Codorus Valley Bancorp, Inc. Reports First Quarter 2024 Results
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 25 2024
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Source: newsfilter
- Financial Performance: Codorus Valley Bancorp, Inc. reported a first-quarter net income of $4.3 million, showing a decrease from previous quarters in 2023.
- Merger Announcement: The company announced a merger with Orrstown Financial Services, Inc., leading to merger-related expenses of $118,000 in the first quarter of 2024.
- Balance Sheet Analysis: Loans increased by $32.5 million, nonperforming assets rose by 85%, and investment securities decreased by $10.3 million.
- Income Statement Highlights: Net interest income decreased by 14.2%, provision for credit losses was $116,000, and noninterest income increased by 4.9%.
- Capital and Liquidity: Shareholders' equity increased to $201.0 million, book value per share was $20.80, and liquidity remained positive with deposits exceeding pre-pandemic levels by $324.5 million.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
