Shares of Community Bank System Inc. were up nearly 50 cents Wednesday afternoon after the DeWitt-based bank reported a 17.2 percent increase in profits and beat Wall Street estimates by 3 cents a share.
The parent of Community Bank N.A. in the Rochester market reported quarterly net income of $21.1 million, or 53 cents per diluted share, up from net income of $18 million and earnings of 49 cents a share in the second quarter of 2011.
Analysts projected earnings of 50 cents a share.
“We produced strong operating results for the second quarter, characterized by earning asset growth that drove a 6 percent increase in top-line revenues, disciplined operating expense management, and continued stable and favorable asset quality metrics,” President and CEO Mark Tryniski said in a statement released Tuesday after the markets closed.
Community Bank ranks 13th in the Rochester market with local deposits of $292.4 million as of June 30, 2011, the most recent Federal Deposit Insurance Corp. statistics show.
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