DeWITT — Community Bank System, Inc. (NYSE: CBU) reported that its fourth-quarter net income rose 19.5 percent to a record $19 million as it benefitted from assets it acquired.
The bank generated total revenue of $77.6 million in the fourth quarter, an increase of 14.3 percent from the year-earlier period. The higher revenue resulted from an 18.3 percent increase in average earning assets, mainly driven by its acquisition of the Wilber Corporation and organic deposit growth. That was offset slightly by a small decline in its net interest margin, Community Bank said.
Operating expenses totaled $47.8 million for the fourth quarter, which was 8.4 percent higher than the year-ago period. That reflected the additional operating costs associated with the Wilber acquisition, Community Bank said.
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For the full 2011 year, Community Bank reported net income of $73.1 million, or $2.01 per share, up 15.5 percent from the previous year. The company’s 2011 results included $4.8 million (or 9 cents a share after-tax) of acquisition expenses related to the company’s acquisition of Wilber last April. Total revenue for 2011 increased by 10.4 percent over the prior year, reflecting increases in both net interest income and noninterest income.
“Our team produced another quarter and year with record earnings despite significant economic headwinds in 2011,” Mark E. Tryniski, president and CEO of Community Bank, said in a news release.
Headquartered in DeWitt, Community Bank System, Inc. has $6.5 billion in assets and more than 170 branch offices. Its banking subsidiary, Community Bank, N.A., operates across upstate New York and northeastern Pennsylvania, where it conducts business as First Liberty Bank & Trust. The company also has employee benefits, insurance, wealth management, and investment-management subsidiaries.
Community Bank shares were down 14 cents to $28.21 as of 2:15 p.m. this afternoon.
Contact Rombel at arombel@cnybj.com
