Codorus Valley Bancorp, Inc. (the “Corporation”) (NASDAQ: CVLY),
parent company of PeoplesBank, A Codorus Valley Company
(“PeoplesBank”, or the “Bank”), today reported net income of $4.3
million or $0.44 per diluted common share, for the quarter ended
March 31, 2024. This compares to net income of $7.0 million or
$0.73 per diluted common share, for the quarter ended March 31,
2023, representing a decrease of $2.7 million or 39.1 percent, and
compares to net income of $5.5 million or $0.57 per diluted common
share for the fourth quarter of 2023, representing a decrease of
$1.2 million or 22.0 percent. Excluding the impact of
$118,000 in merger-related expenses, net income and diluted
earnings per share, respectively, were $4.3 million(1) and $0.45(1)
for the quarter ended March 31, 2024.
"In the first quarter, the PeoplesBank team
continued to work through a challenging banking environment,
endeavoring to position the balance sheet for future opportunities,
proactively managing credit risk and maintaining both strong
capital and liquidity positions. The team remains focused on
retaining and expanding client relationships, as evidenced by the
loan and deposit growth exhibited in the first quarter, and our
longstanding commitment to supporting our community. We are eager
to leverage the momentum we’ve generated when we join forces with
Orrstown Financial Services later this year to establish the
premier regional community bank serving South Central Pennsylvania,
Central Maryland and the Greater Baltimore area," stated Craig L.
Kauffman, President, and Chief Executive Officer.
(1) Net income excluding merger-related expenses, diluted
earnings per share excluding merger-related expenses, tangible book
value per share and tangible book value per share without
accumulated other comprehensive loss are non-GAAP financial
measures. Please see Financial Highlights for disclosure and
reconciliation of non-GAAP financial measures.
REVIEW OF RESULTS
Balance Sheet
Loans
Loans increased $32.5 million from December 31,
2023 to March 31, 2024, an annualized growth rate of 7.8 percent,
with increases noted in commercial loans of 41.8 percent annualized
growth and commercial real estate of 7.1 percent annualized
growth. Nonperforming assets increased $3.4 million, or
85.0 percent to $7.4 million from December 31, 2023 to March 31,
2024. The increase was the result of several loans that
exhibited deterioration during the quarter. The Bank continues to
proactively manage credit quality.
Investment Securities
Investment Securities decreased $10.3 million to
$339.5 million at March 31, 2024 compared to $349.8 million at
December 31, 2023 due to maturities and paydowns. The
tax-equivalent yield on securities for the three months ended March
31, 2024 was 2.93 percent, compared to 2.68 percent for the three
months ended March 31, 2023 and 2.84 percent for the three months
ended December 31, 2023. The unrealized loss on the securities
portfolio was $43.0 million at March 31, 2024, compared to $40.4
million at March 31, 2023 and $40.6 million at December 31,
2023.
Borrowings
FHLB advances and other short-term borrowings
decreased $26.2 million to $30.3 million at March 31, 2024 compared
to $56.5 million at December 31, 2023. FHLB advances
and other short-term borrowings decreased $31.1 million or 50.6
percent from $61.4 million at March 31, 2023.
Deposits
From December 31, 2023 to March 31, 2024, total
Deposits increased $41.7 million, or an annualized growth pace of
8.8 percent, ending the period at $1.92 billion;
noninterest-bearing accounts decreased $13.9 million or 3.7
percent; and interest-bearing accounts increased $55.7 million or
3.7 percent. The growth in interest-bearing accounts during the
period was primarily attributed to time deposits, which increased
$39.7 million or 8.8 percent and money market accounts, which
increased $16.5 million or 2.6 percent. The average cost of
interest-bearing deposits increased to 2.86 percent for the quarter
ended March 31, 2024, compared to 1.43 percent for the quarter
ended March 31, 2023 and 2.59 percent for the quarter ended
December 31, 2023. As anticipated, the Corporation experienced
downward pressure on net interest margin over the past year due to
the cost of deposits and the slope of the interest rate curve.
Income Statement
The Corporation’s net interest income for the
three months ended March 31, 2024 was $17.6 million, a decrease of
14.2 percent when compared to $20.6 million for the three months
ended March 31, 2023 and a decrease of 8.0 percent when compared to
$19.2 million for the three months ended December 31,
2023. The Corporation’s tax-equivalent net interest
margin (“NIM”) was 3.34 percent for the three months ended March
31, 2024, compared to 4.00 percent for the same period in 2023 and
3.61 percent for the quarter ended December 31, 2023.
The Corporation’s provision for credit losses,
which includes provision for credit losses on unfunded commitments,
for the three months ended March 31, 2024 was $116,000 compared to
$738,000 for the three months ended March 31, 2023 and a reversal
of provision for credit losses of $767,000 for the quarter ended
December 31, 2023. The Corporation’s ratio of
nonperforming assets to total loans and foreclosed real estate was
0.42 percent at March 31, 2024, a 23.6 percent decrease from the
nonperforming assets ratio of 0.55 percent at March 31, 2023 and an
82.6 percent increase from the nonperforming assets ratio of 0.23
at December 31, 2023.
Noninterest income for the three months ended
March 31, 2024 was $4.2 million, an increase of $196,000 or 4.9
percent, compared to noninterest income of $4.0 million for the
three months ended March 31, 2023 and a decrease of $64,000 or 1.5
percent compared to the three months ended December 31,
2023. The increase in the current quarter compared to
the prior year, was primarily due to a loss on sales of securities
in the first quarter 2023, offset by lower other income related to
swap fees.
Noninterest expense was $16.3 million for the
first quarter 2024, an increase of $1.5 million or 9.8 percent, as
compared to noninterest expense of $14.8 million for the first
quarter 2023 and a decrease of $1.0 million or 5.9 percent compared
to noninterest expense of $17.3 million for the fourth quarter of
2023. During the fourth quarter 2023, the Corporation
announced it has entered into an agreement to merge with Orrstown
Financial Services, Inc. For the three months ended March 31, 2024
and December 31, 2023, merger-related expenses totaled $118,000 and
$956,000, respectively, which included due diligence costs, legal
expenses and investment banking expenses related to delivery of a
fairness opinion to its Board of Directors. The Corporation expects
to incur additional merger-related expenses in 2024 as it works
toward consummation of the merger with Orrstown and the related
merger and integration of PeoplesBank with and into Orrstown Bank.
