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Cortland Bancorp (NASDAQ: CLDB) reported a strong fourth quarter 2020, achieving a 47% Increase in net income to $2.8 million or $0.67 per share, compared to $1.9 million in Q4 2019. The bank’s annual EPS for 2020 was $1.97, up from $1.68 in 2019. Despite pandemic challenges, it authorized a $0.14 quarterly dividend and a special $0.05 dividend, alongside a share repurchase program for up to 200,000 shares. The bank’s strong capital position is highlighted by a 15.07% risk-based capital ratio and 1.40% return on average assets.
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.
Cortland Bancorp (NASDAQ: CLDB) has introduced a new stock repurchase program, allowing for the buyback of up to 200,000 shares, approximately 4.7% of its outstanding shares. This program, effective immediately until December 31, 2021, follows the expiration of a previous program in December 2020, which had repurchased 146,318 shares. The board believes this initiative will enhance shareholder value and allows management to act without further approval for prudent repurchases. Share buybacks may occur under various market conditions and legal frameworks.
Cortland Bancorp (NASDAQ: CLDB) reported a net income of $2.2 million or $0.51 per share for Q3 2020, reflecting an 11% increase from Q3 2019. This positive performance was largely attributed to a surge in mortgage loan originations, with gains on loan sales rising by nearly $800,000. Total assets grew to $812 million, a notable increase from $701 million a year ago. The Board declared a dividend of $0.14 per share. However, an increase in loan loss provisions to $525,000 was noted due to COVID-19 uncertainties, impacting overall credit quality. The company remains well-capitalized with strong capital ratios.
Cortland Bancorp (NASDAQ: CLDB) announced a quarterly cash dividend of $0.14 per share, payable on December 1, 2020, to shareholders of record by November 9, 2020. The dividend, with a current yield of 3.7% based on a stock price of $15.00, reflects the company's solid capital position despite challenging market conditions. CEO James Gasior emphasized that this dividend provides an attractive return for shareholders.
Cortland Bancorp (NASDAQ: CLDB) announced a quarterly cash dividend of $0.14 per share, payable on September 1, 2020. Shareholders of record by the close of business on August 14, 2020 will receive this dividend. At the current stock price of $14.00, this yields an annualized return of 4.0%. CEO James Gasior highlighted the company’s strong capital position, enabling the continuation of dividends despite challenging market conditions.
Cortland Bancorp (NASDAQ: CLDB) reported a strong second quarter 2020, achieving a net income of $1.9 million or $0.47 per share, a 45% increase from Q2 2019. Pre-tax, pre-provision income rose 60% year-over-year, reflecting increased mortgage loan originations and effective cost control measures. Total loans grew by 10% year-over-year, aided by the Paycheck Protection Program (PPP), helping 419 local businesses. The board declared a cash dividend of $0.14 per share. Despite challenges, the bank maintained strong capital ratios, exceeding regulatory requirements.
Cortland Bancorp (NASDAQ: CLDB) has been recognized in American Banker magazine’s Top 200 Publicly Traded Community Banks and Thrifts, ranking 105th in the May 2020 issue, an improvement from last year’s rank of 134th. The rankings are based on a three-year average return on equity (ROE) as of the end of the previous year. James M. Gasior, President and CEO, highlighted this recognition as third-party validation of the company's efforts to enhance shareholder value. Cortland Bancorp operates with total assets exceeding $700 million.
Cortland Bancorp (NASDAQ: CLDB) reported Q1 2020 net income of $1.4 million ($0.32 per share), down from $2.1 million ($0.49 per share) in Q1 2019. This decline is attributed to a $600,000 provision for credit losses due to COVID-19. Total average loans increased 1% year-over-year, while average deposits rose by 2% to $593 million. The net interest margin contracted to 3.56% from 3.90% a year earlier. Despite the challenges, the bank remains well-capitalized with a total risk-based capital ratio of 14.08% and declared a dividend of $0.14 per share.
