Community Bank System, Inc., (CBU) Monday reported nearly flat third-quarter earnings amid a marginal rise in net interest income and higher operating expenses. Earnings also missed analysts' expectations.
Quarterly net earnings was almost flat at $22.37 million, compared with $21.98 million last year. Per-share earnings were $0.54, flat with last year.
Seven analysts polled by Thomson-Reuters on an average estimated earnings to be $0.56. Analysts' estimates typically exclude one-time items.
Community Bank generated total revenues of $92.5 million. Analysts expected $92.72 million of revenues.
Community Bank's net interest income grew slightly to $61.4 million from last year's $60.6 million. Net interest margin declined to 3.89 percent from 3.94 percent a year ago.
The company said its efficiency ratio decreased to 57 percent from 58.6 percent in the previous year.
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