Cortland Bancorp: Not All Community-Based Banks Are Firing On All Cylinders [Seeking Alpha]
Cortland Bancorp (CLDB)
NASDAQ:AMEX Investor Relations:
snl.com/irw/corporateprofile/100699
Company Research
Source: Seeking Alpha
We have seen and I have written about quite a few community banks that are growing, acquiring banks, increasing their total assets and propelling their net income. However, not all banks fall into that same category. Cortland Bancorp ( CLDB released their 3rd quarter On a YTD basis vs. 2018 YTD, the interest income is up 9.65%, still fueled primarily by the interest income from loans. Interest expense on deposits is up from $2.5 million to $3.6 million or a staggering 44%. Still with my same reason, this is due to the war on deposits, the earlier rise/increase in interest rates in earlier parts of 2019 (which we know that ended quick, with rate cuts throughout the 2nd half of 2019). Another BIG piece to note is Cortland's non-interest income. Cortland's non-interest income is down from $4.7 million last year to $3.7 million this year. The primary reason for this is there was a $1.55 million one-time life insurance gain in 2018. Removing that from the equation, the non-interest income
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