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.