Profile: Codorus Valley Bancorp Inc (CVLY.OQ)
31 Jul 2014
Codorus Valley Bancorp, Inc. (Codorus Valley), incorporated on October 7, 1986, is a bank holding company. PeoplesBank, A Codorus Valley Company (PeoplesBank) is its wholly owned bank subsidiary. SYC Realty Co., Inc. is its wholly owned nonbank subsidiary. Codorus Valley’s business consists primarily of managing PeoplesBank. As of December 31, 2011, the Company had total consolidated assets of $1.01 billion, and total deposits and other liabilities of $919 million. PeoplesBank offers a range of business and consumer banking services through 18 financial centers located throughout York County, Pennsylvania and in Hunt Valley, Bel Air and Westminster, Maryland. It also offers investment, insurance, trust and real estate settlement services.
As of December 31, 2011, PeoplesBank had total gross loans of $695 million (excluding loans held for sale). The loan portfolio of the Company includes commercial, industrial and agricultural loans; real estate-construction and land development; real estate-residential mortgages, and home equity and consumer loans. As of December 31, 2011, the commercial loan portfolio consisted of approximately $333 million, or 59%, in fixed rate loans and $232 million, or 41%, in floating rate loans.
At December 31, 2011, the fair value of the securities, available-for-sale totaled $234 million. Its portfolio of investment securities include the United States Treasury notes; the United States agency; the United States agency mortgage-backed, residential; state and municipal securities, and corporate trust preferred securities.
Sources of Funds
Deposits are the principal source of funding for earning assets. As of December 31, 2011, PeoplesBank had total deposits of $855 million. As of December 31, 2011, the Company’s portfolio of deposits included noninterest bearing demand, negotiable order of withdrawal (NOW), money market, savings and time deposits. Short-term borrowings consist of securities sold under retail repurchase agreements (repo agreements), federal funds purchased from correspondent banks, and credit available through the Federal Home Loan Bank of Pittsburgh (FHLBP) and the Atlantic Central Bankers Bank (ACBB).
Codorus Valley Bancorp Inc
CODORUS VALLEY CORPORATE CENTER
105 LEADER HEIGHTS ROAD
YORK PA 17403