Income up in second quarter for Cortland Bancorp
CORTLAND — Cortland Bancorp, the holding company for Cortland Bank, reported net income of $1.9 million for the second quarter of 2019, up from $1.3 million for the same quarter in 2019.
Total assets were $780 million at the end of June, compared with $691 million June 30, 2019, and $713 million at the close of the first quarter in 2020.
Loans increased 10 percent year over year, led mainly by loans granted under the federal Paycheck Protection Program. Cortland helped 419 customers in obtaining funds under the program, providing payroll and operating expense relief worth $56 million.
Deposits grew 12 percent, or $71.5 million, to $648 million for the second quarter of 2020 from $577 million in the second quarter of 2019.