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0000950123-10-071569.txt : 201008030000950123-10-071569.hdr.sgml : 2010080320100803104049ACCESSION NUMBER:0000950123-10-071569CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:23CONFORMED PERIOD OF REPORT:20100803ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20100803DATE AS OF CHANGE:20100803

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:CODORUS VALLEY BANCORP INCCENTRAL INDEX KEY:0000806279STANDARD INDUSTRIAL CLASSIFICATION:SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]IRS NUMBER:232428543STATE OF INCORPORATION:PAFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:000-15536FILM NUMBER:10986194

BUSINESS ADDRESS:STREET 1:CODORUS VALLEY CORPORATE CENTERSTREET 2:105 LEADER HEIGHTS ROADCITY:YORKSTATE:PAZIP:17403BUSINESS PHONE:717-846-1970

MAIL ADDRESS:STREET 1:PO BOX 2887STREET 2:105 LEADER HEIGHTS ROADCITY:YORKSTATE:PAZIP:17405

8-K1c04172e8vk.htmFORM 8-K

FORM 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 3, 2010 (August 3, 2010)

CODORUS VALLEY BANCORP, INC.

(Exact name of registrant as specified in its charter)

Pennsylvania0-1553623-2428543

(State or other jurisdiction
of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

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

17405-2887

(Address of principal executive offices)

(Zip Code)

Registrants telephone number, including area code: 717-747-1519

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

CODORUS VALLEY BANCORP, INC.
FORM 8-K

Item7.01 RegulationFD Disclosure

On August3, 2010, Larry J. Miller, Vice Chairmen, President and CEO, and Jann AllenWeaver, Treasurer, of Codorus Valley Bancorp, Inc. (Corporation) are scheduled topresent an overview of certain information with respect to the Corporation, includingthe financial performance of the Corporation through June30, 2010, to variousinstitutional portfolio managers.

The investor presentation material, attached as Exhibit99.1, is being furnishedpursuant to RegulationFD and shall not be deemed to be filed for any purpose.

Item9.01 Financial Statements and Exhibits

(d)Exhibits.

No. Description

99.1 Corporate Information

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly causedthis report to be signed on its behalf by the undersigned hereunto duly authorized.

Codorus Valley Bancorp, Inc.
(Registrant)

Date: August 3, 2010 /s/ Larry J. Miller

Larry J. Miller

President and ChiefExecutive Officer(Principal Executive Officer)

EX-99.12c04172exv99w1.htmEXHIBIT 99.1

Exhibit 99.1

Exhibit99.1

Investor PresentationAugust3, 2010 The Hotel HersheyLarry J. MillerVice Chairman, President, and CEOJann Allen Weaver, CPATreasurer and CFO

Special Cautionary Notice Regarding Forward-Looking StatementsThis presentation may contain forward-looking statements about Codorus Valley Bancorp, Inc. Theseforward-looking statements are subject to risks and uncertainties. Forward-looking statementsinclude information concerning possible or assumed future results of operations of the Corporationand its subsidiaries. When words such as believes, expects, anticipates or similarexpressions occur in this presentation, management is making forward-looking statements.Note that many factors could affect the future financial results of the Corporation and itssubsidiaries, both individually and collectively, and could cause those results to differmaterially from those expressed in the forward-looking statements. These factors include, but arenot limited to, the following: operating, legal and regulatory risks, including the impact of the Dodd-Frank Wall Street ReformAct; a prolonged economic downturn; an increase in nonperforming assets requiring lossprovisions and the incurrence of carrying costs; declines in the market value of investmentsecurities considered to be other than temporary; the effect of and changes in the rate of FDIC premiums, including special assessments; interest rate fluctuations which could increase our cost of funds or decrease our yield onearning assets and therefore reduce our net interest income; future legislative or administrative changes to the TARP Capital Purchase Program; unavailability of capital when needed or available at an excessive cost; political andcompetitive forces affecting banking, securities, asset management and credit services businesses;and the risk that managements analysis of these risks and forces could be incorrect and/or that thestrategies developed to address them could be unsuccessful.The Corporation undertakes no obligation to publicly revise or update these forward-lookingstatements to reflect events or circumstances that arise after the date of this report.Additional financial information can be found in Codorus Valley Bancorp, Inc.s Quarterly Reportson Forms 10-Q and its Annual Report on Form 10-K, each of which has been filed with the Securitiesand Exchange Commission and is available on the corporations website at www.peoplesbanknet.com andon the Securities and Exchange Commissions website at www.sec.gov.

