Community Bank System, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Reports Net Charge Off for the Second Quarter Ended June 30, 2018; Provides Tax Rate Guidance for the Second Half of 2018
July 23, 2018 at 06:45 am
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Community Bank System, Inc. reported earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported, total interest income of $91,005,000, net interest income of $86,846,000, net interest income after provision for loan losses of $84,398,000, income before income taxes of $54,845,000, net income of $44,606,000, compared to total interest income of $81,422,000, net interest income of $78,029,000, net interest income after provision for loan losses of $76,568,000, income before income taxes of $24,915,000, net income of $17,191,000, for the same period a year ago. Adjusted net income (non-GAAP) was $46,710,000 against $34,797,000 a year ago. Adjusted net income (non-GAAP) was $46,710,000 against $34,797,000 a year ago. Adjusted return on average assets was 1.74% against 1.40% a year ago. Adjusted net income (non-GAAP) was $46,710,000 against $34,797,000 a year ago. Adjusted return on average equity 11.42% against 9.59% a year ago. Diluted adjusted net earnings per share (non-GAAP) were $0.90 against $0.71 a year ago. Diluted earnings per share were $0.86 against $0.35 a year ago. Return on equity was 10.91% against 4.74% a year ago. Return on tangible equity was 20.58% against 7.72% a year ago. The improvement in operating results over 2017, 21% is due primarily to last year's acquisitions of NRS and Merchants Bancshares.
For the year to date, the company reported, total interest income of $179,409,000, net interest income of $171,470,000, net interest income after provision for loan losses of $165,343,000, income before income taxes of $106,950,000, net income of $84,712,000, compared to total interest income of $151,380,000, net interest income of $145,303,000, net interest income after provision for loan losses of $142,014,000, income before income taxes of $61,104,000, net income of $43,448,000, for the same period a year ago. Diluted earnings per share were $1.63 against $0.91 a year ago.
For the quarter, net charge-offs amounted to $933,000 against $1,106,000 a year ago.
Excluding equity fine activities, the company expects effective rate to be in the range of 21.5% to 22% during the second half of the year.
Community Financial System, Inc., formerly Community Bank System, Inc., is a diversified financial services company. The Company is focused on four main business lines, such as banking, employee benefit services, insurance services and wealth management. The Companyâs banking subsidiary, Community Bank, N.A., operates approximately 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts. The Companyâs Benefit Plans Administrative Services, Inc. subsidiary is a provider of employee benefits administration, trust services, collective investment fund administration, and actuarial consulting services to customers on a national scale. The Companyâs OneGroup NY, Inc. subsidiary is a United States insurance agency. The Company also offers comprehensive financial planning, trust administration and wealth management services through its Wealth Management operating unit.
Community Bank System, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Reports Net Charge Off for the Second Quarter Ended June 30, 2018; Provides Tax Rate Guidance for the Second Half of 2018