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Community Bank sees dip in Q4 net income

Rochester Business Journal
January 24, 2013

The parent of Community Bank N.A. reported quarterly net income of $18.8 million, or 47 cents a share, down 1 percent from a year ago.

Community Bank System Inc.—based in DeWitt, Onondaga County—reported income of $19 million, or 51 cents a share, in the fourth quarter 2011.

The most recent quarter included a onetime charge of $500,000 related to the July acquisition of 16 HSBC Bank USA N.A. branches and three First Niagara Bank N.A. branches. The three First Niagara branches and four of the HSBC branches are in the Rochester market.

Community Bank also incurred a fourth-quarter charge of $2.5 million, or 5 cents a share, in a litigation settlement, it reported.

Fourth-quarter and full-year operating performance were at favorable levels, President and CEO Mark Tryniski said Tuesday. Earnings were buoyed by solid deposit growth, strong loan generation, stable and favorable asset quality, and the successful completion of the branch acquisitions, he said.
 
Community Bank ranks 12th in the Rochester region with deposits of $295.4 million as of June 30, data from the Federal Deposit Insurance Corp. shows. The deposits do not include those from the seven branches added in July.

(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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