Cortland Bancorp Tuesday reported second quarter income about 8 cents per share below that reported in the second quarter of 2011.
Net income was $952,000, or $.21 per share versus $1.3 million for the second quarter of 2011, or $.29 per share.
Bank officials pointed out that excluding net gains on securities transactions net of tax of $18,000 in the second quarter of 2012, and $461,000 in the second quarter of 2011 (earnings from normal operations) income of $934,000 was recorded in the second quarter of 2012 and $860,000 in the same quarter of 2011. This represented a $74,000 improvement in quarterly earnings from normal operations.
Net income for the six months ended June 30, 2012, was $2.11 million versus $2.19 million for the same period in 2011. On a comparable "earnings from normal operations" basis excluding net securities transactions, 2012 net earnings from operations were $2.2 million versus $1.8 million in 2011.