Codorus Valley Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 20, 2017 at 03:15 am IST
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Codorus Valley Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net interest income of $14,002,000 against $12,299,000 a year ago. Income before income taxes was $5,501,000 against $3,953,000 a year ago. Net income was $3,842,000 against $2,770,000 a year ago. Net income available to common shareholders was $3,842,000 or $0.46 per basic and diluted share against $2,740,000 or $0.40 per basic and diluted share a year ago. Tangible book value per common share was $18.11 against $17.33 a year ago. Book value per common share was $18.39 against $17.61 a year ago. Return on average assets was 1.01% against 0.78% a year ago. Return on average equity was 9.86% against 8.38% a year ago. Return on average realized equity was 9.92% against 8.52% a year ago.
For the year, the company reported net interest income of $53,581,000 against $47,828,000 a year ago. Income before income taxes was $18,988,000 against $15,948,000 a year ago. Net income was $13,102,000 against $11,135,000 a year ago. Net income available to common shareholders was $13,086,000 or $1.55 per diluted share against $11,015,000 or $1.67 per diluted share a year ago. Return on average assets was 0.88% against 0.82% a year ago. Return on average equity was 8.47% against 8.94% a year ago. Return on average realized equity was 8.58% against 9.12% a year ago. The decrease in earnings per share was primarily a result of the 1,746,850 common shares issued in the $34.5 million public offering completed in December 2015. The growth in net interest income for the three months and year ended December 31, 2016 was driven by an increase in interest earning assets, primarily commercial loans.
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.