Cortland Bancorp income rises 24 percent

Staff report

CORTLAND

Cortland Bancorp’s net income rose to about $4.1 million in 2011, up 24 percent from 2010.

Shares rose from 72 cents each to 90 cents apiece, according to the company’s annual earnings report.

“Amid more rigorous regulatory standards and an uncertain economy, the company continues to follow its core strategic direction,” said James Gasior, president and chief executive officer.

“Our operating results reflect our commitment to growing loans and deposits in the markets in which we operate and in producing consistent positive earnings.”

The company’s commercial-loan portfolio increased by 17 percent, and its composite-loan portfolio grew by 9 percent.

Deposits grew from $391 million in 2010 to $422 million in 2011.

Total assets rose 3.9 percent from about $500 million to about $520 million.

Cortland Bancorp is the holding company of Cortland Banks.