• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Helper
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees for your businessNEW
    Legal
    Terms of usePrivacy policyCookie policy

    Codorus Valley Bancorp, Inc. Reports First Quarter 2024 Results

    4/25/24 4:45:00 PM ET
    $CVLY
    $ORRF
    Savings Institutions
    Finance
    Major Banks
    Finance
    Get the next $CVLY alert in real time by email
    • First quarter net income of $4.3 million compared to net income of $7.0 million in the quarter ended March 31, 2023, and $5.5 million in the quarter ended December 31, 2023;



    • Net interest margin of 3.34% for the quarter ended March 31, 2024, a 66-basis point decrease from the net interest margin of 4.00% for the quarter ended March 31, 2023;



    • Tier 1 leverage capital ratio of 10.80% for the quarter ending March 31, 2024, a 60-basis point increase from the tier 1 leverage capital ratio of 10.20% for the quarter ending March 31, 2023;



    • Year-to-date efficiency ratio of 73.91%; return on average assets of 0.77%; and return on equity of 8.48%;



    • Cash dividend of $0.17 per common share payable on May 14, 2024, to common stock holders of record on May 7, 2024.



    • On December 12, 2023, Codorus Valley Bancorp, Inc. (NASDAQ:CVLY) and Orrstown Financial Services, Inc. (NASDAQ:ORRF) ("Orrstown") announced that the companies entered into an Agreement and Plan of Merger pursuant to which Codorus Valley Bancorp, Inc. will merge with and into Orrstown Financial Services, Inc. later this year, subject to receipt of regulatory and shareholder approval. As a result, the Corporation realized merger-related expenses of $118,000 in the first quarter 2024.

    YORK, Pa., April 25, 2024 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. (the "Corporation") (NASDAQ:CVLY), parent company of PeoplesBank, A Codorus Valley Company ("PeoplesBank", or the "Bank"), today reported net income of $4.3 million or $0.44 per diluted common share, for the quarter ended March 31, 2024. This compares to net income of $7.0 million or $0.73 per diluted common share, for the quarter ended March 31, 2023, representing a decrease of $2.7 million or 39.1 percent, and compares to net income of $5.5 million or $0.57 per diluted common share for the fourth quarter of 2023, representing a decrease of $1.2 million or 22.0 percent.   Excluding the impact of $118,000 in merger-related expenses, net income and diluted earnings per share, respectively, were $4.3 million(1) and $0.45(1) for the quarter ended March 31, 2024.

    "In the first quarter, the PeoplesBank team continued to work through a challenging banking environment, endeavoring to position the balance sheet for future opportunities, proactively managing credit risk and maintaining both strong capital and liquidity positions. The team remains focused on retaining and expanding client relationships, as evidenced by the loan and deposit growth exhibited in the first quarter, and our longstanding commitment to supporting our community. We are eager to leverage the momentum we've generated when we join forces with Orrstown Financial Services later this year to establish the premier regional community bank serving South Central Pennsylvania, Central Maryland and the Greater Baltimore area," stated Craig L. Kauffman, President, and Chief Executive Officer.

    (1) Net income excluding merger-related expenses, diluted earnings per share excluding merger-related expenses, tangible book value per share and tangible book value per share without accumulated other comprehensive loss are non-GAAP financial measures. Please see Financial Highlights for disclosure and reconciliation of non-GAAP financial measures.

    REVIEW OF RESULTS

    Balance Sheet

    Loans

    Loans increased $32.5 million from December 31, 2023 to March 31, 2024, an annualized growth rate of 7.8 percent, with increases noted in commercial loans of 41.8 percent annualized growth and commercial real estate of 7.1 percent annualized growth.   Nonperforming assets increased $3.4 million, or 85.0 percent to $7.4 million from December 31, 2023 to March 31, 2024.   The increase was the result of several loans that exhibited deterioration during the quarter. The Bank continues to proactively manage credit quality.     

    Investment Securities

    Investment Securities decreased $10.3 million to $339.5 million at March 31, 2024 compared to $349.8 million at December 31, 2023 due to maturities and paydowns. The tax-equivalent yield on securities for the three months ended March 31, 2024 was 2.93 percent, compared to 2.68 percent for the three months ended March 31, 2023 and 2.84 percent for the three months ended December 31, 2023. The unrealized loss on the securities portfolio was $43.0 million at March 31, 2024, compared to $40.4 million at March 31, 2023 and $40.6 million at December 31, 2023.

    Borrowings

    FHLB advances and other short-term borrowings decreased $26.2 million to $30.3 million at March 31, 2024 compared to $56.5 million at December 31, 2023.   FHLB advances and other short-term borrowings decreased $31.1 million or 50.6 percent from $61.4 million at March 31, 2023.

    Deposits

    From December 31, 2023 to March 31, 2024, total Deposits increased $41.7 million, or an annualized growth pace of 8.8 percent, ending the period at $1.92 billion; noninterest-bearing accounts decreased $13.9 million or 3.7 percent; and interest-bearing accounts increased $55.7 million or 3.7 percent. The growth in interest-bearing accounts during the period was primarily attributed to time deposits, which increased $39.7 million or 8.8 percent and money market accounts, which increased $16.5 million or 2.6 percent. The average cost of interest-bearing deposits increased to 2.86 percent for the quarter ended March 31, 2024, compared to 1.43 percent for the quarter ended March 31, 2023 and 2.59 percent for the quarter ended December 31, 2023. As anticipated, the Corporation experienced downward pressure on net interest margin over the past year due to the cost of deposits and the slope of the interest rate curve.

    Income Statement

    The Corporation's net interest income for the three months ended March 31, 2024 was $17.6 million, a decrease of 14.2 percent when compared to $20.6 million for the three months ended March 31, 2023 and a decrease of 8.0 percent when compared to $19.2 million for the three months ended December 31, 2023.   The Corporation's tax-equivalent net interest margin ("NIM") was 3.34 percent for the three months ended March 31, 2024, compared to 4.00 percent for the same period in 2023 and 3.61 percent for the quarter ended December 31, 2023.

