Exhibit 99.1




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




Cortland Bancorp Reports Increase in Nine Months Earnings,

Raises Dividend to $0.12 Per Share

CORTLAND, Ohio – October 23, 2019 — Cortland Bancorp (NASDAQ: CLDB) announced its 2019 nine months financial results which included net income of $5.38 million, or $1.24 per share. This represented a 2.3% increase over the previous year’s $5.26 million, or $1.21 per share, after adjusting for a non-recurring $1.55 million gain on life insurance proceeds from the death of a former executive. Whereas last year’s nine month reported results contain the $1.55 million life insurance gain, reported noninterest expenses in the current year-to-date include the one-time fees and expenses associated with onboarding the Company’s stock to the NASDAQ trading platform, the initial staffing and operating expenses of the newly opened Strongsville branch, and an increase in equity award grants resulting from record earnings in 2018.

Net income of $1.95 million, or $.45 per share for the third quarter of 2019 remained relatively unchanged from the $1.97 million or $.46 per share reported in the third quarter of 2018 as the income effect of higher than normal loan payoff during the second quarter was substantially offset by income generated from current year loan originations.

The Company’s net interest margin for the third quarter ended September 30, 2019 was 3.70% versus 3.73% for the same period last year. For the nine months ended September 30, 2019 the margin expanded to 3.80% from 3.70% in 2018, highlighted by an improvement in net interest income which increased from $17.1 million to $18.0 million while remaining identical at $5.8 million in the third quarter of 2019 and 2018.

“While the competition for both loans and deposits has intensified through the first nine months, putting pressure on net interest margins, Cortland, to date, has successfully managed its interest rate risk,” stated James Gasior, President and CEO. “We increased our loan yield by 32 basis points in 2019 which compares favorably with a 29 basis points increase in deposit costs. With growing expectations that the Federal Reserve will continue to lower interest rates during the fourth quarter of 2019, we anticipate additional challenges in expanding the net interest margin.”

Gasior continued, “Despite the fact that all financial institutions are facing the challenges of a changing rate environment, Cortland is well positioned to weather these challenges. As we continue to expand and introduce our brand into new markets in Northeast Ohio, we are generating new opportunities to deploy deposits and other funding sources to grow our loan portfolio. With an attractive deposit base and loan-to-deposit ratio of 83.2%, our balance sheet is strategically positioned for growth even in a low interest environment.”

As a result of the Company’s strong financial performance and the Board’s desire to continue increasing shareholder value, the Board increased the quarterly dividend by $.01 to $0.12 per share, a 9% improvement.

Third Quarter 2019 Highlights (at or for the period ended September 30, 2019)



Net interest income remained constant at $5.8 million in both the third quarters of 2019 and 2018, and is up 5% on a year-to-date basis.



Average total loans grew 2% to $484 million from $474 million a year ago and 4% on a year-to-date basis


The following information was filed by Cortland Bancorp Inc (CLDB) on Wednesday, October 23, 2019 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.

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