Codorus Valley Bancorp : Investor Presentation – 12/31/2022

Safe Harbor Notice Regarding

Forward-Looking Statements

This presentation contains forward-looking statements about Codorus Valley Bancorp, Inc. (also referred to herein as the "Corporation") that are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts. Such forward-looking statements include, but are not limited to, discussions of strategy, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives, goals, expectations or consequences; and statements about future performance, operations, products and services of the Corporation and its subsidiaries. These statements typically can be identified by the use of forward-looking terminology such as "believe," "expect,"

"estimate," "potential," "may," "will," "should," "project," "position," "plan," "seek," "strive to," "intend," "anticipate," "possible" or similar terminology.

Many factors, including those described below or elsewhere in this presentation, could affect the future financial results of the Corporation and its subsidiaries, both individually and collectively, and could cause actual results to differ materially from those expressed in the forward-looking statements contained or incorporated by reference in this presentation.

Actual results could differ materially from those indicated in forward-looking statements due to, among others, the following factors: general economic conditions; the scope and duration of the on-goingCOVID-19 pandemic; the effects of the COVID-19 pandemic, including on the Corporation's credit quality and operations as well as its impact on general economic conditions; legislative and regulatory changes including actions taken by governmental authorities in response to the COVID-19 pandemic; monetary and fiscal policies of the federal government; the effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; changes in market interest rates; the persistence of the current inflationary environment in the U.S. and our market areas; the uncertain impact of new laws and regulations; ineffectiveness of the Corporation's business strategy due to changes in the current or future market conditions; changes in deposit flows, the cost of funds, demand for loan products and the demand for financial services, in each case as may be affected by the COVID-19 pandemic; competition; market volatility, market downturns, changes in consumer behavior, business closures; adverse changes in the quality or composition of the Corporation's loan, investment and mortgage-backed securities portfolios; geographic concentration of the Corporation's business; fluctuations in real estate values; the adequacy of loan loss reserves; deterioration in the credit quality of borrowers; the Company's ability to retain key personnel; failure or disruption of the Corporation's information systems; failure or circumvention of our internal controls; changes in government regulation and supervision; occurrence of natural or man-made disasters or calamities, including health emergencies, the spread of infectious diseases, epidemics or pandemics, an outbreak or escalation of hostilities or other geopolitical instabilities, the effects of climate change or extraordinary events beyond the Corporation's control, and the Corporation's ability to deal effectively with disruptions caused by the foregoing; and other economic, competitive, governmental and technological factors affecting the Corporation's operations, markets, products, services and fees.

Additional factors that may affect forward-looking statements made in this presentation can be found in the Corporation's Quarterly Reports on Forms 10-Q and its Annual Report on Form 10-K, filed with the Securities and Exchange Commission ("SEC") and available on the Corporation's website at www.peoplesbanknet.com and on the SEC's website at www.sec.gov. We include web addresses here as inactive textual references only. Information on these websites is not part of this presentation. Forward-looking statements in this presentation speak only as of the date of this presentation, and the Corporation does not commit to revise or update such statements to reflect changes that occur after the date of this presentation. Annualized, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results.

The Corporation uses certain non-GAAP (Generally Accepted Accounting Principles) financial measures in this presentation. The Corporation's management believes that the supplemental non-GAAP information included in this presentation is utilized by market analysts and others to evaluate the Corporation's financial condition and results of operations and, therefore, such information is useful to investors. These measures have limitations as analytical tools and should not be considered a substitute for analysis of results under GAAP. These non-GAAP financial measures are reconciled to the most comparable measures at the end of this presentation.

2

Franchise Scarcity Value in Highly Attractive Markets

4Q2022 Financial Highlights

Asset-sensitive balance sheet, execution of Cooperation Agreement(1) and significantly improved asset quality profile

positioned the Corporation for earnings improvement in 2022