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EARNINGS AND PROFITABILITY AT CBSI ACHIEVE RECORDS

 SYRACUSE, N.Y., April 22 /PRNewswire/ -- Community Bank System, Inc. (CBSI), a DeWitt-based bank holding company with nearly $690 million in assets, has announced that net income for first quarter 1993 reached an all-time high of $2.379 million or $.86 per share, a 54 percent increase over the comparable 1992 period.
 Sanford A. Belden, president and chief executive officer, stated that these results reflect the fifth 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 1.44 percent and 17.83 percent, respectively, reflecting continued progress from 1992's results, which exceeded the company's previous records set in the mid- 1980s.
 The primary reasons for better first 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 slow economy; greater average earning assets (up 6.8 percent), fueled by an expanded savings and demand deposit base and higher short-term borrowings; the absence of major one-time costs, which included significant consulting expense last year due to the company's reorganization; and concerted control over recurring overhead expense, which was nearly 4 percent lower than 1992's level. Non-performing loans were virtually unchanged from twelve months earlier at an extremely favorable .54 percent of loans outstanding, being very amply covered by almost 2.6 times in loan loss reserves.
 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.
 COMMUNITY BANK SYSTEM, INC.
 SUMMARY OF OPERATIONS
 (000's omitted)
 THREE MONTHS ENDED MARCH 31,
 Change
 1993 1992 Amount Percent
 Net interest income $9,468 $8,394 $1,074 12.8
 Loan loss provision 407 505 (98) (19.4)
 Net interest income after
 provision for loan losses 9,061 7,889 1,172 14.9
 Other income 883 985 (102) (10.4)
 Other expense 6,146 6,808 (662) (9.7)
 Restructuring expense 0 0 0 NA
 Income before income tax 3,798 2,066 1,732 83.8
 Income tax 1,419 558 861 154.3
 Net income $2,379 $1,508 $ 871 57.8
 Return on assets (pct) 1.44 0.95 0.49pts --
 Return on equity (pct) 17.83 12.57 5.26pts --
 Net interest margin (pct) 6.27 5.75 0.52pts --
 Weighted average common shares 2,767 2,703 64 2.4
 Earnings per share $ 0.86 $ 0.56 $ 0.30 53.6
 Non-performing loans/loans (net
 of unearned discount) (pct) 0.54 0.57 (0.03)pts --
 Cash dividends declared per
 common share $ 0.25 $ 0.20 $ 0.05 25.0
 Common stock price $29.00 $17.00 $12.00 70.6
 Tier I leverage ratio (pct) 7.93 7.52 0.41pts --
 Book Value: Total $20.35 $18.29 $ 2.06 11.3
 Tangible $20.14 $17.97 $ 2.17 12.1
 March 31, 1993 versus
 Amount Percent
 Total Assets at March 31, 1993 688,425 -- --
 Total Assets at Dec. 31, 1992 669,274 19,151 2.9
 Total Assets at March 31, 1992 645,924 42,501 6.6
 -0- 4/22/93
 /CONTACT: David G. Wallace, s.v.p. and chief financial officer, Community Bank System, Inc., 315-445-2282/


CO: Community Bank System, Inc. ST: New York IN: FIN SU: ERN

KL -- CL010 -- 9248 04/22/93 09:39 EDT
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Date:Apr 22, 1993
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