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Cortland Bancorp (CLDB)

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Previous Close19.55
Open19.65
Bid16.20 x 1100
Ask20.00 x 1100
Day's Range19.30 - 20.00
52 Week Range11.10 - 22.37
Volume2,591
Avg. Volume2,740
Market Cap81.507M
Beta (5Y Monthly)N/A
PE Ratio (TTM)9.80
EPS (TTM)1.97
Earnings DateFeb 01, 2021
Forward Dividend & Yield0.56 (2.90%)
Ex-Dividend DateFeb 09, 2021
1y Target EstN/A
  • Why You Might Be Interested In Cortland Bancorp (NASDAQ:CLDB) For Its Upcoming Dividend
    Simply Wall St.

    Why You Might Be Interested In Cortland Bancorp (NASDAQ:CLDB) For Its Upcoming Dividend

    It looks like Cortland Bancorp ( NASDAQ:CLDB ) is about to go ex-dividend in the next 4 days. You will need to purchase...

  • Cortland Bancorp Announces Financial Results for the Fourth Quarter 2020
    GlobeNewswire

    Cortland Bancorp Announces Financial Results for the Fourth Quarter 2020

    Net income improves 47% on quarter basis and 13% year over year, despite COVID-19 challenges Board authorizes $0.14 per share dividend, plus $0.05 special dividend, and new share repurchase program CORTLAND, Ohio, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Cortland Bancorp (NASDAQ: CLDB) announced its fourth quarter 2020 financial results. Net income for the three months ending December 31, 2020 was $2.8 million, or $0.67 per share, versus $1.9 million, or $0.44 per share, for the fourth quarter of 2019 and $2.2 million or $0.51 per share for the third quarter of 2020. The return on average assets ratio was 1.40% for the Company for this fourth quarter, while the return on average equity ratio was 14.22%. Earnings per share for the full year 2020 and 2019 were $1.97 per share and $1.68, with net income of $8.3 million and $7.3 million, respectively. “Considering the substantial reduction in interest rates nationally and the ongoing provisioning for COVID-related conditions, we are pleased with the achieved performance level,” said James Gasior, president and CEO. Mortgage loan sales accounted for much of the revenue growth with the mortgage unit achieving record production for the year, improving gains on sales by $738,000 for the quarter. On the expense side, reductions in certain personnel and operating costs also contributed to improved performance. Gasior noted, “cost savings in marketing, travel and education and training expense are attributable to prudent cost containment measures as well as the shut-down of normal business activities due to the pandemic.” Gasior additionally confirmed that the Bank’s participation in the Paycheck Protection Program (PPP) as part of the government’s CARES Act helped more than 400 customers and saved nearly 8,000 local jobs. Cortland Bancorp remained well capitalized with total risk-based capital to risk-weighted assets of 15.07% and tangible equity to tangible assets of 9.86%. Year-over-year performance improved despite the increase in the provision for credit losses directly attributable to the current COVID-19 pandemic. Specifically, increases in the allowance for credit losses were recognized in the qualitative factor allocations for specific concentrations of credit in various loan portfolio segments as a result of current economic conditions. Elevated provisions occurred in each of the first three quarters of 2020 commensurate with COVID-related loan modifications. With substantially all of those loans now in full payment status, coupled with a reduction in nonperforming loans, no provision was necessary in the fourth quarter. “With additional government programs launched recently, businesses are able to tap those resources to make it through what is hopefully the tail end of this pandemic-stressed economy,” said Gasior. As a result of the bank’s strong performance in 2020, its Board has authorized a dividend of $0.14 per share in addition to a $0.05 special dividend. The Board also reinstated its share repurchase program. Under the terms of the program authorized for 2021, the Company can repurchase up to 200,000 shares of the Company’s common stock, or approximately 4.7% of its outstanding common shares. “Stock repurchase is an attractive way, in addition to our quarterly cash dividend, to deliver on our long-term goal to enhance shareholder value," said James M. Gasior. Fourth Quarter 2020 Highlights (at or for the period ended December 31, 2020) Net income of $2.8 million, or $.67 per share, for the fourth quarter of 2020 was a 29% improvement on the $2.2 million, or $.51 per share, reported for the third quarter of 2020, and 47% higher than the $1.9 million, or $.44 per share, for the fourth quarter of 2019. Likewise, pre-tax, pre-provision income for the fourth quarter 2020 was 35% higher than in the same quarter of 2019 and 9% higher when compared to the previous quarter. The Company overcame a lower net interest margin due to actions taken by the Federal Open Market Committee (“FOMC”) relative to interest rates by improving noninterest income and reducing expenses. Even with a reduced net interest margin, the Company managed a modest increase of $120,000 in net interest income for the fourth quarter ended December 31, 2020 versus the fourth quarter of 2019, as the cost of funds declined more than asset yields. Benefiting asset yields in the quarter was