DeWITT — Profit jumped more than 17 percent in the second quarter at DeWitt–based Community Bank System, Inc. (NYSE: CBU).
Net income at the banking company totaled $21.1 million, or 53 cents a share, for the period, up from $18 million, or 49 cents a share, a year earlier.
“We produced strong operating results for the second quarter, characterized by earning asset growth that drove a 6 percent increase in top line revenues, disciplined operating expense management, and continued stable and favorable asset quality metrics,” Community Bank President and CEO Mark Tryniski said in a news release. “We grew loans by $101 million in the quarter, with improvements across all portfolios. We continued to appropriately manage our cost of funds and were able to maintain a stable net interest margin through the first half of this year.”
Community Bank has $7.5 billion in assets and 190 branches in upstate New York and northeastern Pennsylvania. The banking company also operates subsidiaries in employee benefits, insurance, investment management and advising, and wealth management.
For more on this story, see the Aug. 3 issue of The Central New York Business Journal.
Contact Tampone at ktampone@cnybj.com
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