Codorus Valley Bancorp, Inc. (Codorus Valley, or the Corporation)
(NASDAQ: CVLY), parent company of PeoplesBank, A Codorus Valley
Company (PeoplesBank), collectively referred to as the Company,
today announced net income of $4.8 million or $0.49 per share basic
and $0.48 per share diluted, for the quarter ended December 31,
2020, as compared to net income of $4.5 million or $0.46 per share
basic and diluted, for the quarter ended December 31, 2019. For the
year ended December 31, 2020, net income was $8.4 million or $0.86
per share basic and diluted, compared to $18.6 million or $1.89 per
share basic and $1.88 per share diluted, for the year ended
December 31, 2019.
“Earnings for the fourth quarter 2020 increased
by 6.7% over the same period in 2019. Annual net income for 2020
was impacted by an increase in the provision for loan and lease
losses and a lower net interest margin due to actions earlier this
year by the Federal Reserve Board of Governors,” stated Larry J.
Miller, Chairman, President/CEO. “Non-interest income increased by
30.6% in the fourth quarter, predominately due to higher volumes of
mortgages which are being originated and then sold to the secondary
market. Due to increased community cases of COVID-19, the majority
of our Financial Centers operated with drive-thru only hours and
modified staffing schedules to ensure the safety of our clients and
our staff during the second half of the fourth quarter,” added
Miller.
The Corporation’s net interest income for the
three months ended December 31, 2020 was $15.2 million, a decrease
of $900,000 or 5.8 percent when compared to the net interest income
of $16.1 million for the same period in 2019. For the year ended
December 31, 2020, net interest income was $60.5 million,
reflecting a decrease of $3.5 million or 5.4 percent compared to
$64.0 million for the year ended December 31, 2019. The
Corporation’s tax-equivalent net interest margin (NIM) was 3.13
percent for the year ended December 31, 2020, compared to the
tax-equivalent NIM of 3.66 percent for the same period in 2019. A
major component of the reduction in the net interest margin were
the actions taken by the Federal Reserve Board lowering benchmark
interest rates 150 basis points since October 2019.
The provision for loan losses for the three
months ended December 31, 2020 was $800,000 compared to $200,000
for the same period in 2019. For the year ended December 31, 2020,
the provision for loan losses was $14.7 million compared to $2.5
million for the year ended December 31, 2019. The increased
provision expense was attributed primarily to the partial charge
off arising from four distinct commercial lending relationships and
the related impact to the historical loss portion of the allowance
for loan losses. In addition, changes in the external environment
created by COVID-19 caused Management to increase the qualitative
factors for certain loan segments in the allowance for loan loss
analysis, which resulted in additional provision for loan losses in
the quarter. The Corporation’s nonperforming assets ratio was 2.56
percent as of December 31, 2020, an increase from the nonperforming
assets ratio as of December 31, 2019 of 1.72 percent. The increase
was primarily the result of a $12.5 million commercial client
relationship within the hotel industry moving to nonaccrual status
during the quarter. As of December 31, 2020, management believes
the allowance for loan losses is adequate, however, changing
economic conditions associated with the COVID-19 pandemic may
require future adjustments.
Noninterest income for the fourth quarter 2020
was $4.7 million, an increase of $1.1 million or 31.2 percent, as
compared to noninterest income of $3.6 million for the fourth
quarter 2019, primarily due to an increase in the gains on the sale
of mortgage loans. For the year ended December 31,
2020, noninterest income was $15.9 million, an increase of $2.0
million or 14.2 percent, as compared to noninterest income of $13.9
million for the year ended December 31, 2019.
Noninterest expense was $13.1 million for the
fourth quarter 2020, a decrease of $687,000, or 5.0 percent, as
compared to noninterest expense of $13.8 million for the fourth
quarter 2019. For the year ended December 31, 2020,
noninterest expense totaled $51.2 million, a decrease of $525,000
or 1.0 percent compared to $51.7 million for the year ended
December 31, 2019.
Income tax expense for the quarter ended
December 31, 2020 was $1.3 million compared to $1.2 million for the
same period in 2019. Income tax expense for the year ended December
31, 2020 was $2.0 million compared to $5.0 million for the same
period in 2019.
Dividend Declared
As recently announced, on January 12, 2021, the
Board of Directors of the Corporation declared a regular quarterly
cash dividend of $0.11 per share, payable on February 9, 2021 to
shareholders of record at the close of business on January 26,
2021. The payment of this $0.11 per share cash dividend represents
a 10 percent increase over the prior quarter’s dividend of $0.10
per share. In addition, the Board of Directors declared a special
cash dividend of $0.02 per share, payable on February 9, 2021 to
shareholders of record at the close of business on January 26,
2021.
