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Donnerstag, 20.07.2017 11:10 von PR Newswire | Aufrufe: 25

York Traditions Bank Reports 2nd Quarter Earnings

Analysten bei der Arbeit (Symbolbild). © gorodenkoff / iStock / Getty Images Plus / Getty Images

PR Newswire

YORK, Pa., July 20, 2017

YORK, Pa., July 20, 2017 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income available to common shareholders of $754,000, or 34 cents per share, for the second quarter ended June 30, 2017, compared to $787,000, or 36 cents per share, for the second quarter ended June 30, 2016. This represents a $33,000, or 4%, decrease over the second quarter of 2016. Net income available to common shareholders for the six months ended June 30, 2017 was $1,359,000, or 61 cents per share. This represents a decrease of $103,000, or 7%, over the first six months of last year. Book value per common share climbed to $15.46 at June 30, 2017.

"We are pleased to report another solid quarter of financial performance," stated Eugene J. Draganosky, President and Chief Executive Officer. "Exceptional loan growth continues to boost net interest income. Loans grew $28.3 million during the quarter and $64.6 million since last year. Net interest income has increased $812,000, or 14%, so far in 2017. An improved mix of loans and higher interest rates has boosted the net interest margin to 3.45% for the first six months compared to 3.32% for the same period last year. Our Mortgage Division had another exemplary quarter coming off record gains in 2016. Gains on the sale of mortgages total $2,194,000 for the first half of 2017, nearly equal to the same period last year. Other income declined $108,000 over the first half of 2017 due to a negative year-over-year variance in other real estate net gains/(losses) of $151,000. Deposits increased $12.6 million during the quarter and $38.7 million since last year. We had no net loan charge-offs in the second quarter and $8,000 year-to-date. We remain well capitalized with excellent loan quality and are well positioned for the remainder of 2017."

FINANCIAL HIGHLIGHTS (unaudited):
(Dollars in thousands, except per share data)

Selected Financial Data

June 30,

2017

Dec 31,

ARIVA.DE Börsen-Geflüster

Kurse

YORK TRADITIONS BK YORK CNTY PA

17,60 $

+2,86%

2016

June 30,

2016

Investment securities

52,033

50,185

58,567

Loans, net of unearned income

333,541

305,277

268,968

Total assets

429,907

396,716

374,457

Deposits

334,897

322,317

296,201

Borrowings

54,425

35,710

39,792

Subordinated debt

5,000

Shareholders' equity

34,211

32,223

31,640

Book value per common share

15.46

14.86

14.18

Allowance/loans

1.01%

1.02%

0.92%

Non-performing assets/total assets

0.53%

0.81%

0.60%

Tier 1 capital/average assets

8.30%

8.21%

8.38%

Three months ended June 30,

Six months ended June 30,

Selected Operations Data

2017

2016

2017

2016

Interest income

4,074

3,532

7,894

6,994

Interest expense

(755)

(675)

(1,422)

(1,334)

Net interest income

3,319

2,857

6,472

5,660

Provision for loan losses

(117)

(259)

(270)

(394)

Investment securities gains

Gains on sale of mortgages

1,315

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