Community Bank System Inc. announced unaudited earnings results for the third quarter and nine months ended September 30, 2016. Total revenue for the third quarter of 2016 was $108.4 million, an increase of $14.7 million, or 15.6%, over the prior year quarter, and included the impact of the Oneida Financial transaction completed in December of last year. The higher revenue was generated as a result of a 7.9% increase in average earning assets and continued acquired and organic growth in noninterest income, combined with a two basis-point increase in net interest margin from the prior year quarter. For the quarter, the company reported total interest income of $71,322,000 compared with $65,284,000 for the same period a year ago. Net interest income was $68,463,000 compared with $62,363,000 for the same period a year ago. Income before income taxes was $40,399,000 compared with $35,764,000 for the same period a year ago. Net income was $27,160,000 compared with $25,022,000 for the same period a year ago. Diluted earnings per share were $0.61 compared with $0.60 for the same period a year ago. Book value per share was $27.97 compared with $25.48 for the same period a year ago. Tangible book value per share was $18.06 compared with $17.05 for the same period a year ago. Return on assets was 1.24% compared with 1.25% for the same period a year ago. Return on equity was 8.71% compared with 9.77% for the same period a year ago. Return on tangible equity was 13.52% compared with 14.82% for the same period a year ago.

For the nine months, the company reported total interest income of $212,188,000 compared with $191,618,000 for the same period a year ago. Net interest income was $203,650,000 compared with $183,431,000 for the same period a year ago. Income before income taxes was $114,968,000 compared with $102,387,000 for the same period a year ago. Net income was $77,420,000 compared with $71,159,000 for the same period a year ago. Diluted earnings per share were $1.74 compared with $1.72 for the same period a year ago.

For the quarter, the company reported net charge-offs of $1,432,000 compared with $1,473,000 for the same period a year ago.

The company announced 22 percentage-points increase in full year expected tax rate in 2016. Net interest margin has remained in a fairly narrow band from 3.65% to 3.73% over the past 5 quarters, a range The company expects to operate in for at least the next couple of quarters.