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Community Bank parent posts jump in Q1 profit

By THOMAS ADAMS - 4/24/2013 3:36:51 PM

Community Bank System Inc. reported a 7.5 percent jump in first-quarter profits, setting a record for the financial institution.

Profits and earnings per share were the highest ever for the DeWitt, Onondaga County-based bank.

The parent of Community Bank N.A. in the Rochester market reported net income of $20.2 million, or 50 cents a diluted share, attributable to stockholders, up from $18.8 million and 48 cents a share in the first quarter of 2012, meeting analysts’ estimates. The bank reported its earnings after markets closed Tuesday.

“Our results continued to reflect successful efforts to efficiently grow our balance sheet and revenue sources, both organically and through acquisitions,” President and CEO Mark Tryniski said in a statement.

The results include those from 16 former HSBC Bank USA N.A. branches and three First Niagara Bank N.A. branches acquired beginning in July 2012. Five of those branches are in the Rochester region.

Community Bank ranked 12th in the Rochester market as of June 30, 2012, with local deposits of $295.4 million.

The bank’s shares (NYSE: CBU) were trading Wednesday afternoon at $28.68, down more than 1 percent from Tuesday’s close.

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