Community Bank System Q2 Earnings Surpass Estimates

(RTTNews) - Community Bank System, Inc. (CBU) Monday reported net income of $47.94 million, or $0.88 per share in the second quarter, higher than $35.25 million or $0.66 per share in the same quarter a year ago, helped by lower provision for credit losses and higher non-interest income.

Non-GAAP earnings of $0.88 per share beat the Street estimates. On average six analysts polled by Thomson Reuters expected the company to report earnings of $0.82 per share. Analysts estimates typically exclude special items.

Net interest income in the second quarter was $92.11 million compared with $91.95 million in the year-earlier quarter.

Non interest revenue for the quarter was $59.46 million compared with $52.94 million a year ago.

During the second quarter, the company recorded a net benefit in the provision for credit losses of $4.3 million. This compares with a $6.57 million provision for credit losses and $3.2 million acquisition-related provision for credit losses last year.

The company posted revenues of $151.6 million in the second quarter, an increase of 4.6%, over the prior year's second quarter. The consensus estimate was for $151.69 million.