If you do not currently participate in the
Corporation’s Dividend Reinvestment and Stock Purchase Plan
(DRSPP), your quarterly cash dividend and special dividend will be
paid in a single check or ACH payment.
COVID – 19 Pandemic
The Company’s Pennsylvania and Maryland markets
experienced an increase in COVID-19 cases in late November and
December. The increase in community cases also had an impact on the
bank’s own associates requiring higher levels of quarantining than
had been experienced in prior quarters. The increase in community
cases resulted in a need to temporarily close four financial
centers and move to drive-thru only access for the majority of
financial centers in mid-December. This allowed PeoplesBank to move
to a modified A/B staffing schedule to ensure continuity of service
and to limit the exposure of client-facing associates who would be
impacted if one associate tested positive for COVID-19.
AssociatesApproximately 40 percent of the
Company’s associates continue to work off-premise. A phased
approach and a comprehensive plan to safely return associates
working remotely has been developed, and will be implemented as the
number of COVID-19 cases decline. A detailed protocol for the
safety of associates and clients has been followed, including
notifying clients, based on CDC guidelines, who may have come into
close contact with an associate who has tested
positive.
Re-Opening
At the time of this release, four Financial
Centers are temporarily closed, 16 are operating drive-thru only
hours, and four are operating with lobby hours where drive-thru
service is not available. Many locations are operating with
modified hours on Wednesday. Lobby access is available by
appointment only. Most Retirement Community Office lobbies also
remain open by appointment only with several modifications to
ensure the safety of clients and associates. Three Loan Production
Offices (Hanover, Centerville, and Bel Air) remain closed. Client
Hardship
PeoplesBank continues to responsibly and
prudently extend credit to qualified borrowers. PeoplesBank began
accepting applications for the next round of PPP funding on January
20, 2021. Applicants are able to use PeoplesBank’s new commercial
loan origination system, which provides a more streamlined
application process.
Other News
The Company announced on December 9, 2020, the successful
private placement of $31.0 million in aggregate principal amount of
4.50% Fixed-to-Floating Rate Subordinated Unsecured Notes due 2030.
This debt offering will strengthen the Company’s already strong
capital position, provide additional flexibility to grow the
franchise and will enhance the Company’s ability to execute on its
long-term business strategies.
The Company also successfully rolled out phase one of its new
commercial loan origination system in the fourth quarter. This new
system will track all client referrals and will serve as the
backbone for PeoplesBank’s companywide CRM (Customer Relationship
Management) system in the future.
In November, the Company announced the closure of two Retirement
Community Offices at Normandie Ridge and Luther Acres on February
18, 2021. Both of these offices are in close proximity to
full-service PeoplesBank Financial Centers. PeoplesBank will
continue to operate Retirement Community Offices in five
communities within its Pennsylvania market after these two
closures.
The Company
Codorus Valley Bancorp, Inc. is the largest
independent financial services holding company headquartered in
York, Pennsylvania. Codorus Valley primarily operates through its
financial services subsidiary, PeoplesBank, A Codorus Valley
Company. PeoplesBank 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. Codorus Valley Bancorp, Inc.’s Common Stock is
listed on the NASDAQ Global Market under the symbol CVLY.
Forward-looking Statements
Codorus Valley Bancorp, Inc. has made
forward-looking statements in this Press Release. These
forward-looking statements are subject to risks and uncertainties.
Forward-looking statements include information concerning possible
or assumed future results of operations of the Corporation and its
subsidiaries. When words such as “believes,” “expects,”
“anticipates,” or similar expressions occur in this Press Release,
the Corporation is making forward-looking statements. Note that
many factors could affect the future financial results of the
Corporation and its subsidiaries, both individually and
collectively, and could cause those results to differ materially
from those expressed in the forward-looking statements contained in
this Press Release. Those factors include, but are not limited to:
the recent and continuing coronavirus (COVID-19) pandemic which
poses risks and may harm the Corporation’s business and results of
operations in future quarters, credit risk, changes in market
interest rates, inability to achieve merger-related synergies,
competition, economic downturn or recession, and government
regulation and supervision. The Corporation provides greater detail
regarding these as well as other factors in its 2019 Form 10-K and
2020 Form 10-Qs, including Risk Factors sections of those reports,
and in its subsequent SEC filings. The Corporation undertakes no
obligation to update or revise any forward-looking statements.
