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19.10.2017 12:00
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PR Newswire
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York Traditions Bank Reports 3rd Quarter Earnings
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PR Newswire
YORK, Pa., Oct. 19, 2017
YORK, Pa., Oct. 19, 2017 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income available to common shareholders of $1,065,000, or 48 cents per share, for the third quarter ended September 30, 2017 compared to $920,000, or 42 cents per share, for the third quarter ended September 30, 2016. This represents a $145,000, or 16%, increase over the third quarter of 2016. Net income available to common shareholders for the nine months ended September 30, 2017 was $2,424,000, or $1.09 per share (diluted). This represents an increase of $42,000, or 2%, over the first nine months of last year. Book value per common share stood at $15.86 at September 30, 2017.
"We are immensely satisfied with the third quarter results," stated Eugene J. Draganosky, President and Chief Executive Officer. "We outperformed third quarter earnings in 2016 by 16%. Like the prior year, this was our best quarter, positioning us well for the remainder of 2017. Our year-to-date earnings are now also running ahead of last year. Excellent growth in loans and deposits has boosted net interest income by $1,377,000, or 16%, through the first nine months of 2017. Loans have grown $43.9 million, or 15%, while deposits have grown $40.4 million, or 13%, during the past twelve months. Loan quality remains strong with $26,000 in net charge-offs so far in 2017 and a 0.71% non-performing asset ratio. The recently completed $10 million private placement capital offering increased our Tier 1 capital ratio to 10.83%, putting us in excellent position to continue to pursue the great growth opportunities in our market."
| FINANCIAL HIGHLIGHTS (unaudited): | | | | | | | | |
| Selected Financial Data | | Sept 30, 2017 | | Dec 31, 2016 | | Sept 30, 2016 | | |
| Investment securities | $ | 51,684 | $ | 50,185 | $ | 53,584 | | |
| Loans, net of unearned income | | 340,679 | | 305,277 | | 296,815 | | |
| Total assets | | 435,526 | | 396,716 | | 397,565 | | |
| Deposits | | 354,861 | | 322,317 | | 314,455 | | |
| Borrowings | | 28,857 | | 35,710 | | 43,477 | | |
| Subordinated debt | | 5,000 | | 5,000 | | 5,000 | | |
| Shareholders' equity | | 44,663 | | 32,223 | | 32,646 | | |
| Book value per common share | $ | 15.86 | $ | 14.86 | $ | 14.63 | | |
| Allowance/loans | | 1.03% | | 1.02% | | 0.94% | | |
| Non-performing assets/total assets | | 0.71% | | 0.81% | | 0.84% | | |
| Tier 1 capital/average assets | | 10.83% | | 8.21% | | 8.29% | | |
| | | | | | | | | |
| | Three months ended Sept 30, | Nine months ended Sept 30, | ||||||
| Selected Operations Data | | 2017 | | 2016 | | 2017 | | 2016 |
| Interest income | $ | 4,391 | $ | 3,680 | $ | 12,285 | $ | 10,674 |
| Interest expense | | (839) | | (693) | | (2,261) | | (2,027) |
| Net interest income | | 3,552 | | 2,987 | | 10,024 | | 8,647 |
| Provision for loan losses | | (153) | | (300) | | (423) | | (694) |
| Investment securities gains | | 1 | | 5 | | 1 | | 72 |
| Gains on sale of mortgages Werbung Mehr Nachrichten zur YORK TRADITIONS BK YORK CNTY PA Aktie kostenlos abonnieren
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