Codorus Valley Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Quarter and Year Ended December 31, 2012
January 15, 2013 at 11:47 am EST
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Codorus Valley Bancorp Inc. announced unaudited consolidated earnings results for the quarter and year ended December 31, 2012. The company announced net income available to common shareholders of $2,391,000 or $0.54 per share basic, $0.53 per share diluted, for the quarter ended December 31, 2012, compared to the $2,423,000 or $0.55 per share, basic and diluted, for the quarter ended December 31, 2011. The $32,000 or 1% decrease in the fourth quarter earnings for 2012, compared to the fourth quarter of 2011, was the result of increases in total noninterest expense and provision for loan losses, which more than offset an increase in net interest income and a decrease in preferred stock dividends. Net interest income was $9,300,000 against $8,545,000 of prior year period. Income before income taxes was $3,344,000 against $3,673,000 for the same period last year. Book value per common share was $17.03 against $15.46 for the comparable period last year. Return on average assets and return on average equity were 0.93% and 9.69% against 1.08% and 11.88% for the same period a year ago.
For the full year 2012, net income available to common shareholders was $9,010,000 or $2.03 per share basic, $2.00 per share diluted, compared to $5,319,000 or $1.22 per share basic, $1.21 per share diluted. Per share amounts, for all periods, were adjusted for the 5% common stock dividend that was declared by the Board of Directors on October 9, 2012 and paid December 11, 2012. The $3,691,000 or 69% increase in earnings for the year 2012, compared to the year 2011, was primarily the result of increases in net interest income and noninterest income and decreases in the provision for loan losses and preferred stock dividends and discount accretion, which more than offset increases in noninterest expense and provision for income taxes. Net interest income was $35,985,000 against $33,052,000 of prior year. The $2,933,000 or 9% increase in net interest income resulted from an increase in the average volume of earning assets, principally commercial loans, and a decrease in funding costs. Income before income taxes was $12,497,000 against $8,396,000 for the last year. Return on average assets and return on average equity were 0.90% and 9.55% against 0.69% and 8.04% 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.