Cortland Bancorp reports net income growth in 1Q
CORTLAND — Cortland Bancorp, the holding company for Cortland Bank, doubled its net income in the first quarter of the year to $2.8 million compared with the same three-month period in 2020.
The company in its first-quarter financial report Tuesday also reported the return on average assets ratio was 1.38 percent, and the return on average equity ratio was 13.5 percent, supported by 8 percent loan growth and 15 percent deposit growth compared with last year.
Performance also was aided by a high volume of mortgage originations and sales that added $800,000 to non-interest income, according to the bank.
Cortland Bancorp also had deposits grow 15 percent to $680 million in the quarter compared with 2020 and ended the first quarter with $792 million in assets compared with $713 million on March 31, 2020.