Cortland Bancorp (NASDAQ: CLDB) announced its second quarter 2020
financial results.
Net income for the three months ending June 30, 2020 was $1.9
million, or $0.47 per share, versus$1.3 million, or $0.30 per
share, for the second quarter of 2019 and $1.3 million or $0.32 per
share for the first quarter of 2020.
The return on average assets ratio was 1.00% for the Company for
this second quarter, while the return on average equity ratio was
10.45%.
For both the six months ended June 30, 2020 and 2019, earnings
per share were $0.79 per share, with net income of $3.3 million and
$3.4 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 through the first six months of the year,” said
James Gasior, president and CEO.
Cortland Bancorp remained well capitalized with total risk-based
capital to risk-weighted assets of 14.41% and tangible equity to
tangible assets of 9.71%.
Year-over-year second quarter 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.
“Although the ultimate impact to businesses is unknown at the
current time, a continued increase in credit provisioning is
warranted given the economic disruption and uncertainty associated
with the COVID-19 pandemic,” said Gasior. Mortgage loan sales
accounted for much of the revenue growth, while on the expense
side, a nearly 20% reduction in personnel costs also contributed to
improved performance.
Gasior added, “In this pandemic environment, in lieu of layoffs
or furloughs, we were able to realize staff reductions through
retirements and by not filling vacated positions, thus realizing
substantial savings in salaries and benefits. Our mortgage unit is
approaching record production for the year, improving gains on
sales by more than $500,000 for the quarter.”
Second Quarter 2020 Highlights (at or for the period
ended June 30, 2020)
Net income of $1.9 million, or $.47 per share, for the second
quarter of 2020 was a 41% improvement on the $1.4 million, or $.32
per share, reported for the first quarter of 2020, and 45% higher
than the$1.3 million, or $.30 per share, for the second quarter of
2019. Likewise, pre-tax, pre-provision income for the second
quarter 2020 was 60% higher than in the same quarter of 2019 and
26% higher when compared to the previous quarter. The Company
overcame a lower net interest margin due to actions taken by the
FOMC relative to interest rates by improving noninterest income and
reducing expenses.
The Company's reduced net interest margin resulted in a decrease
of $388,000 in net interest income for the second quarter ended
June 30, 2020 versus the second quarter of 2019. However,
benefiting from the lower rate environment, the mortgage banking
operation recognized gains of $900,000 on loan originations of
$34.1 million for the second quarter of 2020 versus gains of
$344,000 on loan originations of $17.9 million for the same period
in 2019. The originations were comprised of both refinances of
existing mortgage loans and purchases of existing homes.
The efficiency ratio for the Company was 61.62% for the quarter
versus 74.34% for the same period in 2019.
The return on average equity ratio for the Company was 10.45%
for the quarter versus 7.68% for the same quarter in 2019.
A quarterly cash dividend of $0.14 per share will be payable on
September 1, 2020 to shareholders of record on August 14, 2020.
This equates to an annualized dividend yield of 4.00%.
Balance Sheet
Total assets were $780 million at June 30, 2020,
compared to $691 million at June 30, 2019 and $713 million at March
31, 2020.
Total loans increased 10% year over year, led
mainly by loans granted under the Paycheck Protection Program
(“PPP”). According to Gasior, Cortland assisted 419 customers in
obtaining funds under this government program, providing payroll
and operating expense relief worth $56 million.
Total deposits grew by $71.5 million, or 12%, to $648 million
for the second quarter of 2020 from $577 million in the second
quarter of 2019. Noninterest-bearing deposits accounted for 29% of
total deposits, while certificates of deposits were 19% of the
deposit mix.
“Stimulus payments provided by the government, as well as the
PPP funds to our borrowers, have significantly contributed to
deposit growth,” stated Gasior. “In addition, in the stay-at-home
environment, an increased rate of saving has been a typical
depositor reaction.”
Asset Quality
A provision for loan losses of $450,000 was recorded for the
three months ended June 30, 2020 versus $180,000 a year ago. The
increase is attributable to additional qualitative factors, giving
recognition to economic disruption and uncertainty associated with
COVID-19.
Nonperforming loans were $7.9 million, compared to $9.0 million
a year earlier and $8.2 million at March 31, 2020. The ratio of
nonperforming assets to total assets at quarter end was 1.02%. This
reflects an improvement from the 1.30% reported a year ago. The
Company’s ratio of allowance for loan losses to nonperforming loans
was 69.71% at June 30, 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$5.8 million, compared to $6.5
million a year ago and $6.1 million on a linked quarter basis.
