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Community Bank System (CBU) in DeWitt, N.Y., will take a $6.9 million loss in the fourth quarter after selling collateralized-debt obligations and other securities in response to concerns over the Volcker Rule.
December 31 -
The $7.3 million-asset company said late Thursday that it will buy a professional-services practice from EBS-RMSCO, a Lifetime Healthcare unit, for an undisclosed price.
December 6 -
Berkshire Hills Bancorp in Pittsfield, Mass., and Community Bank System in DeWitt, N.Y., have struck deals to buy branches from Bank of America.
July 24
Community Bank System (CBU) in Syracuse, N.Y., reported higher profits on payback from a branch acquisition and stronger credit quality.
The $7.4 billion-asset company reported earnings of $22.2 million, an increase of 9.5% from a year earlier. Revenue rose 4.7%, to $88.5 million.
Revenue was helped by higher core deposits from organic growth and the integration of
Noninterest income increased 8.6%, to $28.4 million, because of the acquisition and other expansion efforts. Meanwhile, net interest income increased 2.9%, to $60.1 million, thanks to lower borrowing costs.
"Successful balance sheet initiatives and branch acquisitions in 2013 were catalysts for improved results as we began 2014," Chief Executive Mark Tryniski said in a press release Tuesday.
The quarterly provision for loan losses shrank 28%, to $1 million, reflecting lower net chargeoffs and favorable asset quality. Nonperforming loans represented 0.58% of total loans, down from 0.71% in the first quarter of 2013.