Exhibit 99.1

 

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Cortland Bancorp 2019 Earnings Mirror Solid Performance of 2018

Bank increases loans, deposits and net interest income despite competitive environment

Board increases quarterly cash dividend by 17% and authorizes a supplemental dividend

CORTLAND, Ohio – January 22, 2020 — Cortland Bancorp (NASDAQ: CLDB) announced its 2019 full year financial results highlighted by a second consecutive year in which net income surpassed $7 million producing returns on equity over 10% per year.

For 2019, the Company recorded net profits of $7.28 million, or $1.68 per share, versus $8.84 million or $2.03 per share for 2018. Excluding nonrecurring gains on life insurance proceeds, the normalized results for 2019 and 2018 were $7.23 million or $1.67 per share, and $7.32 million or $1.68 per share, respectively.

The Company’s net interest margin for the year ended December 31, 2019 expanded to 3.79% from 3.76% in 2018, resulting in an improvement in net interest income which increased from $23.4 million to $24.1 million reflecting a 3% increase.

Total average loans increased 4% on an annual basis, growing to $489 million, while average deposits also increased by 4%, totaling $584 million at year end.

James M. Gasior, President and CEO commented, “As we continue to expand and introduce our brand into new markets in Northeast Ohio, we are generating new opportunities to deploy deposits and other funding sources to grow our loan portfolio. With an attractive deposit base and loan-to-deposit ratio of 83.9%, our balance sheet is strategically positioned for growth even in a low-interest environment.”

The return on average assets ratio was 1.04% for the Company for the year 2019, while the return on average equity ratio was 10.32%.

Cortland Bancorp remained well capitalized with total risk-based capital to risk-weighted assets of 14.43% and tangible equity to tangible assets of 10.08%.

As a result of the Company’s strong financial performance and the Board’s desire to continue increasing shareholder value, the Board increased the quarterly dividend by $.02 to $0.14 per share, a 17% improvement. In addition, the Board declared a supplemental dividend of $.05 per share payable concurrently.

Fourth Quarter 2019 Highlights (at or for the period ended December 31, 2019)

Net income of $1.90 million, or $.44 per share for the fourth quarter of 2019 was just slightly below the $2.02 million or $.47 per share reported for the fourth quarter of 2018 despite higher than normal loan payoffs in the fourth quarter.

The Company’s net interest margin for the fourth quarter ended December 31, 2019 was 3.74% versus 3.95% for the same period last year reflecting three rate cuts enacted by the Federal Open Market Committee in 2019.

The return on average asset ratio for the Company was 1.07% for the quarter versus 1.19% for the same quarter in 2018. Likewise, the return on average equity ratio for the Company was 10.23% for the quarter versus 13.02% for the same quarter in 2018. Ratios in 2018 are unadjusted for the $1.55 million life insurance gain.


The following information was filed by Cortland Bancorp Inc (CLDB) on Wednesday, January 22, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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