Cortland Bancorp (NASDAQ: CLDB) announced its fourth quarter 2020
financial results.
Net income for the three months ending December 31, 2020 was
$2.8 million, or $0.67 per share, versus $1.9 million, or $0.44 per
share, for the fourth quarter of 2019 and $2.2 million or $0.51 per
share for the third quarter of 2020.
The return on average assets ratio was 1.40% for the Company for
this fourth quarter, while the return on average equity ratio was
14.22%.
Earnings per share for the full year 2020 and 2019 were $1.97
per share and $1.68, with net income of $8.3 million and $7.3
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,” said James Gasior, president and CEO.
Mortgage loan sales accounted for much of the revenue growth
with the mortgage unit achieving record production for the year,
improving gains on sales by $738,000 for the quarter. On the
expense side, reductions in certain personnel and operating costs
also contributed to improved performance.
Gasior noted, “cost savings in marketing, travel and education
and training expense are attributable to prudent cost containment
measures as well as the shut-down of normal business activities due
to the pandemic.”
Gasior additionally confirmed that the Bank’s participation in
the Paycheck Protection Program (PPP) as part of the government’s
CARES Act helped more than 400 customers and saved nearly 8,000
local jobs.
Cortland Bancorp remained well capitalized with total risk-based
capital to risk-weighted assets of 15.07% and tangible equity to
tangible assets of 9.86%.
Year-over-year 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. Elevated
provisions occurred in each of the first three quarters of 2020
commensurate with COVID-related loan modifications. With
substantially all of those loans now in full payment status,
coupled with a reduction in nonperforming loans, no provision was
necessary in the fourth quarter.
“With additional government programs launched recently,
businesses are able to tap those resources to make it through what
is hopefully the tail end of this pandemic-stressed economy,” said
Gasior.
As a result of the bank’s strong performance in 2020, its Board
has authorized a dividend of $0.14 per share in addition to a $0.05
special dividend. The Board also reinstated its share repurchase
program. Under the terms of the program authorized for 2021, the
Company can repurchase up to 200,000 shares of the Company’s common
stock, or approximately 4.7% of its outstanding common shares.
“Stock repurchase is an attractive way, in addition to our
quarterly cash dividend, to deliver on our long-term goal to
enhance shareholder value," said James M. Gasior.
Fourth Quarter 2020 Highlights (at or for the period
ended December 31, 2020)
Net income of $2.8 million, or $.67 per share, for the fourth
quarter of 2020 was a 29% improvement on the $2.2 million, or $.51
per share, reported for the third quarter of 2020, and 47% higher
than the $1.9 million, or $.44 per share, for the fourth quarter of
2019. Likewise, pre-tax, pre-provision income for the fourth
quarter 2020 was 35% higher than in the same quarter of 2019 and 9%
higher when compared to the previous quarter. The Company overcame
a lower net interest margin due to actions taken by the Federal
Open Market Committee (“FOMC”) relative to interest rates by
improving noninterest income and reducing expenses.
Even with a reduced net interest margin, the Company managed a
modest increase of $120,000 in net interest income for the fourth
quarter ended December 31, 2020 versus the fourth quarter of 2019,
as the cost of funds declined more than asset yields. Benefiting
asset yields in the quarter was PPP loan fee recognition of over
$500,000, as the beginning of the forgiveness process accelerated
some fees. Also benefiting from the lower rate environment, the
mortgage banking operation recognized gains of $1.1 million on loan
originations of $33.8 million for the fourth quarter of 2020 versus
gains of $381,000 on loan originations of $23.3 million for the
same period in 2019. Gains on mortgage originations accounted for
12% of all revenues for the fourth quarter compared to 4% of all
revenues in the same quarter of 2019. The originations were
comprised of both refinances of existing mortgage loans and new
purchases of homes.
The efficiency ratio for the Company was 60.79% for the quarter
versus 65.50% for the same period in 2019.
The return on average equity ratio for the Company was 14.22%
for the quarter versus 10.23% for the same quarter in 2019.
