Cortland Bank reports earnings

Staff report

CORTLAND

Cortland Bancorp, the holding company for Cortland Savings and Banking Co., on Wednesday reported net income of $1 million for the first quarter of 2017, down from $1.4 million reported during the first quarter of 2016.

Total loans grew 6 percent to $397.1 million from $373.8 million for the first quarter a year ago.

Mortgage originations were $8.2 million, generating gains on sale of mortgages of $194,000 in the first quarter of 2017, from $10.4 million in originations and $349,000 in gains in the first quarter of 2016.

Total deposits grew 7 percent to $517.4 million from the comparable quarter a year earlier.

In January, Cortland Bank was awarded the five-star rating from BauerFinancial, a widely recognized independent banking rating agency.

A quarterly cash dividend of $0.08 per share will be payable on June 1 to shareholders of record on May 10 providing a 1.7 percent current yield at recent market prices.