Codorus Valley Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended Dec. 31, 2015; Reports Net Charge Offs for the Fourth Quarter of 2015
January 22, 2016 at 05:00 pm
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Codorus Valley Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended Dec. 31, 2015. Net income available to common shareholders for the quarter ended December 31, 2015 of $2.7 million or $0.42 per share basic and diluted, compared to the corporation's earnings of $2.8 million or $0.45 per share basic and $0.44 per share diluted for the quarter ended December 31, 2014. Net interest income for the quarter ended December 31, 2015 was $12.3 million reflecting a 12% increase compared to net interest income of $11.0 million for the quarter ended December 31, 2014. Income before income taxes was $3,953,000 compared to $4,007,000 a year ago. Return on average assets was 0.78% compared to 0.91% a year ago. Return on average equity was 8.38% compared to 9.45% a year ago. Return on average realized equity was 8.52% compared to 9.67% a year ago. Book value per common share was $18.49 against $17.39 a year ago. Tangible book value per common share was $18.20 against $17.39 a year ago.
For the year ended December 31, 2015, the corporation earned $11.0 million or $1.76 per share basic and $1.75 per share diluted, compared to $11.6 million or $1.97 per share basic and $1.93 per share diluted for the year ended December 31, 2014. For the full year of 2015, net interest income was $47.8 million reflecting a 13% increase over net interest income of $42.4 million for the 2014 year. The increase for both the quarter and full year was supported by substantial growth in interest-earning assets, primarily commercial loans. Income before income taxes was $15,948,000 compared to $16,437,000 a year ago. Return on average assets was 0.82% compared to 0.98% a year ago. Return on average equity was 8.94% compared to 10.22% a year ago. Return on average realized equity was 9.12% compared to 10.49% a year ago. Book value per common share was $18.49 against $17.39 a year ago. Tangible book value per common share was $18.18 against $17.39 a year ago.
During the fourth quarter of 2015, the Corporation incurred $875,000 of net charge-offs, including one large charge-off totaling $497,000 against an impaired commercial loan. This charge-off resulted after extensive collection efforts, including debtor fulfillment of the terms of negotiated legal workout agreements during the fourth quarter of 2015, and PeoplesBank had previously established a specific reserve of $495,000 on the loan.
Codorus Valley Bancorp, Inc. is a bank holding company. PeoplesBank is its wholly owned bank subsidiary. PeoplesBank is a Pennsylvania chartered bank that 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. In addition to the twenty-two full service financial centers, it has eight financial centers located primarily within retirement communities that provide a full suite of services. PeoplesBank is focused on acquiring and nurturing financial relationships with small and mid-sized businesses. The Company's business is with clients located within South Central Pennsylvania, principally York and Lancaster Counties and North Central Maryland, principally Harford County and Baltimore County. Its subsidiary, Codorus Valley Financial Advisors, Inc. d/b/a PeoplesWealth Advisors, which sells non-deposit investment products.
Codorus Valley Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended Dec. 31, 2015; Reports Net Charge Offs for the Fourth Quarter of 2015