DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) reported net income of $22.4 million, or 54 cents per share, during the third quarter that ended Sept. 30.
The figure represents an increase of 1.7 percent compared to the $22 million earned during the same quarter in 2013.
The banking company’s earnings per share during the recently completed third quarter were “consistent” with the level reported in the same time period a year ago.
Community Bank System announced its third-quarter financial results in a news release posted to its website on Oct. 20.
The company’s third-quarter results included a $2.8 million litigation–settlement charge, or 5 cents per share. Excluding the litigation–settlement charge, Community Bank reported operating earnings of 59 cents per share for the quarter, the company said.
Community Bank System generated revenue of more than $92 million during the third quarter, representing an increase of $4.3 million, or 4.8 percent, over the third quarter of 2013, the banking company said.
Community Bank’s third quarter and year-to-date operating performance continued at “very favorable levels,” Mark Tryniski, president and CEO, said in the news release.
Tryniski contends “solid” revenue growth, organic expansion of the banking company’s loan portfolio, and a continuation of its “stable and favorable asset-quality” profile and “effective” operating-expense management help to characterize the company’s performance.
“We continue to focus on building additional value into our enterprise through selective acquisitions, disciplined lending, and a consistent approach to business regardless of economic conditions. In July, we increased our quarterly dividend by 7.1 percent to 30 cents per share, marking the 22nd consecutive year of dividend increases for the company. We believe that this demonstrates the company’s commitment to the payment of a meaningful and growing dividend as an important component of providing consistent and favorable long-term returns to our shareholders,” said Tryniski.
Shares of Community Bank System were trading up 80 cents at $34.98 per share just before 1:30 p.m. on Oct. 21.
Headquartered in DeWitt, Community Bank System, Inc. operates more than 190 branches across upstate New York and northeastern Pennsylvania through its banking subsidiary, Community Bank, N.A.
Community Bank System has assets of about $7.5 billion, according to its news release.
Contact Reinhardt at ereinhardt@cnybj.com