Community Financial System Q2 Earnings, Revenue Beat Estimates

(RTTNews) - Community Financial System, Inc. (CBU), a financial services company, Tuesday reported net income of $47.92 million, or $0.91 per share for the second quarter, compared with $48.29 million, or $0.89 per share in the same quarter a year ago.

There has been a decrease in the number of outstanding shares at the end of the quarter compared to last year.

Excluding one-time items, operating earnings were $50.5 million or $0.95 per share.

On average 5 analysts were expecting earnings of $0.81 per share. Analysts' estimates typically exclude special items.

Loan income increased to $133.16 million from $107.28 million last year, and investment income rose to $23.88 million from $24.35 million.

Net interest income was $109.4 million, up 0.1 percent from last year.

Total revenues for the quarter grew 4.9 percent year-on-year to $183.8 million. The consensus estimate was for $180.13 million.

Provision for credit losses increased to $2.71 million from $752,000 last year.

The Company's total assets were $15.91 billion at June 30, an increase of 5.3 percent from one year prior.