Cortland Bancorp Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Off for the Fourth Quarter Ended December 31, 2017
For the year, the company reported interest income was $23,492,000 against $22,555,000 a year ago. Net interest income was $20,302,000 against $19,637,000 a year ago. Income before tax was $6,767,000 against $5,998,000 a year ago. Net income was $4,350,000 or $0.99 per basic and diluted share against $4,871,000 or $1.11 per basic and diluted share a year ago. Return on average equity was 7.25% against 8.27% a year ago. Return on average assets was 0.68% against 0.80% a year ago.
For the fourth quarter ended December 31, 2017, the company reported net charge-offs of $199,000 against $47,000 a year ago.