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Community Bank tops 1Q profit forecasts

DEWITT, N.Y. (AP) _ Community Bank System Inc. (CBU) on Monday reported first-quarter profit of $26.3 million.

The Dewitt, New York-based bank said it had earnings of 57 cents per share. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, were 64 cents per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.

The bank holding company posted revenue of $114.3 million in the period. Its adjusted revenue was $111.6 million, which missed Street forecasts. Three analysts surveyed by Zacks expected $117.6 million.

Community Bank shares have decreased almost 10 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $55.83, a climb of 40 percent in the last 12 months.

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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

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Keywords: Community Bank System, Earnings Report