Codorus Valley Bancorp, Inc. on Monday announced third-quarter earnings increases.
The parent company of PeoplesBank reported a net income available to shareholders of $1.8 million or $0.41 per share basic, $0.40 per share diluted, for the quarter that ended Sept. 30.
During the same quarter last year, shareholders earned $4,000 or $0.00 per share, basic and diluted.
Throughout the first nine months of this year, net income available to shareholders was $6.6 million or $1.49 per share basic, $1.47 per share diluted, compared to $2.9 million or $0.66 per share, basic and diluted, for the first nine months of 2011.
The earnings increase was largely due to a decrease in the provision for loan losses, the company said in a statement.
An increase in net income and a decrease in funding costs also contributed to the earnings increase, the company said.
Total assets for the third quarter were approximately $1.064 billion.
"We are pleased with the company's financial performance so far this year," said Larry J. Miller, president and CEO of Codorus Valley Bancorp.