A quarterly cash dividend of $0.14 per share and a special
dividend of $.05 per share will be payable on March 1, 2021 to
shareholders of record on February 10, 2021. The quarterly dividend
equates to an annualized dividend yield of 3.0%.
Balance Sheet
Total assets were $821 million at December 31, 2020, compared to
$737 million at December 31, 2019 and $812 million at September 30,
2020.
Total loans increased 7% year over year, with loans granted
under the Paycheck Protection Program (PPP) accounting for
substantially all loan growth. According to Gasior,
Cortland assisted 419 customers in obtaining funds under this
government program, providing payroll and operating expense relief
worth $56.4 million.
Total deposits grew by $82.1 million, or 13%, to $701 million
for the fourth quarter of 2020 from $618 million in the fourth
quarter of 2019. Noninterest-bearing deposits accounted for 28% of
total deposits, while certificates of deposits were 14% of the
deposit mix.
“Stimulus payments provided by the government, as well as the
PPP funds for our borrowers, have significantly contributed to
deposit growth,” stated Gasior. “In addition, in this stay-at-home
environment, depositors have increased their rates of saving.”
Asset Quality
No provision for loan losses was recorded for the three months
ended December 31, 2020 versus $180,000 a year ago. The decrease is
attributable to substantial provisions in the prior three quarters,
giving recognition to economic disruption and uncertainty
associated with COVID-19.
Nonperforming loans were $7.6 million, compared to $8.5 million
a year earlier and $7.7 million at September 30, 2020. The ratio of
nonperforming assets to total assets at quarter end was .93%. This
reflects an improvement from the 1.16% reported a year ago. The
Company’s ratio of allowance for loan losses to nonperforming loans
was 78.91% at December 31, 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 $5.7 million, compared to $6.2
million a year ago and $5.8 million on a linked quarter basis.
The Bank had received requests to modify 127 loans aggregating
$123.7 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 December 31, 2020, only 9 loans
aggregating $18.4 million remain in deferral.
“These loan deferrals and modifications have been executed
consistent with the guidelines of the CARES Act. These loan
deferrals are not included in our nonperforming loans previously
disclosed. 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," said Gasior.
According to Gasior, the Company approved 419 PPP loans totaling
$56.4 million for small businesses, saving 7,829 jobs in the
communities we serve. The Small Business Administration has
forgiven $11 million of these loans as of year-end, with the
remaining expected to be forgiven in the first quarter of 2021.
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 December 31, 2020, capital ratios were as follows:
Ratio |
Cortland Bancorp |
Bank |
Well-capitalized Minimum |
|
|
|
|
Tier 1 leverage ratio |
10.20% |
9.18% |
5.00% |
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Tier 1 risk-based capital
ratio |
14.01% |
12.62% |
8.00% |
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|
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Total risk-based capital
ratio |
15.07% |
14.72% |
10.00% |
|
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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 |
|
TWELVE MONTHS ENDED |
|
|
Dec 31, 2020 |
|
Dec 31, 2019 |
|
Sep 30, 2020 |
|
Dec 31, 2020 |
|
Dec 31, 2019 |
GAAP net income |
|
$ |
2,798 |
|
$ |
1,904 |
|
$ |
2,162 |
|
$ |
8,263 |
|
$ |
7,282 |
Provision for loan losses |
|
|
- |
|
|
180 |
|
|
525 |
|
|
1,575 |
|
|
715 |
Federal income tax expense |
|
|
536 |
|
|
393 |
|
|
360 |
|
|
1,471 |
|
|
1,359 |
Pre-tax, pre-provision income |
|
$ |
3,334 |
|
$ |
2,477 |
|
$ |
3,047 |
|
$ |
11,309 |
|
$ |
9,356 |
|
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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.
