CORTLAND - Cortland Bancorp on Friday reported 2013 earnings of $1.78 million, or 39 cents per share, compared to $2.91 million, or 64 cents per share in 2012.
Bank officials attributed the decline in net income to charges for its investment portfolio due to new regulatory mandates stemming from the Dodd-Frank Act.
Excluding the charges for the investment portfolio, which were $2 million pre-tax and $1.3 million after tax, Cortland would have earned $3.1 million, or $0.67 per share, in 2013, the holding company for Cortland Savings and Banking Company said.
"Our core banking operations have been performing well and are gaining momentum going into the new year," said James M. Gasior, president and chief executive officer.
"Our net interest margin is expanding, loan demand is robust and asset quality continues to improve."
The company on Friday also announced a regular quarterly cash dividend of 3 cents per share.
The dividend will be payable Feb. 28, to common shareholders of record Feb. 10.