Codorus Valley Bancorp (CVLY) 10-K 2017 FY Annual report

Exhibit 12

Codorus Valley Bancorp, Inc.

Statements Regarding Computation of Ratios

	Years Ended December 31,
(Dollars in thousands)	2017		2016		2015		2014		2013
Income (Loss) Before Income Taxes	$	21,908	$	18,988	$	15,948	$	16,437	$	14,483
Total Fixed Charges		10,979		8,779		8,428		8,280		8,934
Less Preferred Stock Dividends		0		16		120		174		250
Earnings, Including Interest on Deposits	$	32,887	$	27,751	$	24,256	$	24,543	$	23,167
Less Interest on Deposits		8,138		6,667		6,295		6,668		7,655
Earnings, Excluding Interest on Deposits	$	24,749	$	21,084	$	17,961	$	17,875	$	15,512
Fixed Charges:
Interest on Deposits	$	8,138	$	6,667	$	6,295	$	6,668	$	7,655
Interest on Borrowings and Long-term Debt		2,730		1,982		1,879		1,372		964
Interest Expense Embedded in Rental Expense on Long-term Leases (a)		111		114		134		66		65
Preferred Stock Dividends		0		16		120		174		250
Total Fixed Charges, Including Interest on Deposits	$	10,979	$	8,779	$	8,428	$	8,280	$	8,934
Less Interest on Deposits		8,138		6,667		6,295		6,668		7,655
Total Fixed Charges, Excluding Interest on Deposts	$	2,841	$	2,112	$	2,133	$	1,612	$	1,279
Ratio of Earnings to Fixed Charges
Excluding Interest on Deposits		8.71		9.98		8.42		11.09		12.13
Including Interest on Deposits		3.00		3.16		2.88		2.96		2.59

(a) Represents 14%, 15%, 17%, 18%, and 18% of total rent expense in 2017, 2016, 2015, 2014, and 2013, respectively.

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