Cortland Bancorp Increases Quarterly Cash Dividend 7% to $0.15 Per Share

Rhea-AI Summary

Cortland Bancorp (NASDAQ: CLDB) announced a quarterly cash dividend of $0.15 per share, up 7% from previous distributions. This dividend will be payable on June 1, 2021, to shareholders of record by the close of business on May 17, 2021. At the recent stock price of $22.62, this translates to an annualized yield of 2.7%. CEO James Gasior highlighted the dividend increase as a reflection of the company’s continued solid earnings performance and an attractive return for shareholders.

Positive

• Dividend increased by 7%, reflecting strong earnings performance.
• Current dividend yield stands at 2.7%, attractive for investors.
• Demonstrates commitment to shareholder returns through cash dividends.

Negative

• None.

CORTLAND, Ohio, April 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 $0.15 per share. The dividend will be payable on June 1, 2021, to shareholders of record as of the close of business on May 17, 2021.

“In response to our continued solid earnings performance, we are pleased to be able increase the quarterly cash dividend by 7%,” 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 $22.62 per share, the current dividend equates to a yield of 2.7% on an annualized basis.

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, 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.

Source: Cortland Bancorp

CONTACT:

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

FAQ

What is the dividend amount for Cortland Bancorp (CLDB)?

Cortland Bancorp has declared a quarterly cash dividend of $0.15 per share.

When will the dividend be paid to CLDB shareholders?

The dividend will be payable on June 1, 2021, to shareholders of record as of May 17, 2021.

What is the current dividend yield for Cortland Bancorp (CLDB)?

The current dividend yield for Cortland Bancorp is 2.7% based on a stock price of $22.62.