Codorus Valley, M&T release fourth-quarter and yearly earnings
Two banks — one based in the midstate, another with dozens of branches locally — recently announced earnings for the fourth quarter of 2013 and for the year.
In its quarterly earnings report, Codorus Valley Bancorp Inc. said its earnings per share rose to $2.13 per diluted share in 2013, compared to $1.91 per diluted share in 2012, with net earnings for 2013 at $10.3 million — an increase of more than 14 percent.
The increase in earnings was due "primarily to an increase in net interest income," according to a press release from the company. The company increased its net interest income by 7 percent on the year.
For the fourth quarter of 2013, Codorus Valley, the parent company of York-based PeoplesBank, said earnings per share was at 52 cents per diluted share after being at 50 cents for the fourth quarter of 2012.
The bank also increased its assets by $91 million in 2013, and its total assets are now $1.15 billion.
Codorus Valley trades on the Nasdaq exchange under the ticker symbol CVLY.
Buffalo-based M&T Bank Corp., which operates about 50 branches in the midstate, far missed on analyst predictions for the fourth quarter, with earnings falling to $1.74 per diluted share.
Analysts had projected diluted earnings of about $1.92 per share, according to Yahoo Finance, and the bank reported earnings of $2.16 for the fourth quarter of 2012. In the third quarter of 2013, the company reported earnings of $2.11 per share.
Net income for the quarter fell to $246 million, down from $296 million in the fourth quarter of 2012.
Rene F. Jones, M&T's executive vice president and chief financial officer, said the bank had increased expenses for infrastructure investments in 2013, dragging down the fourth-quarter earnings.
For the year, the bank still reported an 11 percent increase for diluted earnings per common share, rising to $8.38, and net income rose to $1.16 billion for 2013 from $1.03 billion in 2012.
M&T trades on the New York Stock Exchange under the ticker symbol MTB.