Community Bank System Reports Record First Quarter Results

SYRACUSE, N.Y.--(BUSINESS WIRE)--Community Bank System, Inc. (NYSE: CBU) reported first quarter 2011 net income of $16.2 million, an increase of 15.4% over the $14.0 million reported for the first quarter of 2010. The first quarter 2011 results included $0.7 million ($0.01 per share) of acquisition expenses related to the Company’s acquisition of The Wilber Corporation, completed in early April. Earnings per share were up 14.3% over the prior year to $0.48, a record for the Company’s first quarter.