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Community bank earnings: Community Bank System Q4'16 net income rises 31.5% YOY

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Community bank earnings: Community Bank System Q4'16 net income rises 31.5% YOY

In this feature, S&P Global Market Intelligence takes a look at earnings releases from a handful of community banks from around the country.

Mid-Atlantic

* DeWitt, N.Y.-based Community Bank System Inc. reported fourth-quarter net income of $26.4 million, or 59 cents per share, up 31.5% from $20.1 million, or 47 cents per share, in the year-ago period. The results included approximately $1.4 million of acquisition expenses.

Total noninterest income for the period was $38.9 million, compared to $33.1 million a year ago. On a fully tax equivalent basis, net interest margin was 3.76%, up from 3.67% in the prior quarter and 3.70% in the year-ago quarter.

Total revenue for the quarter was $109.2 million, representing an increase of 11.3% from the prior year, due to an increase in average earning assets and continued acquired and organic growth in noninterest income and net interest income.

The quarter's provision for loan losses stood at $2.6 million, down from $3.3 million in the fourth quarter of 2015.

Midwest

* Clayton, Mo.-based Enterprise Financial Services Corp reported net income of $13.6 million, or 67 cents per share, in the fourth quarter. For the year-ago period, it was $10.7 million, or 52 cents per share.

Net interest income was $35.4 million in the recent quarter, up from $32.1 million in the year-ago quarter, due to growth in portfolio loan balances funded by core deposit growth. On a fully tax equivalent basis, net interest margin was 3.79%, down from 3.80% in the prior quarter and 3.91% in the year-ago quarter.

Nonperforming assets totaled $15.9 million at the end of the fourth quarter, down from $17.5 million a year ago.

Southeast

* Union Bankshares Corp. posted fourth-quarter net income of $20.8 million, or 48 cents per share, compared to $17.8 million, or 40 cents per share, in the fourth quarter of 2015.

The Richmond, Va.-based company's tax-equivalent net interest income for the quarter was $71.5 million, up from $69.5 million in the previous quarter and $64.9 million in the year-ago quarter, driven by both higher earning asset balances and higher yields on earning assets.

On a fully tax equivalent basis, fourth-quarter net interest margin was 3.78%, compared to 3.76% in the previous year. The quarter's provision for loan losses stood at $1.5 million, down from $2.0 million in the same period a year ago.