A newly public midstate bank and one new to Central Pennsylvania announced fourth-quarter earnings recently.
York Traditions Bank
The York Township-based bank reported income down for the fourth quarter but yearly income up from 2013.
The bank reported net income of $1.87 million, or 87 cents per basic share, for 2014 while it had net income of $1.81 million in net income, or 84 cents per share, in 2013.
For 2014’s fourth quarter, it reported $354,000 in net income, or 16 cents per basic share, while 2013’s fourth quarter netted $387,000, or 18 cents per share. York Traditions President and CEO Michael E. Kochenour said the decrease in earnings is related to one-time and ongoing expenses of the bank opening its fifth branch and first in Hanover during the quarter.
However, Kochenour said he expects the new location to “generate deposits to fund our continuing loan growth which expanded $16.96 million, or 7.7 percent, during 2014.”
S&T Bancorp Inc.
The company said it has spent about $700,000 on its merger with Camp Hill-based Integrity Bancshares Inc., according to its earnings report released Tuesday.
But that wasn’t enough to make a dent in the Indiana, Pa.-based company’s earnings, as it reported yearly and quarterly gains. Fourth quarter net income was at about $14.5 million, way up from $11.9 million in the fourth quarter of 2013.
Earnings per diluted share over that period went from 40 cents to 49 cents.
For the year, the holding company for S&T Bank reported a 15 percent increase in net income, from $50.5 million to $57.9 million in 2014.
Integrity shareholders plan to vote on Feb. 24 as to whether to approve the merger between the two companies.
S&T trades on the NASDAQ at the ticker symbol STBA. In the fourth quarter, it reached $5 billion in assets.