York Traditions increases net income
York Traditions Bank reported sizable net income gains in its second-quarter earnings report that the CEO partially attributed to merger-related market disruptions among other banks.
"The bank's brand, reputation, and value proposition have never been more compelling," CEO Michael Kochenour, who also serves as York Traditions' chairman, said in a news release. "They have collectively enabled us to capitalize on the bank merger-related market disruptions to become the true relationship bank of choice."
First National Bank-Metro Bank and BB&T-Susquehanna Bank mergers are among recent mergers that have affected local bank branches.
"People don't have many opportunities to make a local choice," Kochenour said, pointing out that York Traditions and PeoplesBank are the only banks remaining with headquarters in York County. "We're here."
The bank reported a net income of 36 cents per share available to shareholders during the second quarter, which ended June 30. That represents a 58 percent increase over the second quarter of 2015, according to the report.
Year-to-date gains also included net interest income (11 percent), sale of mortgages (33 percent) and loans (4 percent), the report states.
Kochenour said the bank's strategic mission remains bringing value to all stakeholders while remaining independent. The bank announced earlier this year that Kochenour will retire from his CEO position at the end of 2016, but he will remain the board chairman.