Codorus Valley Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
January 22, 2015 at 04:30 pm EST
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Codorus Valley Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the corporation reported net income available to common shareholders of $2,750,000 or $0.47 per share basic and $0.46 per share diluted, compared to $2,519,000 or $0.50 per share basic and $0.49 per share diluted, for the quarter ended December 31, 2013. Net interest income was $11.00 million compared to $10.21 million a year ago. Income before income taxes was $4.10 million compared to $3.55 million a year ago. Return on average assets was 0.91% compared to 0.91% a year ago. Return on average equity was 9.45% compared to 9.57% a year ago.
For the full year, the company reported net income available to common shareholders of $11,595,000 or $2.07 per share basic and $2.03 per share diluted, compared to $10,316,000 or $2.07 per share basic and $2.03 per share diluted, earned in the year 2013. Net interest income was $42.36 million compared to $38.35 million a year ago. Book value per common share was $18.25 compared to 16.40 a year ago. Income before income taxes was $16.44 million compared to $14.48 million a year ago. Return on average assets was 0.98% compared to 0.96% a year ago. Return on average equity was 10.22% compared to 10.08% 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.