Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CORTLAND BANCORP INC | d502996d8k.htm |
Exhibit 99.1
SELECTED FINANCIAL DATA
(In thousands of dollars, except for ratios and per share amounts)
Unaudited
| Three months | Three months | Twelve months | Twelve months | |||||||||||||
| ended | ended | ended | ended | |||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| SUMMARY OF OPERATIONS |
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| Total interest income |
$ | 5,347 | $ | 5,177 | $ | 21,015 | $ | 21,110 | ||||||||
| Total interest expense |
(968 | ) | (1,118 | ) | (4,071 | ) | (4,732 | ) | ||||||||
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| Net interest income (NII) |
4,379 | 4,059 | 16,944 | 16,378 | ||||||||||||
| Provision for loan losses |
(2,120 | ) | (324 | ) | (3,020 | ) | (1,196 | ) | ||||||||
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| NII after loss provision |
2,259 | 3,735 | 13,924 | 15,182 | ||||||||||||
| Investment security (losses) gains net of impairment losses |
(46 | ) | 9 | (157 | ) | 680 | ||||||||||
| Total non-interest income (excluding investment losses or gains) |
930 | 806 | 4,476 | 2,878 | ||||||||||||
| Total non-interest expense |
(4,082 | ) | (3,508 | ) | (15,488 | ) | (13,475 | ) | ||||||||
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| (Loss) income before tax (benefit) expense |
(939 | ) | 1,042 | 2,755 | 5,265 | |||||||||||
| Income tax (benefit) expense |
(475 | ) | 214 | (158 | ) | 1,193 | ||||||||||
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| Net (loss) income |
$ | (464 | ) | $ | 828 | $ | 2,913 | $ | 4,072 | |||||||
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| PER COMMON SHARE DATA |
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| Net (loss) income, both basic and diluted |
$ | (0.11 | ) | $ | 0.18 | $ | 0.64 | $ | 0.90 | |||||||
| Book value |
10.93 | 10.10 | 10.93 | 10.10 | ||||||||||||
| BALANCE SHEET DATA |
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| Assets |
$ | 582,240 | $ | 519,830 | $ | 582,240 | $ | 519,830 | ||||||||
| Investments |
184,646 | 185,916 | 184,646 | 185,916 | ||||||||||||
| Loans |
317,282 | 289,096 | 317,282 | 289,096 | ||||||||||||
| Loans held for sale |
24,756 | 947 | 24,756 | 947 | ||||||||||||
| Deposits |
476,901 | 422,765 | 476,901 | 422,765 | ||||||||||||
| Borrowings |
46,051 | 42,273 | 46,051 | 42,273 | ||||||||||||
| Subordinated debt |
5,155 | 5,155 | 5,155 | 5,155 | ||||||||||||
| Shareholders’ equity |
49,452 | 45,719 | 49,452 | 45,719 | ||||||||||||
| AVERAGE BALANCE SHEET DATA |
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| Average assets |
$ | 561,528 | $ | 496,192 | $ | 528,075 | $ | 493,728 | ||||||||
| Average loans |
300,735 | 265,426 | 287,723 | 260,755 | ||||||||||||
| Average loans held for sale |
21,439 | 806 | 13,311 | 325 | ||||||||||||
| Average deposits |
453,678 | 403,291 | 424,337 | 395,561 | ||||||||||||
| Average equity |
50,255 | 44,851 | 48,598 | 44,589 | ||||||||||||
| ASSET QUALITY RATIOS |
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| Loan charge-offs |
(1,963 | ) | (341 | ) | (2,415 | ) | (832 | ) | ||||||||
| Recoveries on loans |
51 | 17 | 162 | 193 | ||||||||||||
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| Net charge-offs |
(1,912 | ) | (324 | ) | (2,253 | ) | (639 | ) | ||||||||
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| Net charge-offs as a percent of total average loans |
2.54 | % | 0.49 | % | 0.78 | % | 0.25 | % | ||||||||
| Loans 30 days or more beyond their contractual due date as a percent of total loans |
1.02 | % | 1.40 | % | 1.02 | % | 1.40 | % | ||||||||
| Loan loss reserve as a percent of total loans |
1.21 | 1.06 | 1.21 | 1.06 | ||||||||||||
| Non-accrual loans as a percent of total loans |
0.94 | 1.23 | 0.94 | 1.23 | ||||||||||||
| FINANCIAL RATIOS |
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| Return on average equity |
(3.69 | )% | 7.38 | % | 5.99 | % | 9.13 | % | ||||||||
| Return on average assets |
(0.33 | ) | 0.67 | 0.55 | 0.82 | |||||||||||
| Effective tax rate |
(50.59 | ) | 20.54 | (5.74 | ) | 22.66 | ||||||||||
| Net interest margin |
3.44 | 3.64 | 3.58 | 3.72 | ||||||||||||
| Efficiency ratio |
76.89 | 72.11 | 72.31 | 69.98 | ||||||||||||
| CAPITAL RATIOS |
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| Total risk-based capital to risk-weighted assets |
14.10 | % | 14.18 | % | 14.10 | % | 14.18 | % | ||||||||
| Tier 1 capital to risk-weighted assets |
13.15 | 13.37 | 13.15 | 13.37 | ||||||||||||
| Tier 1 capital to average assets |
9.63 | 10.39 | 10.24 | 10.47 | ||||||||||||