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Community Bank System posts higher EPS in Q4'19

Community Bank System Inc. reported adjusted net income of $45.3 million, or 86 cents per share, for the fourth quarter of 2019, up from $42.9 million, or 81 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the 2019 fourth quarter was 82 cents.

On the GAAP basis, the company posted net income of $42.9 million, or 82 cents per share, for the 2019 fourth quarter, up from $40.8 million, or 78 cents per share, in the same quarter of 2018.

On average during the quarter, total loans were $6.89 billion, up from $6.85 billion in the third quarter and from $6.28 billion in the fourth quarter of 2018. The increase in loans was driven partly by the Kinderhook acquisition.

Average total deposits during the quarter amounted to $8.99 billion, down from $9.17 billion as of Sept. 30, 2019, but higher than the $8.32 billion posted a year ago.

Net interest margin slipped to 3.71% in the fourth quarter of 2019 from 3.73% in the linked quarter and from 3.77% in the year-ago period.

Average allowance for loan losses during the 2019 fourth quarter was $49.9 million, up from $49.4 million in the third quarter and $49.3 million a year ago.

Provision for loan losses during the most recent quarter was $2.9 million, up from $2.5 million a year ago. Net charge-offs amounted to $2.4 million in the most recent quarter, up from $1.6 million in the linked quarter, but down from $3.3 million in the fourth quarter of 2018.

For full year 2019, Community Bank System reported net income of $169.1 million, or $3.23 per share, compared with net income of $168.6 million, or $3.24 per share, in the previous year.

The S&P Global Market Intelligence consensus EPS estimate for full year 2019 was $3.22.