Community Bank System has reported a net income of $18.98m, or $0.51 per diluted share, for the fourth quarter ended December 31, 2011, an increase of 19.5 percent, compared to $15.89m, or $0.47 per diluted share, for the same period in 2010.

The company posted total operating expenses of $47.83m for the fourth quarter of 2011, an increase of 8.4 percent, compared to $44.12m for the same period of 2010. Total interest income was $70.41m for the fourth quarter of 2011, compared to $62m for the same period of 2010.

Total revenue for the fourth quarter of 2011 was $77.6m, an increase of 14.3 percent, compared to the same period in 2010.

Loan income was $50.51m for the fourth quarter of 2011, compared to $44.08m for the same period of 2010. Net interest income was $55.13m for the fourth quarter of 2011, an increase of 19.5 percent, compared to $46.13m for the same period of 2010.

For the full year ended December 31, 2011, net income was $73.14m, or $2.01 per diluted share, an increase of 15.5 percent, compared to $63.32m, or $1.89 per diluted share, for the year 2010.

The company posted total operating expenses of $190.37m, compared to $176.88m for the year 2010. Total interest income was $270.96m for the year 2011, compared to $248.28m for the year 2010.

Loan income was $192.98m for the year 2011, compared to $178.7m for the year 2010. Net interest income was $209.41m for the year 2011, an increase of 15.3 percent, compared to $181.68m for the year 2010.

Mark Tryniski, president and CEO of the company, said: “Our team produced another quarter and year with record earnings despite significant economic headwinds in 2011. Just as important, we continued to focus on building additional value into our enterprise through selective acquisitions, disciplined lending and a consistent approach to business regardless of economic conditions.”

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