In addition to merger-related expenses, noninterest expense was
impacted in the current period by higher other expense due to a
reversal of expense in the prior year.
Income tax expense for the quarter ended March
31, 2024 was $1.2 million compared to $2.0 million for the same
period in 2023 and $1.4 million in the quarter ended December 31,
2023. The effective tax rate for the three-month
periods ended March 31, 2024, March 31, 2023 and December 31, 2023
was 21.8 percent, 22.2 percent and 20.8 percent,
respectively.
Capital
Shareholders’ equity totaled $201.0 million at
March 31, 2024, an increase of $1.4 million from $199.6 million at
December 31, 2023. The increase was primarily attributable to net
income of $4.3 million, partially offset by dividends paid of $1.6
million during the year. Other changes are related to accumulated
other comprehensive loss and issuance of treasury stock.
Book value per share was $20.80 and $20.70 at
March 31, 2024 and December 31, 2023, respectively. Tangible book
value per share and tangible book value per share without
accumulated other comprehensive loss (1) was $20.56 per share and
$23.97 per share, respectively, at March 31, 2024 from $20.46 per
share and $23.68 per share, respectively, at December 31, 2023,
primarily the result of changes in shareholders’ equity discussed
above. The Corporation’s common equity tier 1 capital ratio was
12.85 percent at March 31, 2024, an increase from 12.79 percent at
December 31, 2023. At March 31, 2024, all capital
ratios applicable to the Bank were above regulatory minimum levels
and the Bank met the “well-capitalized” criteria under current bank
regulatory guidelines. (Note that the regulatory “well-capitalized”
definition is not applicable to small bank holding companies such
as the Corporation).
Liquidity Risk Management
The Bank maintains a well-diversified deposit
base and has a comparatively low level of uninsured deposits. At
March 31, 2024, 84% of the Bank’s deposits were estimated to be
FDIC-insured, and an additional 7% of deposits were fully
collateralized.
The overall deposit and liquidity position of
the Bank and the Corporation remain positive, with overall deposits
exceeding the level at December 31, 2019, the start of the
pandemic, by $324.5 million or 20.4 percent.
The Bank is a member of the IntraFi Network®,
which provides reciprocal deposit alternatives allowing our clients
to have the benefit of additional FDIC insurance coverage, and
assisting the Bank in the management of its liquidity needs.
Dividend Declared
On April 9, 2024, the Board of Directors of the
Corporation declared a regular quarterly cash dividend of $0.17 per
share, payable on May 14, 2024 to common shareholders of record at
the close of business on May 7, 2024.
Certain Accounting Matters
Accounting standards require the consideration
of subsequent events occurring after the balance sheet date for
matters that require adjustment to, or disclosure in, the
consolidated financial statements. The review period for subsequent
events extends up to and includes the filing date of a public
company’s financial statements when filed with the SEC.
Accordingly, the consolidated financial information in this
announcement is subject to change.
The Corporation uses certain non-GAAP (Generally
Accepted Accounting Principles) financial measures in this Press
Release. The Corporation’s management believes that the
supplemental non-GAAP information provided in this press release is
utilized by market analysts and others to evaluate the
Corporation’s financial condition and results of operations and,
therefore, such information is useful to investors. These measures
have limitations as analytical tools and should not be considered a
substitute for analysis of results under GAAP. These non-GAAP
financial measures are reconciled to the most comparable measures
following the “Financial Highlights” section of this press
release.
Annualized, proforma, projected, and estimated numbers used
herein are for illustrative purposes only, are not forecasts and
may not reflect actual results.
About Codorus Valley Bancorp,
Inc.
Codorus Valley Bancorp, Inc. is the largest
independent financial services holding company headquartered in
York, Pennsylvania. Codorus Valley primarily operates through its
financial services subsidiary, PeoplesBank, A Codorus Valley
Company. PeoplesBank offers a full range of consumer, business,
wealth management, and mortgage services at financial centers
located in communities throughout South Central Pennsylvania and
Central Maryland. Codorus Valley Bancorp, Inc.’s Common Stock is
listed on the NASDAQ Global Market under the symbol
“CVLY”.
Cautionary Note Regarding
Forward-looking Statements
This Press Release may contain forward-looking
statements by Codorus Valley Bancorp, Inc. (“Codorus Valley”, or
the “Corporation”). Forward-looking statements may include
information concerning the financial condition, results of
operations and business of the Corporation and its subsidiaries and
include, but are not limited to, statements regarding expectations
or predictions of future financial or business performance or
conditions relating to the Corporation and its operations. These
forward-looking statements may include statements with respect to
the Corporation’s beliefs, plans, objectives, goals, expectations,
anticipations, estimates and intentions, that are subject to
significant risks and uncertainties, and are subject to change
based on various factors (some of which are beyond the
Corporation’s control). Forward-looking statements may also
include, but are not limited to, discussions of strategy, financial
projections and estimates and their underlying assumptions,
statements regarding plans, objectives, goals, expectations or
consequences, and statements about future performance, expenses,
operations, or products and services of the Corporation and its
subsidiaries. Forward-looking statements can be identified by the
use of words such as “may,” “should,” “could,” “will,” “could,”
“believes,” “plans,” “expects,” “estimates,” “forecasts,”
“intends,” “anticipates,” “projects,” “strives to,” “seeks,”
“intends” or similar words or expressions.
