Cortland Bancorp Declares 3¢ Cash Dividend
CORTLAND, Ohio – The Board of Directors of Cortland Bancorp, parent of Cortland Banks, has declared a cash dividend of three cents per common share payable May 28 to shareholders of record May 13, the corporation announced Wednesday.
“The continuing payment of a dividend reflects growing confidence in the company, supported by stable core earnings, increasing loan production and restored capital levels well above regulatory requirements,” the president and CEO, James M. Gasior, said in a prepared statement. “We are pleased that the company’s financial strength and improved earnings power positions us to return profits to our shareholders.”
Earlier this week, Cortland reported first-quarter net income of $830,000 and that its loan portfolio had grown more than $20 million since the first quarter of 2012.
Shares of Cortland closed Wednesday at $10.18, up eight cents, on a volume of 10,060, nearly four times its daily average.
Published by The Business Journal, Youngstown, Ohio.
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