DeWITT, N.Y. — Community Bank System Inc. (NYSE: CBU) reported Wednesday afternoon that its net income rose almost 50 percent to $23.1 million in the fourth quarter from $15.5 million in the year-ago period.
Growth in its wealth management and employee-benefits businesses and overall rising revenue helped drive the increase. Another factor was not having the same one-time expenses and losses the DeWitt–based banking company reported a year ago.
Community Bank’s earnings per share (EPS) jumped to 56 cents in the fourth quarter of 2014, from 38 cents in the fourth quarter of 2013, which included 15 cents per share of acquisition expenses and net losses on sales of investment securities and debt extinguishments.
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However, analysts, on average, were expecting Community Bank to report EPS of 58 cents, according to Zacks Investment Research.
The banking company reported its earnings after the close of trading on Wednesday. Community Bank’s share price rose $1.17 on Thursday, but was down 71 cents in Friday’s trading, as of 2:10 p.m.
Community Bank said its revenue totaled $91.7 million in the fourth quarter, up 3.2 percent from the prior-year quarter — excluding the $6.9 million of net losses on sales of investment securities and debt extinguishments recorded in the fourth quarter of 2013. Revenue was boosted by a 1.6 percent increase in average earning assets along with continued “strong” noninterest income generation, as well as slight improvement in its net interest margin from the year-ago quarter, the company reported. Continued organic growth forged a 9 percent increase in the company’s revenue from its wealth management and employee-benefits services businesses.
Community Bank System has about $7.5 billion in assets and more than 190 branch offices across upstate New York and northeastern Pennsylvania through its banking subsidiary, Community Bank, N.A.
Community Bank ranks fifth in deposit market share in the 16-county Central New York area, with nearly $1.7 billion in deposits and a 6.3 percent share of the market’s total deposits, according to the latest FDIC data. It has more than 50 branches in the region.