Exhibit 12

Codorus Valley Bancorp, Inc.

Statements Regarding Computation of Ratios

	Years Ended December 31,
(Dollars in thousands)	2017		2016		2015		2014		2013
Income (Loss) Before Income Taxes	$	21,908	$	18,988	$	15,948	$	16,437	$	14,483
Total Fixed Charges		10,979		8,779		8,428		8,280		8,934
Less Preferred Stock Dividends		0		16		120		174		250
Earnings, Including Interest on Deposits	$	32,887	$	27,751	$	24,256	$	24,543	$	23,167
Less Interest on Deposits		8,138		6,667		6,295		6,668		7,655
Earnings, Excluding Interest on Deposits	$	24,749	$	21,084	$	17,961	$	17,875	$	15,512
Fixed Charges:
Interest on Deposits	$	8,138	$	6,667	$	6,295	$	6,668	$	7,655
Interest on Borrowings and Long-term Debt		2,730		1,982		1,879		1,372		964
Interest Expense Embedded in Rental Expense on Long-term Leases (a)		111		114		134		66		65
Preferred Stock Dividends		0		16		120		174		250
Total Fixed Charges, Including Interest on Deposits	$	10,979	$	8,779	$	8,428	$	8,280	$	8,934
Less Interest on Deposits		8,138		6,667		6,295		6,668		7,655
Total Fixed Charges, Excluding Interest on Deposts	$	2,841	$	2,112	$	2,133	$	1,612	$	1,279
Ratio of Earnings to Fixed Charges
Excluding Interest on Deposits		8.71		9.98		8.42		11.09		12.13
Including Interest on Deposits		3.00		3.16		2.88		2.96		2.59

(a) Represents 14%, 15%, 17%, 18%, and 18% of total rent expense in 2017, 2016, 2015, 2014, and 2013, respectively.

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