The Bank had received requests to modify 127 loans aggregating
$123.6 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 June 30, 2020, 130 loans aggregating
$110.8 million are in deferral.
The composition of these deferrals by industry is as
follows:
|
|
Loan
Modifications |
As of June 30, 2020 |
Type of Loan |
Number ofLoans |
|
Balance |
|
% of TotalLoans |
% ofSegment |
|
|
|
(In 000s) |
|
|
|
One-to-four family residential |
28 |
|
$ |
5,995 |
|
1 |
% |
8 |
% |
Consumer |
2 |
|
|
149 |
|
0 |
% |
1 |
% |
Commercial and
Industrial |
|
|
|
|
|
|
Trucking |
17 |
|
|
5,961 |
|
1 |
% |
33 |
% |
Other |
20 |
|
|
14,213 |
|
3 |
% |
14 |
% |
Commercial Real
Estate |
|
|
|
|
|
|
Multi-family |
5 |
|
|
6,648 |
|
1 |
% |
18 |
% |
Nonresidential |
15 |
|
|
27,319 |
|
5 |
% |
28 |
% |
Hotels |
8 |
|
|
25,510 |
|
5 |
% |
95 |
% |
Skilled nursing/ personal care |
4 |
|
|
9,908 |
|
2 |
% |
18 |
% |
Other |
31 |
|
|
15,058 |
|
3 |
% |
16 |
% |
Total |
130 |
|
$ |
110,761 |
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
These loan deferrals and modifications have been executed
consistent with the guidelines of the CARES Act. Pursuant to the
CARES Act, these loan deferrals are not included in our
nonperforming loans previously disclosed.
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 June 30, 2020, capital ratios were as follows:
|
Ratio |
Cortland Bancorp |
Bank |
Well-capitalized Minimum |
Tier 1 leverage ratio |
10.00 |
% |
8.93 |
% |
5.00 |
% |
Tier 1
risk-based capital ratio |
13.44 |
% |
12.02 |
% |
8.00 |
% |
Total
risk-based capital ratio |
14.41 |
% |
14.05 |
% |
10.00 |
% |
COVID-19 Response |
|
|
|
|
|
|
|
The pandemic affected the company both financially and
operationally. "We are committed to serving the needs of our
customers in an ever-changing environment," said Gasior. "We
recognize that COVID-19 is causing major concerns for the
communities we serve and our entire country. With this in mind,
Cortland Bancorp has instituted multiple relief actions in an
effort to assist our customers during this very difficult time. The
management team has activated its Pandemic Task Force with
representation from all areas of our company. The Task Force meets
frequently to discuss the current situation, safety, and needs of
our customers and employees. We are working diligently with our
customers as we all continue to battle COVID-19. As part of these
relief actions, the Bank has temporarily suspended residential
foreclosure actions and is offering loan assistance programs
designed to help those customers who are experiencing or are likely
to experience financial difficulties directly related to COVID-19
and which are causing loss of individual income and/or household
income. 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."
The CARES Act signed into law on March 27, 2020, authorized the
Small Business Administration to guarantee loans under a new 7(a)
loan program referred to as the Payroll Protection Program (PPP).
Under the bill $349 billion was made available to small businesses.
PPP loans are made for two years at a 1% fixed rate with payments
deferred for six months. The SBA will also pay lenders a processing
fee calculated on the loan balances ranging from 1% to 5%. As loans
are forgiven or are carried through maturity, the Bank will record
interest and fees in accordance with the guidelines of the CARES
Act.
According to Gasior, the Company had also taken many steps to
protect the safety of its employees and customers by temporarily
adjusting branch operations, limiting lobby usage on an
appointment- only basis and encouraging drive-thru and ATM use
along with internet banking. A number of employees continue to work
remotely, while other essential employees and operational staff are
working split-shifts when possible to meet social distancing
guidelines. “While we have altered our operations to protect our
customers and employees, we have remained committed to maintaining
a high level of service to all of our customers during these
challenging times," added Gasior.
