Community Bank System Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014
January 22, 2015 at 02:45 am IST
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Community Bank System reported earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, net interest income was $61,756,000 against $60,636,000 for the same period last year. Income before income taxes was $32,469,000 against $21,547,000 for the same period last year. Net income was $23,133,000 or $0.56 per diluted share against $15,477,000 or $0.38 per basic and diluted share for the same period last year. Return on assets was 1.22% against 0.84% for the same period last year. Return on equity was 9.35% against 7.04% for the same period last year. Return on tangible equity was 58.3% against 58.5% for the same period last year. Book value as at Dec. 31, 2014 was $15.63 per share compared to $12.80 per share as at Dec. 31, 2013. Higher revenue was generated as a result of a 1.6% increase in average earning assets along with continued strong noninterest income generation, as well as a one basis point improvement in the net interest margin from the prior year quarter.
For the year, net interest income was $244,428,000, against $238,094,000 for the same period last year. Income before income taxes was $129,690,000, against $111,027,000 for the same period last year. Net income was $91,353,000 or $2.22 per diluted share, against $78,829,000 or $1.94 per diluted for the same period last year.
Net charge-offs were $2.5 million for the fourth quarter, compared to $2.9 million for the fourth quarter of 2013.
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 Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Net Charge-Offs for the Fourth Quarter of 2014