Cortland Bank’s earnings increase 28 percent

Staff report

CORTLAND

Cortland Bancorp’s net income increased 28 percent in the second quarter to $1.2 million.

For the first six months that ended June 30, the holding company for Cortland Savings and Banking Co.’s net income grew 23 percent to $2.5 million compared with $2.1 million made during the first six months that ended June 30, 2015.

“After a great start to the year, we again delivered solid results in the second quarter, highlighted by solid loan and deposit growth and improving asset-quality metrics. Contributions from our mortgage banking business continue to exceed our expectations and boosting revenues,” James M. Gasior, president and chief executive officer of Cortland, said in a statement.

Total loans increased 7 percent year over year to $384.1 million.

Total deposits grew 9 percent to $488.7 million from a year ago.

A quarterly cash dividend of $0.07 per share will be payable Sept. 1, to shareholders of record Aug. 10, providing a 1.9 percent current yield at recent market prices.