Cortland Bank Posts $7.2M Net Income for 2019

CORTLAND, Ohio – Cortland Bancorp, the holding company of Cortland Bank, reports full-year net income of $7.28 million, or $1.68 per share, in 2019, marking the second straight year the company has surpassed the $7 million mark.

In 2018, Cortland Bank reported net income of $8.83 million, or $2.03 per share. 

“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,” said President and CEO James M. Gasior in a statement. “With an attractive deposit base and loan-to-deposit ratio of 83.9%, our balance sheet is strategically positioned for growth even in a low-interest environment.”

Key financial ratios at Cortland Bancorp for the quarters ended Dec. 31, Sept. 30 and Dec. 31, 2017:

  • Return on average equity: 10.23%, 10.71%, 13.02%.
  • Return on average assets: 1.07%, 1.12%,1.19%.
  • Net interest margin: 3.74%,,3.7%, 3.95%.
  • Efficiency: 65.5%,64.74%, 63.66%.

Net interest income was $6.04 million in the fourth quarter, up from $5.82 million in the previous quarter and $6.25 million in the final quarter of 2018.

Total loans were $518.72 million, ahead of both the previous quarter’s $488.44 million and the year-ago quarter’s $514.39 million.

Deposits totaled $618.38 million, up from $587.13 million in the third quarter and $604.42 million in the fourth quarter of 2018.

Total assets were $737.16 million at the end of the fourth quarter, ahead of the $700.62 million and $714.67 million in the third quarter and fourth quarter of 2018, respectively.

Noninterest expenses, which includes Federal Deposit Insurance Corp. premiums, salaries, benefits, data processing and marketing, were $4.9 million, up from $4.64 million in the previous quarter and $4.76 million in the year-ago quarter.

Copyright 2020 The Business Journal, Youngstown, Ohio.