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Third-quarter profit dips at Canandaigua National

By THOMAS ADAMS - 11/9/2012 3:54:23 PM

Canandaigua National Corp. reported third-quarter profit of $4.9 million, or $2.58 a diluted share, attributable to shareholders, down 0.7 percent from $5 million, or $2.61, a year ago.

Assets on Sept. 30 totaled nearly $1.9 billion, up 7.7 percent from June 30, the company reported Thursday in a filing with the U.S. Securities and Exchange Commission.

“With this growth came higher revenues, higher operating expenses and higher amortization expense associated with acquisitions, the net of which negatively impacted net income,” the bank states in the filing.
 
Quarterly net income for Canandaigua National Bank & Trust Co. was $4.3 million, down 18.5 percent from $5.2 million in the third quarter 2011.

Profits for CNB Mortgage Co. were $818,000, up 210 percent from $264,000 a year ago.

Perinton-based Genesee Valley Trust Co. lost $6,000, compared with a loss of $38,000 in the year-ago quarter.

Canandaigua National subsidiary WBI OBS Financial LLC lost $12,000, an improvement from a loss of $455,000 a year ago. Canandaigua National acquired a majority interest in the Whitehouse, Ohio, investment firm in November 2011.

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