York Traditions Bank Reports First Quarter 2021 Earnings Under New Name
YORK, Pa., April 28, 2021 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB), now doing business as Traditions Bank, reported net income of
"Despite ongoing COVID-19 challenges, we are pleased to report another quarter of satisfactory results and a solid start to 2021," stated Eugene J. Draganosky, President and Chief Executive Officer. "Pre-tax/pre-provision income for the quarter was
"Gains on the sale of mortgages remained strong at
"Loans grew by
"Deposits expanded by
"Although we are encouraged by the economic recovery that has started to gain traction as a result of the additional government stimulus programs and ongoing nationwide vaccination initiatives, we remain cautiously optimistic about the potential for improved credit quality within the context of COVID-19. As of March 31, 2021, the Bank's credit exposure to industries most impacted by the pandemic was
"After an extensive study of our brand throughout 2020, we recently announced our new name as Traditions Bank. A strategic brand evolution, coupled with sustained performance, positions the Bank for future growth built upon the foundation of our core values and organizational culture."
The formation of the proposed Traditions Bancorp holding company received the required regulatory and shareholder approval as of April 19, 2021. In addition, the Bank's first Lancaster branch office, located at 1687 Oregon Pike, had a successful soft opening on April 19, 2021.
FINANCIAL HIGHLIGHTS (unaudited): | |||||||
Selected Financial Data | Mar 31, 2021 | Dec 31, 2020 | Mar 31, 2020 | ||||
Investment securities | $ | 90,142 | $ | 79,357 | $ | 84,293 | |
Loans, net of unearned income | 479,587 | 465,513 | 412,266 | ||||
Allowance for loan loss | 7,147 | 7,046 | 3,667 | ||||
Total assets | 676,116 | 640,562 | 557,969 | ||||
Deposits | 601,687 | 567,075 | 477,105 | ||||
Borrowings | - | 42 | 14,208 | ||||
Shareholders' equity | 66,983 | 66,628 | 59,218 | ||||
Book value per common share | $ | 21.06 | $ | 20.72 | $ | 18.38 | |
Allowance/loans | |||||||
Nonperforming assets/total assets | |||||||
Tier 1 capital/average assets | |||||||
Tier 1 capital/risk-weighted assets | |||||||
Total capital/risk-weighted assets | |||||||
Three months ended Mar 31, | |||||||
Selected Operations Data | 2021 | 2020 | |||||
Interest income | $ | 5,587 | $ | 5,683 | |||
Interest expense | (529) | (1,241) | |||||
Net interest income | 5,058 | 4,442 | |||||
Provision for loan losses | (100) | (393) | |||||
Investment securities gains (losses) | 1 | 116 | |||||
Gains on sale of mortgages | 3,237 | 1,375 | |||||
Other income | 449 | 454 | |||||
Other expense | (5,747) | (4,556) | |||||
Income before income taxes | 2,898 | 1,438 | |||||
Income taxes | (579) | (266) | |||||
Net income | $ | 2,319 | $ | 1,172 | |||
Earnings per common share (basic) | $ | 0.74 | $ | 0.37 | |||
Earnings per common share (diluted) | $ | 0.73 | $ | 0.37 | |||
Pre-tax/pre-provision income | $ | 4,656 | $ | 1,616 | |||
Return on average assets | |||||||
Return on average equity | |||||||
Net interest margin | |||||||
Efficiency ratio | |||||||
Net charge-offs(recoveries)/average loans |
SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS:
This release 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 release speak only as of the date of this release 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