Community Bank System Q1 Profit Tops Estimates - Quick Facts

(RTTNews) - Community Bank System, Inc. (CBU) reported first quarter operating earnings per share of $0.77 compared to $0.81, a year ago. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.74, for the quarter. Analysts' estimates typically exclude special items.

First-quarter total revenues were $148.7 million, an increase of 4.3% from last year. Net interest income increased 3.7%, to $90.1 million. Analysts expected revenue of $148.96 million for the quarter.

The company noted that the COVID-19 crisis is expected to continue to impact its financial results, as well as demand for services and products during the second quarter of 2020 and potentially beyond.

On October 21, 2019, the company announced that it had entered into a definitive agreement to acquire Steuben Trust Corp. The acquisition is scheduled to close during the second quarter of 2020. The company said, due to the COVID-19 crisis and pending regulatory approval, it is uncertain as to whether or not the effective date of the merger will be postponed.