CONTACT:
James M. Gasior
President & CEO(330) 282-4111
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SELECTED FINANCIAL DATA |
|
|
(In thousands of dollars, except for ratios and per share
amounts) |
|
|
Unaudited |
|
|
|
|
|
|
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Three Months Ended |
|
Twelve Months Ended |
|
Dec. 31,2020 |
|
Dec. 31,2019 |
|
Var % |
|
Sept. 30,2020 |
|
Var % |
|
Dec. 31,2020 |
|
Dec. 31,2019 |
|
Var % |
SUMMARY OF OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
6,873 |
|
|
$ |
7,428 |
|
|
(7 |
)% |
|
$ |
6,671 |
|
|
3 |
% |
|
$ |
27,092 |
|
|
$ |
29,643 |
|
|
(9 |
)% |
Interest expense |
|
(712 |
) |
|
|
(1,387 |
) |
|
(49 |
) |
|
|
(868 |
) |
|
(18 |
) |
|
|
(3,809 |
) |
|
|
(5,554 |
) |
|
(31 |
) |
Net interest income |
|
6,161 |
|
|
|
6,041 |
|
|
2 |
|
|
|
5,803 |
|
|
6 |
|
|
|
23,283 |
|
|
|
24,089 |
|
|
(3 |
) |
Provision for loan losses |
|
— |
|
|
|
(180 |
) |
|
(100 |
) |
|
|
(525 |
) |
|
(100 |
) |
|
|
(1,575 |
) |
|
|
(715 |
) |
|
120 |
|
NII after loss provision |
|
6,161 |
|
|
|
5,861 |
|
|
5 |
|
|
|
5,278 |
|
|
17 |
|
|
|
21,708 |
|
|
|
23,374 |
|
|
(7 |
) |
Investment security gains (losses) |
|
122 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
140 |
|
|
|
(44 |
) |
|
(418 |
) |
Non-interest income |
|
2,246 |
|
|
|
1,339 |
|
|
68 |
|
|
|
1,965 |
|
|
14 |
|
|
|
7,360 |
|
|
|
5,066 |
|
|
45 |
|
Non-interest expense |
|
(5,195 |
) |
|
|
(4,903 |
) |
|
6 |
|
|
|
(4,721 |
) |
|
10 |
|
|
|
(19,474 |
) |
|
|
(19,755 |
) |
|
(1 |
) |
Income before tax |
|
3,334 |
|
|
|
2,297 |
|
|
45 |
|
|
|
2,522 |
|
|
32 |
|
|
|
9,734 |
|
|
|
8,641 |
|
|
13 |
|
Federal income tax expense |
|
536 |
|
|
|
393 |
|
|
36 |
|
|
|
360 |
|
|
49 |
|
|
|
1,471 |
|
|
|
1,359 |
|
|
8 |
|
Net income |
$ |
2,798 |
|
|
$ |
1,904 |
|
|
47 |
% |
|
$ |
2,162 |
|
|
29 |
% |
|
$ |
8,263 |
|
|
$ |
7,282 |
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
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|
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PER COMMON SHARE DATA |
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
Number of shares outstanding (000s) |
|
4,223 |
|
|
|
4,324 |
|
|
(2 |
)% |
|
|
4,223 |
|
|
— |
% |
|
|
4,223 |
|
|
|
4,324 |
|
|
(2 |
)% |
Earnings per share, basic and diluted |
$ |
0.67 |
|
|
$ |
0.44 |
|
|
52 |
|
|
$ |
0.51 |
|
|
31 |
|
|
$ |
1.97 |
|
|
$ |
1.68 |
|
|
17 |
|
Dividends per share |
|
0.14 |
|
|
|
0.12 |
|
|
17 |
|
|
|
0.14 |
|
|
— |
|
|
|
0.61 |
|
|
|
0.50 |
|
|
22 |
|
Market value |
|
18.61 |
|
|
|
21.81 |
|
|
(15 |
) |
|
|
15.17 |
|
|
23 |
|
|
|
18.61 |
|
|
|
21.81 |
|
|
(15 |
) |
Book value |
|
19.18 |
|
|
|
17.19 |
|
|
12 |
|
|
|
18.51 |
|
|
4 |
|
|
|
19.18 |
|
|
|
17.19 |
|
|
12 |
|
Market value to book value |
|
97.02 |
% |
|
|
126.88 |
% |
|