    The Corporation's provision for credit losses, which includes provision for credit losses on unfunded commitments, for the three months ended March 31, 2024 was $116,000 compared to $738,000 for the three months ended March 31, 2023 and a reversal of provision for credit losses of $767,000 for the quarter ended December 31, 2023.   The Corporation's ratio of nonperforming assets to total loans and foreclosed real estate was 0.42 percent at March 31, 2024, a 23.6 percent decrease from the nonperforming assets ratio of 0.55 percent at March 31, 2023 and an 82.6 percent increase from the nonperforming assets ratio of 0.23 at December 31, 2023.     

    Noninterest income for the three months ended March 31, 2024 was $4.2 million, an increase of $196,000 or 4.9 percent, compared to noninterest income of $4.0 million for the three months ended March 31, 2023 and a decrease of $64,000 or 1.5 percent compared to the three months ended December 31, 2023.   The increase in the current quarter compared to the prior year, was primarily due to a loss on sales of securities in the first quarter 2023, offset by lower other income related to swap fees.  

    Noninterest expense was $16.3 million for the first quarter 2024, an increase of $1.5 million or 9.8 percent, as compared to noninterest expense of $14.8 million for the first quarter 2023 and a decrease of $1.0 million or 5.9 percent compared to noninterest expense of $17.3 million for the fourth quarter of 2023.   During the fourth quarter 2023, the Corporation announced it has entered into an agreement to merge with Orrstown Financial Services, Inc. For the three months ended March 31, 2024 and December 31, 2023, merger-related expenses totaled $118,000 and $956,000, respectively, which included due diligence costs, legal expenses and investment banking expenses related to delivery of a fairness opinion to its Board of Directors. The Corporation expects to incur additional merger-related expenses in 2024 as it works toward consummation of the merger with Orrstown and the related merger and integration of PeoplesBank with and into Orrstown Bank. In addition to merger-related expenses, noninterest expense was impacted in the current period by higher other expense due to a reversal of expense in the prior year.  

    Income tax expense for the quarter ended March 31, 2024 was $1.2 million compared to $2.0 million for the same period in 2023 and $1.4 million in the quarter ended December 31, 2023.   The effective tax rate for the three-month periods ended March 31, 2024, March 31, 2023 and December 31, 2023 was 21.8 percent, 22.2 percent and 20.8 percent, respectively.     

    Capital

    Shareholders' equity totaled $201.0 million at March 31, 2024, an increase of $1.4 million from $199.6 million at December 31, 2023. The increase was primarily attributable to net income of $4.3 million, partially offset by dividends paid of $1.6 million during the year. Other changes are related to accumulated other comprehensive loss and issuance of treasury stock.

    Book value per share was $20.80 and $20.70 at March 31, 2024 and December 31, 2023, respectively. Tangible book value per share and tangible book value per share without accumulated other comprehensive loss (1) was $20.56 per share and $23.97 per share, respectively, at March 31, 2024 from $20.46 per share and $23.68 per share, respectively, at December 31, 2023, primarily the result of changes in shareholders' equity discussed above. The Corporation's common equity tier 1 capital ratio was 12.85 percent at March 31, 2024, an increase from 12.79 percent at December 31, 2023.   At March 31, 2024, all capital ratios applicable to the Bank were above regulatory minimum levels and the Bank met the "well-capitalized" criteria under current bank regulatory guidelines. (Note that the regulatory "well-capitalized" definition is not applicable to small bank holding companies such as the Corporation).

    Liquidity Risk Management

    The Bank maintains a well-diversified deposit base and has a comparatively low level of uninsured deposits. At March 31, 2024, 84% of the Bank's deposits were estimated to be FDIC-insured, and an additional 7% of deposits were fully collateralized.         

    The overall deposit and liquidity position of the Bank and the Corporation remain positive, with overall deposits exceeding the level at December 31, 2019, the start of the pandemic, by $324.5 million or 20.4 percent.

    The Bank is a member of the IntraFi Network®, which provides reciprocal deposit alternatives allowing our clients to have the benefit of additional FDIC insurance coverage, and assisting the Bank in the management of its liquidity needs.

    Dividend Declared

    On April 9, 2024, the Board of Directors of the Corporation declared a regular quarterly cash dividend of $0.17 per share, payable on May 14, 2024 to common shareholders of record at the close of business on May 7, 2024.

    Certain Accounting Matters

    Accounting standards require the consideration of subsequent events occurring after the balance sheet date for matters that require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and includes the filing date of a public company's financial statements when filed with the SEC. Accordingly, the consolidated financial information in this announcement is subject to change.

    The Corporation uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this Press Release. The Corporation's management believes that the supplemental non-GAAP information provided in this press release is utilized by market analysts and others to evaluate the Corporation's financial condition and results of operations and, therefore, such information is useful to investors. These measures have limitations as analytical tools and should not be considered a substitute for analysis of results under GAAP. These non-GAAP financial measures are reconciled to the most comparable measures following the "Financial Highlights" section of this press release.

    Annualized, proforma, projected, and estimated numbers used herein are for illustrative purposes only, are not forecasts and may not reflect actual results.

    About Codorus Valley Bancorp, Inc.

    Codorus Valley Bancorp, Inc. is the largest independent financial services holding company headquartered in York, Pennsylvania. Codorus Valley primarily operates through its financial services subsidiary, PeoplesBank, A Codorus Valley Company. PeoplesBank offers a full range of consumer, business, wealth management, and mortgage services at financial centers located in communities throughout South Central Pennsylvania and Central Maryland. Codorus Valley Bancorp, Inc.'s Common Stock is listed on the NASDAQ Global Market under the symbol "CVLY".

