Codorus Valley Bancorp Inc - CVLY STOCK NEWS

Codorus Valley Bancorp (NASDAQ: CVLY) reported a net income of $3.3 million ($0.33 per share) for Q2 2021, up from $3.1 million ($0.31 per share) in Q2 2020. Year-to-date net income reached $7.2 million compared to $61,000 for the same period last year. Despite a flat net interest income of $14.9 million, the company declared a cash dividend of $0.13 per share. Nonperforming assets increased to 2.59% from 1.31% in the previous year, while the provision for loan losses decreased significantly to $352,000 from $2.6 million. New product deployments are anticipated in Q3.

Codorus Valley Bancorp, Inc. (Nasdaq: CVLY) has appointed Cynthia A. Dotzel as Vice Chair and Lead Director of its Board, marking her as the first female to hold this position. Dotzel, a director since 2011, brings over 40 years of experience in accounting and business advisory. She previously chaired the audit committee. Chairman Larry J. Miller expressed gratitude for her leadership, emphasizing her role in advancing the company’s mission. Codorus Valley operates PeoplesBank, providing a range of financial services in Pennsylvania and Maryland.

On July 13, 2021, Codorus Valley Bancorp (NASDAQ: CVLY) declared a regular quarterly cash dividend of $0.11 per common share and a special cash dividend of $0.02 per common share, both payable on August 10, 2021. Shareholders of record by July 27, 2021 will receive these dividends, unchanged from the previous quarter. PeoplesBank, a subsidiary of Codorus Valley, holds over $2 billion in assets, offering a comprehensive suite of banking services in Pennsylvania and Maryland.

Codorus Valley Bancorp (NASDAQ: CVLY) reported a net income of $3.9 million, or $0.40 per share, for Q1 2021, marking a 230% increase from a net loss of $3.0 million in Q1 2020. This improvement is attributed to higher non-interest income, which rose 29.5% due to increased mortgage volume. Net interest income remained stable at $15.5 million, but the net interest margin decreased to 3.04%. The provision for loan losses decreased significantly to $1.2 million from $9.4 million year-over-year. The company declared a quarterly cash dividend of $0.11 and a special cash dividend of $0.02.

The Board of Directors of Codorus Valley Bancorp has declared a regular quarterly cash dividend of $0.11 per share and a special cash dividend of $0.02 per share, both payable on May 11, 2021. Shareholders of record as of April 27, 2021 will receive these dividends, maintaining the same amounts as the previous quarter. With assets exceeding $2 billion, PeoplesBank, the subsidiary, provides a range of financial services across South Central Pennsylvania and Central Maryland.

Codorus Valley Bancorp (CVLY) reported a net income of $4.8 million or $0.49 per share for Q4 2020, reflecting a 6.7% increase year-over-year. However, annual net income fell to $8.4 million from $18.6 million the previous year, impacted by increased loan loss provisions and a lower net interest margin of 3.13%. Non-interest income rose by 30.6% in Q4 due to higher mortgage volumes. The company declared a quarterly cash dividend of $0.11 per share, up 10% from the prior quarter. Challenges persist due to COVID-19, affecting operations and nonperforming assets.

Codorus Valley Bancorp has announced a new stock repurchase program, allowing the company to buy back up to $5 million of its common stock. This program, authorized by the Board of Directors on January 12, 2021, will remain effective until either the full amount is repurchased or until January 31, 2022. The repurchased shares will be held as treasury stock and may be used for various purposes, including the company’s Dividend Reinvestment and Stock Purchase Plan. Codorus Valley Bancorp is the largest independent financial institution in York County, Pennsylvania, with assets exceeding $2 billion.

Codorus Valley Bancorp, Inc. (NASDAQ: CVLY) has declared a quarterly cash dividend of $0.11 per share, marking a 10% increase from the previous quarter’s $0.10 dividend. Additionally, a special cash dividend of $0.02 per share has been declared. Both dividends will be paid on February 9, 2021, to shareholders of record by January 26, 2021. With over $2 billion in assets, Codorus Valley is the largest independent financial institution in York County, Pennsylvania, providing a diverse range of banking services.

Codorus Valley Bancorp (NASDAQ: CVLY) has successfully completed a private placement of $31 million in 4.50% Fixed-to-Floating Rate Subordinated Unsecured Notes due 2030. The funds will be used for general corporate purposes and are aimed at strengthening the Company’s capital position, enhancing growth potential, and supporting long-term business strategies. The Notes qualify as Tier 2 capital and will initially bear a fixed interest rate of 4.50% until December 2025, after which the rate will adjust quarterly. The offering was facilitated by Boenning & Scattergood, Inc.