Third quarter non-interest income, excluding gains and losses on investment security sales, increased $2.3 million to $25.6 million, compared with third quarter 2011, reflecting increased benefits administration and consulting fees, higher deposit services fees, and increased wealth management revenues, offset somewhat by lower mortgage banking revenues. Employee benefits administration and consulting revenues were up 16.0% compared to third quarter 2011, principally from the December 2011 acquisition of Metro-New York based, CAI Benefits (CAI). Wealth management fees were up $0.3 million, or 10.0% over third quarter 2011, driven by solid gains in trust services and asset management. Net mortgage banking revenues of $0.1 million for the quarter were from servicing fees, reflective of the decision to continue to hold a large majority of the Company’s mortgage originations in portfolio. Deposit service fees of $12.1 million were up $0.9 million, or 8.3% from third quarter of 2011, and included the activities of the recently acquired branches.Third quarter core operating expenses (excluding acquisition expenses) of $51.3 million, increased $3.6 million over the third quarter of 2011, and included the recurring operating expenses of the newly acquired branches as well as CAI. Year-to-date core operating expenses (excluding acquisition expenses) of $149.6 million were 8.6% higher than the first nine months of 2011, and reflect the aforementioned branch and CAI transactions, as well as the acquisition of the Wilber Corporation in April 2011.
Community Bank System Reports Strong Third Quarter Operating Results
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