Community Bank System Reports Record Second Quarter Operating Results and Increases Dividend

SYRACUSE, N.Y.--(BUSINESS WIRE)--Community Bank System, Inc. (NYSE: CBU) reported second quarter 2011 net income of $18.0 million ($0.49 per share), an increase of 11.3% over the $16.2 million reported for the second quarter of 2010. The second quarter 2011 results included $3.6 million ($0.07 per share) of acquisition expenses related to the Company’s purchase of The Wilber Corporation, completed in early April. Excluding acquisition expenses and special charges, earnings per share were up 16.7% over the prior year to $0.56, a record for the Company’s second quarter. 2011 year-to-date earnings of $34.1 million, or $0.96 per share, include $4.3 million ($0.09 per share) of acquisition expenses.