Community Bank System Reports Record Fourth Quarter and Full Year 2010 Results

SYRACUSE, N.Y.--(BUSINESS WIRE)--Community Bank System, Inc. (NYSE: CBU) reported fourth quarter 2010 net income of $15.9 million, or $0.47 per share, an increase of 70% over the $9.4 million, or $0.28 per share reported for the fourth quarter of 2009. The fourth quarter 2010 results included $1.1 million ($0.02 per share) of acquisition expenses and special charges related principally to the Company’s pending acquisition of The Wilber Corporation, which is expected to be completed in the second quarter of 2011. The Company’s fourth quarter 2009 results included $3.1 million ($0.07 per share) of non-cash, goodwill impairment, as well as a $1.4 million special charge ($0.03 per share) related to the termination of its core banking system services contract. Record full year net income of $63.3 million, or $1.89 per share, was 50% higher than the $1.26 per share reported in 2009.