    Cautionary Note Regarding Forward-looking Statements    

    This Press Release may contain forward-looking statements by Codorus Valley Bancorp, Inc. ("Codorus Valley", or the "Corporation"). Forward-looking statements may include information concerning the financial condition, results of operations and business of the Corporation and its subsidiaries and include, but are not limited to, statements regarding expectations or predictions of future financial or business performance or conditions relating to the Corporation and its operations. These forward-looking statements may include statements with respect to the Corporation's beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, that are subject to significant risks and uncertainties, and are subject to change based on various factors (some of which are beyond the Corporation's control). Forward-looking statements may also include, but are not limited to, discussions of strategy, financial projections and estimates and their underlying assumptions, statements regarding plans, objectives, goals, expectations or consequences, and statements about future performance, expenses, operations, or products and services of the Corporation and its subsidiaries. Forward-looking statements can be identified by the use of words such as "may," "should," "could," "will," "could," "believes," "plans," "expects," "estimates," "forecasts," "intends," "anticipates," "projects," "strives to," "seeks," "intends" or similar words or expressions.

    Forward-looking statements are not historical facts, nor should they be relied upon as providing assurance of future performance. Forward-looking statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation's business, including its pending merger (the "Merger") with Orrstown Financial Services, Inc. ("Orrstown"), future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of the Corporation's control. Note that the following factors, among others, 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 these forward-looking statements:

    • changes or volatility in market interest rates and the persistence of an inflationary environment in the U.S. and our market areas and the potential for an economic downturn or recession;
    • the effects of financial challenges at other banking institutions that could lead to depositor concerns that spread within the banking industry causing disruptive deposit outflows and other destabilizing results;
    • legislative and regulatory changes, and the uncertain impact of new laws and regulations;
    • monetary and fiscal policies of the federal government;
    • the effects of changes in accounting policies and practices;
    • ineffectiveness of the Corporation's business strategy due to changes in current or future market conditions;
    • changes in deposit flows, the cost of funds, demand for loan products and the demand for financial services;
    • the remaining effects of the COVID-19 pandemic, including on the Corporation's credit quality and operations as well as its impact on general economic conditions;
    • competition; market volatility, market downturns, changes in consumer behavior, business closures;
    • adverse changes in the quality or composition of the Corporation's loan, investment and mortgage-backed securities portfolios, including from the effects of the recent inflationary environment;
    • geographic concentration of the Corporation's business;
    • deterioration of commercial real estate values;
    • the adequacy of loan loss reserves;
    • deterioration in the credit quality of borrowers;
    • the Corporation's ability to attract and retain key personnel, especially in light of the pending Merger with Orrstown;
    • the impact of operational risks, including the risk of human error, failure or disruption of internal processes and systems, including of the Corporation's information and other technology systems;
    • failure or circumvention of our internal controls;
    • the Corporation's ability to keep pace with technological changes;
    • breaches of security or failures of the Corporation to identify and adequately address cybersecurity and data breaches;
    • changes in government regulation and supervision and the potential for negative consequences resulting from regulatory examinations, investigations and violations, in particular, the effect that such occurrences could have on the pending Merger with Orrstown; 
    • the effects of adverse outcomes from claims and litigation;
    • occurrence of natural or man-made disasters or calamities, including health emergencies, the spread of infectious diseases, epidemics or pandemics, an outbreak or escalation of hostilities or other geopolitical instabilities, the effects of climate change or extraordinary events beyond the Corporation's control, and the Corporation's ability to deal effectively with disruptions caused by the foregoing; and
    • economic, competitive, governmental and technological factors affecting the Corporation's operations, markets, products, services and fees.

    In addition to the foregoing factors with respect to the Corporation's business, the following factors and uncertainties exist with respect to the pending Merger with Orrstown:

    • the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive agreement and plan of merger between the Corporation and Orrstown;
    • the outcome of any legal proceedings that may be instituted against the Corporation or Orrstown;
    • delays in completing the pending Merger;
    • the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the pending Merger) or shareholder approvals;
    • the failure to satisfy any of the other conditions to the pending Merger on a timely basis or at all, including the ability of the Corporation or Orrstown to meet expectations regarding the timing, completion and accounting and tax treatments of the pending Merger;
    • the possibility that the anticipated benefits of the pending Merger are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where the Corporation and Orrstown do business;
    • the possibility that the pending Merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events;
    • the possibility that revenues following the pending Merger may be lower than expected; the impact of certain restrictions during the pendency of the pending Merger on the parties' ability to pursue certain business opportunities and strategic transactions;
    • diversion of management's attention from ongoing business operations and opportunities;
    • potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or the completion of the pending Merger;
    • the ability to complete the pending Merger and integration of the Corporation and Orrstown successfully;
    • the dilution caused by Orrstown's issuance of additional shares of its capital stock in connection with the pending Merger; and
    • the potential impact of general economic, political or market factors on the companies or the pending Merger and other factors that may affect future results of the Corporation or Orrstown.

    The Corporation does not commit to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by or on behalf of the Corporation to reflect events or circumstances occurring after the date of this report. Further information regarding Codorus Valley, Orrstown and factors which could affect the forward-looking statements contained herein can be found in Codorus Valley's Annual Report on Form 10-K and Form 10-K/A for the fiscal year ended December 31, 2023 and its other filings with the SEC, and in Orrstown's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and its other filings with the SEC. SEC filings are available free of charge on the SEC's website at www.sec.gov. 

    No Offer or Solicitation

    This communication is not a proxy statement or solicitation or a proxy, consent or authorization with respect to any securities or in respect of the pending Merger and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Orrstown, Codorus Valley or the combined company, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

    Additional Information About the Merger and Where to Find It

    In connection with the pending Merger, Orrstown intends to file a registration statement on Form S-4 with the SEC that will include a joint proxy statement of Codorus Valley and Orrstown and a prospectus of Orrstown, which will be distributed to the shareholders of Codorus Valley and Orrstown in connection with their votes on the Merger of Codorus Valley with and into Orrstown and the issuance of Orrstown common stock in the pending transaction.

    INVESTORS AND SECURITY HOLDERS ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS WHEN THEY BECOME AVAILABLE (AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PENDING TRANSACTION OR INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS) BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PENDING MERGER AND RELATED MATTERS.

