Community Bank System (CBU) Tops Q3 EPS by 16c, Revenues Beat

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Go back to Community Bank System (CBU) Tops Q3 EPS by 16c, Revenues Beat

Community Bank System Reports Third Quarter 2020 Results and COVID-19 Pandemic Update

October 26, 2020 6:45 AM EDT

SYRACUSE, N.Y.--(BUSINESS WIRE)-- Community Bank System, Inc. (NYSE: CBU) reported third quarter 2020 net income of $42.8 million, or $0.79 per fully-diluted share. This compares to net income of $39.2 million, or $0.75 per share, for the third quarter of 2019 and $35.2 million, or $0.66 per share, in the second quarter of 2020. The $0.04, or 5.3%, increase in earnings per share year-over-year was driven by a significant decrease in acquisition-related expenses, as well as increases in both net interest income and noninterest revenues, offset, in part, by increases in provision for credit losses, non-acquisition related operating expenses, income taxes and... More