SYRACUSE, N.Y: Community Bank System, Inc. announced fourth quarter 2014 net income of $23.1 million, a hike of 49.5% compared with $15.5 million earned for the fourth quarter of 2013.
For the fourth quarter of 2014, diluted earnings per share totaled $0.56, compared with $0.38 per share reported in the fourth quarter of 2013, which included $0.15 per share of acquisition expenses and net losses on sales of investment securities and debt extinguishments. Full year net income increased by $12.5 million, or 15.9%, and earnings per share of $2.22 were $0.28 or 14.4% higher than 2013. Total revenue for the fourth quarter of 2014 was $91.7 million, an increase of $2.8 million, or 3.2%, over the prior year quarter (excluding the $6.9 million of net losses on sales of investment securities and debt extinguishments recorded in the fourth quarter of 2013).
President and Chief Executive Officer Mark E. Tryniski said, “Our fourth quarter results mirrored a strong 2014 operating performance characterized by solid revenue growth, organic expansion of the loan portfolio, a continuation of our stable and favorable asset quality profile and improved operating leverage. We continue to focus on building additional value into our enterprise through selective acquisitions, disciplined lending and a consistent approach to business regardless of economic conditions. In July we increased our quarterly dividend by 7.1% to $0.30 per share, marking the twenty-second consecutive year of dividend increases for the Company. We believe that this demonstrates the Company’s commitment to the payment of a meaningful and growing dividend as an important component of providing consistent and favorable long-term returns to our shareholders.”
