Community Bank System, Inc. announced earnings results for the fourth quarter and full year ended December 31, 2017. The company reported fourth quarter 2017 net income of $72,026,000, or $1.40 per fully diluted share, compared with $26,392,000, or $0.59 per share reported for the fourth quarter of 2016. Total revenues for the fourth quarter of 2017 were $139.9 million, an increase of $31.0 million, or 28.5%, over the prior year quarter, and included a full quarter of revenues from both the Merchants and NRS transactions completed in the first half of this year. Higher revenues were generated as a result of a 22.0% increase in average earning assets and continued growth in noninterest income, partially offset by a two basis-point decline in the net interest margin from the prior year quarter. Adjusted net earnings per share were $0.71 in the fourth quarter of 2017, compared to $0.62 in the fourth quarter of 2016, or a 14.5% increase. Income before income taxes was $47,615,000 against $39,629,000 a year ago. Net interest income was $85,977,000 against $70,246,000 a year ago. Return on assets was 2.66% against 1.21% a year ago. Return on equity was 17.88% against 8.59% a year ago. Book value per share was $32.26 against $26.96 a year ago. Non-GAAP net income was $36,748,000 against $27,592,000 a year ago. Adjusted return on average assets was 1.36% against 1.27% a year ago. Adjusted return on average equity was 9.12% against 8.98% a year ago.

For the full year, the company reported net interest income of $315,675,000 against $273,896,000 a year ago. Income before income taxes was $159,965,000 against $154,597,000 a year ago. Net income was $150,717,000 or $3.03 per diluted share against $103,812,000 or $2.32 per diluted share a year ago.

Total net charge-offs were $5.8 million for the fourth quarter, compared to $2.2 million for the fourth quarter of 2016 and $1.8 million for the third quarter of 2017.