By THOMAS ADAMS
Rochester Business Journal
August 10, 2010
Canandaigua National Corp. on Tuesday reported an 80 percent increase in second-quarter net income.
The holding company for Canandaigua National Bank & Trust Co. posted net income of $5.4 million, or $11.19 a share, up from $3 million, or $6.18 a share, a year ago, a filing with the U.S. Securities and Exchange Commission shows.
Assets totaled $1.6 billion on June 30, up 0.7 percent from March 31, the bank reported. Deposits totaled $1.4 billion, up 3 percent from the end of the first quarter.
The bank’s provision for loan losses was $500,000, roughly half as much as the second quarter of 2009.
Bank officials expect modest growth in the loan portfolio in the third quarter as well as in retail and commercial deposits, the filing states. Officials expect operating results to remain strong due to continued revenue growth, and stable credit conditions should lead to a moderate provision for loan losses.
CNB ranks fourth in local deposits in the Rochester market, information from the Federal Deposit Insurance Corp. shows.