Cortland Bancorp reports $1.32M quarterly income

Staff report

CORTLAND

Cortland Bancorp reported a net income of $1.32 million during 2011’s second quarter.

“As economic conditions in our markets slowly improve, we continue to focus on strengthening the core operations of the bank with expectations of producing consistent positive results,” said James Gasior, president and CEO, in a release.

“Staying disciplined and following our core strategic direction is paying off.”

Total loans increased 9 percent to $258.9 million, compared with $237.2 million a year ago.

Cortland also increased its capital levels. It now has a total risk-based capital ratio of 13.73 percent.