Community Bank System (CBU) Tops Q1 EPS by 7c

Community Bank System (NYSE: CBU) reported Q1 EPS of $0.64, $0.07 better than the analyst estimate of $0.57. Revenue for the quarter came in at $111.6 million versus the consensus estimate of $110.68 million.

“We continued our trend of solid quarterly operating results despite achieving only modest seasonal growth in our overall earning asset base. Our results included a continuation of excellent credit quality, disciplined expense management and continued improvement in our non-interest income generation,” said President and Chief Executive Officer Mark E. Tryniski. “In February, we successfully completed the acquisition of Northeast Retirement Services, Inc. (“NRS”), a leading provider of benefit plan accounting, transfer agency, fund administration, trust and retirement plan services.” Mr. Tryniski continued, “We also anticipate receiving final regulatory approvals for our previously announced plan to merge with Merchants Bancshares, Inc. (“Merchants”), a high-quality $2.0 billion-asset company providing banking and other financial services across the State of Vermont and in Western Massachusetts. We anticipate completing the transaction in mid-May.”

For earnings history and earnings-related data on Community Bank System (CBU) click here.

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