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Community Bank’s fourth quarter profits fall 13 percent

Community Bank System reported a 13 percent drop in its fourth-quarter profits from a year ago, dragged down by the cost of acquiring Oneida Financial Corp.

Community Bank, based in suburban Syracuse, reported net income of $20.1 million, or 47 cents per share, compared to $23.1 million, or 56 cents per share, a year earlier.

The bank recorded $5.7 million in acquisition expenses. Community Bank completed its deal for Oneida last December.

Community Bank has four branches in the Buffalo Niagara region.