Cortland Bancorp income rises 33%

Cortland Bancorp income rises 33%

Cortland

Cortland Bancorp has reported a 33 percent increase in net income for the first quarter of 2012.

The company’s improvement in earnings includes a 16-percent growth rate compared with the previous year in the bank’s commercial loan portfolio and 8 percent composite loans.

Net interest income increased by $174,000 in 2012 versus 2011, despite a seven-basis point decline in net interest margin.

The company’s total shareholders’ equity increased from $45.7 million at the conclusion of the fourth quarter of 2011 to $47.6 million March 31. This was an increase of $1.9 million.

Cortland Bancorp remains well capitalized under all regulatory measures. The company’s total risk-based capital is $16.7 million in excess of the 10 percent well-capitalized threshold.

Mortgage-banking gains were $154,000 in the quarter versus $16,000 in the same quarter of 2011. These gains, which are reported as noninterest income, are in line with results expected from the wholesale mortgage unit that was formed late last year specifically as a result of strategic initiatives aimed at improving overall profitability.

Dow regains ground it lost in April

NEW YORK

It took a while, but the Dow Jones industrial average finally gained back all its losses for the month.

On a day of conflicting signals, as investors weighed disappointing economic news against reports of higher profits at big companies, stocks inched higher. All three major indexes were up Friday, though barely.

The Dow climbed 23.69 points to 13,228.31, a tiny 0.2 percent gain. That was enough to push the index into the black for April. It’s now 16 points higher than where it began the month.

The Standard & Poor’s 500 edged up 3.38 points, or 0.2 percent, to 1,403.36. The Nasdaq composite rose 18.59 points, or 0.6 percent, to 3,069.20.

Samsung is largest cellphone brand

LOS ANGELES

Samsung in the first quarter became the world’s largest cellphone brand for the first time, overtaking longtime market leader Nokia.

In the smartphone segment, Samsung remained in second place behind Apple, according to market research firm IHS iSuppli.

The South Korean electronics giant shipped 92 million cellphones worldwide in the first quarter, compared with 83 million for Nokia. While Samsung’s shipments declined by 13 percent from the fourth quarter of 2011, Nokia’s dropped by 27 percent.

Vindicator staff/wire reports