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Cortland Savings and Banking Company, The

Cortland, OH · Cert 2281

FDIC · 13 branches

Q3 2021

$795.6MAssets
$506.3MLoans
$693.2MDeposits
$79.4MEquity
Loan mix
78%RE $247.3M21%C&I $66.4M1%Consumer $2.8MQ3 2020Q3 2021
Deposit mix
66%Interest-bearing $455.0M34%Noninterest $238.2MQ3 2020Q3 2021

NIM

4.29%Q3 ’193.37%Q3 ’203.45%Q3 ’21-18%+13%

Non-interest income vs. expense

2.64%Q3 ’192.23%Q3 ’202.57%Q3 ’21-28%+23%

Market Position · Youngstown-Warren-Boardman, OH-PA · 2021 SOD (annual) · 4.4% share · #7 of 17 inst. · $0.6B of $13.3B

11.8% Trumbull
2.3% Mahoning
1.7% Portage
0.2% Summit

Executive Summary

  • Earnings: ROA of 1.27%, up 18 bps year over year; NIM at 3.23%.
  • Asset quality: problem loans at 0.22% of loans (-13 bps YoY), with net charge-offs at 0.02%.
  • Capital: tier 1 leverage ratio of 9.80%, up 100 bps from a year ago.
  • Funding: loans stand at 73.04% of deposits as of Q3 2021.

Financial Results

Return on Assets (YTD, annualized)

1.27%+18 bps YoY

Net Interest Margin (YTD, annualized)

3.23%+38 bps YoY

Efficiency Ratio (YTD, annualized)

62.83%+241 bps YoY

Tier 1 Leverage Ratio

9.80%+100 bps YoY

Year to date, annualized, through each quarter.

MetricQ3 2020Q4 2020Q1 2021Q2 2021Q3 2021YoY ΔTrend
Earnings
Return on Assets1.08%1.19%1.43%1.34%1.27%+18 bps
Return on Equity11.41%12.54%14.78%13.63%12.87%+146 bps
Net Interest Margin2.85%2.94%3.24%3.15%3.23%+38 bps
Efficiency Ratio60.43%59.95%58.90%60.40%62.83%+241 bps
Non-Interest Burden1.39%1.39%1.55%1.59%1.71%+32 bps
Growth
Asset Growth (YoY)15.91%11.46%11.15%1.64%-1.57%-1,748 bps
Loan Growth (YoY)9.58%7.65%7.85%-6.98%-6.36%-1,594 bps
Deposit Growth (YoY)15.91%13.28%14.67%4.48%1.82%-1,409 bps
Asset Quality
Nonperforming Loans / Loans0.36%0.34%0.43%0.28%0.22%-13 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.02%0.02%+2 bps
Allowance / Loans1.12%1.07%1.15%1.21%1.18%+6 bps
Allowance Coverage of NPLs3.1x3.2x2.7x4.3x5.2x+2.1x
Capital
Tier 1 Leverage Ratio8.80%9.18%9.41%9.51%9.80%+100 bps
Total Risk-Based Capital14.04%14.72%15.48%15.77%14.83%+79 bps
Equity / Assets9.24%9.48%9.83%10.13%9.98%+74 bps
Liquidity & Funding
Loans / Deposits79.43%80.45%77.16%73.11%73.04%-638 bps
Liquid Assets / Assets5.05%3.23%4.93%8.16%4.93%-12 bps
CRE / Total Capitaln/an/an/an/an/an/an/a