"The year began with a keen focus on continued growth in loans,
deposits and overall profitability; however, due to the pandemic,
we abruptly shifted our focus to risk assessment and risk
mitigation," said Gasior. "Over the last four months, a majority of
the efforts of our employees has been dedicated to accommodating
current customer requests for payment relief, as well as
originating and submitting PPP loans for customers and
non-customers alike. Community banks have been instrumental in
securing PPP loans for small businesses and saving jobs. I am proud
of our staff who have worked tirelessly to secure these much-needed
SBA funds. This experience helped solidify our current
relationships, as well as create some very valuable new ones.”
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 |
|
SIX MONTHS ENDED |
|
June 30, 2020 |
June 30, 2019 |
March 31, 2020 |
|
June 30, 2020 |
June 30, 2019 |
GAAP net income |
1,932 |
1,328 |
1,371 |
|
3,303 |
3,433 |
Provision for loan losses |
450 |
180 |
600 |
|
1,050 |
355 |
Federal income tax
expense |
369 |
207 |
206 |
|
575 |
603 |
Pre-tax,
pre-provision income |
2,751 |
1,715 |
2,177 |
|
4,928 |
4,391 |
|
|
|
|
|
|
|
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.
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands of dollars, except for ratios and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30,2020 |
|
June 30,2019 |
|
Var % |
|
Mar. 31,2020 |
|
Var % |
|
June 30,2020 |
|
June 30,2019 |
|
Var % |
SUMMARY OF OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
6,618 |
|
|
$ |
7,401 |
|
|
(11 |
)% |
|
$ |
6,930 |
|
|
(5 |
)% |
|
$ |
13,548 |
|
|
$ |
14,991 |
|
|
-10 |
% |
Interest expense |
|
(1,004 |
) |
|
|
(1,399 |
) |
|
(28 |
) |
|
|
(1,225 |
) |
|
(18 |
) |
|
|
(2,229 |
) |
|
|
(2,765 |
) |
|
(19 |
) |
Net interest income |
|
5,614 |
|
|
|
6,002 |
|
|
(6 |
) |
|
|
5,705 |
|
|
(2 |
) |
|
|
11,319 |
|
|
|
12,226 |
|
|
(7 |
) |
Provision for loan losses |
|
(450 |
) |
|
|
(180 |
) |
|
150 |
|
|
|
(600 |
) |
|
(25 |
) |
|
|
(1,050 |
) |
|
|
(355 |
) |
|
196 |
|
NII after loss provision |
|
5,164 |
|
|
|
5,822 |
|
|
(11 |
) |
|
|
5,105 |
|
|
1 |
|
|
|
10,269 |
|
|
|
11,871 |
|
|
(13 |
) |
Investment security losses |
|
18 |
|
|
|
(44 |
) |
|
(141 |
) |
|
|
— |
|
|
— |
|
|
|
18 |
|
|
|
(44 |
) |
|
(141 |
) |
Non-interest income |
|
1,697 |
|
|
|
1,096 |
|
|
55 |
|
|
|
1,452 |
|
|
17 |
|
|
|
3,149 |
|
|
|
2,300 |
|
|
37 |
|
Non-interest expense |
|
(4,578 |
) |
|
|
(5,339 |
) |
|
(14 |
) |
|
|
(4,980 |
) |
|
(8 |
) |
|
|
(9,558 |
) |
|
|
(10,091 |
) |
|
(5 |
) |
Income before tax |
|
2,301 |
|
|
|
1,535 |
|
|
50 |
|
|
|
1,577 |
|
|
46 |
|
|
|
3,878 |
|
|
|
4,036 |
|
|
(4 |
) |
Federal income tax expense |
