Codorus Valley Bancorp Inc - CVLY STOCK NEWS

Codorus Valley Bancorp, Inc. (CVLY) reported a net income of $2.0 million or $0.20 per diluted share for Q2 2022, down 36% from Q1 2022 and 39% from Q2 2021. For the first half of 2022, net income totaled $5.0 million, compared to $7.2 million in the prior year. The net interest margin improved to 3.18%, with a 12.5% annualized net loan growth. However, the corporation incurred $1.5 million in legal expenses related to a Cooperation Agreement. A cash dividend of $0.15 per share was declared, consistent with previous quarters.

On July 12, 2022, Codorus Valley Bancorp, Inc. (NASDAQ: CVLY) declared a quarterly cash dividend of $0.15 per common share, maintaining the previous quarter’s level. The dividend is payable on August 9, 2022, to shareholders on record by July 26, 2022. PeoplesBank, its wholly owned subsidiary, has over $2 billion in assets and offers diverse financial services across South Central Pennsylvania and Central Maryland.

Codorus Valley Bancorp, Inc. (NASDAQ: CVLY) announced the appointment of Kent K. Matsumoto and Scott V. Fainor to its Board of Directors on June 14, 2022. Matsumoto, a seasoned legal counsel with experience in corporate governance, will serve as a Class A Director and join the Corporate Governance and Nominating Committee. Fainor, with a distinguished 39-year banking career, will serve as a Class C Director and join the Risk Management Committee. The Board believes their expertise will enhance shareholder value and support the company's growth strategy.

Codorus Valley Bancorp (CVLY) reported a net income of $3.1 million or $0.32 per diluted share for Q1 2022, reflecting a 13.3% increase from the previous quarter but a decline from $3.9 million in Q1 2021. The Board declared a cash dividend of $0.15 per share. The bank expanded its operations with the opening of the Hunt Valley Connections Center and introduced new mortgage products. However, total loans decreased marginally due to PPP loan forgiveness, while deposits fell by $47.9 million or 2.2%.

Codorus Valley Bancorp, Inc. has appointed John E. Kiernan, Esq. to its Board of Directors effective April 12, 2022. Mr. Kiernan, currently President and CEO of Alico, Inc., will serve as a Class C Director until the annual meeting of shareholders in 2022. He brings extensive experience from previous roles, including CFO positions at Greenwich Associates and Global Crossing. The Board Chair, Cynthia A. Dotzel, expressed confidence that Mr. Kiernan’s financial expertise will enhance the company's growth prospects.

Codorus Valley Bancorp is headquartered in York, Pennsylvania, and operates through PeoplesBank.

On April 12, 2022, Codorus Valley Bancorp (NASDAQ: CVLY) declared a quarterly cash dividend of $0.15 per common share, aligning with the previous quarter's amount. This dividend is set to be payable on May 10, 2022, to shareholders recorded as of April 26, 2022. PeoplesBank, the bank's wholly-owned subsidiary, has assets exceeding $2 billion and provides various financial services throughout South Central Pennsylvania and Central Maryland.

Codorus Valley Bancorp (NASDAQ: CVLY) has announced the appointment of three new independent directors to enhance its corporate governance and risk management. This decision follows shareholder engagement, particularly from Driver Management, which holds a 6.7% stake. The Board will conduct comprehensive studies on credit risk policies and executive compensation, with results to be shared publicly. The initiatives aim to create a foundation for improved operational performance and shareholder value, as stated by Board Chair Cynthia A. Dotzel.

Codorus Valley Bancorp is actively engaged in discussions with Driver Management Company regarding ongoing disputes. Despite Driver's demands for changes in leadership and corporate strategy, the Board of Directors remains committed to its current management and strategic path. Attempts for settlement have been met with resistance from Driver, leading to concerns about a potential proxy contest. Codorus Valley is focused on maximizing shareholder value and evaluating all options while maintaining a cooperative stance.

Driver Management Company has published key court documents concerning Codorus Valley Bancorp (NASDAQ: CVLY) regarding a controversial $8.04 million loan for a replica Ferrari. Driver, owning 6.72% of outstanding shares, criticizes current leadership for neglecting fiduciary duties and urges for board changes to better oversee management actions. The firm has nominated three independent candidates for the Board at the upcoming annual meeting, reinforcing its stance on the need for shareholder-driven governance reforms.