PPP loan fee recognition of over $500,000, as the beginning of the forgiveness process accelerated some fees. Also benefiting from the lower rate environment, the mortgage banking operation recognized gains of $1.1 million on loan originations of $33.8 million for the fourth quarter of 2020 versus gains of $381,000 on loan originations of $23.3 million for the same period in 2019. Gains on mortgage originations accounted for 12% of all revenues for the fourth quarter compared to 4% of all revenues in the same quarter of 2019. The originations were comprised of both refinances of existing mortgage loans and new purchases of homes. The efficiency ratio for the Company was 60.79% for the quarter versus 65.50% for the same period in 2019. The return on average equity ratio for the Company was 14.22% for the quarter versus 10.23% for the same quarter in 2019. A quarterly cash dividend of $0.14 per share and a special dividend of $.05 per share will be payable on March 1, 2021 to shareholders of record on February 10, 2021. The quarterly dividend equates to an annualized dividend yield of 3.0%. Balance Sheet Total assets were $821 million at December 31, 2020, compared to $737 million at December 31, 2019 and $812 million at September 30, 2020. Total loans increased 7% year over year, with loans granted under the Paycheck Protection Program (PPP) accounting for substantially all loan growth. According to Gasior, Cortland assisted 419 customers in obtaining funds under this government program, providing payroll and operating expense relief worth $56.4 million. Total deposits grew by $82.1 million, or 13%, to $701 million for the fourth quarter of 2020 from $618 million in the fourth quarter of 2019. Noninterest-bearing deposits accounted for 28% of total deposits, while certificates of deposits were 14% of the deposit mix. “Stimulus payments provided by the government, as well as the PPP funds for our borrowers, have significantly contributed to deposit growth,” stated Gasior. “In addition, in this stay-at-home environment, depositors have increased their rates of saving.” Asset Quality No provision for loan losses was recorded for the three months ended December 31, 2020 versus $180,000 a year ago. The decrease is attributable to substantial provisions in the prior three quarters, giving recognition to economic disruption and uncertainty associated with COVID-19. Nonperforming loans were $7.6 million, compared to $8.5 million a year earlier and $7.7 million at September 30, 2020. The ratio of nonperforming assets to total assets at quarter end was .93%. This reflects an improvement from the 1.16% reported a year ago. The Company’s ratio of allowance for loan losses to nonperforming loans was 78.91% at December 31, 2020. With the loan portfolio of predominantly commercial real estate at low loan-to-value ratios, collateral coverage weighs in as a significant risk mitigation factor in evaluating credit exposure. Performing restructured loans that are included in nonperforming loans at the end of the quarter were $5.7 million, compared to $6.2 million a year ago and $5.8 million on a linked quarter basis. The Bank had received requests to modify 127 loans aggregating $123.7 million through April. Most of the requests involved the deferral of principal and interest payments and/or the extension of the maturity dates. As of December 31, 2020, only 9 loans aggregating $18.4 million remain in deferral. “These loan deferrals and modifications have been executed consistent with the guidelines of the CARES Act. These loan deferrals are not included in our nonperforming loans previously disclosed. In addition to loan deferrals, we are also participating in the Paycheck Protection Program (PPP) stemming from the CARES Act passed by Congress as a stimulus response to the potential economic impacts of COVID-19," said Gasior. According to Gasior, the Company approved 419 PPP loans totaling $56.4 million for small businesses, saving 7,829 jobs in the communities we serve. The Small Business Administration has forgiven $11 million of these loans as of year-end, with the remaining expected to be forgiven in the first quarter of 2021. Capital Cortland Bancorp continues to remain well capitalized under all regulatory measures, with capital ratios exceeding the statutory well-capitalized thresholds by an ample margin. For the quarter ended December 31, 2020, capital ratios were as follows: RatioCortland BancorpBankWell-capitalized Minimum Tier 1 leverage ratio10.20%9.18%5.00% Tier 1 risk-based capital ratio14.01%12.62%8.00% Total risk-based capital ratio15.07%14.72%10.00% CERTAIN NON-GAAP MEASURES Certain financial information has been determined by methods other than Generally Accepted Accounting Standards (“GAAP”). Specifically, certain financial measures are based on core earnings rather than net income. Pre-tax, pre-provision income excludes the provision for loan losses and the income tax provision. Such information may be useful to both investors and management and can aid them in understanding the Company’s current performance trends and financial condition. Pre-tax, pre-provision income is a supplemental tool for analysis and not a substitute for GAAP net income. Reconciliation from GAAP net income to the non-GAAP measure of pre-tax, pre-provision income is referenced as part of