DeWitt, NY -- Community Bank System Inc. said its net income climbed 15.9 percent in the third quarter compared to the same quarter last year.
The parent company of Community Bank said net income reached $20 million for the quarter that ended Sept. 30.
Total revenue for the quarter was $77.8 million, up 12.4 percent from the same quarter in 2010, the company said in a release issued Tuesday.
"Despite the challenging operating environment, we remain positioned for a strong finish to 2011 and an equally strong start to the new year," said President and CEO Mark E. Tryniski.
Charge-offs for loan losses were $1.1 million in the quarter, down from $1.4 million in the same quarter last year, but up from $700,000 in the second quarter this year.
The bank reported loan income was up and interest expenses were down for the third quarter compared to the same quarter last year.
"We continue to believe that the quality of our loan portfolios will remain a significant operating strength," Tryniski said.
The bank also reported $400,000 in acquisition expenses tied to the purchase of Wilber Corporation, parent of Wilber National Bank. That deal, which brought Community Bank Systems 22 branch locations and deposits of $772 million, closed in April.
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