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Cortland Bancorp Declares 22-cents Dividend
CORTLAND, Ohio -- The board of directors of Cortland Bancorp has declared a quarterly dividend of 22 cents per share. The dividend is payable to shareholders of record June 10. The company says it has about 4.2 million shares outstanding. Cortland Bancorp, holding company for Cortland Banks, earned $1.258 million during the first quarter of 2005, an increase of 10.25% from the $1.141 million earned during the first quarter a year ago, said Rodger W. Platt, chairman. Earnings per share increase to $0.30 from the $0.28 earned in the same quarter last year. Total assets stood at $442.1 million on March 31, an increase of $5.3 million from the $436.8 million total of March 31, 2004.Core earnings, which exclude the gains on loans sold, investment securities sold or called, and certain other non recurring items, increased by 7.3% in the first quarter compared to the first quarter of 2004, Platt said. Core earnings for the first quarter were $1.053 million in 2005 as compared to $981,000 in 2004. Core earnings per share were $0.25 in the first quarter of 2005, up from $0.24 in 2004.Visit Cortland Bancorp at www.cortland-banks.com"