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PNC Financial, Codorus Valley Bancorp announce earnings

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Both PNC Financial Services Group Inc. and Codorus Valley Banccorp Inc., two banks with heavy midstate presences, announced high growth numbers for third quarter 2013 compared with third quarter 2012.

PNC Financial Services Group Inc. announced Wednesday morning net income of $1 billion for third quarter 2013, or $1.79 per diluted share, outpacing analyst projections.

The earnings are down from the second quarter of the year, when the company showed a $1.1 billion net income, but up from the third quarter of 2012 when it reported a net income of $925 million.

For the year so far, PNC reports a net income of $3.2 billion, compared with $2.3 billion at this point last year, a 39 percent rise in net income.

PNC beat analyst projections by more than 10 percent, according to figures on Yahoo Finance. Analysts had projected a $1.62 per diluted share earning for the quarter.

The company closed 62 branches in the third quarter, according to its earnings statement, bringing its total amount of branches closed in 2013 to 170. With the closures, the company reported retail banking earnings down more than 14 percent versus 2012’s third quarter, from $192 million to $165 million in the most recent quarter.

The company announced earlier in the year it plans to close 200 branches in 2013.

It now has 2,724 branches in the United States.

PNC Financial Services Group Inc. trades on the New York Stock Exchange under the ticker symbol PNC.

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York-based Codorus Valley Bancorp Inc., the parent company of PeoplesBank, announced Tuesday a reported a net income of $2.62 million, or 54 cents per diluted share, for the third quarter.

That’s compared with $1.81 million net income and 38 cents per diluted share for third quarter 2012.

The change in net income between the quarters, year-to-year, is a rise of about 45 percent.

The company has grown in the first nine months of the year compared with last year, with a net income so far this year of about $7.8 million through Sept. 30 versus about $6.2 million from January to September 2013.

Yahoo Finance did not perform quarterly predictions for Codorus Valley.

The growth helped the company announce a quarterly cash dividend of 12 cents per common share of stock, payable Nov. 12 to shareholders of record on Oct. 22.

In the third quarter, the bank opened its 20th branch, the latest one in Dover in late September.

Codorus Valley Bancorp Inc. trades on the Nasdaq under the ticker symbol CVLY.

Michael Sadowski

Michael Sadowski

Mike Sadowski covers Lebanon County, banking and finance, law and the legal community, and technology. Have a tip or question for him? Email him at michaels@cpbj.com. Follow him on Twitter, @MikeCPBJ. Circle Michael Sadowski on .

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