|
369 |
|
|
|
207 |
|
|
78 |
|
|
|
206 |
|
|
79 |
|
|
|
575 |
|
|
|
603 |
|
|
(5 |
) |
Net income |
$ |
1,932 |
|
|
$ |
1,328 |
|
|
45 |
% |
|
$ |
1,371 |
|
|
41 |
% |
|
$ |
3,303 |
|
|
$ |
3,433 |
|
|
(4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares outstanding (000s) |
|
4,223 |
|
|
|
4,379 |
|
|
(4 |
)% |
|
|
4,228 |
|
|
— |
% |
|
|
4,223 |
|
|
|
4,379 |
|
|
(4 |
)% |
Earnings per share, basic and diluted |
$ |
0.47 |
|
|
$ |
0.30 |
|
|
57 |
|
|
$ |
0.32 |
|
|
47 |
|
|
$ |
0.79 |
|
|
$ |
0.79 |
|
|
— |
|
Dividends per share |
|
0.14 |
|
|
|
0.11 |
|
|
27 |
|
|
|
0.19 |
|
|
(26 |
) |
|
|
0.33 |
|
|
|
0.27 |
|
|
22 |
|
Market value |
|
13.22 |
|
|
|
23.10 |
|
|
(43 |
) |
|
|
13.50 |
|
|
(2 |
) |
|
|
13.22 |
|
|
|
23.10 |
|
|
(43 |
) |
Book value |
|
17.94 |
|
|
|
16.25 |
|
|
10 |
|
|
|
17.32 |
|
|
4 |
|
|
|
17.94 |
|
|
|
16.25 |
|
|
10 |
|
Market value to book value |
|
73.66 |
% |
|
|
142.15 |
% |
|
(48 |
) |
|
|
77.94 |
% |
|
(5 |
) |
|
|
73.66 |
% |
|
|
142.15 |
% |
|
(48 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
$ |
780,017 |
|
|
$ |
690,683 |
|
|
13 |
% |
|
$ |
712,650 |
|
|
9 |
% |
|
$ |
780,017 |
|
|
$ |
690,683 |
|
|
13 |
% |
Investments securities |
|
165,957 |
|
|
|
139,071 |
|
|
19 |
|
|
|
133,638 |
|
|
24 |
|
|
|
165,957 |
|
|
|
139,071 |
|
|
19 |
|
Total loans |
|
528,097 |
|
|
|
477,946 |
|
|
10 |
|
|
|
482,239 |
|
|
10 |
|
|
|
528,097 |
|
|
|
477,946 |
|
|
10 |
|
Total deposits |
|
648,417 |
|
|
|
576,914 |
|
|
12 |
|
|
|
593,256 |
|
|
9 |
|
|
|
648,417 |
|
|
|
576,914 |
|
|
12 |
|
Borrowings |
|
39,483 |
|
|
|
28,830 |
|
|
37 |
|
|
|
30,830 |
|
|
28 |
|
|
|
39,483 |
|
|
|
28,830 |
|
|
37 |
|
Shareholders’ equity |
|
75,772 |
|
|
|
71,164 |
|
|
6 |
|
|
|
73,209 |
|
|
4 |
|
|
|
75,772 |
|
|
|
71,164 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
$ |
774,804 |
|
|
$ |
689,286 |
|
|
12 |
% |
|
$ |
713,808 |
|
|
9 |
% |
|
$ |
744,306 |
|
|
$ |
690,874 |
|
|
8 |
% |
Average total loans |
|
521,447 |
|
|
|
480,474 |
|
|
9 |
|
|
|
502,398 |
|
|
4 |
|
|
|
511,923 |
|
|
|
487,873 |
|
|
5 |
|
Average total deposits |
|
648,287 |
|
|
|
577,937 |
|
|
12 |
|
|
|
593,163 |
|
|
9 |
|
|
|
620,724 |
|
|
|
580,331 |
|
|
7 |
|
Average shareholders' equity |
|
73,960 |
|
|
|
69,157 |
|
|
7 |
|
|
|
79,593 |
|
|
(7 |
) |
|
|
76,777 |
|
|
|
67,591 |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net recoveries (charge-offs) |
$ |
(17 |
) |
|
$ |
(35 |
) |
|
(51 |
)% |
|
$ |
22 |
|
|
(177 |
)% |
|
$ |
5 |
|
|
$ |
(68 |
) |
|
(107 |
)% |
Net recoveries (charge-offs) to average loans |
|
(0.01 |
)% |
|
|
(0.03 |
)% |
|
(67 |
) |
|
|
0.02 |
% |
|
(150 |
) |
|
|
0.00 |
% |
|
|
(0.03 |
)% |
|
(100 |
) |
Non-performing loans as a % of loans |
|
1.50 |
