Cortland Bancorp releases earnings
CORTLAND — Cortland Bancorp, the holding company of Cortland Bank, reported 2019 was the second year in a row where net income surpassed $7 million, producing returns on equity more than 10 percent per year.
For the year the company recorded profits of $7.28 million, or $1.68 per share, compared to $8.84 million, or $2.03 per share, for 2018.
For the quarter ending in December, a net income of $1.9 million, or 44 cents per share, was slightly below the $2.02 million, of 47 cents per share, reported in the four quarter of 2018.
The company also reported a quarterly cash dividend of 14 cents per share. It will be payable March 2 to shareholders of record at the close of business on Feb. 10. In addition, the a special 5 cent dividend will be paid March 2 as a reward to company shareholders for the consistently profitable performance by Cortland Bancorp.