(24 |
) |
|
|
81.96 |
% |
|
18 |
|
|
|
97.02 |
% |
|
|
126.88 |
% |
|
(24 |
) |
|
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|
|
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BALANCE SHEET DATA |
|
|
|
|
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|
|
|
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|
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Assets |
$ |
821,305 |
|
|
$ |
737,162 |
|
|
11 |
% |
|
$ |
811,625 |
|
|
1 |
% |
|
$ |
821,305 |
|
|
$ |
737,162 |
|
|
11 |
% |
Investments securities |
|
170,906 |
|
|
|
138,966 |
|
|
23 |
|
|
|
170,608 |
|
|
— |
|
|
|
170,906 |
|
|
|
138,966 |
|
|
23 |
|
Total loans |
|
556,760 |
|
|
|
518,716 |
|
|
7 |
|
|
|
534,146 |
|
|
4 |
|
|
|
556,760 |
|
|
|
518,716 |
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|
7 |
|
Total deposits |
|
700,510 |
|
|
|
618,381 |
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|
13 |
|
|
|
680,640 |
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|
3 |
|
|
|
700,510 |
|
|
|
618,381 |
|
|
13 |
|
Borrowings |
|
24,643 |
|
|
|
31,077 |
|
|
(21 |
) |
|
|
37,243 |
|
|
(34 |
) |
|
|
24,643 |
|
|
|
31,077 |
|
|
(21 |
) |
Shareholders’ equity |
|
81,005 |
|
|
|
74,338 |
|
|
9 |
|
|
|
78,148 |
|
|
4 |
|
|
|
81,005 |
|
|
|
74,338 |
|
|
9 |
|
|
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AVERAGE BALANCE SHEET DATA |
|
|
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|
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|
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|
|
|
|
Average assets |
$ |
801,923 |
|
|
$ |
712,629 |
|
|
13 |
% |
|
$ |
809,834 |
|
|
(1 |
)% |
|
$ |
775,259 |
|
|
$ |
697,251 |
|
|
11 |
% |
Average total loans |
|
541,319 |
|
|
|
497,387 |
|
|
9 |
|
|
|
530,704 |
|
|
2 |
|
|
|
524,034 |
|
|
|
489,192 |
|
|
7 |
|
Average total deposits |
|
678,781 |
|
|
|
594,794 |
|
|
14 |
|
|
|
677,948 |
|
|
— |
|
|
|
649,702 |
|
|
|
584,138 |
|
|
11 |
|
Average shareholders' equity |
|
78,733 |
|
|
|
74,483 |
|
|
6 |
|
|
|
77,048 |
|
|
2 |
|
|
|
77,336 |
|
|
|
70,587 |
|
|
10 |
|
|
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ASSET QUALITY RATIOS |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
Net recoveries (charge-offs) |
$ |
(26 |
) |
|
$ |
(356 |
) |
|
(93 |
)% |
|
$ |
— |
|
|
— |
% |
|
$ |
(21 |
) |
|
$ |
(448 |
) |
|
(95 |
)% |
Net recoveries (charge-offs) to average loans |
|
(0.02 |
)% |
|
|
(0.29 |
)% |
|
(93 |
) |
|
|
— |
% |
|
— |
|
|
|
(— |
)% |
|
|
(0.09 |
)% |
|
(100 |
) |
Non-performing loans as a % of loans |
|
1.37 |
|
|
|
1.65 |
|
|
(17 |
) |
|
|
1.45 |
|
|
(6 |
) |
|
|
1.37 |
|
|
|
1.65 |
|
|
(17 |
) |
Non-performing assets as a % of assets |
|
0.93 |
|
|
|
1.16 |
|
|
(20 |
) |
|
|
0.95 |
|
|
(2 |
) |
|
|
0.93 |
|
|
|
1.16 |
|
|
(20 |
) |
