Cortland Bancorp Declares Quarterly Cash Dividend of $.14 per share

Rhea-AI Summary

Cortland Bancorp (NASDAQ: CLDB) announced a quarterly cash dividend of $0.14 per share, payable on March 1, 2021, to shareholders of record by February 10, 2021. This decision reflects the company's solid earnings performance, providing a 3% annualized yield based on its recent stock price of $18.50. Additionally, a supplemental dividend of $0.05 per share has been authorized, rewarding shareholders for Cortland's consistent profitability and strong capital position.

Positive

• Quarterly cash dividend of $0.14 per share reflecting solid earnings.
• Additional supplemental dividend of $0.05 per share rewards shareholders.
• Total projected dividend yield of 3% based on current stock price.

Negative

• None.

Board additionally authorizes a supplemental dividend of $.05 per share

CORTLAND, Ohio, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Cortland Bancorp (NASDAQ: CLDB), the holding company for Cortland Savings and Banking Company, today announced that its Board of Directors approved a quarterly cash dividend of $0.14 per share. The dividend will be payable on March 1, 2021, to shareholders of record as of the close of business on February 10, 2021.

“In response to our continued solid earnings performance, we are pleased to continue the quarterly cash dividend,” said James Gasior, President and Chief Executive Officer. “Cash dividends, along with our share price appreciation, provide an attractive return to our shareholders.” At the recent stock price of $18.50 per share, the current dividend equates to a yield of 3% on an annualized basis.

In addition, the Board declared a special $0.05 cash dividend, payable March 1. The special dividend rewards the Company’s shareholders for the consistently profitable performance by the Company and is afforded by the Company’s strong capital position.

About Cortland Bancorp
Cortland 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 fourteen full-service community banking offices located in the counties of Trumbull, Mahoning, Portage, Summit, Ashtabula, 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.

CONTACT:

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

FAQ

What is the dividend amount for CLDB shareholders?

Cortland Bancorp has declared a quarterly cash dividend of $0.14 per share, along with a supplemental dividend of $0.05 per share.

When will the dividends be paid to CLDB shareholders?

The dividends will be payable on March 1, 2021, to shareholders of record as of February 10, 2021.

What is the dividend yield for CLDB?

The current dividend equates to an annualized yield of 3% based on the recent stock price of $18.50.

Why did Cortland Bancorp issue a supplemental dividend?

The supplemental dividend was issued in recognition of the company's consistently profitable performance and strong capital position.