The parent of Community Bank N.A. in the Rochester market reported a 20 percent increase in net income for the third quarter, beating analyst estimates by 2 cents a share.
Community Bank System Inc. reported net income of nearly $22.0 million, or 54 cents a diluted share, for the quarter ended Sept. 30, up from $18.4 million and 46 cents a share in the third quarter of 2012.
“We continued to perform at a very high level during the third quarter of 2013, generating record earnings, solid organic loan growth, high single-digit year-over-year growth in financial services revenue and continued strong asset-quality metrics,” President and CEO Mark Tryniski said in a statement.
Community Bank ranks 10th in the Rochester market with local deposits of nearly $529 million, data from the Federal Deposit Insurance Corp. shows.
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