Community Bank: Q2 Earnings Snapshot

DEWITT, N.Y. (AP) — DEWITT, N.Y. (AP) — Community Bank System Inc. (CBU) on Monday reported second-quarter earnings of $48.3 million.

The Dewitt, New York-based bank said it had earnings of 89 cents per share. Earnings, adjusted for non-recurring costs, came to 91 cents per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.

The bank holding company posted revenue of $197.6 million in the period. Its revenue net of interest expense was $176.3 million, which did not meet Street forecasts.

Community Bank shares have dropped 16% since the beginning of the year. The stock has decreased 22% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CBU at https://www.zacks.com/ap/CBU