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Community Bank System Reports Strong Second Quarter Results

Stocks in this article: CBU

Community Bank System, Inc. (NYSE: CBU) reported net income of $21.1 million for second quarter 2013, compared with $21.1 million earned for the second quarter of 2012. Diluted earnings per share were $0.52 for the second quarter of 2013, versus $0.53 in the second quarter of last year. Year-to-date earnings increased 3.7% over the first six months of 2012, to $41.4 million ($1.02 per share).

Total revenue for the second quarter of 2013 was $85.5 million, an increase of $4.1 million, or 5.0%, compared to second quarter 2012. Higher revenue was driven by higher non-interest income from an increased deposit account base, along with continued solid organic growth in wealth management and benefits administration services. Net interest income was up 1.1% from the second quarter 2012 reflective of productive acquired and organic loan growth over the past twelve months, as well as the balance sheet restructuring activities completed in the first and second quarters of 2013. The quarterly provision for loan losses of $1.3 million was $0.8 million lower than the second quarter of 2012, reflective of lower net charge-offs and the continuation of generally stable and favorable asset quality metrics. Total operating expenses of $54.4 million for the quarter were $5.0 million, or 10.1%, higher than the second quarter of 2012, primarily driven by additional operating costs associated with the branch acquisitions completed in third quarter 2012.

“The positive operating momentum from the first quarter continued through the midpoint of 2013, with solid organic loan growth, a strong increase in fee income, responsible expense management, and very positive asset quality metrics,” said President and Chief Executive Officer Mark E. Tryniski. “Our results through June 30, 2013, reflect our balanced approach to growth, both acquired and organic. Non-interest income growth remained robust in the second quarter with double-digit year-over-year increases in our deposit service fees, wealth management services and our benefit plan services. With solid growth in our loan portfolio, appropriate management of our funding costs, a strong capital position and exceptional asset quality metrics, we believe that we’re well positioned for the remainder of 2013 and beyond.”

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