-GAAP earnings of $0.60 per share
- Dividend increased for the 23rd
consecutive year
SYRACUSE, N.Y.--(BUSINESS WIRE)--
Community Bank System, Inc. (NYSE: CBU) reported third quarter 2015 net
income of $25.0 million, an increase of 11.9% compared with $22.4
million earned in the third quarter of 2014. Diluted earnings per share
totaled $0.60 for the third quarter of 2015, a six cent per share
improvement over the $0.54 per share reported in the third quarter of
2014, and included $0.6 million of acquisition expenses, or one cent per
share. The third quarter of 2014’s results included a $2.8 million
litigation settlement charge, or five cents per share. 2015 year-to-date
net income of $71.2 million, or $1.72 per share, was 4.3% above the
first nine months of 2014, and included $1.3 million of acquisition
expenses, or two cents per share.
“Our record quarterly operating results were driven by productive
earning-asset growth, a continuation of exceptional credit quality, and
disciplined expense management,” said President and Chief Executive
Officer Mark E. Tryniski. “After a very slow start to our lending
activity in the first quarter of 2015, we have been able to generate
solid volume growth in our second and third quarters. During the first
quarter we announced the signing of a definitive agreement to acquire
Oneida Financial Corp., which will further extend and strengthen our
Central New York service area by expanding our market presence in the
Syracuse and Utica-Rome metropolitan areas. This transaction also adds
to our product and service offerings in insurance, benefits and wealth
management, while combining two organizations with similar cultures and
the same history of exceptional service to our customers and our
communities. We continue to expect to receive the various required
regulatory approvals in the fourth quarter.”
Total revenue for the third quarter of 2015 was $93.7 million, an
increase of $1.3 million, or 1.4%, over the prior year quarter. The
higher revenue was generated as a result of a 6.9% increase in average
earning assets and continued growth in noninterest income, which more
than offset a 24 basis-point reduction in net interest margin from the
prior year quarter. Third quarter net interest income was $62.4 million,
an increase of $1.0 million, or 1.6%, compared to the third quarter of
2014. Modestly lower funding costs were offset by a 25-basis point
decline in earning asset yields, the result of lower blended interest
rates on loans and investment securities. While average loan balances
grew $106.8 million, or 2.6%, average loan yields declined eight basis
points year-over-year, resulting in a $0.2 million increase in quarterly
loan interest income. Investment income was $0.8 million higher than the
third quarter of 2014, as average investment securities (including cash
equivalents) increased by $350.9 million, and the yield declined 43
basis points, principally the result of the decision to pre-invest the
expected net liquidity from the pending Oneida Financial transaction.
Wealth management and employee benefit services increased $0.5 million,
or 3.3%, compared to third quarter of 2014. Customer and product
expansion continued in 2015 and drove the higher revenue generation.
Revenues from mortgage banking and other services increased $0.2 million
from the third quarter of 2014, and included the Company’s annual
dividend from certain pooled retail insurance programs of $0.7 million,
or just over one cent per share. Quarterly deposit service fees declined
$0.4 million year-over-year, as higher card-related revenues were more
than offset by the continuing trend of lower fees from account overdraft
protection programs.
Third quarter 2015 operating expenses of $56.1 million declined $2.7
million versus the third quarter of 2014. The third quarter of 2015
included $0.6 million of acquisition expenses, and the third quarter of
2014 included a $2.8 million litigation settlement charge. Excluding
those two items, core operating expenses declined $0.5 million
year-over-year. Salaries and employee benefits increased $0.2 million,
or 0.8%. All other expenses, excluding acquisition expenses and the
litigation settlement charge, declined 2.9% and reflected stable
occupancy and equipment costs, lower intangible amortization and lower
other operating expenses compared to the third quarter of 2014.
