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FOR IMMEDIATE RELEASE October 28 , 2021 CODORUS VALLEY BANCORP , INC . Exhibit 99.1 Codorus Valley Bancorp , Inc. Reports Third Quarter 2021 Earnings Quarterly net income of $ 4.8 million compared to $ 3.6 million in the year - ago quarter Increased cash dividend 15 % to $ 0.15 per share Purchased 164,820 shares at a weighted average price of $ 22.34 during third quarter New mortgage niche product deployments planned for fourth quarter Optimization of our network of Financial Centers continues Craig L. Kauffman appointed President and CEO effective October 1 , 2021 YORK , Pa . – Codorus Valley Bancorp , Inc. ( Codorus Valley , or the Corporation ) ( NASDAQ : CVLY ) , parent company of PeoplesBank , A Codorus Valley Company ( PeoplesBank ) , today announced net income of $ 4.8 million or $ 0.49 per diluted share , for the quarter ended September 30 , 2021 , as compared to net income of $ 3.6 million or $ 0.37 per diluted share , for the quarter ended September 30 , 2020 and net income of $ 3.3 million or $ 0.33 per diluted share for the quarter ended June 30 , 2021 , representing increases of 32 percent and 46 percent , respectively . For the first nine months of 2021 , net income was $ 12.0 million or $ 1.22 per diluted share , compared to $ 3.7 million or $ 0.38 per diluted share , for the first nine months of 2020 . " The Corporation had another strong operational and financial quarter , " stated Craig L. Kauffman , President and CEO . “ Our third quarter earnings increased by 32 percent over the same period in 2020 due to improvements in our interest expense and loan loss provision line items . Additionally , we meaningfully increased our quarterly cash dividend as a result of our strong capital position and improving operating performance . Operationally , we recently implemented several initiatives aimed at improving our efficiency and optimizing our delivery channels , enabling us to deliver an enhanced banking experience to our clients . As we look ahead , we will continue to take advantage of the improving macro environment while expanding our product offerings to meet our client's growing financial service needs , including within our mortgage operations and wealth management divisions . " The Corporation's net interest income for the three months ended September 30 , 2021 was $ 16.0 million , an increase of 7.1 percent when compared to $ 15.0 million for the same period in 2020. For the nine months ended September 30 , 2021 , net interest income was $ 46.4 million , an increase of $ 1.2 million or 2.6 percent compared to $ 45.2 million for the nine months ended September 30 , 2020. The Corporation's tax - equivalent net interest margin ( NIM ) was 2.91 percent for the first nine months of 2021 , compared to 3.17 percent for the same period in 2020 and 2.80 percent for the quarter ended June 30 , 2021. The growth of lower cost core deposits and resulting near term growth in short - term investments served to dilute the reported NIM while having minimal impact on net interest income . Deposits continued to shift to lower cost core deposits , reducing our cost of deposits by 46 basis points as compared to the quarter ended September 30 , 2020 and 11 basis points on a linked quarter basis .