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Community Bank System Q3 EPS beats analyst estimate

De Witt, N.Y.-based Community Bank System Inc. posted third-quarter adjusted net income of $45.8 million, or 88 cents per share, up from $44.0 million, or 84 cents per share, a year ago.

The S&P Global Market Intelligence consensus estimate for normalized EPS for the third quarter was 81 cents.

The bank, however, reported GAAP net income of $39.2 million, or 75 cents per share, for the third quarter, lower than the $43.1 million, or 83 cents per share, in the year-ago period.

Net interest income for the third quarter was $91.3 million, up from $86.2 million in the year-ago quarter. On a fully taxable-equivalent basis, net interest margin was 3.73%, a slight increase from last year's 3.71%.

Net charge-offs for the quarter were $1.6 million, down from $1.7 million in the prior-year period.

The bank's total loans reached $6.85 billion as of the end of the most recent quarter, up from $6.28 billion as of the end of the second quarter and $6.30 billion at the end of the third quarter in 2018.

Total deposits stood at $9.17 billion at the end of the third quarter, down from $8.49 billion at the end of the linked quarter and $8.46 billion at the end of the year-ago quarter.

Provision for loan losses for the quarter totaled $1.8 million, compared with $2.2 million in the year-ago period.

Community Bank System also announced an agreement to acquire Hornell, N.Y.-based Steuben Trust Corp. in a cash-and-stock deal valued at about $106.8 million.