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UNITED STATES SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

_____________________________________________

FORM 10-Q

_____________________________________________

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 

For the quarterly period ended  March 31, 2021

 

or

 

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 

For the transition period from____________to______________

 

Commission file number: 0-15536

 

CODORUS VALLEY BANCORP, INC. 

(Exact name of registrant as specified in its charter)

 

Pennsylvania

23-2428543

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

105 Leader Heights Road, P.O. Box 2887, York, Pennsylvania 17405-2287 

(Address of principal executive offices)(Zip code)

 

717-747-1519

(Registrant’s telephone number, including area code)

 

Not Applicable 

(Former name, former address and former fiscal year, 

if changed since the last report.)

_____________________________________________

 

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $2.50 par value

CVLY

NASDAQ Global Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes    No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No

 

APPLICABLE ONLY TO CORPORATE ISSUERS 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. On April 23, 2021, 9,876,692 shares of common stock, par value $2.50, were outstanding.


- 1 -


Codorus Valley Bancorp, Inc.

Form 10-Q Index

PART I – FINANCIAL INFORMATION

Page #

 

 

 

Item 1.

Financial statements (unaudited):

 

 

Consolidated balance sheets

3

 

Consolidated statements of income

4

 

Consolidated statements of comprehensive income

5

 

Consolidated statements of cash flows

6

 

Consolidated statements of changes in shareholders’ equity

7

 

Notes to consolidated financial statements

8

 

 

 

Item 2.

Management’s discussion and analysis of financial condition and results of operations

35

 

 

 

Item 3.

Quantitative and qualitative disclosures about market risk

47

 

 

 

Item 4.

Controls and procedures

49

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

Item 1.

Legal proceedings

49

 

 

 

Item 1A.

Risk factors

49

 

 

 

Item 2.

Unregistered sales of equity securities and use of proceeds

50

 

 

 

Item 3.

Defaults upon senior securities

50

 

 

 

Item 4.

Mine safety disclosures

50

 

 

 

Item 5.

Other information

50

 

 

 

Item 6.

Exhibits

51

 

 

 

SIGNATURES

52


- 2 -


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Codorus Valley Bancorp, Inc.

Consolidated Balance Sheets

(Unaudited)

March 31,

December 31,

(dollars in thousands, except per share data)

2021

2020

Assets

Interest bearing deposits with banks

$

408,884

$

313,469

Cash and due from banks

18,020

22,324

Total cash and cash equivalents

426,904

335,793

Securities, available-for-sale

179,550

185,002

Restricted investment in bank stocks, at cost

2,278

2,593

Loans held for sale

13,324

15,981

Loans (net of deferred fees of $4,248 - 2021 and $6,134 - 2020)

1,579,151

1,544,589

Less-allowance for loan losses

(22,411)

(21,264)

Net loans

1,556,740

1,523,325

Premises and equipment, net

24,816

25,206

Operating leases right-of-use assets

2,198

2,386

Goodwill

2,301

2,301

Other assets

70,393

69,612

Total assets

$

2,278,504

$

2,162,199

Liabilities

Deposits

Noninterest bearing

$

483,004

$

396,947

Interest bearing

1,481,059

1,466,592

Total deposits

1,964,063

1,863,539

Short-term borrowings

7,743

8,540

Long-term debt

46,599

46,606

Subordinated debentures - face amount $31,000 (less unamortized discount and debt

issuance cost of $378 at March 31, 2021 and $398 at December 31, 2020)

30,622

30,602

Operating leases liabilities

2,325

2,515

Other liabilities

28,401

12,437

Total liabilities

2,079,753

1,964,239

Shareholders' equity

Preferred stock, par value $2.50 per share;

1,000,000 shares authorized; shares issued and outstanding:

0 at March 31, 2021 and 0 at December 31, 2020

0

0

Common stock, par value $2.50 per share; 30,000,000 shares authorized; shares issued

and outstanding: 9,876,692 at March 31, 2021 and 9,820,882 at December 31, 2020

24,692

24,552

Additional paid-in capital

141,583

141,461

Retained earnings

31,002

28,380

Accumulated other comprehensive income

1,474

3,567

Total shareholders' equity

198,751

197,960

Total liabilities and shareholders' equity

$

2,278,504

$

2,162,199

 

See accompanying notes.

 


- 3 -


Codorus Valley Bancorp, Inc.

Consolidated Statements of Income

(Unaudited)

Three months ended

March 31,

(dollars in thousands, except per share data)

2021

2020

Interest income

Loans, including fees

$

17,592

$

18,764

Investment securities:

Taxable

582

820

Tax-exempt

94

141

Dividends

26

72

Other

81

392

Total interest income

18,375

20,189

Interest expense

Deposits

2,220

4,276

Federal funds purchased and other short-term borrowings

8

9

Long-term debt

252

537

Subordinated debentures

418

0

Total interest expense

2,898

4,822

Net interest income

15,477

15,367

Provision for loan losses

1,231

9,435

Net interest income after provision for loan losses

14,246

5,932

Noninterest income

Trust and investment services fees

1,052

994

Income from mutual fund, annuity and insurance sales

300

261

Service charges on deposit accounts

1,221

1,130

Income from bank owned life insurance

270

286

Other income

563

439

Gain on sales of loans held for sale

1,050

298

(Loss) gain on sales of securities

(23)

15

Total noninterest income

4,433

3,423

Noninterest expense

Personnel

8,428

7,805

Occupancy of premises, net

973

926

Furniture and equipment

838

853

Professional and legal

351

205

Marketing

265

325

FDIC insurance

226

167

Debit card processing

280

389

Charitable donations

188

872

External data processing

820

704

Loss on foreclosed real estate, including provision for losses

0

20

Impaired loan carrying costs

100

286

Other

1,237

767

Total noninterest expense

13,706

13,319

Income (loss) before income taxes

4,973

(3,964)

Provision (benefit) for income taxes

1,073

(975)

Net income (loss)

$

3,900

$

(2,989)

Net income (loss) per share, basic

$

0.40

$

(0.31)

Net income (loss) per share, diluted

$

0.40

$

(0.31)

See accompanying notes.

- 4 -