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EARNINGS AND PROFITABILITY AT CBSI ACHIEVE RECORDS

 EARNINGS AND PROFITABILITY AT CBSI ACHIEVE RECORDS
 SYRACUSE, N.Y., Oct. 23 /PRNewswire/ -- Community Bank System, Inc.


(CBSI), a DeWitt-based bank holding company with nearly $670 million in assets, has announced that net income for third quarter 1992 reached an all-time high of $2.072 million or $.76 per share, up 117 percent from the comparable 1991 period. For the first nine months, earnings rose 81 percent over last year to $5.405 million or $1.99 per share.
 Sanford A. Belden, president and chief executive officer, stated that these results reflect the third consecutive quarter of rising earnings since the company's major restructuring of its five formerly independent commercial banks into a single state-wide bank. Return on assets and return on shareholder equity rose to 1.11 percent and 14.74 percent, respectively, for the first nine months of the year, exceeding the company's previous records set in the mid-1980s.
 The primary reasons for the better third quarter performance compared to last year were a sharply higher net interest margin, largely because of the continued decline in rates paid on deposits due to the still hesitant economy; 4.8 percent more in average earning assets fueled by an expanded savings deposit base; the absence of restructuring expense; and concerted control over overhead expense, which was unchanged from a year ago. Non-performing loans increased slightly from twelve months earlier to a still highly favorable .80 percent of loans outstanding, being amply covered by loan loss reserves by over 1.7 times.
 CBSI is a registered bank holding company based in DeWitt, N.Y. Its wholly-owned banking subsidiary, Community Bank, N.A., has 32 branches located throughout Northern New York, the Finger Lakes Region, the Southern Tier, and Southwestern New York, as well as a representative office in Ottawa, Ontario, Canada.
 COMMUNITY BANK SYSTEM, INC.
 SUMMARY OF OPERATIONS
 (000'S Omitted)
 Three Months Ended September 30,
 Change
 1992 1991 Amount Percent
 Net interest income $8,741 $7,478 $1,263 16.9
 Loan loss provision 524 432 92 21.3
 Net interest income after
 provision for loan losses 8,217 7,046 1,171 16.6
 Other income 1,212 740 472 63.8
 Other expense 6,437 6,485 (48) (0.7)
 Restructuring expense 0 410 (410) (100.0)
 Income before income tax 2,992 1,301 1,691 130.0
 Income tax 920 363 557 153.4
 Net income $2,072 $938 $1,134 120.9
 Return on assets (pct) 1.27 0.60 0.67 pts --
 Return on equity (pct) 15.79 7.84 7.95 pts --
 Net interest margin (pct) 5.80 5.17 0.63 pts --
 Weighted average
 common shares 2,725 2,695 30 1.1
 Earnings per share $0.76 $0.35 $0.41 117.1
 Non-performing loans/loans
 (net of unearned
 discount) (pct) 0.80 0.70 0.10 pts --
 Cash dividends declared
 per common share $0.25 $0.19 $0.06 31.6
 Book Value: Total $19.29 $17.86 $1.43 8.0
 Tangible $19.04 $17.43 $1.61 9.2
 Nine Months Ended September 30,
 Change
 1992 1991 Amount Percent
 Net interest income $25,965 $22,197 $3,768 17.0
 Loan loss provision 1,624 1,902 (278) (14.6)
 Net interest income after
 provision for loan losses 24,341 20,295 4,046 19.9
 Other income 3,240 2,680 560 20.9
 Other expense 20,026 18,208 1,818 10.0
 Restructuring expense 0 710 (710) (100.0)
 Income before income tax 7,555 4,057 3,498 86.2
 Income tax 2,150 1,073 1,077 100.4
 Net income $5,405 $2,984 $2,421 81.1
 Return on assets (pct) 1.11 0.65 0.46 pts --
 Return on equity (pct) 14.74 8.50 6.24 pts --
 Net interest margin (pct) 5.82 5.21 0.61 pts --
 Weighted average
 common shares 2,714 2,695 19 0.7
 Earnings per share $1.99 $1.11 $0.88 79.3
 Non-performing loans/loans
 (net of unearned
 discount) (pct) 0.80 0.70 0.10 pts --
 Cash dividends declared
 per common share $0.65 $0.57 $0.08 14.0
 Book Value: Total $19.29 $17.86 $1.43 8.0
 Tangible $19.04 $17.43 $1.61 9.2
 Change
 Amount Percent
 Total Assets at September 30, 1992 568,424 33,932 5.35
 Total Assets at December 31, 1991 634,492 (1,637) (0.26)
 Total Assets at September 30, 1991 636,129 --- --
 -0- 10/23/92
 /CONTACT: David G. Wallace, senior vice president and chief financial officer of Community Bank System, Inc., 315-445-2282/ CO: Community Bank System, Inc. ST: New York IN: FIN SU: ERN


BM -- CL013 -- 4301 10/23/92 16:03 EDT
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