Share this article

print logo

Community Bank net income rises

Community Bank System said its first-quarter net income rose 15.4 percent from a year ago, to $16.2 million.

The DeWitt-based company's earnings per share were up 14.3 percent from a year earlier to 48 cents, a record for Community Bank System's first quarter.

The quarterly results included $700,000 of acquisition expenses related to the company's purchase of the Wilber Corp., the largest acquisition in its history, which was completed earlier this month.

Community Bank System operates 33 branches and a money manager in Western New York. It has more than 170 customer facilities, bolstered by the Wilber deal, which expanded its presence in the eastern half of upstate New York.

The company's total revenue for the quarter was $66.4 million, up 2.1 percent from $65 million a year ago.

"Our strong first-quarter operating results reflect the discipline we endeavor to bring to our operating model and to our decision making," said Mark E. Tryniski, president and chief executive officer.

The company's deposits crested $4 billion for the first time, Tryniski said.

The bank set aside $1.1 million for loan losses, $800,000 lower than a year ago. That reflected lower net charge-offs, the continuation of generally stable and favorable asset quality metrics, and a net decline in loan balance, the company said.


There are no comments - be the first to comment