Cortland Bancorp declares dividend

CORTLAND – Cortland Bancorp on Thursday announced approval of a cash dividend of 3 cents per share payable Aug. 28 to shareholders of record Aug. 12.

The announcement came one day after the company reported second quarter earnings that showed profitability, but a drop in net income compared to second quarter of 2012.

The company’s net income of $799,000, or 18 cents per share for the quarter ending June 30 compared to net income of $952,000 for the same three month period a year ago, or 21 cents per share. Year-to-date, net income for the six months ended June 30, 2013 was $1.6 million or 36 cents per share versus $2.1 million, or 47 cents per share for the same period in 2012.

“The continuing payment of a dividend reflects our growing confidence in the company, supported by stable core earnings, increasing loan production, and restored capital levels well above regulatory requirements,” said James Gasior, chief executive officer.

“We are pleased that the company’s financial strength and improved earnings power positions us to return profits to our shareholders, while at the same time growing our business.”