YORK, Pa., Jan. 26, 2015 /PRNewswire/ -- York Traditions Bank (OTC Pink: YRKB) reported net income available to common shareholders of $354,000, or 16 cents per share, for the fourth quarter ended December 31, 2014, compared to $387,000, or 18 cents per share, for the fourth quarter ended December 31, 2013. Net income available to common shareholders for the year ended December 31, 2014 was $1,873,000, or 87 cents per share, compared to $1,809,000, or 84 cents per share, for last year. This represents a $64,000, or 3.5%, increase. Book value per common share stood at $12.62 at December 31, 2014.
"We are so excited to have opened our fifth York County branch office and our first in the Hanover area during the 4th quarter," stated Michael E. Kochenour, Chairman, President and Chief Executive Officer. "One-time and ongoing costs associated with the new office caused our fourth quarter earnings to decline slightly over the prior year's fourth quarter, however, we expect the new location to help generate deposits to fund our continuing loan growth which expanded $16,956,000, or 7.7%, during 2014. We remain well capitalized with excellent loan quality. Net loan recoveries for 2014 were $3,000."
On December 10, 2014, the Federal Deposit Insurance Company approved the Bank's request to repay the $5,115,000 of preferred stock issued to the United States Treasury pursuant to the Small Business Lending Fund program. Under the terms of the approval, the Bank has twelve months to repay the preferred stock.
FINANCIAL HIGHLIGHTS (unaudited):
(Dollars in thousands, except per share data)
Selected Financial Data Dec 31, Dec 31,
2014 2013
--- ---- ----
Investment securities $35,215 $39,203
Loans, net of unearned income 237,798 220,842
Total assets 300,231 284,499
Deposits 247,860 244,971
Borrowings 18,390 7,750
Shareholders' equity 32,815 30,421
Book value per common share $12.62 $11.76
Allowance/loans 1.08% 1.04%
Non-performing assets/total assets 0.74% 0.50%
Tier 1 capital/average assets 10.80% 10.84%
Three months ended Dec 31, Twelve months ended Dec 31,
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Selected Operations Data 2014 2013 2014 2013
------------------------ ---- ---- ---- ----
Interest income $3,174 $2,925 $12,026 $11,454
Interest expense (521) (488) (1,952) (2,032)
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Net interest income 2,653 2,437 10,074 9,422
Provision for loan losses (60) (33) (256) (484)
Investment securities gains - - 12 63
Gains on sale of mortgages 436 356 1,897 1,696
Other income 255 228 966 900
Other expense (2,765) (2,432) (9,935) (8,934)
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Income before income taxes 519 556 2,758 2,663
Income taxes (153) (156) (834) (803)
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Net income 366 400 1,924 1,860
Preferred stock dividends (12) (13) (51) (51)
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Net income available to common shareholders $354 $387 $1,873 $1,809
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Earnings per common share (basic) 0.16 0.18 $0.87 $0.84
Return on average assets 0.48% 0.56% 0.66% 0.67%
Return on average equity 4.56% 5.31% 6.19% 6.37%
Net interest margin 3.73% 3.65% 3.65% 3.59%
Net charge-offs(recoveries)/average loans 0.01% 0.18% 0.00% 0.19%
Safe Harbor Statement:
Except for historical information contained herein, the matters discussed in this release are forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Because of these risks and uncertainties, our actual future results may be materially different from the results indicated by these forward looking statements. In addition, our past results of operations do not necessarily indicate our future results. We undertake no obligation to publicly update or otherwise revise any forward looking statements, whether as a result of new information, future events or otherwise.
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SOURCE York Traditions Bank
