Community Bank System, Inc. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017
January 22, 2018 at 05:15 pm IST
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Community Bank System, Inc. announced earnings results for the fourth quarter and full year ended December 31, 2017. The company reported fourth quarter 2017 net income of $72,026,000, or $1.40 per fully diluted share, compared with $26,392,000, or $0.59 per share reported for the fourth quarter of 2016. Total revenues for the fourth quarter of 2017 were $139.9 million, an increase of $31.0 million, or 28.5%, over the prior year quarter, and included a full quarter of revenues from both the Merchants and NRS transactions completed in the first half of this year. Higher revenues were generated as a result of a 22.0% increase in average earning assets and continued growth in noninterest income, partially offset by a two basis-point decline in the net interest margin from the prior year quarter. Adjusted net earnings per share were $0.71 in the fourth quarter of 2017, compared to $0.62 in the fourth quarter of 2016, or a 14.5% increase. Income before income taxes was $47,615,000 against $39,629,000 a year ago. Net interest income was $85,977,000 against $70,246,000 a year ago. Return on assets was 2.66% against 1.21% a year ago. Return on equity was 17.88% against 8.59% a year ago. Book value per share was $32.26 against $26.96 a year ago. Non-GAAP net income was $36,748,000 against $27,592,000 a year ago. Adjusted return on average assets was 1.36% against 1.27% a year ago. Adjusted return on average equity was 9.12% against 8.98% a year ago.
For the full year, the company reported net interest income of $315,675,000 against $273,896,000 a year ago. Income before income taxes was $159,965,000 against $154,597,000 a year ago. Net income was $150,717,000 or $3.03 per diluted share against $103,812,000 or $2.32 per diluted share a year ago.
Total net charge-offs were $5.8 million for the fourth quarter, compared to $2.2 million for the fourth quarter of 2016 and $1.8 million for the third quarter of 2017.
Community Financial System, Inc., formerly Community Bank System, Inc., is a diversified financial services company. The Company is focused on four main business lines, such as banking, employee benefit services, insurance services and wealth management. The Companyâs banking subsidiary, Community Bank, N.A., operates approximately 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts. The Companyâs Benefit Plans Administrative Services, Inc. subsidiary is a provider of employee benefits administration, trust services, collective investment fund administration, and actuarial consulting services to customers on a national scale. The Companyâs OneGroup NY, Inc. subsidiary is a United States insurance agency. The Company also offers comprehensive financial planning, trust administration and wealth management services through its Wealth Management operating unit.
Community Bank System, Inc. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017