Canandaigua National Corp. reported a 44 percent increase in first-quarter net income attributable to shareholders, thanks to revenue increases and less money set aside to cover bad loans.
The company filed its report with the U.S. Securities and Exchange Commission late Wednesday afternoon.
The parent of Canandaigua National Bank and Trust Co. reported income of nearly $5.1 million, or $2.63 a share, for the quarter ending March 31. The bank reported earnings of $3.5 million, or $1.83 a share, in the first quarter 2012.
The most recent results included a $300,000 increase in total revenues compared with a year ago, and a decrease to $700,000 from $1.15 million in the provision for loan losses.
The bank also reported an 8 percent drop in operating expenses, to $16.5 million, due in part to a lower stock appreciation rights accrual.
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email firstname.lastname@example.org.