DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) today reported net income of $22.3 million in the first quarter, up 0.6 percent from the year-ago period.
The DeWitt–based banking company’s earnings per share was unchanged at 54 cents. That was 1 cent below analysts’ consensus estimate of 55 cents, according to Capital IQ/Yahoo Finance.
Community Bank reported revenue of $88.9 million in the first quarter, up 0.5 percent from a year prior. Higher revenue resulted from an increase in average earning assets and continued growth in noninterest income.
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“Our first quarter operating results were solid with continued non-interest income growth, core deposit growth, expense control and exceptional credit quality results,” Mark E. Tryniski, president and CEO of Community Bank, said in the company’s earnings news release.
Community Bank in February announced it had agreed to acquire Oneida Financial Corp. (NASDAQ: ONFC), to further extend its Central New York service area and add to its product offerings in insurance, benefits, and wealth management.
“The Oneida Financial transaction will enhance our market presence in the Syracuse and Utica–Rome metropolitan areas, along with adding an organization with … an approach to business that aligns very well with our own culture,” Tryniski said in the release.
Community Bank System, with assets of about $7.5 billion, operates more than 190 branches across upstate New York and Northeastern Pennsylvania through its banking subsidiary, Community Bank, N.A. That includes 51 branches in the 16-county Central New York area, including seven in the Syracuse metro area, according to FDIC data.
Contact Rombel at arombel@cnybj.com
