Codorus Valley Bancorp Inc - CVLY STOCK NEWS

Codorus Valley Bancorp, Inc. (NASDAQ: CVLY) announced it received a notice from Driver Management Company LLC regarding their intent to nominate three individuals for election to its Board of Directors at the 2022 Annual Meeting of Shareholders. The Board plans to review these nominees and will provide recommendations in a definitive proxy statement filed with the SEC. Shareholders are not required to take action at this time. Codorus Valley operates through its subsidiary, PeoplesBank, offering a range of financial services across South Central Pennsylvania and Central Maryland.

Codorus Valley Bancorp (CVLY) reported a net income of $2.7 million ($0.28 per diluted share) for Q4 2021, marking a 43.4% decrease from $4.8 million ($0.48 per share) in Q4 2020. However, full-year net income rose to $14.7 million ($1.50 per share), up 73.6% from $8.4 million the previous year. Despite a 2.9% increase in net interest income for Q4, overall earnings declined due to higher loan loss provisions and increased expenses. The board declared a cash dividend of $0.15 per share and repurchased 158,073 shares at $22.30 each during the quarter.

Codorus Valley Bancorp (NASDAQ: CVLY) has completed a $5 million treasury stock repurchase program and announced a new program authorizing an additional $5 million buyback of its common stock. Under this program, stock purchases may occur in the open market or through private transactions, effective until either the entire amount is repurchased or until December 31, 2022. This is the third repurchase program in the past year, reflecting the company's commitment to enhancing shareholder value.

The Board of Directors of Codorus Valley Bancorp (NASDAQ: CVLY) declared a quarterly cash dividend of $0.15 per common share on January 11, 2022. This dividend is payable on February 8, 2022, to shareholders of record by January 25, 2022. This maintains the same dividend as the prior quarter. Codorus Valley Bancorp, headquartered in York County, Pennsylvania, operates with over $2 billion in assets through its subsidiary, PeoplesBank, offering various financial services in South Central Pennsylvania and Central Maryland.

Codorus Valley Bancorp, Inc. (NASDAQ: CVLY) announced significant changes to its Board of Directors, effective January 1, 2022, as part of a long-term succession plan. Keith Cenekofsky has been appointed as director, succeeding Larry J. Miller, and will also serve as Audit Committee Chair. Cynthia A. Dotzel has been named independent Board Chair, with J. Rodney Messick as Vice Chair. The Board has adopted a majority voting standard for uncontested director elections to enhance corporate governance practices. These updates align with the company's commitment to industry-leading governance.

Codorus Valley Bancorp reported a net income of $4.8 million for Q3 2021, a 32% increase from $3.6 million in Q3 2020. Net income per diluted share rose to $0.49. For the first nine months, net income reached $12 million, reflecting strong performance. The board announced a 15% dividend increase to $0.15 per share and executed share repurchases. However, noninterest income dropped by 3.2% to $4.1 million, and nonperforming assets increased to 2.75%. Craig L. Kauffman became CEO on October 1, 2021.

Codorus Valley Bancorp (CVLY) declared a quarterly cash dividend of $0.15 per share on October 12, 2021. This dividend is payable on November 9, 2021, to shareholders of record by the end of the day on October 26, 2021. The new dividend amount represents a $0.02 increase or 15% higher than the previous quarter's combined cash dividends. Codorus Valley Bancorp, the parent company of PeoplesBank, operates with assets exceeding $2 billion and serves communities across Pennsylvania and Maryland.

Codorus Valley Bancorp, Inc. (NASDAQ: CVLY) announced the appointment of Craig L. Kauffman as its new President and CEO, effective October 1, 2021, as part of its succession plan. He succeeds Larry J. Miller, who has served since 1986 and will transition to Executive Chair until December 31, 2021. Kauffman, previously Executive VP and COO, has a strong banking background with experience at BB&T, Susquehanna Bank, and others. The company's assets have grown significantly under Miller's leadership, from $55 million to over $2 billion.

Codorus Valley Bancorp (CVLY) has successfully completed its $5 million treasury stock repurchase program initiated on January 12, 2021. The Board of Directors has approved a new program allowing the repurchase of an additional $5 million of common stock, which may occur in open market transactions or private negotiations, effective immediately until December 31, 2022, or until fully executed. The repurchased shares will be held as treasury shares for future use, supporting efforts such as the Dividend Reinvestment and Stock Purchase Plan.