Community Bank System (CBU), parent of Community Bank, has disclosed a 12.10 percent rise in profit for the quarter ended Jun. 30, 2014. The company earned $23.68 million or $0.57 a share in the second quarter compared with $21.12 million or $0.52 a share, a year ago. Analysts on average had predicted net income of $0.54 a share.

Revenue during the second-quarter grew 6.20 percent to $90.84 million from $85.53 million in the last year period.

Net interest income for the quarter rose 4.69 percent over the prior year period to $61.17 million.

Non-interest income for the quarter rose 9.48 percent over the last year period to $29.67 million.

Community Bank System has made provision of $1.90 million for loan losses during the quarter, which was higher by 43.83 percent from $1.32 million in the same period last year.

''For the second consecutive quarter, our team’s efforts provided record net income and noninterest income exceeding the exceptional results achieved in the first half of last year,'' said president and CEO Mark E. Tryniski. ''Along with the strong performance of our financial services businesses and revenue growth in banking noninterest income sources, we continued to benefit from our successful balance sheet restructuring initiatives and branch acquisition completed in 2013. Our Board demonstrated their confidence in the Company's ability to continue to perform at a high level by raising our quarterly cash dividend by more than seven percent. Our record of 22 consecutive yearly dividend increases illustrates the strength of our diversified franchise, along with the consistency of our results regardless of the prevailing economic environment.''

Shares of Community Bank System gained $0.50 or 1.44 percent to settle at $35.13 on Friday.