Cortland reports profits up 13 percent in 2015

Staff report

CORTLAND

Cortland Bancorp, the holding company for Cortland Savings and Banking Co., on Wednesday reported net income climbed to $4.4 million, or $0.97 per share, for 2015, compared with $3.9 million, or $0.85 per share, for 2014.

For the full year, net income was of $1.1 million, or $0.24 per share, double that for the fourth quarter of 2014 at $543,000, or $0.12 per share.

“Highlighted by robust loan and deposit production, our 2015 results were the best earnings we have reported in nine years,” said James M. Gasior, president and chief executive officer of Cortland.

The bank recently announced the transition of its Cortland Investment Group to Private Wealth Management capabilities with the addition of a leading advisory services team to offer more investment products and services for customers.

Total loans grew 9 percent, or $34.1 million, year over year, to $394.3 million. Commercial loans, which year to date have grown by $12.3 million, accounted for 21 percent while residential accounted for 12 percent. Consumer and home-equity loans accounted for 7 percent of total loans.