Community Bank System (CBU) Tops Q4 EPS by 14c

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Go back to Community Bank System (CBU) Tops Q4 EPS by 14c

Community Bank System Reports Fourth Quarter and Full Year 2020 Results

January 25, 2021 6:45 AM EST

SYRACUSE, N.Y.--(BUSINESS WIRE)-- Community Bank System, Inc. (NYSE: CBU) reported fourth quarter 2020 net income of $46.5 million, or $0.86 per fully-diluted share. This compares to net income of $42.9 million, or $0.82 per share, for the fourth quarter of 2019 and $42.8 million, or $0.79 per share, in the linked third quarter of 2020. The $0.04, or 4.9%, increase in earnings per share year-over-year was driven by an increase in net interest income, a decrease in the provision for credit losses, slightly lower operating expenses and a small increase in noninterest revenues, offset, in part, by higher income taxes and an... More