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|February 25, 2011||Contact:||James Gasior
President and CEO
|Press Release:||Cortland Bancorp Reports Fourth
Quarter and Year to Date 2010 Earnings
|||Core earnings for the year which exclude non-recurring items such as impairment loss and gain on securities sales were $4.2 million compared to $3.5 million for 2009, an increase of 20%.|
|||The Companys recognition of non-cash pre-tax other-than-temporary impairment (OTTI) losses on investment securities fell dramatically for the year to $2.7 million versus $14.5 million in 2009. The OTTI loss for the three-month period ending December 31, 2010 was $91,000 compared to $512,000 for the same three month period in 2009.|
|||Net interest margin of 3.67% for the quarter is an improvement on both a linked quarter basis (3.52%) and year-over-year (3.30%) as the Company continues to optimally manage its balance sheet in this historically low interest rate environment. Net interest margin for the full year 2010 was 3.59% or 40 basis points higher than the 3.19% in 2009.|
|||The Company continues to excel in managing risks in the loan portfolio as asset quality measures are among the best for banks with similar asset totals. Net loan charge-offs were .19% of average loans in both 2010 and 2009 and the allowance for loan loss (ALLL) to total loans ratio was .94% and .98% at the 2010 and 2009 year end respectively. On a comparative basis with banks within the Companys peer group, net loan charge-offs to average loans at the December 2010 and 2009 year ends, were .99% and 1.12%, more than five times that of the Company. At December 31, 2010 and 2009, the peer group also reported an ALLL to total loan ratio of 1.94% and 1.87% respectively. The Companys allowance for loan losses covers 65% of nonperforming loans at December 31, 2010.|
The following information was filed by Cortland Bancorp Inc (CLDB) on Friday, February 25, 2011 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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