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RBJ: Canandaigua National posts big jump in Q4 income

February 26, 2013

By THOMAS ADAMS
Rochester Business Journal
February 25, 2013

Canandaigua National Corp. posted quarterly fourth-quarter net income of nearly $5.8 million, up 203 percent from a year ago.

The company, the parent of Canandaigua National Bank, in a regulatory filing late last week, reported diluted earnings per share of $2.99 for the recent quarter. It reported profits of $1.9 million, or 99 cents a diluted share, in the fourth quarter 2011.

Income for the last three months of 2012 was buoyed by growth in net interest income and non-interest income, and lower amounts of money set aside to cover bad loans, the bank reported.

Those positives were offset somewhat by higher operating expenses associated with higher bonuses paid because of full-year earnings and growth-related expenses, the bank reported.

The fourth quarter 2011 benefited from higher net interest income due to growth in the bank’s loan portfolio, the bank reported, but was negatively affected by higher operating expenses due to higher incentive stock plan accruals associated with the increase in price of company stock, and higher intangible amortization costs.

The 2011 quarter also was affected by costs related to the acquisition of Whitehouse, Ohio-based financial services firm OBS Holdings Inc. in November 2011, the bank reported.

Full-year net income attributable to Canandaigua National shareholders was $19.8 million, or $9.76 per diluted share, up 15.5 percent from nearly $16.3 million, or $8.48 per diluted share, in 2011.