DeWITT — Community Bank System, Inc. (NYSE: CBU) reported first-quarter net income of $20.2 million, up 7.5 percent from $18.8 million in the year-ago period as the banking company benefited from its previous acquisitions and also produced organic growth.
Diluted earnings per share totaled 50 cents in the latest quarter, up 4.2 percent from 48 cents in the first quarter of 2012.
Revenue for the first quarter of 2013 totaled $84.5 million, up 9.2 percent from a year ago. Higher revenue resulted mainly from an 11.6 percent increase in average earning assets, partially offset by slight decline in Community Bank’s net interest margin, the company said.
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Increased net interest income was coupled with higher non-interest income from increased deposit accounts and balances, along with organic growth in wealth management and benefits-administration services, the company noted.
Balance-sheet growth was driven by the acquisition of HSBC and First Niagara branches in the third quarter of 2012, as well as organic growth over the past four quarters, Community Bank said.
Total operating expenses rose 10.4 percent to $54.6 million in the latest quarter from a year ago, reflecting increased operating costs from adding branch offices.
“Community Bank’s team began 2013 with strong momentum, producing record operating performance for a first quarter period,” Community Bank CEO Mark E. Tryniski said in a news release. “Our results continued to reflect successful efforts to efficiently grow our balance sheet and revenue sources, both organically and through acquisitions. In 2013 we will continue to execute our long-term approach to value creation with a focus on expansion of the Company’s earnings power and dividend capacity in all economic environments.”
Community Bank reported its earnings after the close of trading Tuesday. In Wednesday’s trading, its stock was trading down 25 cents to $28.73, as of 3:30 p.m.
Contact Rombel at arombel@cnybj.com
