Codorus Valley Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 18, 2018 at 04:45 pm
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Codorus Valley Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported interest income of $18,552,000 against $16,233,000 a year ago. Net interest income was $15,567,000 against $14,002,000 a year ago. Income before income taxes was $6,385,000 against $5,501,000 a year ago. Net income was $1,490,000 against $3,842,000 a year ago. Net income available to common shareholders was $1,490,000 against $3,842,000 a year ago. Diluted earnings share was $0.17 against $0.43 a year ago. Net income available to common shareholders Comparable (Non-GAAP) was $4,245,000 against $3,842,000 a year ago. Return on average assets was 0.35% against 1.01% a year ago. Return on average equity was 3.58% against 9.86% a year ago. Return on average realized equity was 3.57% against 9.92% a year ago.
For the year, the company reported interest income of $70,415,000 against $62,230,000 a year ago. Net interest income was $59,547,000 against $53,581,000 a year ago. Income before income taxes was $21,908,000 against $18,988,000 a year ago. Net income was $12,004,000 against $13,102,000 a year ago. Net income available to common shareholders was $12,004,000 against $13,086,000 a year ago. Diluted earnings share was $1.34 against $1.48 a year ago. The decrease in net income and earnings per share, for the quarter and year, was primarily the result of a $2.8 million reduction in the net deferred tax asset value due to the new corporate tax rate of 21% enacted as part of the Tax Cuts and Jobs Act. Net income available to common shareholders Comparable (Non-GAAP) was $14,759,000 against $13,086,000 a year ago. Tangible book value per common share was $18.18 against $17.25 a year ago. Book value per common share was $18.44 against $17.51 a year ago. Return on average assets was 0.72% against 0.88% a year ago. Return on average equity was 7.40% against 8.47% a year ago. Return on average realized equity was 7.38% against 8.58% a year ago.
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.