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Traditions Bancorp, Inc. (TRBK) is a financial institution headquartered in York, Pennsylvania. Established in 2002, Traditions Bank provides depository and borrowing services to businesses and individuals in south-central Pennsylvania. With assets of $850 million as of September 30, 2023, and 150 associates, the company offers residential mortgages and has been recognized as a Bauer Financial recommended financial institution for over a decade. Amid challenges such as rising funding costs and mortgage banking activity, the company reported net income of $1.4 million for the third quarter ended September 30, 2023, with a book value per common share of $22.00. Under the leadership of Eugene J. Draganosky, the company is strategically realigning to navigate the current economic environment and ensure long-term shareholder value.
Traditions Bancorp, Inc. (OTC Pink: TRBK) reported a net income of $1.6 million for Q3 2022, a decrease of 28% compared to Q3 2021. This decline was primarily due to an $1.8 million drop in mortgage banking gains. However, net interest income rose by 24% year-over-year, fueled by strong loan growth. The bank's credit quality remains stable, with reduced nonaccrual loans. Earnings per share (diluted) were 58 cents, up from 54 cents in the previous quarter. Unrealized investment losses increased to $13.3 million. A cash dividend of 8 cents per share was declared for Q3.
Traditions Bancorp (OTC Pink: TRBK) announced on October 20, 2022, the declaration of a quarterly cash dividend of eight cents per common share. This dividend will be distributed on November 14, 2022, to shareholders of record by the close of business on November 4, 2022. As of June 30, 2022, Traditions Bank reported total assets of $763 million and continues to be a top provider of residential mortgages in south-central Pennsylvania, operating seven full-service branches and one loan production office.
Traditions Bancorp, Inc. (TRBK) announces leadership changes effective April 2023. Michael E. Kochenour will retire as Chairman but remain a director. Eugene J. Draganosky will succeed him as Chairman; he has served as President since 2015 and CEO since 2017, during which the bank's assets nearly doubled. Elizabeth F. Carson will become Lead Independent Director. Additionally, Thomas J. Sposito II will be appointed President effective September 12, 2022. The bank celebrates its 20th anniversary on October 28, 2022, reflecting on its impact on stakeholders.
Traditions Bancorp, Inc. (OTC Pink: TRBK) reported a net income of $1.5 million for Q2 2022, unchanged from Q1 but down 22% from Q2 2021. This decline was primarily due to a $1.3 million drop in mortgage banking gains caused by lower home inventories and inflationary pressures on mortgage rates. However, net interest income increased by 16% year-over-year due to growth in commercial loan production and effective management of funding costs. The share value fell to $20.37 from $22.08 a year earlier, alongside unrealized portfolio losses amounting to $9.7 million.
On July 21, 2022, Traditions Bancorp (OTC Pink: TRBK) declared a quarterly cash dividend of eight cents per common share. This dividend will be paid on August 15, 2022 to shareholders of record by the close of business on August 5, 2022. As of March 31, 2022, Traditions Bank held assets totaling $748 million and operates several branches in south-central Pennsylvania, providing a range of financial services. The bank has consistently received recognition from Bauer Financial.
Traditions Bancorp (TRBK) reported a net income of $1.5 million for Q1 2022, down 35% from Q1 2021's $2.3 million. The decrease was mainly due to a $1.4 million dip in mortgage banking gains attributed to seasonal declines. Despite a 13% increase in net interest income, earnings per share decreased to 52 cents from 73 cents year-over-year. The company announced an 8 cents quarterly dividend and initiated a $3 million stock repurchase plan. As of March 31, 2022, total assets were $747.6 million.
Traditions Bancorp (OTC Pink: TRBK) announced its first quarterly dividend of eight cents per share, payable on May 13, 2022, to shareholders of record on May 3, 2022. The announcement follows strong financial performance in 2021, marking the company's commitment to returning value to shareholders as it approaches its 20th anniversary. With assets of $749 million as of December 31, 2022, Traditions Bank is dedicated to growing shareholder value and continues to assess its dividend policy for proactive capital management.
Traditions Bancorp (OTC Pink: TRBK) has announced a stock repurchase plan allowing the company to buy back up to $3 million of its outstanding shares of common stock. As of December 31, 2021, there were 2,840,484 shares outstanding. The plan is designed to enhance earnings per share and increase long-term shareholder value, supported by the company's strong financial position and growth expectations. Share repurchases will occur in various ways, with management determining the timing based on market conditions. No guarantees on the exact number of shares to be bought back are provided.
Traditions Bancorp, Inc. (OTC Pink: TRBK) reported net income of $1.7 million for Q4 2021, a 27% decline from Q4 2020's $2.3 million, while total annual net income for 2021 was $8.2 million. The decline reflects a normalization in mortgage banking activities post-refinancing boom and increased expenses from regional expansion. Loans increased by 12% year-over-year to $519.3 million, and deposits rose 19% to $677.3 million. The book value per share improved from $20.72 to $22.87.
Traditions Bancorp, Inc. (OTC Pink: TRBK) has appointed Thomas J. Sposito II as Chief Banking Officer, effective November 15, 2021. Sposito, who joined the company as Strategic Revenue Officer in June 2020, will oversee revenue generation, profitability, and balance sheet growth across all regions, excluding Traditions Mortgage. His experience spans 36 years in banking, including roles at Sterling Financial and PNC. CEO Eugene Draganosky highlighted Sposito's impact and alignment with the bank's strategic direction.
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