Cortland Bank reports income increase in 4Q and year

Staff report

CORTLAND

Cortland Bancorp, the holding company for Cortland Savings and Banking Co., on Wednesday reported full year 2016 net income grew 11 percent to $4.9 million.

Net income increased 5 percent to $1.1 million for the fourth quarter of 2016.

“We ended 2016 on a strong note, delivering solid profits for both the year and the fourth quarter; in fact, 2016 was the most profitable year we’ve had in well over a decade,” said James M. Gasior, president and chief executive officer. “Boosting results were record deposit growth, robust loan growth and continuing improvements in asset quality.”

During the fourth quarter, total deposits grew 9 percent to $539.9 million from $496.4 million in 2015 and total loans increased 6 percent to $419.8 million, compared with $394.3 million at Dec. 31, 2015.

Noninterest expense was $4.5 million for the third and fourth quarters of 2016, compared with $4.2 million for the fourth quarter of 2015. For the full year 2016, noninterest expense was $18.2 million, higher by 11 percent compared with $16.4 million for 2015.

In January, Cortland Bank was awarded the five-star rating from BauerFinancial, a widely recognized independent banking rating agency. Five stars is BauerFinancial’s highest rating available, indicating a “Superior” performance, based on capital strength, asset quality and profitability.