Franchise Overview

Largest independent financial institution headquartered in York, Pennsylvania

Founded in 1864

17 PeoplesBank financial centers in Pennsylvania and Maryland- - 15 in York County, Pennsylvania- - 1 in Baltimore County, Maryland- - 1 in Harford County, Maryland

$917million in total assets as of June30, 2010

$647million in total loans as of June30, 2010

$758million in total deposits as of June30, 2010

Provides commercial and retail banking services to over 21,000 households

Offers trust and investment services, with total assets under management of $324million as ofJune30, 2010 Named by the Central Penn Business Journal as one of the Top 50 Fastest Growing Companies inCentral Pennsylvania for 2010

Market Overview Ranked 3rd out of 16 banks in the York County market area with a deposit marketshare of 11.0%. During the five-year period between 2004 and 2009, CVB experienced the largestmarket share percentage growth increase among all banks in the York County market at a rate ofmore than double that of thesecond-fastest growing institution.* Strategically-positioned in one of the fastest-growing regions along the East Coast within ashort drive of the major metropolitan areas of Philadelphia, Baltimore, and Washington, D.C. The York County, Pennsylvania and Baltimore and Harford County, Maryland markets are home to adiverse mix of businesses and industries, including major manufacturing, health care, highereducation, government, and retail services, resulting in strong employment rates, a highly-educatedworkforce, and household incomes that are much greater than state and national averages.

York County Population Growth

Recent Expansion ProducesSuccessful Results ($ data as of 6/30/2010)Hunt Valley, MD_____

Hanover, PA_____

Bel Air, MDOpened Jan. 2008 Opened Aug. 2008 Opened Nov. 2008$ 58.8million in loans $1.7million in loans $61.7million in loans$ 8.9million in deposits $28.3million in deposits $12.6million in depositsSince their opening in 2008, these three offices now represent $122million of our total loanportfolio and $50million of our total deposit portfolio.

Experienced LeadershipYears with Years in PeoplesBank Executive Title CVLY BankingLarry J. Miller* Vice Chairman, President, and Chief Executive Officer 39 39 Harry R. Swift, Esq.*Executive Vice President, Secretary, and General Counsel 12 12 Jann Allen Weaver, CPA* ExecutiveVice President, Chief Financial Officer 24 34 Matthew A. Clemens, SPHR Senior Vice President, HumanResources Division 8 21 Lynn D. Crenshaw Senior Vice President, Retail Sales and Services Division4 35 David R. Kenney Senior Vice President, Wealth Management Division 1 35 Kent A. KettermanSenior Vice President, Senior Business Advisor 21 21 Jeffrey A. Snyder Senior Vice President, ChiefLending Officer 3 40 Todd A. Tyson, CFSSP, CBAP Senior Vice President, General Services Divisionand Security Officer 32 32 Scott T. Weaver Senior Vice President, Cashier, and Chief Credit Officer18 22 Nathan A. Eifert Vice President, Director of Marketing 4 23 Diane E. Hill, CPA* VicePresident, Auditor 15 15 Keith L. Sheffer Vice President, Mortgage Banking Division 13 22

Total AssetsAnnual % Increase

Asset Composition as of June30, 2010Cash and Cash Premises and Equivalents Equipment4.2% Other 1.2% 4.3%

AFS Investment Securities 20.4%

Loans, Net 69.9%

Total LoansAnnual % Increase

Loan Compositionas of June30, 2010

Loan Quality% % % $in 000s NPA Ratio (1)ALL Ratio (2)Charge-off Ratio (3)Net c/offsCVB Peer CVB Peer CVB Peer CVB 06/30/2010 3.55 N/A 0.99 N/A 0.67 N/A 2,159 12/31/2009 5.33 4.211.11 1.85 0.20 1.16 1,230 12/31/2008 1.83 2.42 0.82 1.41 0.13 0.52 614 12/31/2007 2.25 1.01 0.771.19 (0.20) 0.18 (862)12/31/2006 1.09 1.17 0.77 1.17 0.02 0.11 62 12/31/2005 0.28 1.20 0.69 1.200.03 0.13 102Notes:1) Nonaccrual loans plus net foreclosed real estate plus 90-day past-due as a % of total loans plusnet foreclosed real estate.2) Allowance for loan loss as a % of total loans.3) Net loan charge-offs (annualized)as a % of average total loans.

Composition of Nonperforming Assets12/31/2009 03/31/2010 06/30/2010Total nonaccrual loansBuilder/developer 15,688 11,558 8,740 Commercial RE operator 5,505 5,389 342 Restaurant 3,739 3,7283,707 Service - 340 Consumer/res mtgs/home eq 626 564 435 Total nonaccrual loans 25,558 21,23913,564Foreclosed real estate, net 9,314 6,773 9,648 90-days past due4018450 Total nonperforming assets 34,912 28,19623,262NPA ratio 5.33% 4.30% 3.55% Total loans, not available for sale $645,877 $649,236 $645,379 Allowance for loan losses $7,175 $7,711 $6,366 ALL ratio 1.11% 1.19% 0.99% Net charge-off ratio (annualized)0.20% 0.11% 0.67%Note: Dollars in thousands 13

Total DepositsAnnual % Increase

Deposit Compositionas of June30, 201031. Steady deposit growth 17 full-service financial centers Average deposits of $45million per branch Large core deposit base (demand, NOW, savings, MMDA) No brokered or other wholesale deposits

Available For Sale Investment Securitiesas of June30, 2010 Conservative management, investment grade instruments Well-laddered portfolio Amortized cost of $180.7million vs. fair market value of $186.9million at June30, 2010 Weighted average remaining life, approx. 4.4years Weighted average TEY, approx. 4.08%