Forward-looking statements are not historical
facts, nor should they be relied upon as providing assurance of
future performance. Forward-looking statements are based on current
beliefs, expectations and assumptions regarding the future of the
Corporation’s business, including its pending merger (the “Merger”)
with Orrstown Financial Services, Inc. (“Orrstown”), future plans
and strategies, projections, anticipated events and trends, the
economy and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks, and changes in circumstances that are
difficult to predict and many of which are outside of the
Corporation’s control. Note that the following factors, among
others, could affect the future financial results of the
Corporation and its subsidiaries, both individually and
collectively, and could cause those results to differ materially
from those expressed in these forward-looking statements:
- changes or volatility in market
interest rates and the persistence of an inflationary environment
in the U.S. and our market areas and the potential for an economic
downturn or recession;
- the effects of financial challenges
at other banking institutions that could lead to depositor concerns
that spread within the banking industry causing disruptive deposit
outflows and other destabilizing results;
- legislative and regulatory changes,
and the uncertain impact of new laws and regulations;
- monetary and fiscal policies of the
federal government;
- the effects of changes in
accounting policies and practices;
- ineffectiveness of the
Corporation’s business strategy due to changes in current or future
market conditions;
- changes in deposit flows, the cost
of funds, demand for loan products and the demand for financial
services;
- the remaining effects of the
COVID-19 pandemic, including on the Corporation’s credit quality
and operations as well as its impact on general economic
conditions;
- competition; market volatility,
market downturns, changes in consumer behavior, business
closures;
- adverse changes in the quality or
composition of the Corporation’s loan, investment and
mortgage-backed securities portfolios, including from the effects
of the recent inflationary environment;
- geographic concentration of the
Corporation’s business;
- deterioration of commercial real
estate values;
- the adequacy of loan loss
reserves;
- deterioration in the credit quality
of borrowers;
- the Corporation’s ability to
attract and retain key personnel, especially in light of the
pending Merger with Orrstown;
- the impact of operational risks,
including the risk of human error, failure or disruption of
internal processes and systems, including of the Corporation’s
information and other technology systems;
- failure or circumvention of our
internal controls;
- the Corporation’s ability to keep
pace with technological changes;
- breaches of security or failures of
the Corporation to identify and adequately address cybersecurity
and data breaches;
- changes in government regulation
and supervision and the potential for negative consequences
resulting from regulatory examinations, investigations and
violations, in particular, the effect that such occurrences could
have on the pending Merger with Orrstown;
- the effects of adverse outcomes
from claims and litigation;
- occurrence of natural or man-made
disasters or calamities, including health emergencies, the spread
of infectious diseases, epidemics or pandemics, an outbreak or
escalation of hostilities or other geopolitical instabilities, the
effects of climate change or extraordinary events beyond the
Corporation's control, and the Corporation’s ability to deal
effectively with disruptions caused by the foregoing; and
- economic, competitive, governmental
and technological factors affecting the Corporation’s operations,
markets, products, services and fees.
In addition to the foregoing factors with
respect to the Corporation’s business, the following factors and
uncertainties exist with respect to the pending Merger with
Orrstown:
- the occurrence of any event, change
or other circumstances that could give rise to the right of one or
both of the parties to terminate the definitive agreement and plan
of merger between the Corporation and Orrstown;
- the outcome of any legal
proceedings that may be instituted against the Corporation or
Orrstown;
- delays in completing the pending
Merger;
- the failure to obtain necessary
regulatory approvals (and the risk that such approvals may result
in the imposition of conditions that could adversely affect the
combined company or the expected benefits of the pending Merger) or
shareholder approvals;
- the failure to satisfy any of the
other conditions to the pending Merger on a timely basis or at all,
including the ability of the Corporation or Orrstown to meet
expectations regarding the timing, completion and accounting and
tax treatments of the pending Merger;
- the possibility that the
anticipated benefits of the pending Merger are not realized when
expected or at all, including as a result of the impact of, or
problems arising from, the integration of the two companies or as a
result of the strength of the economy and competitive factors in
the areas where the Corporation and Orrstown do business;
- the possibility that the pending
Merger may be more expensive to complete than anticipated,
including as a result of unexpected factors or events;
- the possibility that revenues
following the pending Merger may be lower than expected; the impact
of certain restrictions during the pendency of the pending Merger
on the parties’ ability to pursue certain business opportunities
and strategic transactions;
- diversion of management’s attention
from ongoing business operations and opportunities;
- potential adverse reactions or
changes to business or employee relationships, including those
resulting from the announcement or the completion of the pending
Merger;
- the ability to complete the pending
Merger and integration of the Corporation and Orrstown
successfully;
- the dilution caused by Orrstown’s
issuance of additional shares of its capital stock in connection
with the pending Merger; and
- the potential impact of general
economic, political or market factors on the companies or the
pending Merger and other factors that may affect future results of
the Corporation or Orrstown.
The Corporation does not commit to update or
revise any forward-looking statements, whether written or oral,
that may be made from time to time by or on behalf of the
Corporation to reflect events or circumstances occurring after the
date of this report. Further information regarding Codorus Valley,
Orrstown and factors which could affect the forward-looking
statements contained herein can be found in Codorus Valley’s Annual
Report on Form 10-K and Form 10-K/A for the fiscal year ended
December 31, 2023 and its other filings with the SEC, and in
Orrstown’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2023 and its other filings with the SEC. SEC filings
are available free of charge on the SEC’s website at
www.sec.gov.
No Offer or Solicitation
This communication is not a proxy statement or solicitation or a
proxy, consent or authorization with respect to any securities or
in respect of the pending Merger and shall not constitute an offer
to sell or a solicitation of an offer to buy the securities of
Orrstown, Codorus Valley or the combined company, nor shall there
be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offer of securities shall be deemed to be made except by means
of a prospectus meeting the requirements of Section 10 of the U.S.
Securities Act of 1933, as amended, and otherwise in accordance
with applicable law.
Additional Information About the Merger and Where to
Find It
In connection with the pending Merger, Orrstown intends to file
a registration statement on Form S-4 with the SEC that will include
a joint proxy statement of Codorus Valley and Orrstown and a
prospectus of Orrstown, which will be distributed to the
shareholders of Codorus Valley and Orrstown in connection with
their votes on the Merger of Codorus Valley with and into Orrstown
and the issuance of Orrstown common stock in the pending
transaction.
