Codorus Valley Bancorp (CVLY) reported a net income of $3.6 million or $0.37 per share for Q3 2020, down from $5.2 million or $0.53 per share in Q3 2019. For the first nine months of 2020, net income decreased to $3.7 million or $0.38 per share, compared to $14.2 million or $1.43 per share in 2019. The decrease is largely attributed to a higher provision for loan losses of $1.9 million, influenced by COVID-19, and a reduced net interest margin of 3.17%. Despite challenges, non-interest income rose 22% to $4.2 million, driven by mortgage sales.
Codorus Valley Bancorp (NASDAQ: CVLY) announced a quarterly cash dividend of $0.10 per common share, payable on November 10, 2020, for shareholders of record by the close of business on October 27, 2020. As the parent company of PeoplesBank, Codorus Valley Bancorp operates with over $2 billion in assets, establishing itself as the largest independent financial institution in York County, Pennsylvania. The bank offers a full suite of financial services across South Central Pennsylvania and Central Maryland.
Codorus Valley Bancorp (CVLY) reported a net income of $3.1 million ($0.31 per share) for Q2 2020, down from $4.9 million ($0.49 per share) in Q2 2019. For H1 2020, net income dropped to $61,000 ($0.01 per share) from $9.0 million ($0.90 per share) in H1 2019. The decline was significantly influenced by an increased provision for loan losses due to COVID-19, totaling $12.0 million for H1 2020, compared to $2.2 million the previous year. Net interest income fell 8.3% year-over-year to $14.9 million for the quarter. The company declared a reduced dividend of $0.10 per share, down from $0.16 from the last six quarters.
The Board of Directors of Codorus Valley Bancorp has declared a quarterly cash dividend of $0.10 per share, payable on August 11, 2020, to shareholders of record by the close of business on July 28, 2020. Codorus Valley Bancorp, the parent company of PeoplesBank, has over $2 billion in assets and operates as the largest independent financial institution in York County, Pennsylvania. Common stock trades on the NASDAQ under the symbol CVLY.