Community Bank System, Inc. announced earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company announced total interest income of $72,999,000 compared to $68,004,000 for the same period a year ago. Net interest income was $70,246,000 compared to $64,989,000 for the same period a year ago. Income before income taxes was $39,629,000 compared to $29,830,000 for the same period a year ago. Net income was $26,392,000 compared to $20,071,000 for the same period a year ago. Diluted earnings per share were $0.59 compared to $0.47 for the same period a year ago. Return on assets was 1.21% compared to 0.98% for the same period year ago. Return on equity was 8.59% compared to 7.41% for the same period year ago. Return on tangible equity was 13.40% compared to 10.98% for the same period year ago. Book value per share was $26.96 compared to $26.06 for the same period year ago. Tangible book value per share was $17.12 compared to $15.90 for the same period year ago. The company's solid fourth quarter and full year 2016 operating results were again driven by productive loan growth, particularly in the company's consumer lending portfolios, a continuation of exceptional credit quality, disciplined expense management and continued improvement in the company's non-interest income generation. The higher revenue was generated as a result of a 5.3% increase in average earning assets and continued acquired and organic growth in noninterest income, as well as a six basis-point increase in net interest margin from the prior year quarter. Certain statutory changes to state tax rates and structures along with a lower proportion of tax-exempt income resulted in a quarterly effective tax rate of 33.4% in the fourth quarter of 2016 compared to 32.7% in the fourth quarter of 2015.

For the full year, the company announced total interest income of $285,187,000 compared to $259,622,000 for the same period a year ago. Net interest income was $273,896,000 compared to $248,420,000 for the same period a year ago. Income before income taxes was $154,597,000 compared to $132,217,000 for the same period a year ago. Net income was $103,812,000 compared to $91,230,000 for the same period a year ago. Diluted earnings per share were $2.32 compared to $2.19 for the sa on assets was 1.21% compared to 1.24% for the same period year ago.

For the fourth quarter ended December 31, 2016, the company announced net charge-offs of $2,196 compared to $3,514 for the same period year ago.