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.