Community Bank System (CBU) Tops Q2 EPS by 15c
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Community Bank System Reports Second Quarter 2020 Results and COVID-19 Pandemic Update
July 27, 2020 6:45 AM EDTSYRACUSE, N.Y.--(BUSINESS WIRE)-- Community Bank System, Inc. (NYSE: CBU) reported second quarter 2020 net income of $35.2 million, or $0.66 per fully-diluted share. This compares to $45.0 million of net income, or $0.86 per share for the second quarter of 2019. The $0.20 decrease in earnings per share was driven by an increase in acquisition-related expenses, a higher provision for credit losses, lower noninterest revenues and an increase in fully-diluted shares outstanding. These were offset, in part, by an increase in net interest income and a decrease in income taxes. Comparatively, the Company recorded $0.76 in fully-diluted... More
