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Traditions Bancorp (OTC Pink: TRBK) reported a net loss of $0.8 million for Q3 2024, compared to net income of $1.8 million in Q2 2024 and $1.4 million in Q3 2023. The loss was primarily due to $0.6 million in merger expenses and a $2.1 million loan loss reserve, including $1.6 million against a single substandard commercial loan. The company reported a loss per share of $0.28, compared to earnings of $0.66 in Q2 2024. Despite challenges, mortgage banking income remained solid, with gains on mortgage sales reaching $1.1 million. Book value per share increased to $24.85, up from $24.19 in Q2 2024.
Traditions Bancorp (OTC Pink: TRBK) has declared a quarterly cash dividend of $0.08 per common share, payable on November 18, 2024, to shareholders of record as of November 8, 2024. The bank operates eight full-service branches in York, Hanover, and Lancaster, plus a loan production office in Lemoyne, Cumberland County. With assets of $859 million as of June 30, 2024, and 140 associates, Traditions Bank serves south-central Pennsylvania with depository and borrowing services, specializing in residential mortgages.
Traditions Bancorp (OTC Pink: TRBK) reported net income of $1.8 million for Q2 2024, up from $1.4 million in Q1 and $1.3 million in Q2 2023. Earnings per share rose to $0.66, compared to $0.49 in Q1 and $0.47 in Q2 2023. The company saw loan growth of 3% and deposit growth of 6% year-over-year. However, net interest margin contracted to 2.99% from 3.31% in Q2 2023 due to rising funding costs. Mortgage banking income rebounded, with gains on sale of mortgages increasing to $1.5 million from $1.0 million in Q2 2023. The company declared a cash dividend of $0.08 per share.
Traditions Bancorp (OTC Pink: TRBK), parent company of Traditions Bank, has declared a quarterly cash dividend of $0.08 per common share. The dividend will be paid on August 12, 2024, to shareholders of record as of August 2, 2024. Traditions Bank, founded in 2002, operates eight full-service branch offices in York, Hanover, and Lancaster, along with a loan production office in Lemoyne, Cumberland County. As of March 31, 2024, the bank had assets of $841 million and 140 associates. Traditions Bank specializes in depository and borrowing services for businesses and individuals in south-central Pennsylvania, with a strong focus on residential mortgages.
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