YORK, Pa. -- York Financial Corp. reported flat first-quarter earnings of $2 million compared to September 1993 earnings before accounting changes.
The $881-million-asset parent of York Federal Savings and Loan Association earned $4.1 million for the September 1993 quarter after the accounting change.
The company's return on assets was .92%, down 1.14% in 1993. Return on equity was 10.31%, down from 14.02% in 1993.
Robert Pullo, president and chief executive, noted that York has a dividend reinvestment plan, so the thrift has more shares outstanding now than last year.
York also has declared a cash dividend of 15 cents and a 10% stock dividend payable Nov. 15 to shareholders of Nov. 7.
Nonperforming assets dropped to $29.4 million, or 3.3%, of all assets, down from $41 million, or 4.5% of all assets in the first quarter of 1993.
York has 20 branches in south central Pennsylvania and two in Harford County, Md.