|
|
|
1.88 |
|
|
(20 |
) |
|
|
1.71 |
|
|
(12 |
) |
|
|
1.50 |
|
|
|
1.88 |
|
|
(20 |
) |
Non-performing assets as a % of assets |
|
1.02 |
|
|
|
1.30 |
|
|
(22 |
) |
|
|
1.15 |
|
|
(11 |
) |
|
|
1.02 |
|
|
|
1.30 |
|
|
(22 |
) |
Allowance for loan losses as a % of total loans |
|
1.05 |
|
|
|
0.94 |
|
|
11 |
|
|
|
1.05 |
|
|
— |
|
|
|
1.05 |
|
|
|
0.94 |
|
|
11 |
|
Allowance for loan losses as a % of non-performing loans |
|
69.71 |
|
|
|
49.88 |
|
|
40 |
|
|
|
61.81 |
|
|
13 |
|
|
|
69.71 |
|
|
|
49.88 |
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RATIOSSTATISTICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
3.21 |
% |
|
|
3.80 |
% |
|
(16 |
)% |
|
|
3.56 |
% |
|
(10 |
)% |
|
|
3.37 |
% |
|
|
3.85 |
% |
|
(12 |
)% |
Return on average equity - Company |
|
10.45 |
|
|
|
7.68 |
|
|
36 |
|
|
|
6.89 |
|
|
52 |
|
|
|
8.60 |
|
|
|
10.16 |
|
|
(15 |
) |
- Bank |
|
12.46 |
|
|
|
11.35 |
|
|
10 |
|
|
|
8.68 |
|
|
44 |
|
|
|
10.50 |
|
|
|
12.78 |
|
|
(18 |
) |
Return on average assets - Company |
|
1.00 |
|
|
|
0.77 |
|
|
29 |
|
|
|
0.77 |
|
|
30 |
|
|
|
0.89 |
|
|
|
0.99 |
|
|
(11 |
) |
- Bank |
|
1.14 |
|
|
|
1.08 |
|
|
5 |
|
|
|
0.93 |
|
|
22 |
|
|
|
1.04 |
|
|
|
1.19 |
|
|
(12 |
) |
Efficiency ratio - Company |
|
61.62 |
|
|
|
74.34 |
|
|
(17 |
) |
|
|
68.54 |
|
|
(10 |
) |
|
|
65.04 |
|
|
|
68.91 |
|
|
(6 |
) |
- Bank |
|
57.65 |
|
|
|
64.67 |
|
|
(11 |
) |
|
|
63.66 |
|
|
(9 |
) |
|
|
60.62 |
|
|
|
62.67 |
|
|
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio - Company - Bank |
|
10.00 |
% |
|
|
11.04 |
% |
|
(9 |
)% |
|
|
10.65 |
% |
|
(6 |
)% |
|
|
10.00 |
% |
|
|
11.04 |
% |
|
(9 |
)% |
|
8.93 |
|
|
|
9.90 |
|
|
(10 |
) |
|
|
9.49 |
|
|
(6 |
) |
|
|
8.93 |
|
|
|
9.90 |
|
|
(10 |
) |
Common equity tier 1 ratio - Company -Bank |
|
12.57 |
|
|
|
12.59 |
|
|
— |
|
|
|
12.31 |
|
|
2 |
|
|
|
12.57 |
|
|
|
12.59 |
|
|
— |
|
|
12.02 |
|
|
|
12.09 |
|
|
(1 |
) |
|
|
11.75 |
|
|
2 |
|
|
|
12.02 |
|
|
|
12.09 |
|
|
(1 |
) |
Tier 1 risk-based capital ratio - Company -Bank |
|
13.44 |
|
|
|
13.48 |
|
|
— |
|
|
|
13.18 |
|
|
2 |
|
|
|
13.44 |
|
|
|
13.48 |
|
|
— |
|
|
12.02 |
|
|
|
12.09 |
|
|
(1 |
) |
|
|
11.75 |
|
|
2 |
|
|
|
12.02 |
|
|
|
12.09 |
|
|
(1 |
) |
Total risk-based capital ratio - Company -Bank |
|
14.41 |
|
|
|
14.28 |
|
|
1 |
|
|
|
14.08 |
|
|
2 |
|
|
|
14.41 |
|
|
|
14.28 |
|
|
1 |
|
|
14.05 |
|
|
|
13.97 |
|
|
1 |
|
|
|
13.70 |
|
|
3 |
|
|
|
14.05 |
|
|
|
13.97 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT: |
James M.
Gasior |
|
President & CEO |
|
(330) 282-4111 |
Cortland Bancorp (NASDAQ:CLDB)
Graphique Historique de l'Action
De Août 2024 à Sept 2024
Cortland Bancorp (NASDAQ:CLDB)
Graphique Historique de l'Action
De Sept 2023 à Sept 2024