Codorus Valley Bancorp, Inc. : CVLY-US: Dividend Analysis : July 25th, 2017 (record date) : By the numbers : August 28, 2017

Our analysis is based on comparing Codorus Valley Bancorp, Inc. with the following peers – Citizens & Northern Corporation, Royal Bancshares of Pennsylvania, Inc. Class A, Orrstown Financial Services, Inc., Norwood Financial Corp., F.N.B. Corporation, Fulton Financial Corporation, S&T Bancorp, Inc., Emclaire Financial Corp., Commercial National Financial Corporation and Bryn Mawr Bank Corporation (CZNC-US, RBPAA-US, ORRF-US, NWFL-US, FNB-US, FULT-US, STBA-US, EMCF-US, CNAF-US and BMTC-US).

Codorus Valley Bancorp, Inc.’s dividend yield is 2.11 percent and its dividend payout is 31.11 percent. This compares to a peer average dividend yield of 2.68 percent and a payout level of 48.25 percent. This relatively lagging dividend performance could spur some dividend action going forward – except the company’s current dividend quality score of 50 out of a possible score of 100 is only about average.

Dividend Yield
Dividend Quality Score

Dividend Quality Overview

  • Over the last twelve months (prior to June 30, 2017), CVLY-US paid a low quality dividend, which represents a yield of 2.04% at the current price.
  • Dividend quality trend has not been consistent over the last five years. Dividends were paid during each of these years — of these 4 were medium quality and 1 was low quality.
  • The ending cash balance, with a dividend coverage of 4.22x, provides a substantial cushion in case of a significant reduction of cash flows in the future.
Dividend Quality Score Vs Dividend Yield

Quadrant label definitions. Hover to know more

High Score;High Yield, High Score;Low Yield, Low Score;Low Yield, Low Score;High Yield

Dividend Coverage

Over the last twelve months (prior to June 30, 2017), CVLY-US paid a low quality dividend.

The source of the company’s cash to support the dividend paid over the last twelve months is operating cash flow (coverage of 3.85x), investing cash flow (coverage of -43.19x), issuance cash flow (coverage of 36.21x) and twelve-month prior cash (coverage of 3.25x), for a total dividend coverage of 5.22x.

Dividend Coverage by Cash Flow (TTM)

These coverage ratio factors imply that the firm had to dip into the beginning cash balance to pay the dividend, which suggests a low dividend quality.

Dividend History

Item 2012-12-31 2013-12-31 2014-12-31 2015-12-31 2016-12-31 Latest
Dividend Yield (%) 2.51 2.21 2.28 1.85 1.72 2.11
Dividend Payout (%) 18.14 20.57 22.99 27.75 31.95 31.11

A complete list of metrics and analysis is available on the company page.

Company Profile

Codorus Valley Bancorp, Inc. operates as a bank holding company for Peoples Bank, which provides banking and financial services. The company also provides personal banking, mortgage banking, wealth management and real estate services. Codorus Valley Bancorp was founded on October 7, 1986 and is headquartered in York, PA.


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