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Metro reports another record quarter; Codorus Valley flat on yearly earnings

Two Central Pennsylvania bank holding companies released their quarterly and 2014 earnings reports recently.

Metro Bancorp Inc.

The Swatara Township-based holding company for Metro Bank reported record quarterly net income for the eighth quarter in a row.

Metro reported 2014 fourth-quarter net income of $5.6 million, or 38 cents per diluted share, up from $4.9 million, equal to 34 cents per diluted share, in the fourth quarter of 2013.

The 38 cents per share in line with analyst estimates, according to Yahoo Finance. The $33.1 million in total revenue it reported was nearly $1 million better than analyst projections.

For the year, the company reported net income of $21.1 million, or $1.46 per diluted share, up from $17.3 million, or $1.20 per diluted share, in 2013.

The company also announced a cash dividend of 7 cents, its first-ever dividend. The dividend is part of a new plan to increase shareholder value after three shareholders called for the sale of the company in 2014.

Metro is in the fringe of having $3 billion in assets, reporting $2.998 billion as of the end of year. It trades on the NASDAQ at the ticker symbol METR.

Codorus Valley Bancorp Inc.

The York-Township based bank holding company for PeoplesBank reported 2014 net income up 12 percent from 2013.

The company reported net income of $11.6 million for the year, with earnings of $2.03 per diluted share. That was up from $10.3 million, but was flat on earnings per diluted share.

Net income for the quarter was up to $2.75 million from $2.5 million in the fourth quarter of 2013, though earnings per diluted share dropped from 49 cents to 47 cents.

The company credited the increase in yearly earnings to a “substantial” increase in net interest income, including a increase in loans, specifically commercial loans.

Codorus Valley has about $1.4 billion in assets after completing the acquisition of Madison Bancorp Inc. in Maryland earlier this month. It trades on the NASDAQ at CVLY.

Michael Sadowski

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