Allowance for loan losses as a % of total loans |
|
1.08 |
|
|
|
0.86 |
|
|
26 |
|
|
|
1.13 |
|
|
(4 |
) |
|
|
1.08 |
|
|
|
0.86 |
|
|
26 |
|
Allowance for loan losses as a % of non-performing loans |
|
78.91 |
|
|
|
52.25 |
|
|
51 |
|
|
|
78.04 |
|
|
1 |
|
|
|
78.91 |
|
|
|
52.25 |
|
|
51 |
|
|
|
|
|
|
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|
FINANCIAL RATIOSSTATISTICS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
3.40 |
% |
|
|
3.74 |
% |
|
(9 |
)% |
|
|
3.17 |
% |
|
7 |
% |
|
|
3.32 |
% |
|
|
3.79 |
% |
|
(12 |
)% |
Return on average equity - Company |
|
14.22 |
|
|
|
10.23 |
|
|
39 |
|
|
|
11.22 |
|
|
27 |
|
|
|
10.68 |
|
|
|
10.32 |
|
|
4 |
|
- Bank |
|
15.97 |
|
|
|
11.65 |
|
|
37 |
|
|
|
12.55 |
|
|
27 |
|
|
|
12.40 |
|
|
|
12.32 |
|
|
1 |
|
Return on average assets - Company |
|
1.40 |
|
|
|
1.07 |
|
|
31 |
|
|
|
1.07 |
|
|
31 |
|
|
|
1.07 |
|
|
|
1.04 |
|
|
3 |
|
- Bank |
|
1.50 |
|
|
|
1.16 |
|
|
29 |
|
|
|
1.14 |
|
|
32 |
|
|
|
1.19 |
|
|
|
1.19 |
|
|
— |
|
Efficiency ratio - Company |
|
60.79 |
|
|
|
65.50 |
|
|
(7 |
) |
|
|
59.72 |
|
|
2 |
|
|
|
62.52 |
|
|
|
67.01 |
|
|
(7 |
) |
- Bank |
|
57.75 |
|
|
|
62.54 |
|
|
(8 |
) |
|
|
57.28 |
|
|
1 |
|
|
|
58.98 |
|
|
|
62.42 |
|
|
(6 |
) |
|
|
|
|
|
|
|
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|
|
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|
CAPITAL RATIOS |
|
|
|
|
|
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|
|
|
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|
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|
|
|
Tier 1 leverage ratio - Company |
|
10.20 |
% |
|
|
10.98 |
% |
|
(7 |
)% |
|
|
9.81 |
% |
|
4 |
% |
|
|
10.20 |
% |
|
|
10.98 |
% |
|
(7 |
)% |
- Bank |
|
9.18 |
|
|
|
9.85 |
|
|
(7 |
) |
|
|
8.80 |
|
|
4 |
|
|
|
9.18 |
|
|
|
9.85 |
|
|
(7 |
) |
Common equity tier 1 ratio - Company |
|
13.15 |
|
|
|
12.76 |
|
|
3 |
|
|
|
12.50 |
|
|
5 |
|
|
|
13.15 |
|
|
|
12.76 |
|
|
3 |
|
- Bank |
|
12.62 |
|
|
|
12.25 |
|
|
3 |
|
|
|
11.98 |
|
|
5 |
|
|
|
12.62 |
|
|
|
12.25 |
|
|
3 |
|
Tier 1 risk-based capital ratio - Company |
|
14.01 |
|
|
|
13.63 |
|
|
3 |
|
|
|
13.35 |
|
|
5 |
|
|
|
14.01 |
|
|
|
13.63 |
|
|
3 |
|
- Bank |
|
12.62 |
|
|
|
12.25 |
|
|
3 |
|
|
|
11.98 |
|
|
5 |
|
|
|
12.62 |
|
|
|
12.25 |
|
|
3 |
|
Total risk-based capital ratio - Company |
|
15.07 |
|
|
|
14.43 |
|
|
4 |
|
|
|
14.39 |
|
|
5 |
|
|
|
15.07 |
|
|
|
14.43 |
|
|
4 |
|
- Bank |
|
14.72 |
|
|
|
14.10 |
|
|
4 |
|
|
|
14.04 |
|
|
5 |
|
|
|
14.72 |
|
|
|
14.10 |
|
|
4 |
|
|
|
|
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|
|
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Cortland Bancorp (NASDAQ:CLDB)
Graphique Historique de l'Action
De Sept 2024 à Oct 2024
Cortland Bancorp (NASDAQ:CLDB)
Graphique Historique de l'Action
De Oct 2023 à Oct 2024