Cortland Bancorp sees profit

CORTLAND – Cortland Bancorp, the holding company for Cortland Savings and Banking Company, reported its second quarter earnings increased 30 percent compared to the same quarter in 2013.

The company reported second quarter earnings reached $1 million, compared to $799,000 a year ago.

“Building on our momentum from the beginning of the year, our second quarter profitability was supported by strong balance sheet growth that drove up both net interest income and net interest margin year-over-year and year-to-date,” President and CEO James M. Gasior said.

The bank’s board of directors declared a quarterly cash dividend 5 cents per share, providing a current yield of 1.60 percent at current market prices. The dividend will be payable Aug. 28 to shareholders of record Aug. 11.