management’s discussion and analysis of quarterly and year-to-date financial results of operations. The following is a reconciliation between pre-tax, pre-provision income and earnings under GAAP: IN 000s THREE MONTHS ENDED TWELVE MONTHS ENDED Dec 31, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2020 Dec 31, 2019GAAP net income $2,798 $1,904 $2,162 $8,263 $7,282Provision for loan losses - 180 525 1,575 715Federal income tax expense 536 393 360 1,471 1,359Pre-tax, pre-provision income $ 3,334 $ 2,477 $ 3,047 $ 11,309 $ 9,356 About Cortland Bancorp Cortland Bancorp is a financial holding company headquartered in Cortland, Ohio. Founded in 1892, the bank subsidiary, The Cortland Savings and Banking Company conducts business through 13 full-service community banking offices located in the counties of Trumbull, Mahoning, Portage, Summit, and Cuyahoga in Northeastern Ohio and a financial service center in Fairlawn, Ohio. For additional information about Cortland Bank visit http://www.cortlandbank.com. Forward Looking Statement This release may contain “forward-looking statements” that are subject to risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy and management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Cortland Bancorp or management, are intended to help identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include our ability to maintain or expand our market share or net interest margins, and to implement our marketing and growth strategies. Further, actual results may be affected by our ability to compete on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy, as those factors relate to our cost of funds and return on assets. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in our other filings with the SEC. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations. CONTACT: James M. Gasior President & CEO(330) 282-4111 SELECTED FINANCIAL DATA (In thousands of dollars, except for ratios and per share amounts) Unaudited Three Months Ended Twelve Months Ended Dec. 31,2020 Dec. 31,2019 Var % Sept. 30,2020 Var % Dec. 31,2020 Dec. 31,2019 Var %SUMMARY OF OPERATIONS Interest income$6,873 $7,428 (7)% $6,671 3% $27,092 $29,643 (9)%Interest expense (712) (1,387) (49) (868) (18) (3,809) (5,554) (31)Net interest income 6,161 6,041 2 5,803 6 23,283 24,089 (3)Provision for loan losses — (180) (100) (525) (100) (1,575) (715) 120 NII after loss provision 6,161 5,861 5 5,278 17 21,708 23,374 (7)Investment security gains (losses) 122 — — — — 140 (44) (418)Non-interest income 2,246 1,339 68 1,965 14 7,360 5,066 45 Non-interest expense (5,195) (4,903) 6 (4,721) 10 (19,474) (19,755) (1)Income before tax 3,334 2,297 45 2,522 32 9,734 8,641 13 Federal income tax expense 536 393 36 360 49 1,471 1,359 8 Net income$2,798 $1,904 47% $2,162 29% $8,263 $7,282 13% PER COMMON SHARE DATA Number of shares outstanding (000s) 4,223 4,324 (2)% 4,223 —% 4,223 4,324 (2)%Earnings per share, basic and diluted$0.67 $0.44 52 $0.51 31 $1.97 $1.68 17 Dividends per share 0.14 0.12 17 0.14 — 0.61 0.50 22 Market value 18.61 21.81 (15) 15.17 23 18.61 21.81 (15)Book value 19.18 17.19 12 18.51 4 19.18 17.19 12 Market value to book value 97.02% 126.88% (24) 81.96% 18 97.02% 126.88% (24) BALANCE SHEET DATA Assets$821,305 $737,162 11% $811,625 1% $821,305 $737,162 11%Investments securities 170,906 138,966 23 170,608 — 170,906 138,966 23 Total loans 556,760 518,716 7 534,146 4 556,760 518,716 7 Total deposits 700,510 618,381 13 680,640 3 700,510 618,381 13 Borrowings 24,643 31,077 (21) 37,243 (34) 24,643 31,077 (21)Shareholders’ equity 81,005 74,338 9 78,148 4 81,005 74,338 9 AVERAGE BALANCE SHEET DATA Average assets$801,923 $712,629 13% $809,834 (1)% $775,259 $697,251 11%Average total loans 541,319 497,387 9 530,704 2 524,034 489,192 7 Average total deposits 678,781 594,794 14 677,948 — 649,702 584,138 11 Average shareholders' equity 78,733 74,483 6 77,048 2 77,336 70,587 10 ASSET QUALITY RATIOS — Net recoveries (charge-offs)$(26) $(356) (93)% $— —% $(21) $(448) (95)%Net recoveries (charge-offs) to average loans (0.02)% (0.29)% (93) —% — (—)% (0.09)% (100)Non-performing loans as a % of loans 1.37 1.65 (17) 1.45 (6) 1.37 1.65 (17)Non-performing assets as a % of assets 0.93 1.16 (20) 0.95 (2) 0.93 1.16 (20)Allowance for loan losses as a % of total loans 1.08 0.86 26 1.13 (4) 1.08 0.86 26 Allowance for loan losses as a % of non-performing loans 78.91 52.25 51 78.04 1 78.91 52.25 51 FINANCIAL RATIOS\STATISTICS Net interest margin 3.40% 3.74% (9)% 3.17% 7% 3.32% 3.79% (12)%Return on average equity - Company 14.22 10.23 39 11.22 27 10.68 10.32 4 - Bank 15.97 11.65 37 12.55 27 12.40 12.32 1 Return on average assets - Company 1.40 1.07 31 1.07 31 1.07 1.04 3 - Bank 1.50 1.16 29 1.14 32 1.19 1.19 — Efficiency ratio - Company 60.79 65.50 (7) 59.72 2 62.52 67.01 (7)- Bank 57.75 62.54 (8) 57.28 1 58.98 62.42 (6) CAPITAL RATIOS Tier 1 leverage ratio - Company 10.20% 10.98% (7)% 9.81% 4% 10.20% 10.98% (7)%- Bank 9.18 9.85 (7) 8.80 4 9.18 9.85 (7)Common equity tier 1 ratio - Company 13.15 12.76 3 12.50 5 13.15 12.76 3 - Bank 12.62 12.25 3 11.98 5 12.62 12.25 3 Tier 1 risk-based capital ratio - Company 14.01 13.63 3 13.35 5 14.01 13.63 3 - Bank 12.62 12.25 3 11.98 5 12.62 12.25 3 Total risk-based capital ratio - Company 15.07 14.43 4 14.39 5 15.07 14.43 4 - Bank 14.72 14.10 4 14.04 5 14.72 14.10 4

