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Codorus Valley Bancorp, Inc. reported a second-quarter result

YORK, Pa., July 18, 2019 (GLOBE NEWSWIRE) – Codorus Valley Bancorp, Inc. (Codorus Valley or Corporation) (NASDAQ: CVLY), PeoplesBank's father or mother firm, Codorus Valley Firm (PeoplesBank), introduced as we speak four.9 $ 30 million, or $ zero.51 per share, and $ zero.64 per share diluted 30.6.2019. 2018. Within the first six months of 2019, the web revenue was $ eight.9 million, or $ 0.95 per share, and $ zero.94 per share diluted compared to $ 10.1 million or $ 1.08 per share and $ 1.07 per share diluted through the six months of 2018. 19659002] “Q2 2019 compared to Q2 2018 decreased by approximately $ 1.2 million,” stated Larry J. Miller, CEO. “The net interest income between these two periods was similar, but due to concerns about certain unsuccessful loans, management felt it would be wise to continue to grant special loans to these loans, which required an increase in losses on loans and leases. “Miller Continued” Within the second quarter of 2019, PeoplesBank moved 25,000 debit cardholders to a new processing platform. This transition has led to raised card supply occasions and the introduction of a new anti-fraud service that gives clients with better communication features. “” In the course of the first six months of 2019, PeoplesBank skilled a threefold improve in activation of latest financial institution cards. the growth of retail deposits and the rise in using cellular deposits compared to the same interval in 2018, ”stated Miller.

The corporate's interest-bearing internet revenue for the three months ended 30 June 2014 was EUR 16.2 million. In the six months ended June 30, 2019, internet interest revenue was $ 31.8 million, representing an increase of $ zero.four million, or 1.3 per cent, compared to 31, t $ four. Million. EUR for the six months ended June 30, 2018. Progress was pushed by progress in interest-earning belongings, including cash, investments and securities. business loans, which are compensated by the elevated value of interest-bearing deposits. The Group's tax internet interest margin stood at three.72 per cent within the first half of 2019, down four.four per cent compared with the corresponding internet interest margin of 3.89 per cent in the identical interval of 2018. The decrease was because of momentary stability sheet liquidity progress, reversal yield curve and unofficial mortgage progress

The three-month mortgage losses ended June 30, 2019 have been $ 1.2 million compared to $ zero.three million in the same period in 2018. In the course of the six months ended June 30, 2019, loan loss provisions have been $ 2.3 million compared to $ 0.5 million within the first six months of 2016 The Group's non-performing fairness ratio stood at 1.82 % as of June 30, 2019, which is a rise from the unrealized asset ratio as of December 31, 2018 to 1.67 % and an increase from June 30, 2018 to unaffected belongings. As of March 31, 2019, it has decreased by 1.95 per cent from profit-driven belongings.

Interest revenue for the second quarter of 2019 was $ 3.6 million, a rise of $ zero.1 million, or 2.9 %, in comparison with $ 201 million interest revenue within the second quarter of 2018. was $ 6.9 million, an increase of $ 0.1 million or 1.5 % compared to $ 6.eight million in the first six months of 2018.

Curiosity expenses have been $ 12.5 million within the second quarter of 2019, up $ 0.9 million, or 7.eight %. compared to non-interest bills of $ 11.6 million in Q2 2016. In the course of the first six months of 2019, non-interest expenses amounted to $ 25.1 million, or zero.8 %, compared to $ 24.9 million in the first half of 2016.

Revenue tax expense for the quarter ended June 30, 2014 was $ 1.3 million compared to $ 1.6 million for the same period in 2018. Revenue tax expense for the six months ended June 30, 2019 was $ 2.4 million compared to $ 2.7 million for a similar interval in 2018 The six-month tax rates ending June 30, 2019, and 2018 have been 20.9 % and 20.eight %

Other news

As lately announced, on July 9, 2019, the Board of Directors often introduced a quarterly dividend $ zero.16 per share to be paid on August 13th. 2019 on the finish of report enterprise for shareholders on July 23, 2019.

Though we want to take a position the capital again into the group or the markets we serve, our capital plan permits us to recapitalize our shareholders – in this case via a share purchase program. Since its institution in June, the corporate has purchased 35,600 shares for $ 762,106.

In Might, Codorus Valley Bancorp, Inc. was named the top 200 publicly traded company banks of the American bank 2019 based mostly on return on equity. Additionally, PeoplesBank was lately voted as one of the best financial institution in York County by readers of the York Inventory Trade for the fourth yr in a row

Codorus Valley Bancorp, Inc.

Codorus Valley Bancorp, Inc. is the most important unbiased financial providers firm headquartered in York, Pennsylvania. Codorus Valley operates mainly by means of its monetary providers company PeoplesBank, A Codorus Valley Firm. PeoplesBank presents a wide selection of shopper, enterprise, asset administration and mortgage providers in communities in South Central Pennsylvania and Central Maryland. Codorus Valley Bancorp, Inc.'s joint share is listed on the NASDAQ International Market beneath the code CVLY.

Ahead Statements

Codorus Valley Bancorp, Inc. has made forward-looking statements in this press release. These forward-looking statements are risks and uncertainties. Forward-looking statements embrace details about the attainable or expected future results of the corporate and its subsidiaries. When the phrases "believes", "expects", "anticipates" or comparable expressions appear on this press launch, the company makes statements concerning the future. Please notice that many elements might affect the monetary results of the Group and its subsidiaries, individually and collectively, and should result in a vital distinction between these results and those expressed in the forward-looking statements contained on this press release. These embrace: credit danger, modifications in market interest rates, incapability to realize merger synergies, competition, financial recession or recession, and government regulation and control. The company supplies extra detailed info on these and other elements in Type 10-Okay of 2018 and Type 10-Qs of 2019, together with the danger elements for these studies, and its subsequent SEC information. The Firm shouldn’t be obliged to update or revise its forward-looking statements.

Accounting Requirements require consideration of subsequent events after the stability sheet date in matters that require adjustment or disclosure of the monetary statements. The evaluation interval for the following events extends to the date of submission of the monetary statements to the public company when submitted to the Securities and Trade Commission. Subsequently, the consolidated financial info introduced on this discover is subject to vary.

Questions or comments on this press launch must be directed to:

Codorus Valley Bancorp, Inc.
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