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Community Bank parent reports Q4 drop in net income

Rochester Business Journal
January 22, 2014

Community Bank System Inc.’s fourth-quarter profits dropped 18 percent, the result of a securities sale and the acquisition in December of eight Bank of America N.A. branches.

The DeWitt, Onondaga-based bank reported net income of $15.5 million, or 38 cents a diluted share, down from $18.9 million, or 47 cents a share, in the fourth quarter of 2012.

Wall Street projected earnings of 53 cents a share.

The holding company for Community Bank N.A. in the Rochester market reported its earnings Tuesday after the markets closed.

The company sold its portfolio of bank and insurance trust preferred collateralized debt obligation securities, citing uncertainties created by the Volcker Rule implemented as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

It also extinguished $226.4 million of Federal Home Loan Bank term advances and sold $417.6 million in treasury securities.

The net impact of the actions was a pre-tax loss of $6.9 million, or 12 cents a share after taxes.

The fourth-quarter earnings per share also included acquisition expenses of 4 cents a share related to the purchase of eight Bank of America branches in northeast Pennsylvania.

For the full year, net income was $78.8 million, or $1.94 per diluted share, up 2 percent from $77.1 million, or $1.93 per share, in 2012.

Community Bank N.A. ranks 10th in the Rochester market with local deposits of nearly $529 million.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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