Exhibit 99.1

 

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NEWS RELEASE        

 

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CONTACT:    James M. Gasior, President & CEO
   (330) 282-4111

 

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Cortland Bancorp Reports 2014 Annual and Fourth Quarter Financial Results;

Profits More than Double in 2014

CORTLAND, Ohio – February 2, 2015 — Cortland Bancorp (OTCQX: CLDB),

the holding company for Cortland Savings and Banking Company, today reported increased profitability with solid loan growth, expanding net interest margin and improving operating efficiencies for the fourth quarter and full year in 2014. For 2014, net profits grew 117% to $3.9 million, or $0.85 per share, from $1.8 million, or $0.39 per share, for 2013.

Net income was $543,000, or $0.12 per share for the fourth quarter of 2014, compared to a net loss of $462,000, or ($0.11) for the fourth quarter a year ago. The year ago quarterly loss was attributable to a one-time impairment (“OTTI”) pre-tax charge of $2 million recorded as a mandate under the Volcker Rule. Excluding OTTI charges, net income for the fourth quarter of 2013, would have been $827,000, or $0.18 per share. Net income for the third quarter of 2014 was $955,000, or $0.21 per share.

“Our core banking operations continue to perform well generating solid performance in 2014, and we look forward to another productive year in 2015.” said James M. Gasior, President and Chief Executive Officer.

2014 Highlights (at, or for the period December 31, 2014, except as noted):

 

    Earnings per share for the full year 2014 were $0.85, compared to $0.39 per share for 2013. The Volcker Rule charges reduced 2013 EPS by $0.29. EPS for the fourth quarter of 2014 were $0.12, compared to $(0.11) for the fourth quarter 2013, and $0.21 for the third quarter 2014.

 

    For the full year 2014, net interest income increased 7% to $17.8 million, compared to $16.7 million for 2013. Net interest income grew 5% to $4.5 million for the fourth quarter 2014, compared to $4.3 million from the like quarter a year ago and increased 4% from $4.4 million for the third quarter 2014.

 

    Net interest margin (NIM) improved by 26 basis points to 3.67% for the full year, compared to 3.41% for 2013. NIM for the fourth quarter 2014 expanded 5 basis points to 3.68% from 3.63% in the like quarter a year ago, and improved by 4 basis points from 3.64% for the third quarter of 2014.

 

    Total loans increased by $13.4 million, or 4%, to $360.2 million, at December 31, 2014, compared to $346.8 million a year ago, and grew by $30 million, or 9%, from September 30, 2014.

 

    Non-performing loans as a percentage of total loans were 2.58% increasing from 1.77% at the end of the prior year. In spite of the increase in non-performing loans at quarter end, asset quality remained strong with total nonperforming assets representing only 1.77% of total assets.

 

    Cortland Bancorp remained well capitalized with leverage capital improving to 10.66%; while total risk-based capital to risk-weighted assets and tier 1 capital to risk-weighted assets increased to 15.82% and 14.58% respectively.

Operating Results

Net Interest Income

“As a result of solid loan growth during 2014, our net interest income was up for the quarter and for the full year,” added Gasior. Net interest income grew 7% to $17.8 million for the full year 2014, compared to $16.7 million in 2013. For the fourth quarter 2014, net interest income increased 5% to $4.5 million, from $4.3 million for the like quarter a year ago, and grew 4% from the third quarter of 2014.

Net Interest Margin

For the year ended December 31, 2014, net interest margin (NIM) improved by 26 basis points to 3.67%, compared to 3.41% for 2013. NIM expanded 5 basis points for the fourth quarter of 2014, compared to 3.63% for the like quarter a year ago and improved by 4 basis points from 3.63% for the third quarter of 2014. “Our net interest margin continues to improve, again reflecting our strong growth in our loan portfolio,” Gasior continued.


The following information was filed by Cortland Bancorp Inc (CLDB) on Monday, February 2, 2015 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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