, our federal income tax fell $11,000 or 4%."

On March 22, 2018, York Traditions Bank opened its first loan production office in Camp Hill, Pennsylvania. Later this summer, the Bank will open its sixth branch office, which will be its first located in York City.

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.

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SOURCE York Traditions Bank