The third quarter 2015 provision for loan losses of $1.9 million was
$0.2 million higher than the third quarter of 2014, and reflected net
charge-offs of $1.6 million and loan growth of $49.9 million during the
quarter. The Company’s effective tax rate for the third quarter of 2015
was 30.0%, comparable to the 29.9% rate in the third quarter of 2014.
Financial Position
Average earning assets of $7.12 billion for the third quarter of 2015
were up $457.7 million from the third quarter of 2014, and were $260.8
million higher than the second quarter of 2015. Compared to the prior
year, total average earning asset balances included growth of $106.8
million in average loan balances, while average investment securities
and interest-earning cash balances increased by $350.9 million,
predominantly from incremental investment purchases related to the
anticipated net liquidity from the pending Oneida Financial acquisition.
Average deposit balances grew $149.7 million, or 2.5%, compared to the
third quarter of 2014. Average borrowings in the third quarter of 2015
of $676.0 million were $248.9 million higher than the prior year
quarter, also reflective of the early liquidity investment decision
related to the pending Oneida Financial transaction.
Ending loans at September 30, 2015 increased $96.3 million, or 2.3%
year-over-year, reflecting productive organic growth in each of the
Company’s lending portfolios, and was generally consistent with market
demand characteristics. Investment securities totaled $2.9 billion at
September 30, 2015, up $411.0 million from the end of September 2014.
Shareholders’ equity of $1.0 billion at September 30, 2015 was $79.5
million, or 8.2%, higher than the prior year quarter-end, primarily due
to strong earnings generation and capital retention over the last four
quarters, and an increase in the market value adjustment of the
securities portfolio. The Company’s net tangible equity to net tangible
assets ratio was 9.14% at September 30, 2015, up from 8.57% at September
30, 2014. The Company’s Tier 1 leverage ratio rose to 10.09% for the
current quarter, up 30 basis points from the third quarter of 2014.
As previously announced, in December 2014 the Company’s Board of
Directors approved a stock repurchase program authorizing the repurchase
of up to 2.0 million shares of the Company’s common stock during a
twelve-month period starting January 1, 2015. Such repurchases may be
made at the discretion of the Company’s senior management depending on
market conditions and other relevant factors and will be acquired
through open market or privately negotiated transactions as permitted
under Rule 10b-18 of the Securities Exchange Act of 1934 and other
applicable legal requirements. The Company repurchased 265,230 shares of
its common stock in the first quarter of 2015. No additional shares were
repurchased in the second or third quarters of this year.
Asset Quality
The Company’s asset quality metrics continue to be favorable relative to
comparative peer and industry averages and illustrate the long-term
effectiveness of the Company’s disciplined risk management and
underwriting standards. Net charge-offs were $1.6 million for the third
quarter, compared to $1.1 million for the third quarter of 2014 and a
very low $0.3 million for the second quarter of 2015. Net charge-offs as
an annualized percentage of average loans measured 0.15% in the third
quarter of 2015, compared to 0.10% in the prior year third quarter and
0.03% in the second quarter of 2015. Nonperforming loans as a percentage
of total loans at September 30, 2015 were 0.58%, slightly more than
0.57% at September 30, 2014. The total loan delinquency ratio of 1.19%
at the end of the third quarter was down 13 basis points from the end of
the third quarter of 2014. The third quarter provision for loan losses
of $1.9 million was $0.2 million, or 9.1%, higher than the third quarter
of 2014, due primarily to higher levels of net charge-offs. The
allowance for loan losses to nonperforming loans was 181% at September
30, 2015, comparable with the 189% and 197% levels at the end of the
third quarter of 2014 and the second quarter of 2015, respectively.
Dividend Increase
In August the Company declared a quarterly cash dividend of $0.31 per
share on its common stock, marking its 23rd consecutive year
of dividend increases. President and Chief Executive Officer, Mark E.
