Welcome to our dedicated page for Codorus Valley Bancorp news (Ticker: CVLY), a resource for investors and traders seeking the latest updates and insights on Codorus Valley Bancorp stock.
Codorus Valley Bancorp, Inc. (symbol: CVLY), incorporated in 1986, is a one-bank holding company based in York, Pennsylvania. Through its principal subsidiary, PeoplesBank, a Codorus Valley company, it offers a comprehensive range of financial services tailored to both individuals and businesses. PeoplesBank, with a rich history dating back to 1864, focuses on building robust financial relationships with small and mid-sized businesses, while also providing personal banking, mortgage banking, wealth management, and real estate services.
Codorus Valley Bancorp is a publicly traded corporation, listed on the NASDAQ National Market Exchange under the trading symbol CVLY. PeoplesBank is recognized as the largest full-service community bank headquartered and managed in York County. The bank operates numerous financial centers throughout South Central Pennsylvania and Central Maryland, with plans for further expansion.
The company operates primarily in the community banking segment, with its loan portfolio divided into two main classes: commercial and consumer. The commercial segment encompasses loans for builders and developers, commercial real estate investors, residential real estate investors, hotels/motels, wholesale and retail businesses, agriculture, manufacturing, and other sectors. The consumer segment includes residential mortgages, home equity loans, and other personal loans. A significant portion of the company's revenue is derived from interest income.
Recent Developments: Codorus Valley Bancorp recently declared a dividend and continues to enhance its tangible book value per share. The company also announced a merger plan with Orrstown Financial Services, promising significant strategic benefits for stakeholders. Investors and security holders are encouraged to review the detailed merger documents available on the SEC’s website and the companies’ respective websites for further information.
The Board of Directors of Codorus Valley Bancorp has declared a quarterly cash dividend of $0.16 per common share. This dividend is payable on May 9, 2023, to shareholders recorded by the close of business on April 25, 2023. Codorus Valley Bancorp, with assets exceeding $2 billion, is the largest independent financial institution in York County, Pennsylvania, through its wholly-owned subsidiary, PeoplesBank. The bank offers a comprehensive suite of financial services including consumer, business, and wealth management solutions.
Codorus Valley Bancorp reported a net income of $7.9 million for Q4 2022, up 10.9% from Q3 2022 and significantly higher than $2.7 million in Q4 2021. Annual net income reached $20.1 million, reflecting a 36.7% increase year-over-year. Key financial metrics included a net interest margin of 3.98% for Q4, a 32 basis point increase from Q3. Nonperforming assets dropped to 0.70% of total assets, indicating improved asset quality. The Board declared a $0.16 cash dividend, a slight increase from previous quarters, payable on or before February 14, 2023.
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.
PeoplesBank, a subsidiary of Codorus Valley Bancorp (NASDAQ: CVLY), has announced the donation of its historic building in Glen Rock, PA, to the borough. Originally established in 1864, the bank's donation is part of its commitment to the community and aims to enhance local historical preservation. The building, listed in the National Register of Historic Places, will house the Glen Rock Borough office and the Historical Preservation Society, which plans to expand its museum.
The donation is set to be finalized in December 2022.
Codorus Valley Bancorp, Inc. (NASDAQ: CVLY) reported a net income of $7.2 million or $0.75 per diluted share for Q3 2022, a significant increase from $2.0 million in Q2 2022 and $4.8 million in Q3 2021. For the nine months ending September 30, 2022, net income totaled $12.2 million with a 0.99% nonperforming assets ratio. Loan growth was strong at 8.6% annualized, while net interest income rose 26.8% year-over-year. However, deposits fell by 6.1% to $2.0 billion. A dividend of $0.15 per share was declared.
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