Community Bank System Q1 Profit Tops Estimates

(RTTNews) - Community Bank System, Inc. (CBU) reported first quarter operating earnings per share of $0.87 compared to $0.97, last year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.77, for the quarter. Analysts' estimates typically exclude special items.

First quarter net income was $47.1 million, or $0.86 per share compared to $52.9 million or $0.97 per share, prior year. The company noted that its earnings per share were down from the prior year period largely driven by an increase in the provision for credit losses and an expected decrease in PPP-related interest income driven primarily by the timing of PPP loan forgiveness.

Total revenues were $160.5 million, an increase of 5.3% from prior year's first quarter. Analysts on average had estimated $158.14 million in revenue.