|
|
|
(State or other jurisdiction of incorporation or organization)
|
(Commission file number)
|
(IRS Employer Identification No.)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of Each Class
|
Trading Symbol(s)
|
Name of Each Exchange on Which Registered
|
|
|
|
Item 8.01 |
Other Events
|
|
Price / TBV
|
Price / LTM EPS
|
Price / 2024 EPS
|
Price / 2025 EPS
|
||||||||||||
Arrow Financial Corporation
|
139
|
%
|
13.6
|
x
|
10.6
|
x
|
9.3
|
x
|
||||||||
The First of Long Island Corporation
|
78
|
%
|
9.2
|
x
|
10.7
|
x
|
9.2
|
x
|
||||||||
Peoples Financial Services Corp.
|
122
|
%
|
9.9
|
x
|
10.1
|
x
|
8.2
|
x
|
||||||||
BCB Bancorp, Inc.
|
73
|
%
|
5.9
|
x
|
7.6
|
x
|
6.7
|
x
|
||||||||
Citizens Financial Services, Inc.
|
167
|
%
|
14.5
|
x
|
9.3
|
x
|
8.7
|
x
|
||||||||
Chemung Financial Corporation
|
151
|
%
|
7.8
|
x
|
9.7
|
x
|
8.7
|
x
|
||||||||
Citizens & Northern Corporation
|
169
|
%
|
11.5
|
x
|
13.0
|
x
|
12.0
|
x
|
||||||||
Fidelity D & D Bancorp, Inc.
|
230
|
%
|
13.3
|
x
|
-
|
-
|
||||||||||
Orange County Bancorp, Inc.
|
209
|
%
|
9.4
|
x
|
10.1
|
x
|
9.4
|
x
|
||||||||
ESSA Bancorp, Inc.
|
91
|
%
|
9.4
|
x
|
10.1
|
x
|
9.1
|
x
|
||||||||
Meridian Corporation
|
98
|
%
|
8.7
|
x
|
8.7
|
x
|
7.4
|
x
|
||||||||
Codorus Valley Bancorp, Inc.
|
109
|
%
|
7.2
|
x
|
11.7
|
x
|
10.7
|
x
|
||||||||
Norwood Financial Corp.
|
176
|
%
|
10.1
|
x
|
-
|
-
|
||||||||||
Evans Bancorp, Inc.
|
115
|
%
|
7.7
|
x
|
14.9
|
x
|
9.6
|
x
|
||||||||
Hanover Bancorp, Inc.
|
79
|
%
|
8.7
|
x
|
13.4
|
x
|
9.7
|
x
|
|
Price / TBV
|
Price / LTM EPS
|
Price / 2024 EPS
|
Price / 2025 EPS
|
||||||||||||
Peoples Financial Services Corp.
|
122
|
%
|
9.9
|
x
|
10.1
|
x
|
8.2
|
x
|
||||||||
BCB Bancorp, Inc.
|
73
|
%
|
5.9
|
x
|
7.6
|
x
|
6.7
|
x
|
||||||||
Orrstown Financial Services, Inc.
|
117
|
%
|
6.8
|
x
|
8.3
|
x
|
8.0
|
x
|
||||||||
Citizens Financial Services, Inc.
|
167
|
%
|
14.5
|
x
|
9.3
|
x
|
8.7
|
x
|
||||||||
Chemung Financial Corporation
|
151
|
%
|
7.8
|
x
|
9.7
|
x
|
8.7
|
x
|
||||||||
Citizens & Northern Corporation
|
169
|
%
|
11.5
|
x
|
13.0
|
x
|
12.0
|
x
|
||||||||
Fidelity D & D Bancorp, Inc.
|
230
|
%
|
13.3
|
x
|
-
|
-
|
||||||||||
Orange County Bancorp, Inc.
|
209
|
%
|
9.4
|
x
|
10.1
|
x
|
9.4
|
x
|
||||||||
ESSA Bancorp, Inc.
|
91
|
%
|
9.4
|
x
|
10.1
|
x
|
9.1
|
x
|
||||||||
Meridian Corporation
|
98
|
%
|
8.7
|
x
|
8.7
|
x
|
7.4
|
x
|
||||||||
Norwood Financial Corp.
|
176
|
%
|
10.1
|
x
|
-
|
-
|
||||||||||
Evans Bancorp, Inc.
|
115
|
%
|
7.7
|
x
|
14.9
|
x
|
9.6
|
x
|
||||||||
Hanover Bancorp, Inc.
|
79
|
%
|
8.7
|
x
|
13.4
|
x
|
9.7
|
x
|
||||||||
First United Corporation
|
102
|
%
|
7.2
|
x
|
9.7
|
x
|
8.7
|
x
|
||||||||
Franklin Financial Services Corporation
|
138
|
%
|
10.6
|
x
|
-
|
-
|
Implied Per Share Value
|
Implied | ||||||||||||||||||||||||||
|
Orrstown
|
Codorus
|
Orrstown
|
Codorus |
Exchange Ratio
|
||||||||||||||||||||||
|
Statistic
|
Statistic
|
25th Pctl.
|
75th Pctl.
|
25th Pctl.
|
75th Pctl.
|
Low/High High/Low
|
||||||||||||||||||||
Tangible Book Value
|
$
|
20.89
|
$
|
18.80
|
$
|
19.71
|
$
|
35.08
|
$
|
18.82
|
$
|
31.57
|
0.536x - 1.602x
|
|
|||||||||||||
LTM EPS
|
$
|
3.60
|
$
|
2.86
|
$
|
29.63
|
$
|
38.84
|
$
|
22.19
|
$
|
29.63
|
0.571x - 1.000x
|
|
|||||||||||||
2024 EPS
|
$
|
2.93
|
$
|
1.75
|
$
|
28.41
|
$
|
34.17
|
$
|
16.08
|
$
|
19.05
|
0.470x - 0.670x
|
||||||||||||||
2025 EPS
|
$
|
3.05
|
$
|
2.00
|
$
|
26.52
|
$
|
29.17
|
$
|
16.29
|
$
|
18.80
|
0.559x - 0.709x
|
||||||||||||||
Exchange Ratio in the Merger
|
0.875x
|
Projected per share impact
|
ORRF
|
CVLY
|
Pro Forma
|
Accretion /
(Dilution)
to ORRF
|
||||||||
2024 estimated earnings per share
|
$2.93
|
$1.75
|
$3.55
|
21.3%
|
|
|||||||
2025 estimated earnings per share
|
$3.05
|
$2.00
|
$4.46
|
46.1%
|
|
|||||||
6/30/2024 estimated tangible book value per share
|
$23.46
|
$20.16
|
$18.56
|
(20.9%)
|
|
Date: May 24, 2024
|
CODORUS VALLEY BANCORP, INC.
|
|
By:
|
/s/Daniel R. Stolzer
|
|
Daniel R. Stolzer
|
||
Executive Vice President, General Counsel and Corporate Secretary
|
Document and Entity Information |
May 24, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 24, 2024 |
Entity File Number | 0-15536 |
Entity Registrant Name | CODORUS VALLEY BANCORP, INC. |
Entity Central Index Key | 0000806279 |
Entity Incorporation, State or Country Code | PA |
Entity Tax Identification Number | 23-2428543 |
Entity Address, Address Line One | 105 Leader Heights Road |
Entity Address, City or Town | York |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 17403 |
City Area Code | 717 |
Local Phone Number | 747-1519 |
Title of 12(b) Security | Common Stock, $2.50 par value |
Trading Symbol | CVLY |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | true |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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