Codorus Valley Bancorp Inc (CVLY) Reports Q3 2023 Earnings
Net income for Q3 2023 was $5.9 million, a decrease from $6.6 million in Q2 2023 but an increase from $7.2 million in Q3 2022.
Loans increased by $70.8 million from December 31, 2022, to September 30, 2023, representing an annualized growth rate of 6.0 percent.
Net interest income for Q3 2023 was $19.1 million, a decrease from $20.9 million in Q3 2022 and $20.0 million in Q2 2023.
Shareholders equity totaled $183.4 million at September 30, 2023, an increase from $177.3 million at December 31, 2022.
On October 26, 2023, Codorus Valley Bancorp Inc (NASDAQ:CVLY) reported its third-quarter earnings for 2023. The company reported a net income of $5.9 million or $0.61 per diluted common share for the quarter ended September 30, 2023. This represents a decrease from the net income of $6.6 million or $0.69 per diluted common share for the second quarter of 2023. However, compared to the same period in 2022, the net income increased from $7.2 million or $0.75 per diluted common share.
Financial Performance
Despite the challenging environment, Codorus Valley Bancorp Inc (NASDAQ:CVLY) continued to generate strong earnings in the third quarter. The company's President and CEO, Craig L. Kauffman, noted that the corporation continued to proactively manage the balance sheet, ensured strong liquidity and capital positions, and maintained diligence around expense control.
Balance Sheet and Income Statement Highlights
Loans increased by $70.8 million from December 31, 2022, to September 30, 2023, representing an annualized growth rate of 6.0 percent. Nonperforming assets decreased by $3.4 million, or 30.2 percent, to $8.0 million over the same period.
The corporation's net interest income for Q3 2023 was $19.1 million, a decrease of 8.6 percent when compared to $20.9 million for Q3 2022. The corporation's tax-equivalent net interest margin was 3.64 percent for Q3 2023, compared to 3.66 percent for the same period in 2022.
Capital and Dividend
Shareholders equity totaled $183.4 million at September 30, 2023, an increase of $6.0 million from $177.3 million at December 31, 2022. The increase was primarily attributable to net income of $19.5 million, partially offset by dividends paid of $4.7 million for the nine months ended September 30, 2023.
On October 10, 2023, the Board of Directors of the Corporation declared a regular quarterly cash dividend of $0.17 per share, payable on November 14, 2023, to common shareholders of record at the close of business on October 24, 2023.
Business Lines Update
Consumer Banking efforts in the third quarter of 2023 continued to focus on assisting clients with their financial needs. The Business Banking team continued to help clients through personalized outreach. PeoplesBank Wealth Management continued to offer the expertise of its team to clients looking for perspectives on the current economic environment.
Explore the complete 8-K earnings release (here) from Codorus Valley Bancorp Inc for further details.
This article first appeared on GuruFocus.
