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Community bank earnings: Community Bank System reports 17.7% YOY increase in Q2 revenue

Inthis feature, S&P Global Market Intelligence takes a look at a handful ofcommunity banks reporting results for the three months ended June 30 around thecountry on July 20.

Mid-Atlantic

De Witt, N.Y.-based Community Bank System Inc. reported second-quarternet income of $25.9million, or 58 cents per share, compared to $23.8 million, or 58 cents pershare, for the same quarter in 2015.

The S&P Capital IQ consensus estimate fornormalized EPS was 56 cents for the latest quarter.

Total revenue for the 2016 second quarter was $107.1million, up $16.1 million, or 17.7%, over the prior-year quarter, and includedthe impact of the OneidaFinancial Corp. transactioncompleted in thefourth quarter of 2015, according to a news release.


Bethesda, Md.-based Eagle Bancorp Inc. disclosed second-quarter available to commonshareholders of $24.1 million, or 71 cents per share, compared to $20.8million, or 61 cents per share, for the same quarter last year.

The S&P Capital IQ consensus estimate fornormalized EPS was 68 cents for the latest quarter.

Total revenue for the second quarter of 2016 was $71.4million, or 12% above the $63.8 million of total revenue earned for the sameperiod in 2015. The company's NIM was 4.30%, compared to 4.33% for the secondquarter a year ago.


Wyomissing, Pa.-based reportednet income availableto common shareholders of $17.4 million, of 60 cents per share, compared to$11.0 million, or 39 cents per share, in the year-ago period. Results for therecent quarter included one-time costs for acquisition-related expenses and atrue-up to a higher effective tax rate, as well as two weeks of resultstotaling approximately $2.7 million.

The S&P Capital IQ consensus estimate fornormalized EPS was 60 cents for the latest quarter.

Tax-equivalent NIM was 2.83% for the second quarter,compared to 2.88% for the linked quarter and 2.73% for the second quarter of2015.

Midwest

Springfield, Mo.-based disclosedsecond-quarter net incomeavailable to common shareholders of $12.5 million, or 89 cents per share,compared to $11.9 million, or 85 cents per share, in the year-ago period.

President and CEO Joseph Turner noted in a news releasethat a few unusual items impacted the second-quarter financial results,including a $2.7 million gain as the company was required, under rules recentlyadopted by the Federal Reserve Board, to divest its investment in an equityfund managed by Stieven Capital Advisors. The company also recorded unusuallyhigh other real estate expenses of approximately $570,000 related to theresolution process of one relationship, in addition to some other smallerunusual gains and expenses.

The S&P Capital IQ consensus estimate fornormalized EPS in the second quarter was 81 cents.

The company's second-quarter NIM was 4.10%, comparedto 4.26% for the first quarter and 4.53% for the second quarter of 2015.

Northeast

Farmington, Conn.-based reported net incomeof $3.6 million, or 24 cents per share, for the second quarter, compared to$3.5 million, or 23 cents per share, for the same period in 2015. Net income ona core earnings basis was $3.4 million, or 22 cents per share, for the quarterended June 30, compared to $2.8 million, or 19 cents per share, for theyear-ago quarter.

The S&P Capital IQ consensus estimate fornormalized EPS in the latest quarter was 22 cents.

The company's core NIM was 2.81% in the second quarterof 2016, compared to 2.82% in the linked quarter and 2.86% in the secondquarter of 2015.


Boston-based BostonPrivate Financial Holdings Inc. reported second-quarter attributable tocommon shareholders, treasury stock method, of $15.4 million compared to $16.6million in the year-ago period. Second-quarter GAAP net income attributable tothe company was $16.4 million, compared to $17.6 million for the same period in2015. Diluted EPS were 18 cents for the recent quarter, compared to 20 cents inthe second quarter of 2015.

The S&P Capital IQ consensus estimate fornormalized EPS in the second quarter was 19 cents.

The company's NIM for the 2016 second quarter was2.91%, compared to 2.96% for the linked quarter and 2.90% for the secondquarter of 2015.

Southeast

At Pine Bluff, Ark.-based ,second-quarter net incomeavailable to common shareholders was $22.9 million, or 75 cents per share,compared to $20.0 million, or 67 cents per share, in the year ago quarter.

The S&P Capital IQ consensus estimate fornormalized EPS for the latest quarter was 82 cents.

On a fully taxable equivalent basis, the company's NIMwas 4.17% for the quarter ended June 30, 2016, compared to 4.47% for the samequarter in 2015. Core NIM, excluding the accretion, was 3.88% for the secondquarter, a 1 basis point increase from the same period in 2015.

West

Eugene, Ore.-based Pacific Continental Corp. reported second-quarternet income of $2.6million, or 13 cents share, compared to $5.1 million, or 26 cents per share, inthe year-ago quarter. The second-quarter 2016 results included non-core costsassociated with the company's pending acquisition of Bellevue, Wash.-based , which wereapproximately $2.0 million, or 7 cents per share.

The S&P Capital IQ consensus estimate fornormalized EPS for the latest quarter was 29 cents.

On a tax-equivalent yield basis at a 35% tax rate, thesecond-quarter 2016 NIM was 4.27%, unchanged from the first quarter and lower thanthe 4.37% NIM in the second quarter of 2015. The core NIM was 4.20% for thesecond quarter of 2016, compared to 4.17% for the first quarter.