    Investors and security holders will be able to obtain these documents, and any other documents Orrstown and Codorus Valley have filed with the SEC, free of charge at the SEC's website, www.sec.gov, or by accessing Orrstown's website at www.Orrstown.com under the "Investor Relations" link and then under the heading "Documents," or by accessing Codorus Valley's website at ir.peoplesbanknet.com. In addition, documents filed with the SEC by Orrstown or Codorus Valley will be available free of charge by writing to (i) Orrstown at 4750 Lindle Road, Harrisburg, PA 17111, Attention: Neil Kalani or (ii) Codorus Valley at 105 Leader Heights Road, York, PA 17403, Attention: Daniel R. Stolzer.

    Participants in the Solicitation

    The directors, executive officers and certain other members of management and employees of Orrstown may be deemed to be participants in the solicitation of proxies from the shareholders of Orrstown in connection with the pending Merger. Information about Orrstown's directors and executive officers is included in the proxy statement for its 2024 annual meeting of Orrstown's shareholders, which was filed with the SEC on March 22, 2024.

    The directors, executive officers and certain other members of management and employees of Codorus Valley may also be deemed to be participants in the solicitation of proxies in connection with the pending Merger from the shareholders of Codorus Valley. Information about the directors and executive officers of Codorus Valley is included in the proxy statement for its 2023 annual meeting of Codorus Valley shareholders, which was filed with the SEC on March 31, 2023 and in Part III of Codorus Valley's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed on March 12, 2024.

    Additional information regarding the interests of those participants and other persons who may be deemed participants in the pending Merger may be obtained by reading the joint proxy statement/prospectus regarding the pending Merger when it becomes available. Free copies of this document may be obtained as described above.

    Questions or comments concerning this Press Release should be directed to:

    Codorus Valley Bancorp, Inc. 
    Craig L. KauffmanLarry D. Pickett
    President and CEO  Chief Financial Officer  
    717-747-1501717-747-1502
    [email protected] [email protected] 
      



    CODORUS VALLEY BANCORP, INC.   
    Consolidated Balance Sheets (Unaudited)   
       
      March 31,  December 31,  March 31,
    (Dollars in thousands, except share and per share data) 2024  2023  2023
             
    Assets        
    Interest bearing deposits with banks$11,128  $10,882  $83,266 
    Cash and due from banks 15,534   22,809   19,999 
          Total cash and cash equivalents 26,662   33,691   103,265 
    Securities, available-for-sale, at fair value (amortized cost $382,516 at March 31, 2024        
     and $390,397 at December 31, 2023, respectively) 339,495   349,767   349,850 
    Restricted investment in bank stocks, at cost 3,186   3,146   2,955 
    Loans held for sale 958   822   0 
    Loans (net of deferred fees of $3,636 - 2024 and $3,752 - 2023) 1,739,269   1,705,608   1,647,881 
    Less-allowance for credit losses (21,645)  (20,506)  (21,544)
          Net loans 1,717,624   1,685,102   1,626,337 
    Premises and equipment, net 19,090   19,563   21,297 
    Operating leases right-of-use assets 2,591   2,746   2,933 
    Goodwill 2,301   2,301   2,301 
    Other assets 96,686   97,660   89,789 
          Total assets$2,208,593  $2,194,798  $2,198,727 
    Liabilities        
    Deposits        
        Noninterest bearing$365,358  $379,288  $453,351 
        Interest bearing 1,549,705   1,494,054   1,436,034 
          Total deposits 1,915,063   1,873,342   1,889,385 
    Short-term borrowings 30,314   56,541   61,371 
    Long-term debt and junior subordinated debt 11,513   11,520   11,543 
    Subordinated notes - face amount $31,000 (less discount and debt        
     issuance cost of $135 at March 31, 2024 and $155 at December 31, 2023) 30,865   30,845   30,784 
    Operating leases liabilities 2,687   2,848   3,059 
    Allowance for credit losses on off-balance sheet credit exposures 1,503   2,278   2,135 
    Other liabilities 15,654   17,819   15,504 
          Total liabilities 2,007,599   1,995,193   2,013,781 
    Shareholders' equity        
    Preferred stock, par value $2.50 per share;        
        1,000,000 shares authorized; no shares issued or outstanding 0   0   0 
    Common stock, par value $2.50 per share; 30,000,000 shares authorized;        
      shares issued: 9,883,660 at March 31, 2024 and December 31, 2023;        
      and shares outstanding: 9,662,378 at March 31, 2024 and 9,642,851 at December 31, 202324,709   24,709   24,709 
    Additional paid-in capital 142,816   142,633   142,098 
    Retained earnings 71,249   68,633   55,456 
    Accumulated other comprehensive loss (32,911)  (31,082)  (30,941)
    Treasury stock shares outstanding, at cost: 221,282 shares at March 31, 2024        
      and 240,809 at December 31, 2023 (4,869)  (5,288)  (6,376)
          Total shareholders' equity 200,994   199,605   184,946 
          Total liabilities and shareholders' equity$2,208,593  $2,194,798  $2,198,727 
             



