Cortland Bancorp Declares Quarterly Cash Dividend of $0.11 Per Share

CORTLAND, Ohio, Oct. 24, 2018 (GLOBE NEWSWIRE) -- Cortland Bancorp CLDB, the holding company for Cortland Savings and Banking Company, today announced that its Board of Directors approved a quarterly cash dividend of $0.11 per share.  The dividend will be payable on December 3, 2018, to shareholders of record as of the close of business on November 12, 2018. 

"As our franchise continues to deliver strong performance, we are glad to be able to continue to pay a quarterly cash dividend," said James Gasior, President and Chief Executive Officer.  "Cash dividends along with our share price increase during the year, provide an attractive return to our shareholders." At the stock price of $22.75 per share at the close of the market on October 22, 2018, the current dividend equates to a yield of 1.9% on an annualized basis.

Cortland Bancorp recently reported earnings of $2.0 million, or $0.46 per share, for the third quarter of 2018, versus $2.1 million, or $0.49 per share, for the third quarter of 2017.  Year-to-date, earnings were $6.8 million or $1.56 per share, versus $4.3 million, or $0.98 per share for the first nine months of 2017.

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 thirteen full-service community banking offices located in the counties of Trumbull, Mahoning, Portage, Summit, and Ashtabula in Northeastern Ohio and a financial service center in Fairlawn, Ohio.  For additional information about Cortland Bank visit http://www.cortlandbank.com.