Full-year profit slips at Cattaraugus County Bank

March 24, 2014 Updated Mar 24, 2014 at 8:00 AM EDT

By Allissa Kline, Buffalo Business First Reporter

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Full-year profit slips at Cattaraugus County Bank

March 24, 2014 Updated Mar 24, 2014 at 8:00 AM EDT


Net income at Cattaraugus County Bank declined by 2.5 percent in 2013 compared to the prior year due to a reduction in noninterest income, according to the bank's annual report.

Net income for the 12 months of 2013 totaled $1.1 million. In 2012, it was $1.2 million.

While the bank saw a year-over-year increase in certain customer fees and operating income, it experienced a reduction in realized gains in the sales of loans and securities and it made less money on service charges related to deposit accounts, the report shows.

Realized gains on the sale of loans to the secondary market took the steepest dive, tumbling from $310,425 in 2012 to $66,963 in 2013. At the same time, service charges on deposits accounts fell from $913,583 to $833,790.

Meanwhile, deposits at the bank grew by 4.2 percent, totaling $168.0 million as of Dec. 31. Assets also grew, climbing 3.3 percent from $183.8 million to $189.9 million.

Cattaraugus County Bank CEO and former president Salvatore Marranca said in his statement to shareholders that the company was successful in growing assets and attaining profitability in 2013, in spite of everyday issues that include technology, competition, regulations and the economy.

The eight-branch bank is in the midst of management transition. Marranca, who's been with the company for three decades, announced a succession plan in February.

According to the plan, Marranca will stay on as CEO through 2014. Pennsylvania banker Michael Wimer was named president and will take on CEO duties when Marranca retires.

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