    CODORUS VALLEY BANCORP, INC. 
    Consolidated Statements of Income (Unaudited) 
     Three months ended
      March 31,  December 31,  March 31,
    (dollars in thousands, except per share data) 2024  2023  2023
    Interest income        
    Loans, including fees$26,855  $26,967  $23,034 
    Investment securities:        
        Taxable 2,651   2,781   2,457 
        Tax-exempt 109   108   101 
        Dividends 74   (90)  17 
    Other 155   176   684 
          Total interest income 29,844   29,942   26,293 
    Interest expense        
    Deposits 10,738   9,800   5,137 
    Federal funds purchased and other short-term borrowings 878   385   38 
    Long-term debt and junior subordinated debt 217   222   194 
    Subordinated notes 369   369   369 
          Total interest expense 12,202   10,776   5,738 
          Net interest income 17,642   19,166   20,555 
    Provision for (recovery of) credit losses - loans 891   (833)  492 
    (Recovery of) provision for credit losses - unfunded commitments (775)  66   246 
          Net interest income after provision for credit losses 17,526   19,933   19,817 
    Noninterest income        
    Trust and investment services fees 1,421   1,261   1,202 
    Income from mutual fund, annuity and insurance sales 314   299   369 
    Service charges on deposit accounts 1,455   1,529   1,485 
    Income from bank owned life insurance 414   405   322 
    Other income 467   773   862 
    Gain on sale of loans held for sale 105   27   10 
    (Loss) gain on sale of assets held for sale 0   (54)  118 
    Loss on sales of securities 0   0   (388)
          Total noninterest income 4,176   4,240   3,980 
    Noninterest expense        
    Personnel 9,879   10,031   9,042 
    Occupancy of premises, net 894   926   978 
    Furniture and equipment 828   924   838 
    Professional and legal 283   444   467 
    Marketing 312   304   276 
    FDIC insurance 246   244   250 
    Debit card processing 470   520   478 
    External data processing 1,111   1,015   1,010 
    Merger-related expenses 118   956   0 
    Committee & Director Fees 320   617   358 
    PA shares tax 363   303   343 
    Impaired (recovery of) loan carrying cost 74   (119)  (98)
    Other 1,363   1,120   869 
          Total noninterest expense 16,261   17,285   14,811 
          Income before income taxes 5,441   6,888   8,986 
    Provision for income taxes 1,186   1,435   1,994 
    Net income$4,255  $5,453  $6,992 
          Net income per share, basic 0.44   0.57   0.73 
          Net income per share, diluted 0.44   0.57   0.73 
             



    Codorus Valley Bancorp, Inc.
    Financial Highlights
                
    Selected Financial Data (Unaudited)
                
       Quarterly
        2024   2023   2023   2023   2023 
       1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
    Earnings and Per Share Data (1)          
      (in thousands, except per share data)          
     Net income $4,255  $5,453  $5,917  $6,611  $6,992 
     Basic earnings per share $0.44  $0.57  $0.62  $0.69  $0.73 
     Diluted earnings per share $0.44  $0.57  $0.61  $0.69  $0.73 
     Cash dividends paid per share $0.17  $0.17  $0.17  $0.16  $0.16 
     Book value per share $20.80  $20.70  $19.06  $19.34  $19.28 
     Tangible book value per share (2) $20.56  $20.46  $18.82  $19.10  $19.04 
     Tangible book value per share without AOCI (8) $23.97  $23.68  $23.28  $22.81  $22.26 
     Average shares outstanding  9,649   9,629   9,616   9,600   9,585 
     Average diluted shares outstanding  9,670   9,644   9,631   9,610   9,612 
                
    Performance Ratios (%)          
     Return on average assets (3)  0.77   1.00   1.08   1.22   1.29 
     Return on average equity (3)  8.48   11.69   12.64   14.17   15.45 
     Net interest margin (4)  3.34   3.61   3.64   3.81   4.00 
     Efficiency ratio (5)  73.91   73.28   66.95   64.19   59.05 
     Net overhead ratio (3)(6)  2.19   2.40   2.14   2.10   1.93 
                
    Asset Quality Ratios (%)          
     Net loan charge-offs to average loans (3)  (0.06)  0.03   (0.15)  0.20   0.15 
     Allowance for credit losses to total loans (7)  1.24   1.20   1.26   1.23   1.31 
     Nonperforming assets to total loans          
       and foreclosed real estate  0.42   0.23   0.47   0.70   0.55 
                
    Capital Ratios (%)          
     Average equity to average assets  9.10   8.57   8.55   8.58   8.38 
     Tier 1 leverage capital ratio  10.80   10.75   10.50   10.38   10.20 
     Common equity Tier 1 capital ratio  12.85   12.79   12.52   12.37   12.19 
     Tier 1 risk-based capital ratio  13.40   13.35   13.08   12.94   12.76 
     Total risk-based capital ratio  16.34   16.23   16.01   15.85   15.75 
                
    (1) per share amounts and shares outstanding were adjusted for stock dividends     
    (2) non-GAAP measure - book value less goodwill and core deposit intangibles; see reconciliation below 
    (3) annualized for the quarterly periods presented          
    (4) net interest income (tax-equivalent) as a percentage of average interest earning assets    
    (5) noninterest expense as a percentage of net interest income and noninterest income (tax-equivalent)  
    (6) noninterest expense less noninterest income as a percentage of average assets    
    (7) excludes loans held for sale          
    (8) non-GAAP measure - book value less accumulated other comprehensive income; see reconciliation below
                
     Reconciliation of Non-GAAP Financial Measures (Tangible Book Value and Tangible Book Value without AOCI and Adjusted Net Income)
                
        2024   2023   2023   2023   2023 
     (in thousands, except per share data) 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
     Total Shareholders' Equity $200,994  $199,605  $183,363  $185,869  $184,946 
     Less: Goodwill and Other Intangible Assets  (2,301)  (2,301)  (2,302)  (2,302)  (2,303)
     Tangible Shareholders' Equity $198,693  $197,304  $181,061  $183,567  $182,643 
     Add: Accumulated Other Comprehensive Loss  32,911   31,082   42,869   35,650   30,941 
     Tangible Shareholders' Equity without AOCI $231,604  $228,386  $223,930  $219,217  $213,584 
                
     Common Shares Outstanding  9,662   9,644   9,619   9,611   9,594 
     Book Value Per Share $20.80  $20.70  $19.06  $19.34  $19.28 
     Effect of Intangible Assets  (0.24)  (0.24)  (0.24)  (0.24)  (0.24)
     Tangible Book Value Per Share $20.56  $20.46  $18.82  $19.10  $19.04 
                
     Book Value Per Share $20.80  $20.70  $19.06  $19.34  $19.28 
     Effect of Intangible Assets and AOCI  3.17   2.98   4.22   3.47   2.98 
     Tangible Book Value Per Share without AOCI $23.97  $23.68  $23.28  $22.81  $22.26 
                
       Quarterly    
        2024   2023   2023     
     (in thousands, except per share data) 1st Qtr 4th Qtr 1st Qtr    
     Average Diluted Shares Outstanding  9,670   9,644   9,612     
     Net Income $4,255  $5,453  $6,992     
     Plus: Merger-related expenses  118   956   -     
     Less: Related tax effect  25   200   -     
     Adjusted Net Income $4,348  $6,209  $6,992     
     Adjusted Diluted Earnings Per Share $0.45  $0.64  $0.73     
                
     This report contains certain financial information determined by methods other than in accordance with GAAP. This non-GAAP disclosure has limitation as an analytical tool
     and should not be considered in isolation or as a substitute for the analysis of the Corporation's results as reported under GAAP, nor is it necessarily comparable to non-GAAP
     performance measures that may be presented by other companies. Our management uses this non-GAAP measure in its analysis of our performance because it believes this measure
     is material and will be used as a measure of our performance by investors.        



