Community Bank System income advances
Community Bank System, Inc., which is based in Dewitt and has several local branches, reported 2017 net income of $150.7 million, up about $47 million from the prior year.
Among its area sites are Rome, Boonville, Camden, Oneida, Vernon and Westmoreland.
Much of the increase occurred in the 2017 fourth quarter that ended Dec. 31, when net income of $72 million was up about $45 million from the same period in 2016.
The fourth quarter results included an estimated $38 million one-time gain from the revaluation of net deferred tax liabilities related to the recently enacted Tax Cuts and Jobs Act, the company said.
Diluted earnings per share also rose in 2017, totaling $3.03 compared to $2.32 per share in 2016.
“We realized another strong quarterly performance which was positively impacted by our Northeast Retirement Services, Inc. acquisition completed in February, and from our Merchants Bancshares merger which closed in May,” said Community Bank System President and CEO Mark E. Tryniski.
“Both of these high-value transactions have performed above our initial expectations....Our accelerated operating performance also reflects improvements in core expense management and growth in non-interest income, which contributed to the 10 percent increase in per share results (excluding acquisition expenses and one-time tax benefits) compared with the fourth quarter of 2016.”
Tryniski added, “we expect to realize a significant ongoing benefit from the lower federal income tax rate and our businesses are well positioned to continue delivering a high level of operating performance for the benefit of our shareholders.”
Community Bank System operates more than 230 customer facilities across upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts.
Among its local sites are in Rome, Boonville, Camden, Oneida, Vernon and Westmoreland.