Codorus Valley Bancorp Inc (CVLY, Financial) filed Quarterly Report for the period ended 2011-09-30.
Codorus Valley Bancorp Inc has a market cap of $35.21 million; its shares were traded at around $8.46 with a P/E ratio of 7.36 and P/S ratio of 0.68. The dividend yield of Codorus Valley Bancorp Inc stocks is 4.26%. Codorus Valley Bancorp Inc had an annual average earning growth of 4.4% over the past 10 years.
Total noninterest income decreased $272,000 or 5 percent for the first nine months of 2011 below the level for the same period of 2010 as a result of decreases in income from mutual fund, annuity and insurance sales and gains (losses) on sales of securities and loans held for sale. After removing the impact of gains (losses) from the sale of securities, core noninterest income for the first nine months of 2011 decreased $139,000 or 3 percent below the same period for 2010.
Interest earning assets averaged $916 million and yielded 5.11 percent (tax equivalent basis) for the first nine months of 2011, compared to $855 million and 5.28 percent, respectively, for the first nine months of 2010. The $61 million or 7 percent increase in average interest earning assets was due primarily to an increase in investment securities, followed by smaller increases in commercial and consumer loans. An increase in yield on floating rate commercial loans, which reflected the imposition of minimum (floor) interest rates, contributed to the increase in interest income.
Foreclosed real estate including (gains) losses on salesForeclosed real estate costs remained elevated for both periods due to the level of carrying costs and impairment losses from deterioration of property values associated with specific properties as well as the size of the portfolio, which was reflective of prolonged weakness in economic and business conditions and the erosion of real estate values. Typical carrying costs include insurance, maintenance and repairs, real estate taxes, appraisals and legal fees. Costs for the first nine months of 2011 included the recognition of loss provisions totaling $388,000 that pertained to three properties while the first nine months of 2010 included the recognition of a $722,000 loss provision for a specific property. The decrease in current period expense also reflected the recognition of $310,000 of rental income from a real estate project.
Shareholders equity, or capital, enables Codorus Valley to maintain asset growth and absorb losses. Total shareholders equity was approximately $91.2 million on September 30, 2011, an increase of approximately $15 million or 19 percent, compared to the level at December 31, 2010. The increase was caused primarily by the net capital addition of approximately $8 million from the issuance of preferred stock to the US Treasury (Treasury) under its Small Business Lending Fund Program (SBLF Program) as described below. Increases in retained earnings from profitable operations and in accumulated other comprehensive income from unrealized gains, net of federal income tax, on securities available-for-sale also contributed to the increase in shareholders equity.
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Codorus Valley Bancorp Inc has a market cap of $35.21 million; its shares were traded at around $8.46 with a P/E ratio of 7.36 and P/S ratio of 0.68. The dividend yield of Codorus Valley Bancorp Inc stocks is 4.26%. Codorus Valley Bancorp Inc had an annual average earning growth of 4.4% over the past 10 years.
Highlight of Business Operations:
Interest earning assets averaged $939 million and yielded 5.11 percent (tax equivalent basis) for the current quarter, compared to $877 million and 5.24 percent, respectively, for the third quarter of 2010. The $62 million or 7 percent increase in average interest earning assets was due primarily to an increase in investment securities and loans, primarily commercial loans.Total noninterest income decreased $272,000 or 5 percent for the first nine months of 2011 below the level for the same period of 2010 as a result of decreases in income from mutual fund, annuity and insurance sales and gains (losses) on sales of securities and loans held for sale. After removing the impact of gains (losses) from the sale of securities, core noninterest income for the first nine months of 2011 decreased $139,000 or 3 percent below the same period for 2010.
Interest earning assets averaged $916 million and yielded 5.11 percent (tax equivalent basis) for the first nine months of 2011, compared to $855 million and 5.28 percent, respectively, for the first nine months of 2010. The $61 million or 7 percent increase in average interest earning assets was due primarily to an increase in investment securities, followed by smaller increases in commercial and consumer loans. An increase in yield on floating rate commercial loans, which reflected the imposition of minimum (floor) interest rates, contributed to the increase in interest income.
Foreclosed real estate including (gains) losses on salesForeclosed real estate costs remained elevated for both periods due to the level of carrying costs and impairment losses from deterioration of property values associated with specific properties as well as the size of the portfolio, which was reflective of prolonged weakness in economic and business conditions and the erosion of real estate values. Typical carrying costs include insurance, maintenance and repairs, real estate taxes, appraisals and legal fees. Costs for the first nine months of 2011 included the recognition of loss provisions totaling $388,000 that pertained to three properties while the first nine months of 2010 included the recognition of a $722,000 loss provision for a specific property. The decrease in current period expense also reflected the recognition of $310,000 of rental income from a real estate project.
Shareholders equity, or capital, enables Codorus Valley to maintain asset growth and absorb losses. Total shareholders equity was approximately $91.2 million on September 30, 2011, an increase of approximately $15 million or 19 percent, compared to the level at December 31, 2010. The increase was caused primarily by the net capital addition of approximately $8 million from the issuance of preferred stock to the US Treasury (Treasury) under its Small Business Lending Fund Program (SBLF Program) as described below. Increases in retained earnings from profitable operations and in accumulated other comprehensive income from unrealized gains, net of federal income tax, on securities available-for-sale also contributed to the increase in shareholders equity.
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