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The Board of Directors of Codorus Valley Bancorp has declared a quarterly cash dividend of $0.16 per common share. This dividend is payable on May 9, 2023, to shareholders recorded by the close of business on April 25, 2023. Codorus Valley Bancorp, with assets exceeding $2 billion, is the largest independent financial institution in York County, Pennsylvania, through its wholly-owned subsidiary, PeoplesBank. The bank offers a comprehensive suite of financial services including consumer, business, and wealth management solutions.
Codorus Valley Bancorp reported a net income of $7.9 million for Q4 2022, up 10.9% from Q3 2022 and significantly higher than $2.7 million in Q4 2021. Annual net income reached $20.1 million, reflecting a 36.7% increase year-over-year. Key financial metrics included a net interest margin of 3.98% for Q4, a 32 basis point increase from Q3. Nonperforming assets dropped to 0.70% of total assets, indicating improved asset quality. The Board declared a $0.16 cash dividend, a slight increase from previous quarters, payable on or before February 14, 2023.
Codorus Valley Bancorp (CVLY) announced a quarterly cash dividend of $0.16 per share, representing a $0.01 increase from previous dividends. This payout will be issued on February 14, 2023, to shareholders on record by January 24, 2023. Furthermore, the company's Board approved a $5 million stock repurchase program, allowing for the acquisition of shares in open market transactions until the total amount is repurchased or December 31, 2023. These initiatives aim to enhance shareholder value and maintain flexible corporate strategies.
PeoplesBank, a subsidiary of Codorus Valley Bancorp (NASDAQ: CVLY), has announced the donation of its historic building in Glen Rock, PA, to the borough. Originally established in 1864, the bank's donation is part of its commitment to the community and aims to enhance local historical preservation. The building, listed in the National Register of Historic Places, will house the Glen Rock Borough office and the Historical Preservation Society, which plans to expand its museum.
The donation is set to be finalized in December 2022.
Codorus Valley Bancorp, Inc. (NASDAQ: CVLY) reported a net income of $7.2 million or $0.75 per diluted share for Q3 2022, a significant increase from $2.0 million in Q2 2022 and $4.8 million in Q3 2021. For the nine months ending September 30, 2022, net income totaled $12.2 million with a 0.99% nonperforming assets ratio. Loan growth was strong at 8.6% annualized, while net interest income rose 26.8% year-over-year. However, deposits fell by 6.1% to $2.0 billion. A dividend of $0.15 per share was declared.