Cortland Bancorp Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
For the year, interest income was $22,555,000 against $21,113,000 a year ago. Net interest income was $19,637,000 against $18,506,000 a year ago. Income before tax was $5,998,000 against $5,597,000 a year ago. Net income was $4,871,000 against $4,378,000 a year ago. Earnings per basic and diluted share were $1.11 against $0.97 a year ago. Return on average equity was 8.27% against 7.73% a year ago. Return on average assets was 0.80% against 0.77% a year ago.
For the quarter, net charge-offs were $47,000 against $47,000 a year ago.