INVESTORS AND SECURITY HOLDERS ARE ENCOURAGED TO READ THE
REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS WHEN
THEY BECOME AVAILABLE (AND ANY OTHER DOCUMENTS FILED WITH THE SEC
IN CONNECTION WITH THE PENDING TRANSACTION OR INCORPORATED BY
REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS) BECAUSE SUCH
DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PENDING
MERGER AND RELATED MATTERS.
Investors and security holders will be able to obtain these
documents, and any other documents Orrstown and Codorus Valley have
filed with the SEC, free of charge at the SEC’s website,
www.sec.gov, or by accessing Orrstown’s website at
www.Orrstown.com under the “Investor Relations” link and then
under the heading “Documents,” or by accessing Codorus Valley’s
website at ir.peoplesbanknet.com. In addition, documents filed with
the SEC by Orrstown or Codorus Valley will be available free of
charge by writing to (i) Orrstown at 4750 Lindle Road, Harrisburg,
PA 17111, Attention: Neil Kalani or (ii) Codorus Valley at 105
Leader Heights Road, York, PA 17403, Attention: Daniel R.
Stolzer.
Participants in the Solicitation
The directors, executive officers and certain other members of
management and employees of Orrstown may be deemed to be
participants in the solicitation of proxies from the shareholders
of Orrstown in connection with the pending Merger. Information
about Orrstown’s directors and executive officers is included in
the proxy statement for its 2024 annual meeting of Orrstown’s
shareholders, which was filed with the SEC on March 22, 2024.
The directors, executive officers and certain other members of
management and employees of Codorus Valley may also be deemed to be
participants in the solicitation of proxies in connection with the
pending Merger from the shareholders of Codorus Valley. Information
about the directors and executive officers of Codorus Valley is
included in the proxy statement for its 2023 annual meeting of
Codorus Valley shareholders, which was filed with the SEC on March
31, 2023 and in Part III of Codorus Valley’s Annual Report on Form
10-K for the fiscal year ended December 31, 2023, which was filed
on March 12, 2024.
Additional information regarding the interests of those
participants and other persons who may be deemed participants in
the pending Merger may be obtained by reading the joint proxy
statement/prospectus regarding the pending Merger when it becomes
available. Free copies of this document may be obtained as
described above.
Questions or comments concerning this Press Release
should be directed to:
Codorus Valley Bancorp, Inc. |
|
Craig L. Kauffman |
Larry D. Pickett |
President and CEO |
Chief Financial Officer |
717-747-1501 |
717-747-1502 |
ckauffman@peoplesbanknet.com |
lpickett@peoplesbanknet.com |
|
|
CODORUS VALLEY BANCORP, INC. |
|
|
|
Consolidated Balance Sheets (Unaudited) |
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
(Dollars in thousands, except share and per share data) |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Interest bearing deposits with banks |
$ |
11,128 |
|
|
$ |
10,882 |
|
|
$ |
83,266 |
|
Cash and due
from banks |
|
15,534 |
|
|
|
22,809 |
|
|
|
19,999 |
|
Total cash and cash
equivalents |
|
26,662 |
|
|
|
33,691 |
|
|
|
103,265 |
|
Securities,
available-for-sale, at fair value (amortized cost $382,516 at March
31, 2024 |
|
|
|
|
|
|
|
|
and
$390,397 at December 31, 2023, respectively) |
|
339,495 |
|
|
|
349,767 |
|
|
|
349,850 |
|
Restricted
investment in bank stocks, at cost |
|
3,186 |
|
|
|
3,146 |
|
|
|
2,955 |
|
Loans held
for sale |
|
958 |
|
|
|
822 |
|
|
|
0 |
|
Loans (net
of deferred fees of $3,636 - 2024 and $3,752 - 2023) |
|
1,739,269 |
|
|
|
1,705,608 |
|
|
|
1,647,881 |
|
Less-allowance for credit losses |
|
(21,645 |
) |
|
|
(20,506 |
) |
|
|
(21,544 |
) |
Net loans |
|
1,717,624 |
|
|
|
1,685,102 |
|
|
|
1,626,337 |
|
Premises and
equipment, net |
|
19,090 |
|
|
|
19,563 |
|
|
|
21,297 |
|
Operating
leases right-of-use assets |
|
2,591 |
|
|
|
2,746 |
|
|
|
2,933 |
|
Goodwill |
|
2,301 |
|
|
|
2,301 |
|
|
|
2,301 |
|
Other assets |
|
96,686 |
|
