COOPERSTOWN — The parent of the Bank of Cooperstown and Bank of the Finger Lakes saw net income increase 40 percent to $458,000 in the fourth quarter.
For the full year in 2012, USNY Bank’s net income jumped to $1.95 million, up 50 percent from 2011.
The bank, which specializes in working with small businesses, mid-sized businesses, agribusinesses, farms, and consumers, reported total assets of $145.9 million as of Dec. 31. That’s up 33 percent from the end of 2011.
“2012 was a very successful year for us,” USNY Bank President & CEO Mike Briggs said in a news release. “Our operating results put us among the higher-performing banks in the state. We have shown significant growth in assets and continued improvement in both profits and operating efficiency.”
USNY Bank said it has increased its activity in the residential mortgage market over the last two years.
It operates two banking units — the Bank of Cooperstown at 73 Chestnut St. in Cooperstown and the Bank of the Finger Lakes at 389 Hamilton St. in Geneva.
Contact Seltzer at rseltzer@cnybj.com