Cortland Bancorp improves earnings over 2009

By Kristen Russo


Cortland Bancorp has released its full-year and fourth-quarter results.

The holding company of Cortland Banks reported a net income of $3.271 million for 2010, compared with a net loss of $6.335 million for 2009.

For the fourth quarter of 2010, the bank reported a net income of $1.036 million, compared with a net income of $643,000 for the fourth quarter of 2009.

Earnings per share were $0.23 for the quarter that ended December 31, 2010, and $0.72 per share for the year, compared with $0.14 per share for the fourth quarter of 2009 and a loss of $1.40 per share last year.

“As the nation and our surrounding market area continue down the path of economic recovery, Cortland Banks remains well capitalized and is optimistic that the company will continue to produce positive results,” James Gasior, president and CEO of Cortland Bancorp, said in a press release.

The bank’s noncash, pre-tax, other-than- temporary impairment losses on investment securities were $2.7 million in 2010, down from $14.5 million in 2009.

Core earnings for the year increased 20 percent, from $3.5 million in 2009 to $4.2 million in 2010.

Total shareholder’s equity was about $41.9 million in 2010, up from about $36.9 million in 2009, an increase of about $5 million.

Net interest income was $15.5 million in 2010, compared with $14.4 million in 2009.

“Despite the slow economic recovery in the region, Cortland Banks is willing and able to lend and is intent on fulfilling the credit needs of creditworthy customers,” Gasior said.

Founded in 1892, Cortland Banks, based in Cortland, has 14 full-service offices in Trumbull, Mahoning, Portage, Geauga and Ashtabula counties.

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