Cortland Bancorp income at $1.4M
CORTLAND — Cortland Bancorp, the holding company for Cortland Bank, had a net income of $1.4 million, or 32 cents per share, in the first quarter of 2020. That’s down from $2.1 million, or 49 cents a share, compared to the first quarter of 2019.
The loss was precipitated by a $600,000 charge to earnings for the provision of credit losses due to the COVID-19 pandemic.
The company reported a net income of $1.9 million, or 44 cents per share, for the last quarter of 2019.
Total average loans of $502 million increased 1 percent from the previous quarter and from the prior year first quarter, and average deposits of $593 million increased by 2 percent from the first quarter last year and remained flat to the linked quarter.