Community Financial System Posts Q3 Profit of $61.3 Million, Beats Analyst Estimates

Community Financial System, Inc. (CBU) reported third-quarter net income of $61.3 million on Tuesday, with adjusted earnings per share of $1.21 that topped Wall Street expectations. The Syracuse, New York-based bank holding company said it posted profit of $1.16 per share. Adjusted for non-recurring costs, earnings came in above the $1.19 average estimate of five analysts surveyed by Zacks Investment Research. Revenue for the period was $272 million, while adjusted revenue of $228.3 million also exceeded Street forecasts of $227.3 million from five Zacks-surveyed analysts.