York Traditions Bank Reports 3rd Quarter Earnings

YORK, Pa., Oct. 29, 2019 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income of $1,470,000, or 47 cents per share, for the third quarter ended September 30, 2019, compared to $1,252,000, or 40 cents per share, for the third quarter ended September 30, 2018. This represents a $218,000 or 17% increase over the third quarter of 2018. Net income for the nine months ended September 30, 2019, was $4,063,000 or $1.30 per share. This represents an increase of $571,000, or 16%, over the first nine months of last year. Book value per common share stood at $17.63 on September 30, 2019.

"We are pleased to report another strong quarter of earnings growth," stated Eugene J. Draganosky, President and Chief Executive Officer. "Net interest income increased $519,000 for the quarter and $1,365,000 year-to-date on double-digit loan and deposit generation. Loans grew $44.3 million, or 12%, and deposits grew $63.3 million, or 17%, over the past twelve months. Deposit generation was exceptional for the quarter and we expect the pace of growth to normalize. Our year-to-date net interest margin remains above the prior year; however, we have experienced modest compression with the recent Federal Reserve interest rate cuts. Mortgage production has benefited from lower rates and satisfactory local housing demand with gains increasing $435,000, or 46%, for the quarter. Credit quality remains very good with non-performing assets/total assets falling to 0.22% during the quarter."

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.

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SOURCE York Traditions Bank