    ANALYSIS OF NET INTEREST INCOME                     
    Average Balances and Interest Rates, Taxable-Equivalent Basis (Unaudited)

                          
      Three Months Ended
      March 31, 2024  December 31, 2023  March 31, 2023 
    (Dollars in thousands) Average Balance Taxable-Equivalent Interest Taxable-Equivalent Rate  Average Balance Taxable-Equivalent Interest Taxable-Equivalent Rate  Average Balance Taxable-Equivalent Interest Taxable-Equivalent Rate 
                          
    Assets                     
    Interest bearing deposits with banks $11,125 $155  5.62% $12,724 $176  5.46% $60,286 $684  4.60%
    Investment securities:                     
      Taxable  369,223  2,725  2.97   371,949  2,691  2.87   369,154  2,474  2.72 
      Tax-exempt  22,436  131  2.35   22,476  132  2.33   23,537  125  2.15 
        Total investment securities  391,659  2,856  2.93   394,426  2,822  2.84   392,691  2,599  2.68 
    Loans:                     
      Taxable (1)  1,707,857  26,687  6.28   1,682,403  26,797  6.32   1,613,154  22,860  5.75 
      Tax-exempt  21,078  207  3.95   21,359  210  3.90   22,597  217  3.89 
        Total loans  1,728,935  26,894  6.26   1,703,762  27,007  6.29   1,635,751  23,077  5.72 
        Total earning assets  2,131,719  29,905  5.64   2,110,913  30,005  5.64   2,088,728  26,360  5.12 
    Other assets (2)  73,213       65,067       71,428     
        Total assets $2,204,932      $2,175,980      $2,160,156     
    Liabilities and Shareholders' Equity                     
    Deposits:                     
      Interest bearing demand $909,735  5,987  2.65% $914,832  5,918  2.57% $902,917  3,461  1.55%
      Savings  131,143  10  0.03   136,622  11  0.03   160,062  12  0.03 
      Time  471,386  4,741  4.05   447,884  3,873  3.43   393,732  1,664  1.71 
        Total interest bearing deposits  1,512,264  10,738  2.86   1,499,338  9,800  2.59   1,456,711  5,137  1.43 
    Short-term borrowings  68,001  878  5.19   36,836  385  4.15   12,894  38  1.20 
    Long-term debt and junior subordinated debt  14,270  217  6.12   14,395  222  6.12   14,690  194  5.37 
    Subordinated notes  30,858  369  4.81   30,838  369  4.75   30,777  369  4.86 
        Total interest bearing liabilities  1,625,393  12,202  3.02   1,581,406  10,776  2.70   1,515,072  5,738  1.54 
    Noninterest bearing deposits  361,215       388,589       444,416     
    Other liabilities  17,586       19,473       18,250     
    Shareholders' equity  200,738       186,511       182,418     
        Total liabilities and shareholders' equity $2,204,932      $2,175,980      $2,160,156     
    Net interest income (tax equivalent basis)   $17,703       $19,229       $20,622    
    Net interest margin (3)     3.34%     3.61%     4.00%
    Tax equivalent adjustment    (61)       (63)       (67)   
    Net interest income   $17,642       $19,166       $20,555    
                          
    (1) Average balances include nonaccrual loans.                     
    (2) Average balances include bank owned life insurance and foreclosed real estate.                 
    (3) Net interest income (tax-equivalent basis) annualized as a percentage of average interest earning assets.               



    Primary Logo

    Get the next $CVLY alert in real time by email

    Crush Q3 2025 with the Best AI Executive Assistant

    Stay ahead of the competition with Tailforce.ai - your AI-powered business intelligence partner.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Tailforce.ai

    Recent Analyst Ratings for
    $CVLY
    $ORRF

    CompanyDatePrice TargetRatingAnalyst
    Orrstown Financial Services Inc.
    $ORRF
    5/14/2025$35.00 → $37.00Outperform
    Hovde Group
    Orrstown Financial Services Inc.
    $ORRF
    4/30/2025$35.00Market Perform → Outperform
    Hovde Group
    Orrstown Financial Services Inc.
    $ORRF
    4/10/2025$35.00Outperform
    Raymond James
    Orrstown Financial Services Inc.
    $ORRF
    1/8/2025$43.00Overweight
    Piper Sandler
    Orrstown Financial Services Inc.
    $ORRF
    11/13/2024Outperform → Market Perform
    Hovde Group
    Orrstown Financial Services Inc.
    $ORRF
    10/23/2024$37.00 → $42.00Outperform
    Hovde Group
    Orrstown Financial Services Inc.
    $ORRF
    7/24/2024$33.00 → $37.00Outperform
    Hovde Group
    Orrstown Financial Services Inc.
    $ORRF
    6/28/2024$32.00Buy
    Janney
    More analyst ratings

    $CVLY
    $ORRF
    SEC Filings

    See more
    • Orrstown Financial Services Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits

      8-K - ORRSTOWN FINANCIAL SERVICES INC (0000826154) (Filer)

      7/2/25 4:04:41 PM ET
      $ORRF
      Major Banks
      Finance
    • Orrstown Financial Services Inc. filed SEC Form 8-K: Other Events, Financial Statements and Exhibits

      8-K - ORRSTOWN FINANCIAL SERVICES INC (0000826154) (Filer)

      6/23/25 8:45:13 AM ET
      $ORRF
      Major Banks
      Finance
    • SEC Form 10-Q filed by Orrstown Financial Services Inc.