Wealth Management Assets Under ManagementTrust and Investment Services Codorus Valley Financial Advisors, Inc.* 2010 through June30, dollars in thousands 17

Consolidated Capital RatiosTier 1 RBC (1)Total RBC (2)Leverage (3)06/30/2010 12.2 13.2 9.1 12/31/2009 11.8 12.9 9.112/31/2008 10.0 10.8 9.1 12/31/2007 12.1 12.9 9.8 12/31/2006 12.0 12.7 9.8 12/31/2005 10.6 11.3 9.6BHC peer group avg. at 03/31/2010 12.0 13.5 8.7 Regulatory well-capitalized minimum 6.0 10.0 5.0Notes:1) Shareholders equity less unrealized gains (losses)plus trust preferred capital as a % ofrisk-weighted assets.2) Tier 1 capital plus ALL as a % of risk-weighted assets.3) Tier 1 capital as a % of quarterly average total assets.18

Net Income and Net Interest Margin$000 NI avail. to CS % NIM (2)6months 06/30/2010 2,846 3.73 12/31/2009 2,477 3.18 12/31/20084,465 3.63 12/31/2007 5,820 (1)3.94 12/31/2006 5,322 3.94 12/31/2005 4,617 4.16Notes:1) For analytical purposes, the reported $6,374 should be reduced by a nonrecurring loss recoverytotaling $554 after-tax.2) Net interest income, taxable equivalent basis, as a % of average interest earning assets.

Selected Financial DataJune30, December31,2010** 2009 2008 2007 2006 2005 Summary of operations (in thousands) Interest income $ 21,475 $40,310 $ 36,732 $ 39,169 $ 33,319 $ 25,572 Interest expense 6,549 16,358 15,809 18,489 15,077 9,149Net interest income 14,926 23,952 20,923 20,680 18,242 16,423 Provision for (recovery of) loanlosses 1,350 3,715 1,870 (554)650 775 Noninterest income 3,766 7,497 6,665 5,688 5,465 5,003Noninterest expense 13,326 24,491 20,044 18,368 15,890 14,482 Income before income taxes 4,0163,243 5,674 8,554 7,167 6,169 Provision for income taxes 680 (191)1,209 2,180 1,845 1,552 Netincome 3,336 3,434 4,465 6,374 5,322 4,617 Preferred stock dividends and discount accretion 490 957- - - -Net income available to common shareholders $ 2,846 $ 2,477 $ 4,465 $ 6,374 $ 5,322 $ 4,617Per common share(adjusted for stock dividends)Net income per share, basic $0.70 $0.61 $1.13 $1.64 $1.38 $1.21 Net income per share, diluted $0.70$0.61 $1.12 $1.61 $1.35 $1.18 Cash dividends paid per share $0.09 $0.26 $0.51 $0.56 $0.44 $0.41Stock dividends distributed - 5% 5% 10% * 5% Book value per share $14.63 $13.60 $12.99 $12.33$11.08 $10.08 Cash dividend payout ratio 12.9% 42.3% 45.1% 33.8% 32.0% 33.6% Weighted averageshares outstanding 4,080,092 4,042,910 3,965,996 3,881,501 3,846,877 3,831,399 Weighted averagediluted shares outstanding 4,082,494 4,042,910 3,990,956 3,965,980 3,937,050 3,907,787 * includes aspecial 5% stock dividendProfitability ratiosReturn on average shareholders equity (ROE)9.0% 4.9% 8.9% 13.9% 13.0% 12.3% Return on averageassets (ROA)0.74% 0.41% 0.71% 1.11% 1.05% 1.06% Net interest margin 3.73% 3.18% 3.63% 3.94% 3.94%4.16% Efficiency ratio 68.3% 74.6% 70.6% 67.4% 65.1% 66.1% Net overhead ratio 2.16% 2.07% 2.14%2.20% 2.04% 2.16%Capital ratiosTier 1 risk-based capital 12.2% 11.8% 10.0% 12.1% 12.0% 10.6% Total risk-based capital 13.2% 12.9%10.8% 12.9% 12.7% 11.3% Average shareholders equity to average assets 8.3% 8.4% 7.9% 8.0% 8.1%8.6%Summary of financial condition (in thousands)Investment securities $ 191,191 $ 178,454 $ 77,287 $ 84,369 $ 80,926 $ 69,664 Loans 646,888 647,143580,451 447,497 407,260 369,631 Assets 916,865 892,831 702,766 594,607 548,212 476,052 Deposits757,897 722,957 598,129 511,968 456,645 385,154 Borrowings 73,046 92,748 47,779 30,660 45,33949,493 Equity 76,474 72,012 52,181 48,415 42,786 38,729Other dataNumber of bank offices 17 17 17 14 14 14 Number of employees (full-time equivalents ) 206 201 200179 168 163 Wealth Management assets, market value (in thousands ) $ 323,860 $ 325,482 $ 261,153 $320,655 $ 259,453 $ 213,735**Unaudited, for the six-months ended

105 Leader Heights Road P.O. Box 2887 York, Pennsylvania 17405-2887 717-846-1970 or 888-846-1970www.peoplesbanknet.com

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