Codorus Valley Bancorp, Inc. Declares Quarterly Cash Dividend and Announces Share Repurchase Program

Rhea-AI Summary

Codorus Valley Bancorp (CVLY) announced a quarterly cash dividend of $0.16 per share, representing a $0.01 increase from previous dividends. This payout will be issued on February 14, 2023, to shareholders on record by January 24, 2023. Furthermore, the company's Board approved a $5 million stock repurchase program, allowing for the acquisition of shares in open market transactions until the total amount is repurchased or December 31, 2023. These initiatives aim to enhance shareholder value and maintain flexible corporate strategies.

Positive

• Quarterly cash dividend increased by $0.01, showcasing commitment to returning value to shareholders.
• Approval of a $5 million stock repurchase program, potentially boosting earnings per share (EPS) and shareholder confidence.

Negative

• None.

YORK, Pa., Jan. 11, 2023 (GLOBE NEWSWIRE) -- On January 10, 2023, the Board of Directors of Codorus Valley Bancorp, Inc. (the “Corporation”) (Nasdaq: CVLY), the parent company of PeoplesBank, A Codorus Valley Company, declared a regular quarterly cash dividend of $0.16 per common share, payable on February 14, 2023, to shareholders of record at the close of business on January 24, 2023. This represents a $0.01 per common share increase from the quarterly cash dividend paid in the prior four quarters.  

The Corporation also announced that its Board approved the repurchase of up to $5 million in aggregate value of the Corporation’s common stock from time to time in open market or privately negotiated transactions (“2023 Stock Repurchase Program”). The Board authorization will continue until the earlier of (i) an aggregate of $5 million of common stock has been repurchased, (ii) December 31, 2023, or (iii) until the Stock Repurchase Program has otherwise been suspended or terminated by the Board, in its sole discretion. Shares of common stock repurchased pursuant to the 2023 Stock Repurchase Program will be held as treasury shares available for use and reissuance for corporate purposes, as and when determined by the Board including, without limitation, pursuant to the Company’s Dividend Reinvestment and Stock Purchase Plan and its equity compensation program.

With assets of over $2 billion, PeoplesBank, A Codorus Valley Company, is a wholly owned subsidiary of Codorus Valley Bancorp, Inc., the largest independent financial institution headquartered in York County, Pennsylvania. 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.        

Questions or comments concerning this Press Release should be directed to:

Codorus Valley Bancorp, Inc.
Craig L. Kauffman, President/CEO			Larry D. Pickett, Treasurer
717-747-1501			717-747-1502
ckauffman@peoplesbanknet.com			lpickett@peoplesbanknet.com

FAQ

What is the dividend amount declared by Codorus Valley Bancorp (CVLY) for Q1 2023?

Codorus Valley Bancorp declared a quarterly cash dividend of $0.16 per share for Q1 2023.

When will the dividend be payable to shareholders of CVLY?

The dividend will be payable on February 14, 2023, to shareholders of record by January 24, 2023.

What is the purpose of the $5 million stock repurchase program announced by CVLY?

The stock repurchase program aims to enhance shareholder value and provide flexibility for corporate purposes.

When does the CVLY stock repurchase program expire?

The repurchase program will continue until $5 million of stock is bought back, December 31, 2023, or if terminated by the Board.