Cortland Bancorp sees net income rise $1 million

Staff report

CORTLAND

Cortland Bancorp’s net income rose by $1 million during the third quarter compared with the same period in 2010.

It’s the eighth-consecutive quarter of positive results for the bank, dating back to the fourth quarter of 2009.

“Our operating results reflect our commitment to growing loans and deposits in the markets in which we operate and in producing consistent positive earnings,” said James Gasior, president and CEO, in a statement.

Net income for the first nine months of 2011 was $3.4 million, or 72 cents per share. Through the same nine months of 2010, net income was $2.24 million, or 49 cents per share.

Equity has increased by $2.4 million since the end of 2010, and net interest income, which Gasior called the core earnings base for the company, is up $300,000, from $3.8 million $4.12 million in the third quarter.