DeWITT — Community Bank System, Inc. (NYSE:CBU) reported fourth quarter net income of $72 million, or $1.40 per share, compared with nearly $26.4 million, or 59 cents, in the fourth quarter of 2016. Its fourth-quarter results included $800,000, or 1 cent per share, of acquisition expenses along with an estimated $38 million, or 74 cents per […]
DeWITT — Community Bank System, Inc. (NYSE:CBU) reported fourth quarter net income of $72 million, or $1.40 per share, compared with nearly $26.4 million, or 59 cents, in the fourth quarter of 2016.
Its fourth-quarter results included $800,000, or 1 cent per share, of acquisition expenses along with an estimated
$38 million, or 74 cents per share, one-time gain from the revaluation of net deferred tax liabilities related to the Tax Cuts and Jobs Act of 2017, enacted on Dec. 22.
Excluding acquisition expenses and the one-time tax benefit, quarterly earnings per share would have been 67 cents per share, a nearly 10 percent improvement over the same period in 2016.
For all of 2017, Community Bank System reported net income of $150.7 million, or $3.03 per share, up from $103.8 million, or $2.32 a share, in 2016.
Excluding acquisition expenses and the one-time tax benefit, full-year earnings per share were a “record” $2.64, or about 13 percent above the $2.33 per share of operating earnings generated in 2016.
Community Bank System had “another strong quarterly performance” which was “positively impacted” by its Northeast Retirement Services, Inc. (NRS) acquisition completed in February, and from the Merchants Bancshares Inc. (NASDAQ: MBVT) merger which closed in May, Mark Tryniski, president and CEO of Community Bank System, said in the company’s earnings report.
“Both of these high-value transactions have performed above our initial expectations. NRS continued to grow both its top and bottom line performance at a double-digit pace, and the Merchants integration has proceeded smoothly with cost synergies running ahead of plan. Our accelerated operating performance also reflects improvements in core expense management and growth in non-interest income, which contributed to the 10 percent increase in per share results (excluding acquisition expenses and one-time tax benefits) compared with the fourth quarter of 2016. We expect to realize a significant ongoing benefit from the lower federal income tax rate and our businesses are well positioned to continue delivering a high level of operating performance for the benefit of our shareholders,” said Tryniski.
DeWitt–based Community Bank System operates more than 230 bank branches across upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts through its banking subsidiary, Community Bank, N.A.
With assets of over $10.7 billion, the banking company says it is among the country’s 150 largest financial institutions.
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DeWITT — Community Bank System, Inc. (NYSE:CBU) reported fourth quarter net income of $72 million, or $1.40 per share, compared with nearly $26.4 million, or 59 cents, in the fourth quarter of 2016.
Its fourth-quarter results included $800,000, or 1 cent per share, of acquisition expenses along with an estimated
$38 million, or 74 cents per share, one-time gain from the revaluation of net deferred tax liabilities related to the Tax Cuts and Jobs Act of 2017, enacted on Dec. 22.
Excluding acquisition expenses and the one-time tax benefit, quarterly earnings per share would have been 67 cents per share, a nearly 10 percent improvement over the same period in 2016.
For all of 2017, Community Bank System reported net income of $150.7 million, or $3.03 per share, up from $103.8 million, or $2.32 a share, in 2016.
Excluding acquisition expenses and the one-time tax benefit, full-year earnings per share were a “record” $2.64, or about 13 percent above the $2.33 per share of operating earnings generated in 2016.
Community Bank System had “another strong quarterly performance” which was “positively impacted” by its Northeast Retirement Services, Inc. (NRS) acquisition completed in February, and from the Merchants Bancshares Inc. (NASDAQ: MBVT) merger which closed in May, Mark Tryniski, president and CEO of Community Bank System, said in the company’s earnings report.
“Both of these high-value transactions have performed above our initial expectations. NRS continued to grow both its top and bottom line performance at a double-digit pace, and the Merchants integration has proceeded smoothly with cost synergies running ahead of plan. Our accelerated operating performance also reflects improvements in core expense management and growth in non-interest income, which contributed to the 10 percent increase in per share results (excluding acquisition expenses and one-time tax benefits) compared with the fourth quarter of 2016. We expect to realize a significant ongoing benefit from the lower federal income tax rate and our businesses are well positioned to continue delivering a high level of operating performance for the benefit of our shareholders,” said Tryniski.
DeWitt–based Community Bank System operates more than 230 bank branches across upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts through its banking subsidiary, Community Bank, N.A.
With assets of over $10.7 billion, the banking company says it is among the country’s 150 largest financial institutions.
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DeWITT — Community Bank System, Inc. (NYSE:CBU) reported fourth quarter net income of $72 million, or $1.40 per share, compared with nearly $26.4 million, or 59 cents, in the fourth quarter of 2016. Its fourth-quarter results included $800,000, or 1 cent per share, of acquisition expenses along with an estimated $38 million, or 74 cents per […]
DeWITT — Community Bank System, Inc. (NYSE:CBU) reported fourth quarter net income of $72 million, or $1.40 per share, compared with nearly $26.4 million, or 59 cents, in the fourth quarter of 2016.
Its fourth-quarter results included $800,000, or 1 cent per share, of acquisition expenses along with an estimated
$38 million, or 74 cents per share, one-time gain from the revaluation of net deferred tax liabilities related to the Tax Cuts and Jobs Act of 2017, enacted on Dec. 22.
Excluding acquisition expenses and the one-time tax benefit, quarterly earnings per share would have been 67 cents per share, a nearly 10 percent improvement over the same period in 2016.
For all of 2017, Community Bank System reported net income of $150.7 million, or $3.03 per share, up from $103.8 million, or $2.32 a share, in 2016.
Excluding acquisition expenses and the one-time tax benefit, full-year earnings per share were a “record” $2.64, or about 13 percent above the $2.33 per share of operating earnings generated in 2016.
Community Bank System had “another strong quarterly performance” which was “positively impacted” by its Northeast Retirement Services, Inc. (NRS) acquisition completed in February, and from the Merchants Bancshares Inc. (NASDAQ: MBVT) merger which closed in May, Mark Tryniski, president and CEO of Community Bank System, said in the company’s earnings report.
“Both of these high-value transactions have performed above our initial expectations. NRS continued to grow both its top and bottom line performance at a double-digit pace, and the Merchants integration has proceeded smoothly with cost synergies running ahead of plan. Our accelerated operating performance also reflects improvements in core expense management and growth in non-interest income, which contributed to the 10 percent increase in per share results (excluding acquisition expenses and one-time tax benefits) compared with the fourth quarter of 2016. We expect to realize a significant ongoing benefit from the lower federal income tax rate and our businesses are well positioned to continue delivering a high level of operating performance for the benefit of our shareholders,” said Tryniski.
DeWitt–based Community Bank System operates more than 230 bank branches across upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts through its banking subsidiary, Community Bank, N.A.
With assets of over $10.7 billion, the banking company says it is among the country’s 150 largest financial institutions.
