Community Bank System (CBU) Tops Q4 EPS by 1c

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Go back to Community Bank System (CBU) Tops Q4 EPS by 1c

Community Bank System Reports Fourth Quarter and Full Year 2018 Results

January 23, 2019 6:45 AM EST

SYRACUSE, N.Y.--(BUSINESS WIRE)-- Community Bank System, Inc. (NYSE: CBU) reported fourth quarter 2018 net income of $40.8 million and fully diluted earnings per share of $0.78. This compares to $72.0 million in net income or $1.40 per share for the fourth quarter of 2017. The fourth quarter 2017 results included a $38.0 million, or $0.74 per share, one-time gain from the revaluation of net deferred tax liabilities related to the enactment of the Tax Cuts and Jobs Act in December 2017. Excluding this one-time tax benefit and acquisition expenses, fourth quarter 2018 operating earnings per share (non-GAAP) were $0.11, or 16.4%, above the fourth... More