|
|
97,660 |
|
|
|
89,789 |
|
Total
assets |
$ |
2,208,593 |
|
|
$ |
2,194,798 |
|
|
$ |
2,198,727 |
|
Liabilities |
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
Noninterest bearing |
$ |
365,358 |
|
|
$ |
379,288 |
|
|
$ |
453,351 |
|
Interest bearing |
|
1,549,705 |
|
|
|
1,494,054 |
|
|
|
1,436,034 |
|
Total deposits |
|
1,915,063 |
|
|
|
1,873,342 |
|
|
|
1,889,385 |
|
Short-term
borrowings |
|
30,314 |
|
|
|
56,541 |
|
|
|
61,371 |
|
Long-term
debt and junior subordinated debt |
|
11,513 |
|
|
|
11,520 |
|
|
|
11,543 |
|
Subordinated
notes - face amount $31,000 (less discount and debt |
|
|
|
|
|
|
|
|
issuance cost of $135 at March 31, 2024 and $155 at December
31, 2023) |
|
30,865 |
|
|
|
30,845 |
|
|
|
30,784 |
|
Operating
leases liabilities |
|
2,687 |
|
|
|
2,848 |
|
|
|
3,059 |
|
Allowance
for credit losses on off-balance sheet credit exposures |
|
1,503 |
|
|
|
2,278 |
|
|
|
2,135 |
|
Other liabilities |
|
15,654 |
|
|
|
17,819 |
|
|
|
15,504 |
|
Total
liabilities |
|
2,007,599 |
|
|
|
1,995,193 |
|
|
|
2,013,781 |
|
Shareholders' equity |
|
|
|
|
|
|
|
|
Preferred
stock, par value $2.50 per share; |
|
|
|
|
|
|
|
|
1,000,000 shares authorized; no shares
issued or outstanding |
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Common
stock, par value $2.50 per share; 30,000,000 shares
authorized; |
|
|
|
|
|
|
|
|
shares issued: 9,883,660 at March 31, 2024 and December
31, 2023; |
|
|
|
|
|
|
|
|
and shares outstanding: 9,662,378 at March 31, 2024 and
9,642,851 at December 31, 2023 |
24,709 |
|
|
|
24,709 |
|
|
|
24,709 |
|
Additional
paid-in capital |
|
142,816 |
|
|
|
142,633 |
|
|
|
142,098 |
|
Retained
earnings |
|
71,249 |
|
|
|
68,633 |
|
|
|
55,456 |
|
Accumulated
other comprehensive loss |
|
(32,911 |
) |
|
|
(31,082 |
) |
|
|
(30,941 |
) |
Treasury
stock shares outstanding, at cost: 221,282 shares at March 31,
2024 |
|
|
|
|
|
|
|
|
and 240,809 at December 31, 2023 |
|
(4,869 |
) |
|
|
(5,288 |
) |
|
|
(6,376 |
) |
Total shareholders'
equity |
|
200,994 |
|
|
|
199,605 |
|
|
|
184,946 |
|
Total liabilities and
shareholders' equity |
$ |
2,208,593 |
|
|
$ |
2,194,798 |
|
|
$ |
2,198,727 |
|
|
|
|
|
|
|
|
|
|
CODORUS VALLEY
BANCORP, INC. |
|
Consolidated
Statements of Income (Unaudited) |
|
|
Three months
ended |
|
|
March 31, |
|
|
December 31, |
|
|
March 31, |
(dollars in thousands, except per share data) |
|
2024 |
|
|
2023 |
|
|
2023 |
Interest income |
|
|
|
|
|
|
|
|
Loans, including fees |
$ |
26,855 |
|
|
$ |
26,967 |
|
|
$ |
23,034 |
|
Investment
securities: |
|
|
|
|
|
|
|
|
Taxable |
|
2,651 |
|
|
|
2,781 |
|
|
|
2,457 |
|
Tax-exempt |
|
109 |
|
|
|
108 |
|
|
|
101 |
|
Dividends |
|
74 |
|
|
|
(90 |
) |
|
|
17 |
|
Other |
|
155 |
|
|
|
176 |
|
|
|
684 |
|
Total interest income |
|
29,844 |
|
|
|
29,942 |
|
|
|
26,293 |
|
Interest expense |
|
|
|
|
|
|
|
|
Deposits |
|
10,738 |
|
|
|
9,800 |
|
|
|
5,137 |
|
Federal
funds purchased and other short-term borrowings |
|
878 |
|
|
|
385 |
|
|
|
38 |
|
Long-term
debt and junior subordinated debt |
|
217 |
|
|
|
222 |
|
|
|
194 |
|
Subordinated notes |
|
369 |
|
|
|
369 |
|
|
|
369 |
|
Total interest expense |
|
12,202 |
|
|
|
10,776 |
|
|
|
5,738 |
|
Net interest income |
|
17,642 |
|
|
|
19,166 |
|
|
|
20,555 |
|
Provision
for (recovery of) credit losses - loans |
|
891 |
|
|
|
(833 |
) |
|
|
492 |
|
(Recovery
of) provision for credit losses - unfunded commitments |
|
(775 |
) |
|
|
66 |
|
|
|
246 |
|
Net interest income after
provision for credit losses |
|
17,526 |
|
|
|
19,933 |
|
|
|
19,817 |
|
Noninterest income |
|
|
|
|
|
|
|
|
Trust and
investment services fees |
|
1,421 |
|
|
|
1,261 |
|
|
|
1,202 |
|
Income from
mutual fund, annuity and insurance sales |
|
314 |
|
|
|
299 |
|
|
|
369 |
|
Service
charges on deposit accounts |
|
1,455 |
|
|
|
1,529 |
|
|
|
1,485 |
|
Income from
bank owned life insurance |
|
414 |
|
|
|
405 |
|
|
|
322 |
|
Other
income |
|
467 |
|
|
|
773 |
|
|
|
862 |
|
Gain on sale
of loans held for sale |
|
105 |
|
|
|
27 |
|
|
|
10 |
|
(Loss) gain
on sale of assets held for sale |
|
0 |
|
|
|
(54 |
) |
|
|
118 |
|
Loss on sales of securities |
