Cortland Bancorp Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2015
For the year, the company reported interest income was $21,113,000 against $20,665,000 a year ago. Income before tax was $5,597,000 against $4,771,000 a year ago. Net income was $4,378,000 against $3,869,000 a year ago. Earnings per share were $0.97 against $0.85 a year ago. Book value per share was $12.87 against $12.33 a year ago. Return on average equity was 7.73% against 7.21% a year ago. Return on average assets was 0.77% against 0.71% a year ago. Net interest income was $18,506,000 against $17,781,000 a year ago. NII after loss provision was $18,051,000 against $16,143,000 a year ago.
For the quarter, the company reported net charge-offs of $47,000 against $26,000 a year ago.