Exhibit 99.1




CONTACT:    James M. Gasior, President & CEO

      (330) 282-4111

Cortland Bancorp Earns $2.0 Million for 3Q18

CORTLAND, Ohio – October 24, 2018 — Cortland Bancorp (OTCQB: CLDB),

the holding company for Cortland Savings and Banking Company, today reported net income of $2.0 million, or $0.46 per share, for the third quarter of 2018, compared to $2.1 million, or $0.49 per share for the third quarter of 2017. For the first nine months ended September 30, 2018, net income was $6.8 million, or $1.56 per share, compared to $4.3 million, or $0.98 per share for the nine months of 2017. Adjusted for nonrecurring income items, the return on average assets and return on average equity for the third quarter of 2018 were 1.17% and 12.62% compared to 0.79% and 8.23% for the same period in 2017 All results are unaudited.

Our focus on expansion in new markets and continued strong loan growth, combined with our operating efficiency and expense reduction measures are producing the desired results. The market expansion has translated into higher revenues, while the expense reduction has resulted in a substantially improved efficiency ratio.

Adjusted for nonrecurring income items, including gains on a life insurance contracts in each of the last two years, our third quarter earnings for the current year are up 58% from the same period last year and for the full nine months, earnings are up 53% over 2017.”

“With this continuing performance, the Board declared a dividend of $.11 per share. Year-to-date dividends are up 26% over 2017. With the intent of increasing shareholder value, the higher dividend level combined with opportunistic share repurchases allow the Company to provide increased returns to shareholders.”

Third Quarter 2018 Highlights (at, or for the period ended September 30, 2018);



The efficiency ratio was 64.26% for quarter and 65.24% year-to-date, versus 70.71% and 73.60% for the same periods last year, respectively.



Net interest income increased 15% to $5.8 million, compared to $5.1 million for the third quarter a year ago, and increased 2% from $5.7 million on a linked quarter basis. For the first nine months of 2018, net interest income was $17.1 million, compared to $15.0 million for the like period in 2017, a 14% increase.



Average total loans grew 16% to $474 million from $407 million for the third quarter a year ago.



Average total deposits grew 6% to $557 million from the comparable quarter a year earlier.



Nonperforming assets were 1.52% of total assets versus .98% a year ago.



Cortland Bancorp remained well capitalized with total risk-based capital to risk-weighted assets of 13.91% and tangible equity to tangible assets of 9.11%.



A quarterly cash dividend of $0.11 per share will be payable on December 3, 2018 to shareholders of record on November 12, 2018, providing a 1.8% current yield at recent market prices.

Operating Results

Net Interest Income

The 15% increase in net interest income over the third quarter of 2017 was the primarily the result of the 16% average loan growth over the same period. Additionally, the rate hikes initiated by the Federal Reserve, one each in December, March, June, and September has contributed to increase the yield on loans. Our loan yield of 5.03% for the third quarter improved by 4 basis points from the loan yield of 4.99% for the previous quarter and by 36 basis points as compared to the 4.67% loan yield for the same quarter last year.

The following information was filed by Cortland Bancorp Inc (CLDB) on Wednesday, October 24, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Cortland Bancorp Inc's financial trajectory

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