This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Community Bank System Reports Record Fourth Quarter And Full Year Results

Stocks in this article: CBU

Community Bank System, Inc. (NYSE: CBU) reported record fourth quarter 2011 net income of $19.0 million ($0.51 per share), an increase of 19.5% over the $15.9 million reported for the fourth quarter of 2010. Full year 2011 net income of $73.1 million, or $2.01 per share, was up 15.5% over net income for the year ended December 31, 2010. The Company’s 2011 results included $4.8 million ($0.09 per share after-tax) of acquisition expenses related to the Company’s merger with The Wilber Corporation in early April.

Total revenue for the fourth quarter of 2011 was $77.6 million, an increase of $9.7 million, or 14.3%, over the fourth quarter of last year. The higher revenue was a result of an 18.3% increase in average earning assets, principally driven by the Wilber acquisition and organic deposit growth, offset slightly by a one-basis point decline in the Company’s net interest margin to 4.06%. The quarterly provision for loan losses of $1.6 million was $0.3 million lower than the fourth quarter of 2010, reflective of lower net charge-offs and the continuation of generally stable and favorable asset quality metrics. Total operating expenses were $47.8 million for the quarter, or 8.4% higher than the fourth quarter of 2010, primarily reflective of the additional operating costs associated with the Wilber acquisition. Total revenue for 2011 increased by $28.2 million, or 10.4% compared to 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,” said President and Chief Executive Officer Mark E. Tryniski. “Just as important, we continued to focus on building additional value into our enterprise through selective acquisitions, disciplined lending and a consistent approach to business regardless of economic conditions. Our recently announced acquisition of 19 bank branches across our core Upstate New York markets will strengthen and extend our existing presence within these areas. Other important 2011 milestones include the successful integration of Wilber National Bank, as our Central New York Region, and the acquisition of CAI Benefits, Inc,, an employee benefits consulting and actuarial business serving the strategically important metropolitan New York marketplace. With continued strong revenue growth, excellent asset quality metrics and our focus on expense management, we are well positioned to continue our performance into 2012.”

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs