RTTNews | Jan 25, 2021 07:00AM EST

06:59 Monday, January 25, 2021 (RTTNews.com) - Community Bank System Inc. (CBU) reported that its fourth quarter net income increased to $46.5 million or $0.86 per share from $42.9 million or $0.82 per share in the fourth quarter of 2018.

The year-over-year increase was driven by an increase in net interest income, a decrease in the provision for credit losses, slightly lower operating expenses and a small increase in noninterest revenues, offset, in part, by higher income taxes and an increase in fully-diluted shares outstanding.

Operating earnings, which excludes acquisition expenses and unrealized loss on equity securities, for the quarter were $0.85 per share.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.76 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter edged up to $150.6 million from $149.9 million in the same quarter last year. Analysts expected revenues of $150.84 million for the quarter.

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