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Community Bank parent Q1 profit up nearly 10 percent

Rochester Business Journal
April 23, 2014

The parent of Community Bank N.A. in the Rochester market reported a 9.5 percent increase in quarterly profits, beating Wall Street estimates by 2 cents a share.

Community Bank System Inc. reported net income of $22.1 million, or 54 cents a diluted share, up from $20.2 million, or 50 cents a share, in the first quarter of 2013.

The Street projected earnings of 52 cents a share for the DeWitt, Onondaga County-based bank, which reported Tuesday after the markets closed.

The most-recent quarterly income and non-interest income of $28.4 million are record highs for the company, representatives said.

“The momentum from our successful balance sheet initiatives and branch acquisitions in 2013 were catalysts for improved results as we began 2014,” President and CEO Mark Tryniski said in a news release.

Community Bank N.A. ranks 10th in the Rochester market with local deposits of $529 million, data from the Federal Deposit Insurance Corp. shows.

(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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