|
0 |
|
|
|
0 |
|
|
|
(388 |
) |
Total noninterest income |
|
4,176 |
|
|
|
4,240 |
|
|
|
3,980 |
|
Noninterest expense |
|
|
|
|
|
|
|
|
Personnel |
|
9,879 |
|
|
|
10,031 |
|
|
|
9,042 |
|
Occupancy of
premises, net |
|
894 |
|
|
|
926 |
|
|
|
978 |
|
Furniture
and equipment |
|
828 |
|
|
|
924 |
|
|
|
838 |
|
Professional
and legal |
|
283 |
|
|
|
444 |
|
|
|
467 |
|
Marketing |
|
312 |
|
|
|
304 |
|
|
|
276 |
|
FDIC
insurance |
|
246 |
|
|
|
244 |
|
|
|
250 |
|
Debit card
processing |
|
470 |
|
|
|
520 |
|
|
|
478 |
|
External
data processing |
|
1,111 |
|
|
|
1,015 |
|
|
|
1,010 |
|
Merger-related expenses |
|
118 |
|
|
|
956 |
|
|
|
0 |
|
Committee
& Director Fees |
|
320 |
|
|
|
617 |
|
|
|
358 |
|
PA shares
tax |
|
363 |
|
|
|
303 |
|
|
|
343 |
|
Impaired
(recovery of) loan carrying cost |
|
74 |
|
|
|
(119 |
) |
|
|
(98 |
) |
Other |
|
1,363 |
|
|
|
1,120 |
|
|
|
869 |
|
Total noninterest expense |
|
16,261 |
|
|
|
17,285 |
|
|
|
14,811 |
|
Income before income taxes |
|
5,441 |
|
|
|
6,888 |
|
|
|
8,986 |
|
Provision for income taxes |
|
1,186 |
|
|
|
1,435 |
|
|
|
1,994 |
|
Net
income |
$ |
4,255 |
|
|
$ |
5,453 |
|
|
$ |
6,992 |
|
Net income per share,
basic |
|
0.44 |
|
|
|
0.57 |
|
|
|
0.73 |
|
Net income per share,
diluted |
|
0.44 |
|
|
|
0.57 |
|
|
|
0.73 |
|
|
|
|
|
|
|
|
|
|
Codorus Valley
Bancorp, Inc. |
Financial
Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Data (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
1st Qtr |
|
4th Qtr |
|
3rd Qtr |
|
2nd Qtr |
|
1st Qtr |
Earnings and Per Share Data (1) |
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
4,255 |
|
|
$ |
5,453 |
|
|
$ |
5,917 |
|
|
$ |
6,611 |
|
|
$ |
6,992 |
|
|
Basic
earnings per share |
|
$ |
0.44 |
|
|
$ |
0.57 |
|
|
$ |
0.62 |
|
|
$ |
0.69 |
|
|
$ |
0.73 |
|
|
Diluted
earnings per share |
|
$ |
0.44 |
|
|
$ |
0.57 |
|
|
$ |
0.61 |
|
|
$ |
0.69 |
|
|
$ |
0.73 |
|
|
Cash
dividends paid per share |
|
$ |
0.17 |
|
|
$ |
0.17 |
|
|
$ |
0.17 |
|
|
$ |
0.16 |
|
|
$ |
0.16 |
|
|
Book value
per share |
|
$ |
20.80 |
|
|
$ |
20.70 |
|
|
$ |
19.06 |
|
|
$ |
19.34 |
|
|
$ |
19.28 |
|
|
Tangible
book value per share (2) |
|
$ |
20.56 |
|
|
$ |
20.46 |
|
|
$ |
18.82 |
|
|
$ |
19.10 |
|
|
$ |
19.04 |
|
|
Tangible
book value per share without AOCI (8) |
|
$ |
23.97 |
|
|
$ |
23.68 |
|
|
$ |
23.28 |
|
|
$ |
22.81 |
|
|
$ |
22.26 |
|
|
Average
shares outstanding |
|
|
9,649 |
|
|
|
9,629 |
|
|
|
9,616 |
|
|
|
9,600 |
|
|
|
9,585 |
|
|
Average
diluted shares outstanding |
|
|
9,670 |
|
|
|
9,644 |
|
|
|
9,631 |
|
|
|
9,610 |
|
|
|
9,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios (%) |
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets (3) |
|
|
0.77 |
|
|
|
1.00 |
|
|
|
1.08 |
|
|
|
1.22 |
|
|
|
1.29 |
|
|
Return on
average equity (3) |
|
|
8.48 |
|
|
|
11.69 |
|
|
|
12.64 |
|
|
|
14.17 |
|
|
|
15.45 |
|
|
Net interest
margin (4) |
|
|
3.34 |
|
|
|
3.61 |
|
|
|
3.64 |
|
|
|
3.81 |
|
|
|
4.00 |
|
|
Efficiency
ratio (5) |
|
|
73.91 |
|
|
|
73.28 |
|
|
|
66.95 |
|
|
|
64.19 |
|
|
|
59.05 |
|
|
Net overhead
ratio (3)(6) |
|
|
2.19 |
|
|
|
2.40 |
|
|
|
2.14 |
|
|
|
2.10 |
|
|
|
1.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios (%) |
|
|
|
|
|
|
|
|
|
|
|
Net loan
charge-offs to average loans (3) |
|
|
(0.06 |
) |
|
|
0.03 |
|
|
|
(0.15 |
) |
|
|
0.20 |
|
|
|
0.15 |
|
|
Allowance
for credit losses to total loans (7) |
|
|
1.24 |
|
|
|
1.20 |
|
|
|
1.26 |
|
|
|
1.23 |
|
|
|
1.31 |
|
|
Nonperforming assets to total loans |
|
|
|
|
|
|
|
|
|
|
|
and foreclosed real estate |
|
|
0.42 |
|
|
|
0.23 |
|
|
|
0.47 |
|
|
|
0.70 |
|
|
|
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios (%) |
|
|
|
|
|
|
|
|
|
|
|
Average
equity to average assets |
|
|
9.10 |
|
|
|
8.57 |
|
|
|
8.55 |
|
|
|
8.58 |
|
|
|
8.38 |
|
|
Tier 1
leverage capital ratio |
|
|
10.80 |
|
|
|
10.75 |
|
|
|
10.50 |
|
|
|
10.38 |
|
|
|
10.20 |
|
|
Common
equity Tier 1 capital ratio |
|
|
12.85 |
|
|
|
12.79 |
|
|
|
12.52 |
|
|
|
12.37 |
|
|
|
12.19 |
|
|
Tier 1
risk-based capital ratio |
|
|
13.40 |
|
|
|
13.35 |
|
|
|
13.08 |
|
|
|
12.94 |
|
|
|
12.76 |
|
|
Total
