Quarter-end shareholders’ equity of $904.6 million was $149.0 million, or 19.7%, higher than September 30, 2011, and up $19.5 million from the end of the second quarter of 2012. The year-over-year increase was driven by the January 2012 issuance of 2.1 million additional shares in support of the Company’s recently completed branch acquisitions, appreciation in the available-for-sale investment portfolio, and continued solid growth in retained earnings due to record levels of net income generation. Despite the completion of the branch acquisitions in the third quarter, the Company continued to strengthen its capital position as was evidenced by the 75 basis-point increase in the net tangible equity to net tangible assets ratio from the end of the third quarter of 2011.Asset Quality
Community Bank System Reports Strong Third Quarter Operating Results
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