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The company's third quarter earnings per share of USD0.38 were USD0.01 or 2.6% lower than in the same quarter last year.
Excluding the FDIC's additional deposit insurance assessments the company recorded a USD0.01 year-on-year improvement in earnings per share. This was driven by a 13% increase in net interest income and a 16% expansion in banking non-interest income generation, said president and CEO Mark E. Tryniski.
Net interest income for the third quarter grew to USD41.9m from USD37.1m in the third quarter of 2008.
The quarter's provision for loan losses of USD2.4m was USD0.4m higher than both the third quarter of 2008 and the second quarter of 2009.
Community Bank System's board of directors has declared a quarterly common stock dividend of USD0.22 per share, which will be paid on 11 January 2010 to shareholders of record as of 15 December 2009. This represents an annual yield of 5.3% based on the closing share price of USD16.47 on Wednesday.
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