Codorus Valley Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013
January 17, 2014 at 04:30 pm
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Codorus Valley Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported net income available to common shareholders of $2,519,000 or $0.53 per share basic, $0.52 per share diluted, compared to $2,391,000 or $0.51 per share basic, $0.50 per share diluted, for the quarter ended December 31, 2012. Net income available to common shareholders for the fourth quarter of 2013 increased $128,000 or 5% compared to the fourth quarter of 2012. Earnings were driven primarily by a 10% increase in net interest income, which resulted from an increase in interest income from a larger volume of earning assets, principally commercial loans, and a decrease in the cost of deposits. Net interest income was $12,319,000 against $11,819,000 of prior year period. Income before income taxes was $3,548,000 against $3,344,000 for the same period last year. Book value per common share was $17.22 against $16.22 for the comparable period last year. Return on average assets and return on average equity were 0.91% and 9.57% against 0.93% and 9.69% for the same period a year ago.
For the full year 2013, net income available to common shareholders totaled $10,316,000, an increase of $1,306,000 or 14% compared to the year 2012. The increase in earnings was due primarily to an increase in net interest income and, to a lesser degree, decreases in the provision for loan losses and preferred stock dividends, which more than offset a decrease in noninterest income and an increase in noninterest expense. Net interest income was $46,972,000 against $46,512,000 of prior year. The $2,368,000 or 7% increase in net interest income was due primarily to a decrease in funding costs resulting from a larger proportion of low cost core deposits to total deposits and lower rates generally paid on all deposit products, which reflected unusually low market interest rates. Income before income taxes was $14,483,000 against $12,497,000 for the last year. Return on average assets and return on average equity were 0.96% and 10.08% against 0.90% and 9.55% for the 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.