Cortland Bancorp reports increase in its net income
CORTLAND — Cortland Bancorp, the parent company of Cortland Bank, reported in the third quarter a net income of $2.2 million, up 12 percent from the second quarter and 11 percent from the third quarter of 2019.
Mortgage loans accounted for much of the revenue growth with the mortgage unit approaching record production for the year, improving gains on sales by nearly $800,000 for the quarter. On the expense side, a reduction in personnel and other operating costs also were contributing factors.
Loans increased 9 percent, led mostly by loans granted under the federal Paycheck Protection Program and total deposits grew 16 percent to $681 million.
The company had assets of $812 million at the close of the quarter compared with $701 million in September 2019 and $780 million at the end of the second quarter.