TRADITIONS BANCORP INC - TRBK STOCK NEWS

Traditions Bancorp, Inc. reported a net income of $1.3 million for Q2 2023, compared to $1.5 million in Q1 2023 and $1.5 million in Q2 2022. The decrease in earnings was driven by depressed mortgage banking revenue, higher deposit funding costs, and increasing reliance on wholesale borrowing. Earnings per share (diluted) were 47 cents for Q2 2023, compared to 55 cents in Q1 2023 and 54 cents in Q2 2022. The company experienced unrealized investment portfolio losses of $12.3 million at the end of Q2 2023. Book value per common share was $22.29 on June 30, 2023. Loans grew by $100.8 million, or 18%, over Q2 2022. The cost of deposits increased to 1.87% for Q2 2023. Gains on the sale of mortgages were $1.0 million for Q2 2023. The company declared a cash dividend of eight cents per common share.

Traditions Bancorp (OTC Pink: TRBK) reported a net income of $1.5 million for Q1 2023, matching the previous year's figure and up from $1.1 million in Q4 2022. The growth in earnings is attributed to increased interest income from loan growth, despite higher deposit costs affecting margins. The company's earnings per share (diluted) rose to 55 cents compared to 38 cents in Q4 2022. Total loans increased by $94.6 million or 18% year-over-year, while deposits grew by $30.1 million or 4%.

Despite a decrease in unrealized investment portfolio losses, which were $10.5 million at quarter-end, credit quality showed some strain with a rise in nonaccrual loans. The regulatory Tier 1 book value per share stood at $26.18.

On April 20, 2023, Traditions Bancorp (OTC Pink: TRBK) declared a quarterly cash dividend of eight cents per common share, set to be paid on May 15, 2023, to shareholders on record by the close of business on May 5, 2023. As of December 31, 2022, Traditions Bank reported assets totaling $777 million. Founded in 2002 and headquartered in York, Pennsylvania, Traditions Bank operates seven branches and a loan production office, serving the south-central Pennsylvania region. The bank is known for its residential mortgage services and has received Bauer Financial recommendations for over a decade.

Traditions Bancorp, Inc. (OTC Pink: TRBK) announced the retirement of John D. Brown from its Board of Directors, effective April 18, 2023. Brown, a founding member, served as chair of the compensation committee and has made significant contributions to the bank's strategic growth over two decades. His leadership has helped establish Traditions Bank as a leading community bank in central Pennsylvania, with assets totaling $777 million as of December 31, 2022. The company’s CEO, Eugene Draganosky, expressed gratitude for Brown's influence and dedication to the bank and community.

Traditions Bancorp, Inc. (OTC Pink: TRBK) reported a net income of $1.1 million for Q4 2022, down from $1.6 million in Q3 2022 and $1.7 million in Q4 2021. The decrease was mainly due to a $1.5 million drop in mortgage banking gains amid inflationary pressures. However, interest income rose by $2.3 million, resulting in a 15% increase in net interest income compared to the previous year. Earnings per share (diluted) were 38 cents for Q4 2022. As of December 31, 2022, the book value per share was $20.44, down from $22.94 a year earlier. The company's regulatory Tier 1 capital was $24.69 per share, indicating a strong capital position despite challenges in the mortgage market.

On January 19, 2023, Traditions Bancorp (OTC Pink: TRBK) declared a quarterly cash dividend of eight cents per common share. This dividend will be paid on February 13, 2023, to shareholders of record by February 3, 2023. With assets valued at $773 million as of September 30, 2022, Traditions Bank operates seven full-service branches in south-central Pennsylvania, providing various financial services to businesses and individuals. The bank has received recognition from Bauer Financial for over a decade as a recommended financial institution.

Traditions Bank, a subsidiary of Traditions Bancorp (OTC Pink: TRBK), plans to open its second full-service branch in Lancaster County, PA, located at 2160 State Road in East Hempfield Township. The 2,625-square-foot facility aims to serve customers within a year, pending regulatory approvals. This new branch follows the opening of its first Lancaster location in April 2021. The branch will create jobs in the local area with a team of universal retail bankers and mortgage lenders, enhancing Traditions Bank’s presence in Lancaster.