      10-Q - ORRSTOWN FINANCIAL SERVICES INC (0000826154) (Filer)

      5/9/25 5:12:55 PM ET
      $ORRF
      Major Banks
      Finance

    $CVLY
    $ORRF
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Hovde Group reiterated coverage on Orrstown Financial Services with a new price target

      Hovde Group reiterated coverage of Orrstown Financial Services with a rating of Outperform and set a new price target of $37.00 from $35.00 previously

      5/14/25 8:15:53 AM ET
      $ORRF
      Major Banks
      Finance
    • Orrstown Financial Services upgraded by Hovde Group with a new price target

      Hovde Group upgraded Orrstown Financial Services from Market Perform to Outperform and set a new price target of $35.00

      4/30/25 7:25:01 AM ET
      $ORRF
      Major Banks
      Finance
    • Raymond James initiated coverage on Orrstown Financial Services with a new price target

      Raymond James initiated coverage of Orrstown Financial Services with a rating of Outperform and set a new price target of $35.00

      4/10/25 12:43:35 PM ET
      $ORRF
      Major Banks
      Finance

    $CVLY
    $ORRF
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Orrstown Financial Services, Inc. Approves Stock Repurchase Program

      HARRISBURG, Pa., June 23, 2025 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (NASDAQ:ORRF) (the "Company") today announced that the Board of Directors has authorized the Company to repurchase up to 500,000 shares of its common stock, representing approximately 2.5% percent of the Company's outstanding common stock. Repurchases under this program will be made in open market or in privately negotiated transactions and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. This authority may be exercised from time to time and in such amounts as market conditions warrant, and subject to regulatory considerations. The

      6/23/25 8:30:00 AM ET
      $ORRF
      Major Banks
      Finance
    • Orrstown Bank Promotes Zachary Khuri to Chief Revenue Officer and Joshua Hocker to Market President for the Central Pennsylvania Region

      HARRISBURG, Pa., June 05, 2025 (GLOBE NEWSWIRE) -- Orrstown Bank, a wholly owned subsidiary of Orrstown Financial Services, Inc. (NASDAQ:ORRF), is pleased to announce the promotion of Zachary Khuri to Chief Revenue Officer and Joshua Hocker to Market President for the Central Pennsylvania Region, effective immediately. Zachary Khuri, who most recently served as Market President for Orrstown Bank's Central Pennsylvania Region, brings more than 20 years of banking experience to his new role. Since joining Orrstown Bank in 2019, Khuri has played a pivotal role in expanding the Bank's market share and strengthening relationships throughout the region. As Chief Revenue Officer, he will lead th

      6/5/25 5:33:31 PM ET
      $ORRF
      Major Banks
      Finance
    • Orrstown Financial Services, Inc. Reports First Quarter 2025 Results

      Net income of $18.1 million, or $0.93 per diluted share, for the three months ended March 31, 2025 compared to net income of $13.7 million, or $0.71 per diluted share, for the three months ended December 31, 2024; the first quarter of 2025 included $1.6 million in expenses related to the merger compared to $3.9 million in expenses related to the merger and $0.5 million for a legal settlement for the fourth quarter of 2024;Excluding the impact of the non-recurring charges referenced above, net of taxes, net income and diluted earnings per share were $19.3 million(1) and $1.00(1), respectively, for the first quarter of 2025 compared to $16.7 million(1) and $0.87(1), respectively, for the fourt

      4/22/25 4:02:05 PM ET
      $ORRF
      Major Banks
      Finance

    $CVLY
    $ORRF
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Fainor Scott V bought $93,520 worth of Orrstown Financial Services (3,000 units at $31.17), increasing direct ownership by 29% to 13,396 units (SEC Form 4)

      4 - ORRSTOWN FINANCIAL SERVICES INC (0000826154) (Issuer)

      3/26/25 5:12:03 PM ET
      $ORRF
      Major Banks
      Finance
    • Director Brunner Brian D bought $77,175 worth of Orrstown Financial Services (2,500 units at $30.87), increasing direct ownership by 5% to 49,330 units (SEC Form 4)

      4 - ORRSTOWN FINANCIAL SERVICES INC (0000826154) (Issuer)

      3/21/25 5:02:41 PM ET
      $ORRF
      Major Banks
      Finance
    • Director Giambalvo John W bought $30,800 worth of Orrstown Financial Services (1,000 units at $30.80), increasing direct ownership by 3% to 40,562 units (SEC Form 4)

      4 - ORRSTOWN FINANCIAL SERVICES INC (0000826154) (Issuer)

      3/13/25 5:38:53 PM ET
      $ORRF
      Major Banks
      Finance

    $CVLY
    $ORRF
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • EVP, Chief Experience Officer Jaeger Michael covered exercise/tax liability with 358 units of Orrstown Financial Services, decreasing direct ownership by 21% to 1,387 units (SEC Form 4)

      4 - ORRSTOWN FINANCIAL SERVICES INC (0000826154) (Issuer)

      7/3/25 2:39:29 PM ET
      $ORRF
      Major Banks
      Finance
    • Chief Accounting Officer Mulcahy Sean covered exercise/tax liability with 358 units of Orrstown Financial Services, decreasing direct ownership by 7% to 4,954 units (SEC Form 4)

      4 - ORRSTOWN FINANCIAL SERVICES INC (0000826154) (Issuer)

      7/3/25 2:39:18 PM ET
      $ORRF
      Major Banks
      Finance
    • New insider Hocker Joshua D claimed ownership of 3,754 units of Orrstown Financial Services (SEC Form 3)

      3 - ORRSTOWN FINANCIAL SERVICES INC (0000826154) (Issuer)

