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The DeWitt-based company, which owns Community Bank and Nottingham Advisors, said profits rose to $12.5 million from $11.8 million. Per-share earnings, however, fell by a penny, or 2.6 percent, to 38 cents from 39 cents.
However, earnings per share were one cent higher when additional deposit insurance assessments are excluded.Net interest income from taking deposits and making loans rose 12.9 percent to $41.9 million, while non-interest or fee income rose 7.4 percent to $20.8 million.
"Our disciplined approach to business continues to produce solid operating results in challenging operating conditions," CEO Mark E. Tryniski said.
Average loans rose 4 percent or $119 million to $3.08 billion, while core deposits rose at a 17 percent pace, with strong growth in Plattsburgh and other northern New York markets where the bank acquired 18 branches last November.
The bank held tight on deposit pricing to lower its cost of funds, but its profit margin on lending still fell slightly as it deliberately stayed liquid during the quarter by keeping nearly $293 million in lower-yielding overnight cash equivalents, versus just $4.3 million a year ago.
The company set aside $2.38 million for loan losses, up from $1.99 million a year ago. Bad loans and other assets soared 84 percent to $19 million, including one $3.3 million commercial relationship, while the bank wrote off $1.6 million as uncollectible, down slightly from a year ago.
Deposit service fees rose 21.6 percent to almost $11 million, mostly from the new branches, while mortgage banking revenues increased 11.3 percent to $669,000, and employee benefits administration and consulting revenues ticked up slightly. But trust, investment and asset management fees fell 12.7 percent to $1.95 million because of market conditions and weak demand, while banking services fees fell 31.4 percent to $669,000.
Operating expenses rose 12.4 percent to $44.1 million, including an extra $1 million in FDIC assessments. Otherwise, expenses rose 10 percent, mostly from the acquired branches, as well as higher pension costs.
The bank's board approved a quarterly dividend of 22 cents per share, payable Jan. 11 to shareholders of record on Dec. 15.
jepstein@buffnews.com
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