Accounting standards require the consideration
of subsequent events occurring after the balance sheet date for
matters that require adjustment to, or disclosure in, the
consolidated financial statements. The review period for subsequent
events extends up to and including the filing date of a public
company’s financial statements when filed with the Securities and
Exchange Commission. Accordingly, the consolidated financial
information in this announcement is subject to change.
Questions or comments concerning this Press Release
should be directed to:
Codorus Valley Bancorp,
Inc. Larry
J. Miller Chairman, President and
CEO 717-747-1500 lmiller@peoplesbanknet.com |
Larry D. Pickett,
CPATreasurer 717-747-1502lpickett@peoplesbanknet.com |
Codorus Valley Bancorp, Inc. |
Financial Highlights |
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Condensed Consolidated Statements of Income (Unaudited) |
(in thousands of dollars, except per share data) |
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Three months ended |
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Years ended |
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December 31, |
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December 31, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Interest income |
|
$ |
18,275 |
|
|
$ |
21,440 |
|
|
$ |
75,713 |
|
|
$ |
85,317 |
|
Interest expense |
|
|
3,063 |
|
|
|
5,288 |
|
|
|
15,253 |
|
|
|
21,378 |
|
Net interest income |
|
|
15,212 |
|
|
|
16,152 |
|
|
|
60,460 |
|
|
|
63,939 |
|
Provision for loan losses |
|
|
760 |
|
|
|
200 |
|
|
|
14,675 |
|
|
|
2,450 |
|
Noninterest income |
|
|
4,690 |
|
|
|
3,574 |
|
|
|
15,892 |
|
|
|
13,912 |
|
Noninterest expense |
|
|
13,126 |
|
|
|
13,813 |
|
|
|
51,204 |
|
|
|
51,729 |
|
Income before income taxes |
|
|
6,016 |
|
|
|
5,713 |
|
|
|
10,473 |
|
|
|
23,672 |
|
Provision for income taxes |
|
|
1,259 |
|
|
|
1,219 |
|
|
|
2,031 |
|
|
|
5,025 |
|
Net income |
|
$ |
4,757 |
|
|
$ |
4,494 |
|
|
$ |
8,442 |
|
|
$ |
18,647 |
|
Basic earnings per share |
|
$ |
0.49 |
|
|
$ |
0.46 |
|
|
$ |
0.86 |
|
|
$ |
1.89 |
|
Diluted earnings per share |
|
$ |
0.48 |
|
|
$ |
0.46 |
|
|
$ |
0.86 |
|
|
$ |
1.88 |
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Condensed Consolidated Statements of Financial Condition
(Unaudited) |
(in thousands of dollars) |
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|
December 30, |
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December 31, |
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2020 |
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2019 |
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Cash and short term investments |
|
$ |
335,793 |
|
|
$ |
131,591 |
|
|
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Investment securities |
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|
187,595 |
|
|
|
164,226 |
|
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|
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Loans |
|
|
1,560,570 |
|
|
|
1,516,938 |
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|
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|
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Allowance for loan losses |
|
|
(21,264 |
) |
|
|
(21,066 |
) |
|
|
|
|
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Net loans |
|
|
1,539,306 |
|
|
|
1,495,872 |
|
|
|
|
|
|
Premises and equipment, net |
|
|
25,206 |
|
|
|
25,967 |
|
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|
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Operating leases right-of-use assets |
|
|
2,386 |
|
|
|
3,021 |
|
|
|
|
|
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Goodwill |
|
|
2,301 |
|
|
|
2,301 |
|
|
|
|
|
|
Other assets |
|
|
69,612 |
|
|
|
63,567 |
|
|
|
|
|
|
Total assets |
|
$ |
2,162,199 |
|
|
$ |
1,886,545 |
|
|
|
|
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|