      6/20/25 11:32:24 AM ET
      $ORRF
      Major Banks
      Finance

    $CVLY
    $ORRF
    Financials

    Live finance-specific insights

    See more
    • Orrstown Financial Services, Inc. Reports First Quarter 2025 Results

      Net income of $18.1 million, or $0.93 per diluted share, for the three months ended March 31, 2025 compared to net income of $13.7 million, or $0.71 per diluted share, for the three months ended December 31, 2024; the first quarter of 2025 included $1.6 million in expenses related to the merger compared to $3.9 million in expenses related to the merger and $0.5 million for a legal settlement for the fourth quarter of 2024;Excluding the impact of the non-recurring charges referenced above, net of taxes, net income and diluted earnings per share were $19.3 million(1) and $1.00(1), respectively, for the first quarter of 2025 compared to $16.7 million(1) and $0.87(1), respectively, for the fourt

      4/22/25 4:02:05 PM ET
      $ORRF
      Major Banks
      Finance
    • Orrstown Financial Services, Inc. Announces Date of First Quarter 2025 Earnings Release, Conference Call and Webcast

      HARRISBURG, Pa., April 17, 2025 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (NASDAQ:ORRF), the holding company of Orrstown Bank, announced today that it will report first quarter 2025 earnings at the close of business on Tuesday, April 22, 2025 and that management will host a conference call and webcast to review the Company's quarterly results on Wednesday, April 23, 2025 at 9:00 am ET. The conference call and webcast details are below: Earnings Release: Tuesday, April 22, 2025, After Market Close Conference Call and Webcast: Wednesday, April 23, 2025, 9:00 a.m. ET Webcast: Interested parties may listen to the call and view a copy of the Company's earnings presentation by jo

      4/17/25 4:09:17 PM ET
      $ORRF
      Major Banks
      Finance
    • Orrstown Financial Services, Inc. Reports Fourth Quarter 2024 Results

      Net income of $13.7 million, or $0.71 per diluted share, for the three months ended December 31, 2024 compared to net loss of $7.9 million, or $0.41 per diluted share, for the three months ended September 30, 2024; the fourth quarter of 2024 included $3.9 million in expenses related to the merger and $0.5 million for a legal settlement compared to $17.0 million in expenses related to the merger, $15.5 million of provision for credit losses on non-purchase credit deteriorated loans and $4.8 million for an executive retirement, net of taxes, for the third quarter of 2024;Excluding the impact of the non-recurring charges referenced above, net income and diluted earnings per share, respectively,

      1/31/25 7:22:10 AM ET
      $ORRF
      Major Banks
      Finance

    $CVLY
    $ORRF
    Leadership Updates

    Live Leadership Updates

    See more
    • Orrstown Financial Services, Inc. Announces Appointment of Barbara Brobst to the Board of Directors

      HARRISBURG, Pa., Feb. 03, 2025 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (NASDAQ:ORRF) (the "Company") today announced that Barbara E. Brobst has been appointed to an open position on the Boards of Directors of the Company and its principal subsidiary, Orrstown Bank, effective February 1, 2025. Ms. Brobst served as the Executive Vice President, Chief Human Resources Officer of the Company and the Bank from 2015 to 2022. Prior to that, she served as Senior Vice President for Human Resources of the Bank from 2011 to 2015 and Senior Vice President and Senior Trust Officer of the Bank from 2000 to 2011. Ms. Brobst is an experienced banking executive with over 40 years of experienc

      2/3/25 4:19:01 PM ET
      $ORRF
      Major Banks
      Finance
    • Codorus Valley Bancorp, Inc. Reports Second Quarter 2022 Earnings

      YORK, Pa., July 28, 2022 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. (Codorus Valley, or the Corporation) (NASDAQ:CVLY), parent company of PeoplesBank, A Codorus Valley Company (PeoplesBank), today announced net income of $2.0 million or $0.20 per diluted share, for the quarter ended June 30, 2022. This compares to a net income of $3.1 million or $0.32 per diluted share for the quarter ended March 31, 2022, representing a decrease of $1.1 million or 36.0 percent and net income of $3.3 million or $0.33 per diluted share, for the quarter ended June 30, 2021. For the first six months of 2022, net income was $5.0 million or $0.52 per diluted share, compared to $7.2 million or $0.73 per di

      7/28/22 4:45:00 PM ET
      $CVLY
      Savings Institutions
      Finance
    • Codorus Valley Bancorp, Inc. Announces Board and Committee Appointments

      Appoints Kent K. Matsumoto, Esq. as director Appoints Scott V. Fainor as director YORK, Pa., June 14, 2022 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. (NASDAQ:CVLY) ("the Company"), parent company of PeoplesBank, A Codorus Valley Company ("PeoplesBank"), announces two appointments to its Board of Directors ("the Board"). Board & Committee AppointmentsThe Board of Directors has appointed current PeoplesBank Director Kent K. Matsumoto, Esq. as director of the Company effective June 14, 2022. Mr. Matsumoto will serve as a Class A Director of the Company. In addition, he has been appointed to the Corporate Governance and Nominating Committee of the Company Board of Directors. Mr. Mats

      6/14/22 4:45:00 PM ET
      $CVLY
      Savings Institutions
      Finance

    $CVLY
    $ORRF
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G filed by Orrstown Financial Services Inc

      SC 13G - ORRSTOWN FINANCIAL SERVICES INC (0000826154) (Subject)

      11/14/24 11:40:45 AM ET
      $ORRF
      Major Banks
      Finance
    • Amendment: SEC Form SC 13G/A filed by Orrstown Financial Services Inc

      SC 13G/A - ORRSTOWN FINANCIAL SERVICES INC (0000826154) (Subject)

      11/12/24 10:32:13 AM ET
      $ORRF
      Major Banks
      Finance
    • SEC Form SC 13G/A filed by Codorus Valley Bancorp Inc (Amendment)

      SC 13G/A - CODORUS VALLEY BANCORP INC (0000806279) (Subject)

      2/14/24 3:11:40 PM ET
      $CVLY
      Savings Institutions
      Finance