risk-based capital ratio |
|
|
16.34 |
|
|
|
16.23 |
|
|
|
16.01 |
|
|
|
15.85 |
|
|
|
15.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) per share amounts
and shares outstanding were adjusted for stock dividends |
|
|
|
|
|
(2) non-GAAP measure -
book value less goodwill and core deposit intangibles; see
reconciliation below |
|
(3) annualized for the quarterly periods presented |
|
|
|
|
|
|
|
|
|
|
(4) net interest
income (tax-equivalent) as a percentage of average interest earning
assets |
|
|
|
|
(5) noninterest
expense as a percentage of net interest income and noninterest
income (tax-equivalent) |
|
|
(6) noninterest
expense less noninterest income as a percentage of average
assets |
|
|
|
|
(7) excludes loans held for sale |
|
|
|
|
|
|
|
|
|
|
(8) non-GAAP measure -
book value less accumulated other comprehensive income; see
reconciliation below |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures (Tangible Book Value
and Tangible Book Value without AOCI and Adjusted Net Income) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
(in
thousands, except per share data) |
|
1st Qtr |
|
4th Qtr |
|
3rd Qtr |
|
2nd Qtr |
|
1st Qtr |
|
Total
Shareholders' Equity |
|
$ |
200,994 |
|
|
$ |
199,605 |
|
|
$ |
183,363 |
|
|
$ |
185,869 |
|
|
$ |
184,946 |
|
|
Less:
Goodwill and Other Intangible Assets |
|
|
(2,301 |
) |
|
|
(2,301 |
) |
|
|
(2,302 |
) |
|
|
(2,302 |
) |
|
|
(2,303 |
) |
|
Tangible
Shareholders' Equity |
|
$ |
198,693 |
|
|
$ |
197,304 |
|
|
$ |
181,061 |
|
|
$ |
183,567 |
|
|
$ |
182,643 |
|
|
Add:
Accumulated Other Comprehensive Loss |
|
|
32,911 |
|
|
|
31,082 |
|
|
|
42,869 |
|
|
|
35,650 |
|
|
|
30,941 |
|
|
Tangible
Shareholders' Equity without AOCI |
|
$ |
231,604 |
|
|
$ |
228,386 |
|
|
$ |
223,930 |
|
|
$ |
219,217 |
|
|
$ |
213,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Shares Outstanding |
|
|
9,662 |
|
|
|
9,644 |
|
|
|
9,619 |
|
|
|
9,611 |
|
|
|
9,594 |
|
|
Book Value
Per Share |
|
$ |
20.80 |
|
|
$ |
20.70 |
|
|
$ |
19.06 |
|
|
$ |
19.34 |
|
|
$ |
19.28 |
|
|
Effect of
Intangible Assets |
|
|
(0.24 |
) |
|
|
(0.24 |
) |
|
|
(0.24 |
) |
|
|
(0.24 |
) |
|
|
(0.24 |
) |
|
Tangible Book Value Per Share |
|
$ |
20.56 |
|
|
$ |
20.46 |
|
|
$ |
18.82 |
|
|
$ |
19.10 |
|
|
$ |
19.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value
Per Share |
|
$ |
20.80 |
|
|
$ |
20.70 |
|
|
$ |
19.06 |
|
|
$ |
19.34 |
|
|
$ |
19.28 |
|
|
Effect of
Intangible Assets and AOCI |
|
|
3.17 |
|
|
|
2.98 |
|
|
|
4.22 |
|
|
|
3.47 |
|
|
|
2.98 |
|
|
Tangible Book Value Per Share without AOCI |
|
$ |
23.97 |
|
|
$ |
23.68 |
|
|
$ |
23.28 |
|
|
$ |
22.81 |
|
|
$ |
22.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly |
|
|
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
|
|
(in
thousands, except per share data) |
|
1st Qtr |
|
4th Qtr |
|
1st Qtr |
|
|
|
|
|
Average
Diluted Shares Outstanding |
|
|
9,670 |
|
|
|
9,644 |
|
|
|
9,612 |
|
|
|
|
|
|
Net
Income |
|
$ |
4,255 |
|
|
$ |
5,453 |
|
|
$ |
6,992 |
|
|
|
|
|
|
Plus:
Merger-related expenses |
|
|
118 |
|
|
|
956 |
|
|
|
- |
|
|
|
|
|
|
Less:
Related tax effect |
|
|
25 |
|
|
|
200 |
|
|
|
- |
|
|
|
|
|
|
Adjusted Net Income |
|
$ |
4,348 |
|
|
$ |
6,209 |
|
|
$ |
6,992 |
|
|
|
|
|
|
Adjusted Diluted Earnings Per Share |
|
$ |
0.45 |
|
|
$ |
0.64 |
|
|
$ |
0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This report contains
certain financial information determined by methods other than in
accordance with GAAP. This non-GAAP disclosure has limitation as an
analytical tool |
|
and should not be
considered in isolation or as a substitute for the analysis of the
Corporation's results as reported under GAAP, nor is it necessarily
comparable to non-GAAP |
|
performance measures
that may be presented by other companies. Our management uses this
non-GAAP measure in its analysis of our performance because it
believes this measure |
|
is material and will be used as a measure of our performance by
investors. |
|
|
|
|
|
|
|
|
ANALYSIS OF
NET INTEREST
INCOME |
Average
Balances and Interest Rates, Taxable-Equivalent Basis
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
