Exhibit 99.1

 

January 31, 2012
   Contact: James Gasior
   President and CEO

 

Press Release: Cortland Bancorp Reports Fourth

  Quarter and Full Year 2011 Earnings

CORTLAND BANCORP (the “Company,” OTCQB: CLDB) today reported net income of $4.1 million, or $.90 per share, for the year ending December 31, 2011, representing a 24% increase over the $3.3 million, or $.72 per share reported for the same period in 2010. The improvement in earnings performance is highlighted by a 17% growth rate in the commercial loan portfolio and a composite loan portfolio growth rate of 9%. The loan portfolio growth combined with additional balance sheet strategies orchestrated by management produced an increase in net interest income of $873,000 from the previous year end. Earnings have also been enhanced through the effective management of overhead costs which resulted in a peer comparable efficiency ratio of 70%. This was accomplished despite the recognition of additional expenses associated with the start-up of the new mortgage banking unit.

Respective to quarterly operating results for the last quarterly reporting period of 2011, highlights of operations are as follows:

 

   

Net income for the fourth quarter 2011 was $828,000 or $.18 per share versus $1 million or $.23 per share for the fourth quarter of 2010.

 

   

Net interest income increased by $141,000 in 2011 versus 2010 despite a 3 basis point decline in net interest margin as the Company continues to optimally manage its balance sheet in this historically low interest rate environment.

 

   

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 .49% of average loans in 2011 and .31% for 2010. The allowance for loan loss (ALLL) to total loans ratio was 1.06% at December 31, 2011 versus .94% a year ago. The Company’s allowance for loan losses covers 86% of nonaccrual loans at December 31, 2011.

 

   

The Company’s total shareholders’ equity increased from $41.9 million on December 31, 2010 to $45.7 million at December 31, 2011, an increase of $3.8 million. The Company continues to remain well capitalized under all regulatory measures. The Company’s total risk-based capital is $16.2 million in excess of the 10% well capitalized threshold.


The following information was filed by Cortland Bancorp Inc (CLDB) on Tuesday, January 31, 2012 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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