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Community Bank's profit drops by 8 percent

Rochester Business Journal
October 25, 2012

Acquisition expenses cut Community Bank System Inc.’s third-quarter profit by 8 percent.

The DeWitt, Onondaga County-based parent of Community Bank N.A. in the Rochester market reported this week income of $18.3 million, or 46 cents a diluted share, attributable to common shareholders. That compares with $20 million, or 54 cents a share, in the third quarter 2011.

The bank said Tuesday the results were affected by costs of $4.8 million, or 8 cents a share, related to the purchase of First Niagara Bank N.A. and HSBC Bank USA N.A. branches.

“With the acquisition and conversion process of 19 former HSBC and First Niagara branch locations in our core Upstate New York markets completed, we are working to solidify and expand the service relationship with our new customers and remain excited by the potential to create incremental shareholder value from this transaction,” President and CEO Mark Tryniski said in a statement.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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