  • GlobeNewswire

    Cortland Bancorp Announces Share Repurchase Program

    CORTLAND, Ohio, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Cortland Bancorp (NASDAQ: CLDB), the holding company for The Cortland Savings and Banking Company, today adopted a new stock repurchase program (“program”). Under the program, the Company is authorized to repurchase up to 200,000 of its 4,223,153 issued and outstanding shares, equating to approximately 4.7%. The repurchase plan approved March 18, 2020 expired on December 31, 2020. At the time the Program expired, the Company had repurchased 146,318 shares from the 300,000 shares authorized for repurchase in 2020. The new program is effective immediately through December 31, 2021 but may be limited or terminated at any time without prior notice. The 200,000 share repurchase authorization for 2021 positions the Company to enhance the value of its stock and to manage its capital. The Company’s action allows management to make repurchases, without further board approval, when stock purchases are deemed prudent. The Board believes that a stock repurchase plan is an important tool that can be utilized to enhance long-term shareholder value. Share repurchases will be made periodically as permitted by securities laws and other legal requirements and will be subject to market conditions as well as other factors. Repurchases may be made in the open market, through block trades or otherwise, and in privately negotiated transactions. The Board’s action authorizes the Company to execute one or more 10b5-1 trading plans. The trading plans would allow the Company to repurchase shares at times when the Company otherwise might be prevented from doing so under insider trading laws by requiring that an agent selected by the Company repurchase shares of common stock on the Company’s behalf. "Stock repurchase is an attractive way, in addition to our quarterly cash dividend, to deliver on our long-term goal to enhance shareholder value," said James M. Gasior, President and Chief Executive Officer of the Company and The Cortland Savings and Banking Company. About Cortland BancorpCortland Bancorp is a financial holding company headquartered in Cortland, Ohio. Founded in 1892, the Company’s bank subsidiary, The Cortland Savings and Banking Company conducts business through thirteen full-service community banking offices located in the counties of Trumbull, Mahoning, Portage, Summit, and Cuyahoga in the Northeast Ohio area and a financial service center in Fairlawn, Ohio. For additional information about Cortland Bank visit http://www.cortlandbank.com. Forward Looking StatementsThis release may contain “forward-looking statements” that are subject to risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy and management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Cortland Bancorp or management, are intended to help identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control. These and other important factors are detailed in various securities law filings made periodically by the Company, copies of which are available from the Company without charge. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law. CONTACT:James M. Gasior, President & CEO (330) 282-4111