Codorus Valley Bancorp, Inc. Reports Fourth Quarter 2023 Results and Record Earnings for the Year
YORK, Pa., Jan. 25, 2024 (GLOBE NEWSWIRE) — Codorus Valley Bancorp, Inc. (“Codorus Valley”, or the “Corporation”) (NASDAQ:CVLY), parent company of PeoplesBank, A Codorus Valley Company (“PeoplesBank”, or the “Bank”), today reported net income of $5.5 million or $0.57 per diluted common share, for the quarter ended December 31, 2023. This compares to net income of $7.9 million or $0.83 per diluted common share, for the quarter ended December 31, 2022, representing a decrease of $2.4 million or 30.4 percent, and compares to net income of $5.9 million or $0.61 per diluted common share for the third quarter of 2023, representing a decrease of $400,000 or 7.8 percent. Excluding the impact of $956,000 in merger-related expenses, net income and diluted earnings per share, respectively, were $6.2 million(1) and $0.64(1) for the quarter ended December 31, 2023. For the year ended December 31, 2023, net income was $25.0 million or $2.59 per diluted share, compared to $20.1 million or $2.10 per diluted share, for the year ended December 31, 2022, representing an increase of $4.9 million or 24.3 percent. Excluding the impact of $956,000 in merger-related expenses, net income and diluted earnings per share, respectively, were $25.7 million(1) and $2.67(1) for the year ended December 31, 2023.