Community Bank System, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2018; Announces Net Charge Off's for the Fourth Quarter Ended December 31, 2018; Provides Earnings Guidance for the Full Year 2019
January 23, 2019 at 06:45 am EST
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Community Bank System reported earnings results for the fourth quarter and full year ended December 31, 2018. For the quarter, net interest income was $87,387,000 against $85,977,000 for the same period last year. Net income was $40,823,000 against $72,026,000 for the same period last year. Basic earnings per share was $0.79 against $1.41 for the same period last year. Diluted earnings per share was $0.78 against $1.40 for the same period last year. Total interest income was $92,421,000 against $89,588,000 reported last year.
For the year, net interest income was $345,055,000, against $315,675,000 for the same period last year. Net income was $168,641,000 against $150,717,000 for the same period last year. Basic earnings per share was $3.28 against $3.07 for the same period last year. Diluted earnings per share was $3.24 against $3.03 for the same period last year. Total interest income was $362,733,000 against $329,455,000 reported last year.
The company announced net charge-offs for the fourth quarter ended December 31, 2018. For the quarter, net charge-offs were $3.3 million for the fourth quarter, compared to $5.8 million for the fourth quarter of 2017.
Since the Durbin restrictions do not become effective until the second half of 2018, the company expects that full year 2019 earnings per share will be unfavorably impacted by an additional $0.11 per share.
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 Fourth Quarter and Full Year Ended December 31, 2018; Announces Net Charge Off's for the Fourth Quarter Ended December 31, 2018; Provides Earnings Guidance for the Full Year 2019