Cortland Bancorp posts $952K profit

Cortland Bancorp posts $952K profit

Cortland

Cortland Bancorp, the holding company for Cortland Banks, reported a second-quarter profit of $952,000, or 21 cents per share, Tuesday.

Earnings decreased compared with the same time last year, when the company reported a profit of $1.3 million, or 29 cents per share.

However, on an after-tax basis, profits increased by $74,000 from 2011.

Overall, the company saw growth in its commercial loans, which boosted net- interest income by $65,000 from 2011. Cortland also saw an improvement in its credit quality. Loan write-offs were 0.19 percent of average loans during the second quarter of 2012, compared with 0.25 percent in 2011. The company’s allowances for loan losses covered 64 percent of nonaccrual loans at the end of the second quarter.

Mortgage banking also improved to $266,000 from only $20,000 in 2011, mostly as a result of the company’s decision to form a wholesale mortgage unit late in 2011.

Cost savings also were achieved by closing Cortland’s North Bloomfield office May 5.

Internet-poker deals to repay customers

NEW YORK

Settlement deals reached between federal prosecutors and three Internet poker companies call for more than a half-billion dollars to be paid to the government, enabling U.S. poker players to recover more than $160 million lost when the companies shut down U.S. operations last year, authorities said Tuesday.

U.S. District Judge Leonard B. Sand approved settlement agreements with PokerStars and Full Tilt Poker.

A separate agreement between the government and a third company, Absolute Poker, had not yet been approved by the court.

PokerStars said in a release that its deal with the U.S. Department of Justice calls for it to pay the government $547 million over three years with the money being used in part to reimburse former U.S. customers of Full Tilt Poker.

Sources: GOP won’t extend farm bill

WASHINGTON

House GOP aides say party leaders have dropped plans to extend the current farm program and instead are going to press for immediate help for drought-stricken farmers.

The decision Tuesday comes as Republicans feel pressure to extend relief to drought-hit farmers and ranchers before Congress begins its summer recess this week but are stymied by internal divisions on how to proceed with a broader renewal of farm subsidies and food stamps.

Republicans initially had announced plans to extend for one year the current farm and food programs, which expire Sept. 30.

But Democrats balked, and Republicans found themselves without the votes for a broader renewal.

The aides required anonymity because rank- and-file Republicans had not been briefed on the plans.

Vindicator staff/wire reports