EXHIBIT 99
Codorus Valley Bancorp, Inc. Press Release
Dated April 15, 2005
PRESS RELEASE -- CODORUS VALLEY BANCORP, INC.
CASH AND STOCK DIVIDEND DECLARATIONS
AND FINANCIAL HIGHLIGHTS
On April 12, 2005, the Board of Directors of Codorus Valley Bancorp, Inc.
(Nasdaq: CVLY) declared a regular quarterly cash dividend of $.125 (12.5 cents)
per share, payable on or before May 10, 2005, to shareholders of record April
26, 2005. In addition, a 5 percent stock dividend was declared, payable on or
before June 9, 2005, to shareholders of record April 26, 2005.
Codorus Valley earned $1,228,000 or $0.38 per diluted share for the quarter
ended March 31, 2005, compared to $919,000 or $0.29 per diluted share for the
first quarter of 2004. The $309,000 or 34 percent increase in net income was the
result of an increase in net interest income, which more than offset increases
in noninterest expense and loan loss provision. The $687,000 or 21 percent
increase in net interest income was attributable to an increase in interest
income from a larger volume of business loans and business loan fees. The
$174,000 or 6 percent increase in noninterest expense was attributable to
increases in personnel and occupancy expenses, primarily the result of expanding
its banking franchise and normal business growth. The current period loan loss
provision was $150,000 more than the first quarter of last year based on
management's assessment of overall credit quality and macro-economic factors
such as rising energy costs and interest rates. During the first quarter of
2005, Codorus Valley's banking subsidiary PeoplesBank opened two full-service
financial centers at 1477 Carlisle Road in West Manchester Township and 26 East
Main Street in the Borough of New Freedom.
Total assets were approximately $420 million on March 31, 2005, an increase of
$40 million or 10 percent above March 31, 2004. Asset growth occurred primarily
in business loans, which were funded primarily by core deposits. Additional
financial information is provided in the financial highlights section of this
news release.
Codorus Valley Bancorp, Inc. is a financial services holding company
headquartered at Codorus Valley Corporate Center, 105 Leader Heights Road, York,
Pennsylvania. Codorus Valley operates primarily through its financial services
subsidiary, PeoplesBank, A Codorus Valley Company. PeoplesBank provides a full
range of business and consumer banking services through fourteen financial
centers throughout York County, PA. It also offers mortgage banking, investment,
insurance, trust and real estate settlement services. Additional information is
available on the bank's website -- www.peoplesbanknet.com.
Management of Codorus Valley Bancorp, Inc. has made forward-looking statements
in this Press Release. These forward-looking statements are subject to risks and
uncertainties. Forward-looking statements include information concerning
possible or assumed future results of operations of the corporation and its
subsidiaries. When words such as "believes," "expects," "anticipates" or similar
expressions occur in this Press Release, management is making forward-looking
statements. Note that many factors could affect the future financial results of
the corporation and its subsidiaries, both individually and collectively, and
could cause those results to differ materially from those expressed in the
forward-looking statements contained in this Press Release.
Questions or comments regarding this Press Release should be directed to Larry
J. Miller, President & CEO, Codorus Valley Bancorp, Inc. by telephone at
717-747-1500 or 800-646-1970; or by e-mail at lmiller@peoplesbanknet.com.
April 15, 2005
York, Pennsylvania
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CODORUS VALLEY BANCORP, INC.
Financial Highlights
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands of dollars, except per share data)
Three months ended
March 31,
-----------------------
2005 2004
------ ------
Net interest income $3,973 $3,286
Provision for loan losses 200 50
Noninterest income 1,099 1,015
Gain on sale of securities 0 7
Gain on sale of mortgages 66 95
Noninterest expense 3,281 3,107
Federal income tax 429 327
------ ------
Net income $1,228 $ 919
====== ======
Net income per share (diluted) $ 0.38 $ 0.29
Cash dividends per share $0.119 $0.113
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
(in thousands of dollars, except per share data)
March 31,
-----------------------------
2005 2004
----------- -----------
Cash & short term investments $ 12,297 $ 18,270
Investment securities 71,555 72,613
Loans 311,634 265,508
Allowance for loan losses (2,064) (1,768)
Other assets 26,429 25,546
----------- -----------
Total assets $ 419,851 $ 380,169
=========== ===========
Deposits $ 344,585 $ 317,888
Borrowed funds 35,855 24,227
Other liabilities 2,941 3,400
Stockholders' equity 36,470 34,654
----------- -----------
Total liabilities & stockholders' equity $ 419,851 $ 380,169
=========== ===========
Shares outstanding 3,147,587 3,130,315
Book value per share $ 11.59 $ 11.07
Market value per share $ 18.32 $ 19.30
Return on average assets (ytd) 1.18% 0.98%
Return on average equity (ytd) 13.43% 10.70%
Capital leverage ratio 9.46% 8.89%
Nonperforming assets ratio 0.26% 0.94%
Note: Shares outstanding and per share amounts were adjusted for stock
dividends.
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