|
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|
Deposits |
|
$ |
1,863,539 |
|
|
$ |
1,590,564 |
|
|
|
|
|
|
Borrowed funds |
|
|
55,146 |
|
|
|
89,557 |
|
|
|
|
|
|
Subordinated debentures |
|
|
30,602 |
|
|
|
- |
|
|
|
|
|
|
Operating leases liability |
|
|
2,515 |
|
|
|
3,184 |
|
|
|
|
|
|
Other liabilities |
|
|
12,437 |
|
|
|
12,072 |
|
|
|
|
|
|
Shareholders' equity |
|
|
197,960 |
|
|
|
191,168 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
2,162,199 |
|
|
$ |
1,886,545 |
|
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Codorus Valley Bancorp, Inc. |
|
Financial Highlights |
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Selected Financial Data (Unaudited) |
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Quarterly |
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Year-to-Date |
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|
2020 |
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2020 |
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|
2020 |
|
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|
2020 |
|
|
|
2019 |
|
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|
December 31, |
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|
4th Qtr |
|
3rd Qtr |
|
2nd Qtr |
|
1st Qtr |
|
4th Qtr |
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2020 |
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|
2019 |
|
Earnings and Per Share Data (1) |
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(in thousands, except per share data) |
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|
Net income (loss) |
|
$ |
4,757 |
|
|
$ |
3,624 |
|
|
$ |
3,050 |
|
|
$ |
(2,989 |
) |
|
$ |
4,494 |
|
|
|
$ |
8,442 |
|
|
$ |
18,647 |
|
|
Basic earnings (loss) per share |
|
$ |
0.49 |
|
|
$ |
0.37 |
|
|
$ |
0.31 |
|
|
$ |
(0.31 |
) |
|
$ |
0.46 |
|
|
|
$ |
0.86 |
|
|
$ |
1.89 |
|
|
Diluted earnings (loss) per share |
|
$ |
0.48 |
|
|
$ |
0.37 |
|
|
$ |
0.31 |
|
|
$ |
(0.31 |
) |
|
$ |
0.46 |
|
|
|
$ |
0.86 |
|
|
$ |
1.88 |
|
|
Cash dividends paid per share |
|
$ |
0.100 |
|
|
$ |
0.100 |
|
|
$ |
0.160 |
|
|
$ |
0.160 |
|
|
$ |
0.152 |
|
|
|
$ |
0.520 |
|
|
$ |
0.608 |
|
|
Book value per share |
|
$ |
20.16 |
|
|
$ |
19.83 |
|
|
$ |
19.60 |
|
|
$ |
19.42 |
|
|
$ |
19.59 |
|
|
|
$ |
20.16 |
|
|
$ |
19.59 |
|
|
Tangible book value per share (2) |
|
$ |
19.93 |
|
|
$ |
19.60 |
|
|
$ |
19.36 |
|
|
$ |
19.18 |
|
|
$ |
19.36 |
|
|
|
$ |
19.93 |
|
|
$ |
19.36 |
|
|
Average shares outstanding |
|
|
9,804 |
|
|
|
9,792 |
|
|
|
9,770 |
|
|
|
9,759 |
|
|
|
9,741 |
|
|
|
|
9,782 |
|
|
|
9,863 |
|
|
Average diluted shares outstanding |
|
|
9,831 |
|
|
|
9,814 |
|
|
|
9,794 |
|
|
|
9,813 |
|
|
|
9,803 |
|
|
|
|
9,809 |
|
|
|
9,930 |
|
|
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Performance Ratios (%) |
|
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|
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|
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Return (loss) on average assets (3) |
|
|
0.90 |
|
|
|
0.70 |
|
|
|
0.59 |
|
|
|
(0.63 |
) |
|
|
0.96 |
|
|
|
|
0.41 |
|
|
|
1.01 |
|
|
Return (loss) on average equity (3) |
|
|
9.66 |
|
|
|
7.47 |
|
|
|
6.37 |
|
|
|
(6.15 |
) |
|
|
9.43 |
|
|
|
|
4.35 |
|
|
|
9.98 |
|
|
Net interest margin (4) |
|
|
3.03 |
|
|
|
3.02 |
|
|
|
3.07 |
|
|
|
3.44 |
|
|
|
3.61 |
|
|
|
|
3.13 |
|
|
|
3.66 |
|
|
Efficiency ratio (5) |
|
|
65.56 |
|
|
|
65.27 |
|
|
|
65.52 |
|
|
|
70.42 |
|
|
|
69.50 |
|
|
|
|
66.68 |
|
|
|
65.93 |
|
|
Net overhead ratio (3)(6) |
|
|
1.60 |
|
|
|
1.61 |
|
|
|
1.68 |
|
|
|
2.09 |
|
|
|
2.18 |
|
|
|
|
1.73 |
|
|
|
2.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Asset Quality Ratios (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs to average loans (3) |
|
|
0.10 |
|
|
|
0.52 |
|
|
|
1.09 |
|
|
|
2.04 |
|
|
|
0.08 |
|
|
|
|
0.93 |
|
|
|
0.04 |
|
|
