DeWITT — Community Bank System, Inc.’s (NYSE: CBU) profit fell 1 percent in the fourth quarter, weighed down by acquisition expenses and a litigation-settlement charge.
The parent company of Community Bank, N.A. reported net income of $18.8 million, or 47 cents per share, in the quarter, down from $19 million, or 51 cents, in the fourth quarter of 2011.
Community Bank said the latest quarter included $500,000 in acquisition-related expenses and a $2.5 million litigation-settlement charge, which cost it 5 cents per share in earnings.
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Total revenue for the fourth quarter was $86.2 million, up 11.2 percent from a year ago. Net interest income increased 8.8 percent from the prior-year quarter to $60 million. Fourth quarter non-interest income increased by $3.8 million from a year ago to $26.2 million, reflecting increased benefits administration and consulting fees, higher deposit services fees, and increased wealth-management revenues, Community Bank said.
The company reported full-year earnings of $77.1 million in 2012, an increase of 5.4 percent over 2011 earnings.
“Our fourth quarter and full year operating performance continued to be at very favorable levels and was characterized by solid revenue growth, strong organic loan generation, a continuation of our stable and favorable asset quality profile, and the successful completion of the branch acquisitions announced earlier in the year,” Mark E. Tryniski, president and CEO of Community Bank, said in a news release.
Community Bank reported its earnings after the close of trading on Tuesday. Its shares traded down 2.3 percent to $28.11 as of 2:35 p.m. in Wednesday’s trading.
Contact Rombel at arombel@cnybj.com
