Exhibit 99.1

SELECTED FINANCIAL DATA

(In thousands of dollars, except for ratios and per share amounts)

Unaudited

 

     Three months     Three months     Twelve months     Twelve months  
     ended     ended     ended     ended  
     December 31,     December 31,     December 31,     December 31,  
     2012     2011     2012     2011  

SUMMARY OF OPERATIONS

        

Total interest income

   $ 5,347      $ 5,177      $ 21,015      $ 21,110   

Total interest expense

     (968     (1,118     (4,071     (4,732
  

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income (NII)

     4,379       4,059       16,944        16,378   

Provision for loan losses

     (2,120     (324     (3,020     (1,196
  

 

 

   

 

 

   

 

 

   

 

 

 

NII after loss provision

     2,259       3,735       13,924        15,182   

Investment security (losses) gains net of impairment losses

     (46     9       (157     680   

Total non-interest income (excluding investment losses or gains)

     930        806        4,476       2,878  

Total non-interest expense

     (4,082     (3,508     (15,488     (13,475
  

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income before tax (benefit) expense

     (939     1,042       2,755       5,265  

Income tax (benefit) expense

     (475     214        (158     1,193  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income

   $ (464   $ 828      $ 2,913      $ 4,072   
  

 

 

   

 

 

   

 

 

   

 

 

 

PER COMMON SHARE DATA

        

Net (loss) income, both basic and diluted

   $ (0.11   $ 0.18      $ 0.64      $ 0.90   

Book value

     10.93        10.10        10.93        10.10   

BALANCE SHEET DATA

        

Assets

   $ 582,240      $ 519,830      $ 582,240      $ 519,830   

Investments

     184,646        185,916        184,646        185,916   

Loans

     317,282        289,096        317,282        289,096   

Loans held for sale

     24,756        947        24,756        947   

Deposits

     476,901        422,765        476,901        422,765   

Borrowings

     46,051        42,273        46,051        42,273   

Subordinated debt

     5,155       5,155       5,155       5,155  

Shareholders’ equity

     49,452        45,719        49,452        45,719   

AVERAGE BALANCE SHEET DATA

        

Average assets

   $ 561,528      $ 496,192      $ 528,075      $ 493,728   

Average loans

     300,735        265,426        287,723        260,755   

Average loans held for sale

     21,439        806        13,311        325   

Average deposits

     453,678        403,291        424,337        395,561   

Average equity

     50,255        44,851        48,598        44,589   

ASSET QUALITY RATIOS

        

Loan charge-offs

     (1,963     (341     (2,415     (832

Recoveries on loans

     51       17       162        193   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net charge-offs

     (1,912     (324     (2,253     (639
  

 

 

   

 

 

   

 

 

   

 

 

 

Net charge-offs as a percent of total average loans

     2.54     0.49     0.78     0.25

Loans 30 days or more beyond their contractual due date as a percent of total loans

     1.02     1.40     1.02     1.40

Loan loss reserve as a percent of total loans

     1.21        1.06        1.21        1.06   

Non-accrual loans as a percent of total loans

     0.94        1.23        0.94        1.23   

FINANCIAL RATIOS

        

Return on average equity

     (3.69 )%      7.38     5.99     9.13

Return on average assets

     (0.33     0.67        0.55        0.82   

Effective tax rate

     (50.59     20.54        (5.74     22.66   

Net interest margin

     3.44        3.64        3.58        3.72   

Efficiency ratio

     76.89        72.11        72.31        69.98   

CAPITAL RATIOS

        

Total risk-based capital to risk-weighted assets

     14.10     14.18     14.10     14.18

Tier 1 capital to risk-weighted assets

     13.15        13.37        13.15        13.37   

Tier 1 capital to average assets

     9.63        10.39        10.24        10.47   

The following information was filed by Cortland Bancorp Inc (CLDB) on Friday, March 15, 2013 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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