Allowance for loan losses to total loans (7) |
|
|
1.38 |
|
|
|
1.33 |
|
|
|
1.31 |
|
|
|
1.55 |
|
|
|
1.40 |
|
|
|
|
1.38 |
|
|
|
1.40 |
|
|
Nonperforming assets to total loans and foreclosed real estate |
|
|
2.56 |
|
|
|
1.29 |
|
|
|
1.31 |
|
|
|
1.97 |
|
|
|
1.72 |
|
|
|
|
2.56 |
|
|
|
1.72 |
|
|
|
|
|
|
|
|
|
|
|
|
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Capital Ratios (%) |
|
|
|
|
|
|
|
|
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|
|
|
|
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|
Average equity to average assets |
|
|
9.32 |
|
|
|
9.31 |
|
|
|
9.30 |
|
|
|
10.23 |
|
|
|
10.17 |
|
|
|
|
9.52 |
|
|
|
10.12 |
|
|
Tier 1 leverage capital ratio |
|
|
9.58 |
|
|
|
9.51 |
|
|
|
9.50 |
|
|
|
10.18 |
|
|
|
10.55 |
|
|
|
|
9.58 |
|
|
|
10.55 |
|
|
Common equity Tier 1 capital ratio |
|
|
13.10 |
|
|
|
13.20 |
|
|
|
12.85 |
|
|
|
12.24 |
|
|
|
12.45 |
|
|
|
|
13.10 |
|
|
|
12.45 |
|
|
Tier 1 risk-based capital ratio |
|
|
13.79 |
|
|
|
13.90 |
|
|
|
13.55 |
|
|
|
12.91 |
|
|
|
13.11 |
|
|
|
|
13.79 |
|
|
|
13.11 |
|
|
Total risk-based capital ratio |
|
|
17.13 |
|
|
|
15.15 |
|
|
|
14.80 |
|
|
|
14.17 |
|
|
|
14.36 |
|
|
|
|
17.13 |
|
|
|
14.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) per share amounts and shares outstanding were adjusted for
stock dividends |
|
(2) book value less goodwill and core deposit intangibles |
|
(3) annualized for the quarterly periods presented |
|
(4) net interest income (tax-equivalent) as a percentage of average
interest earning assets |
|
(5) noninterest expense as a percentage of net interest income and
noninterest income (tax-equivalent) |
|
(6) noninterest expense less noninterest income as a percentage of
average assets |
|
(7) excludes loans held for sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measure (Tangible Book
Value) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share data) |
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
4th Qtr |
|
3rd Qtr |
|
2nd Qtr |
|
1st Qtr |
|
4th Qtr |
|
|
|
|
|
|
|
Total Shareholders' Equity |
|
$ |
197,960 |
|
|
$ |
194,261 |
|
|
$ |
191,835 |
|
|
$ |
189,596 |
|
|
$ |
191,168 |
|
|
|
|
|
|
|
|
Less: Preferred Stock |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
Less: Goodwill and Other Intangible Assets |
|
|
(2,308 |
) |
|
|
(2,309 |
) |
|
|
(2,310 |
) |
|
|
(2,311 |
) |
|
|
(2,312 |
) |
|
|
|
|
|
|
|
Tangible Shareholders' Equity |
|
$ |
195,652 |
|
|
$ |
191,952 |
|
|
$ |
189,525 |
|
|
$ |
187,285 |
|
|
$ |
188,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding |
|
|
9,821 |
|
|
|
9,795 |
|
|
|
9,788 |
|
|
|
9,764 |
|
|
|
9,756 |
|
|
|
|
|
|
|
|
Book Value Per Share |
|
$ |
20.16 |
|
|
$ |
19.83 |
|
|
$ |
19.60 |
|
|
$ |
19.42 |
|
|
$ |
19.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value Per Share |
|
$ |
20.16 |
|
|
$ |
19.83 |
|
|
$ |
19.60 |
|
|
$ |
19.42 |
|
|
$ |
19.59 |
|
|
|
|
|
|
|
|
Effect of Intangible Assets |
|
|
(0.23 |
) |
|
|
(0.23 |
) |
|
|
(0.24 |
) |
|
|
(0.24 |
) |
|
|
(0.23 |
) |
|
|
|
|
|
|
|
Tangible Book Value Per Share |
|
$ |
19.93 |
|
|
$ |
19.60 |
|
|
$ |
19.36 |
|
|
$ |
19.18 |
|
|
$ |
19.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This report contains certain financial information determined by
methods other than in accordance with GAAP. This non-GAAP
disclosure has limitations as an analytical tool and should not be
considered in isolation or as a substitute for the analysis of
the Corporation’s results as reported under GAAP, nor is it
necessarily comparable to non-GAAP performance measures that
may be presented by other companies. Our management uses this
non-GAAP measure in its analysis of our performance because it
believes this measure is material and will be used as a measure of
our performance by investors. |
|
|
|
|
|
|
|
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|
|
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