York Traditions Bank (OTC Pink: YRKB) reported net income available to common shareholders of $518,000, or 24 cents per share, for the 4th quarter ended December 31, 2016, compared to $494,000, or 23 cents per share, for the 4th quarter ended December 31, 2015. This represents a $24,000, or 5%, increase over the 4th quarter of 2015. Net income available to common shareholders for the year ended December 31, 2016 was $2,900,000, or $1.33 per share. This represents an increase of $917,000, or 46%, over last year. Return on assets of 0.77% and return on equity of 9.44% also showed significant growth year to year. Book value per common share climbed to $14.86 at December 31, 2016.

"We are pleased to report 4th quarter and annual earnings," stated Michael E. Kochenour, Chairman. "An uptick in long-term interest rates and normal seasonality slowed our gains on sale of mortgages in the 4th quarter. This was partially offset by our second and final $150,000 installment for switching merchant processing vendors. Despite the mortgage slowdown in the 4th quarter, the Bank achieved record annual earnings. Collectively, commercial and consumer-related loans grew $46,420,000, or 18%, during 2016, boosting net interest income $1,563,000, or 15%. We achieved record gains on mortgage sales of $4,249,000, an increase of $926,000, or 28%. Deposits grew $27,825,000, or 9%. In addition, our net interest margin remained stable, and net charge offs declined along with non-performing assets. In recognition of the significant loan growth, we recorded an annual provision for loan losses of $994,000, which enhances the allowance to 1.02% of loans. We remain well capitalized, and we look forward to 2017."