March 31, 2023 |
|
(Dollars in
thousands) |
|
Average Balance |
|
Taxable-Equivalent Interest |
|
Taxable-Equivalent Rate |
|
|
Average Balance |
|
Taxable-Equivalent Interest |
|
Taxable-Equivalent Rate |
|
|
Average Balance |
|
Taxable-Equivalent Interest |
|
Taxable-Equivalent Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits with banks |
|
$ |
11,125 |
|
$ |
155 |
|
|
5.62 |
% |
|
$ |
12,724 |
|
$ |
176 |
|
|
5.46 |
% |
|
$ |
60,286 |
|
$ |
684 |
|
|
4.60 |
% |
Investment
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
369,223 |
|
|
2,725 |
|
|
2.97 |
|
|
|
371,949 |
|
|
2,691 |
|
|
2.87 |
|
|
|
369,154 |
|
|
2,474 |
|
|
2.72 |
|
Tax-exempt |
|
|
22,436 |
|
|
131 |
|
|
2.35 |
|
|
|
22,476 |
|
|
132 |
|
|
2.33 |
|
|
|
23,537 |
|
|
125 |
|
|
2.15 |
|
Total investment securities |
|
|
391,659 |
|
|
2,856 |
|
|
2.93 |
|
|
|
394,426 |
|
|
2,822 |
|
|
2.84 |
|
|
|
392,691 |
|
|
2,599 |
|
|
2.68 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (1) |
|
|
1,707,857 |
|
|
26,687 |
|
|
6.28 |
|
|
|
1,682,403 |
|
|
26,797 |
|
|
6.32 |
|
|
|
1,613,154 |
|
|
22,860 |
|
|
5.75 |
|
Tax-exempt |
|
|
21,078 |
|
|
207 |
|
|
3.95 |
|
|
|
21,359 |
|
|
210 |
|
|
3.90 |
|
|
|
22,597 |
|
|
217 |
|
|
3.89 |
|
Total loans |
|
|
1,728,935 |
|
|
26,894 |
|
|
6.26 |
|
|
|
1,703,762 |
|
|
27,007 |
|
|
6.29 |
|
|
|
1,635,751 |
|
|
23,077 |
|
|
5.72 |
|
Total earning assets |
|
|
2,131,719 |
|
|
29,905 |
|
|
5.64 |
|
|
|
2,110,913 |
|
|
30,005 |
|
|
5.64 |
|
|
|
2,088,728 |
|
|
26,360 |
|
|
5.12 |
|
Other assets
(2) |
|
|
73,213 |
|
|
|
|
|
|
|
65,067 |
|
|
|
|
|
|
|
71,428 |
|
|
|
|
|
Total assets |
|
$ |
2,204,932 |
|
|
|
|
|
|
$ |
2,175,980 |
|
|
|
|
|
|
$ |
2,160,156 |
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand |
|
$ |
909,735 |
|
|
5,987 |
|
|
2.65 |
% |
|
$ |
914,832 |
|
|
5,918 |
|
|
2.57 |
% |
|
$ |
902,917 |
|
|
3,461 |
|
|
1.55 |
% |
Savings |
|
|
131,143 |
|
|
10 |
|
|
0.03 |
|
|
|
136,622 |
|
|
11 |
|
|
0.03 |
|
|
|
160,062 |
|
|
12 |
|
|
0.03 |
|
Time |
|
|
471,386 |
|
|
4,741 |
|
|
4.05 |
|
|
|
447,884 |
|
|
3,873 |
|
|
3.43 |
|
|
|
393,732 |
|
|
1,664 |
|
|
1.71 |
|
Total interest bearing deposits |
|
|
1,512,264 |
|
|
10,738 |
|
|
2.86 |
|
|
|
1,499,338 |
|
|
9,800 |
|
|
2.59 |
|
|
|
1,456,711 |
|
|
5,137 |
|
|
1.43 |
|
Short-term
borrowings |
|
|
68,001 |
|
|
878 |
|
|
5.19 |
|
|
|
36,836 |
|
|
385 |
|
|
4.15 |
|
|
|
12,894 |
|
|
38 |
|
|
1.20 |
|
Long-term
debt and junior subordinated debt |
|
|
14,270 |
|
|
217 |
|
|
6.12 |
|
|
|
14,395 |
|
|
222 |
|
|
6.12 |
|
|
|
14,690 |
|
|
194 |
|
|
5.37 |
|
Subordinated
notes |
|
|
30,858 |
|
|
369 |
|
|
4.81 |
|
|
|
30,838 |
|
|
369 |
|
|
4.75 |
|
|
|
30,777 |
|
|
369 |
|
|
4.86 |
|
Total interest bearing liabilities |
|
|
1,625,393 |
|
|
12,202 |
|
|
3.02 |
|
|
|
1,581,406 |
|
|
10,776 |
|
|
2.70 |
|
|
|
1,515,072 |
|
|
5,738 |
|
|
1.54 |
|
Noninterest
bearing deposits |
|
|
361,215 |
|
|
|
|
|
|
|
388,589 |
|
|
|
|
|
|
|
444,416 |
|
|
|
|
|
Other
liabilities |
|
|
17,586 |
|
|
|
|
|
|
|
19,473 |
|
|
|
|
|
|
|
18,250 |
|
|
|
|
|
Shareholders' equity |
|
|
200,738 |
|
|
|
|
|
|
|
186,511 |
|
|
|
|
|
|
|
182,418 |
|
|
|
|
|
Total liabilities and shareholders'
equity |
|
$ |
2,204,932 |
|
|
|
|
|
|
$ |
2,175,980 |
|
|
|
|
|
|
$ |
2,160,156 |
|
|
|
|
|
Net interest
income (tax equivalent basis) |
|
|
|
$ |
17,703 |
|
|
|
|
|
|
|
$ |
19,229 |
|
|
|
|
|
|
|
$ |
20,622 |
|
|
|
|
Net interest
margin (3) |
|
|
|
|
|
3.34 |
% |
|
|
|
|
|
3.61 |
% |
|
|
|
|
|
4.00 |
% |
Tax
equivalent adjustment |
|
|
|
|
(61 |
) |
|
|
|
|
|
|
|
(63 |
) |
|
|
|
|
|
|
|
(67 |
) |
|
|
|
Net interest
income |
|
|
|
$ |
17,642 |
|
|
|
|
|
|
|
$ |
19,166 |
|
|
|
|
|
|
|
$ |
20,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Average balances
include nonaccrual
loans. |
(2) Average balances
include bank owned life insurance and foreclosed real
estate. |
(3) Net interest
income (tax-equivalent basis) annualized as a percentage of average
interest earning
assets. |
Codorus Valley Bancorp (NASDAQ:CVLY)
過去 株価チャート
から 5 2024 まで 6 2024
Codorus Valley Bancorp (NASDAQ:CVLY)
過去 株価チャート
から 6 2023 まで 6 2024