Local financial stocks remain the same
First Niles Financial stood pat in Monday's trading at $7 a share. First Place Financial Corp. stayed at $0.004 per share, and Cortland Bancorp remained at $11 a share.
Cortland Bancorp revises earnings report
CORTLAND - Cortland Bancorp revised its earnings for the fourth quarter and year ended Dec. 31 after it was determined a commercial borrower is insolvent and contemplating bankruptcy.
The bank does not expect to recover the amount owed from the collateral which means additional loan losses of $1.9 million. The company said it will continue to work with this borrower in an attempt to recover part of the charge-off.
Any amounts recovered in subsequent periods will be reported as recoveries through the bank's allowance for loan losses.
With the recognition of the additional provision, the company's previously announced net income of $4.2 million for the year ended Dec. 31, or $.92 per common share, is now revised to $2.9 million, or $.64 per common share. Return on assets and return on equity is revised from .79 percent and 8.60 percent to .55 percent and 5.99 percent, respectively.
The company said its regulatory capital ratios remain above the amounts necessary for the company to be deemed well-capitalized.