Tryniski, commented, “The payment of a meaningful and growing dividend
is an important component of our commitment to provide consistent and
favorable long-term returns to our shareholders. The increase reflects
the continued strength of both our current operating performance and
capital position.” The one cent increase in the Company’s quarterly cash
dividend over the same quarter of last year, or 3.3% higher, represents
an annualized yield of 3.2% based on its closing price of $39.23 on
October 20, 2015.
Oneida Financial Corp
In February 2015, the Company announced the signing of a definitive
agreement to acquire Oneida Financial Corp., the parent company of
Oneida Savings Bank, for approximately $142 million in Community Bank
System, Inc. stock and cash, or $20.00 per share. Under the terms of the
agreement, shareholders of Oneida Financial Corp. can elect to receive
either 0.5635 shares of Community Bank System, Inc. common stock or
$20.00 in cash for each share of Oneida Financial Corp. common stock
they hold, subject to an overall 60% stock and 40% cash split. The
merger agreement has been unanimously approved by the board of directors
of both companies, and the Oneida shareholders. The Company expects the
transaction to be immediately accretive excluding merger-related costs.
The Company continues to expect to receive the various required
regulatory approvals for the transaction in the fourth quarter of 2015.
Conference Call Scheduled
Company management will conduct an investor call at 11:00 a.m. (ET)
today (Thursday, October 22nd) to discuss third quarter results. The
conference call can be accessed at 888-430-8709 (1-719-457-2697 if
outside United States and Canada) using the conference ID code 150086.
Investors may also listen live via the Internet at: http://www.webcaster4.com/Webcast/Page/995/10820.
This earnings release, including supporting financial tables, is
available within the press releases section of the Company's investor
relations website at: http://ir.communitybanksystem.com.
An archived webcast of the earnings call will be available on this site
for one full year.
Community Bank System, Inc. operates more than 190 customer facilities
across Upstate New York and Northeastern Pennsylvania through its
banking subsidiary, Community Bank, N.A. With assets of approximately
$8.0 billion, the DeWitt, N.Y. headquartered company is among the
country's 150 largest financial institutions. In addition to a full
range of retail and business banking services, the Company offers
comprehensive financial planning, insurance and wealth management
services. The Company's Benefit Plans Administrative Services, Inc.
subsidiary is a leading provider of employee benefits administration and
trust services, actuarial and consulting services to customers on a
national scale. Community Bank System, Inc. is listed on the New York
Stock Exchange and the Company's stock trades under the symbol CBU. For
more information about Community Bank visit www.communitybankna.com
or http://ir.communitybanksystem.com.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.The
following factors, among others, could cause the actual results of CBU’s
operations to differ materially from CBU’s expectations: the successful
integration of operations of its acquisitions; competition; changes in
economic conditions, interest rates and financial markets; and changes
in legislation or regulatory requirements.These statements are
based on the current beliefs and expectations of CBU’s management and
CBU does not assume any duty to update forward-looking statements.
Summary of Financial Data |
| | |
| (Dollars in thousands, except per share data) | |
|
|
|
|
|
|
|
| |
| | Quarter Ended |
|
| Year-to-Date | |
|
|
| September 30,
2015 |
| September 30,
2014 |
|
| September 30,
2015 |
| September 30,
2014 | |
| Earnings |
|
|
|
|
|
|
|
|
| |
|
Loan income
| | $47,040 |
| $46,883 |
|
| $138,422 |
| $138,649 | |
|
Investment income
| |
18,244
| |
17,404
| | |
53,196
| |
52,986
| |
|
Total interest income
| |
65,284
| |
64,287
| | |
191,618
| |
191,635
| |
|
Interest expense
| |
2,921
| |
2,893
| | |
8,187
| |
8,963
| |
|
Net interest income
| |
62,363
| |
61,394
| | |
183,431
| |
182,672
| |
|
Provision for loan losses
| |
1,906
| |
1,747
| | |
3,120
| |
4,647
| |
|
Net interest income after provision for loan losses
| |
60,457
| |
59,647
| | |
180,311
| |
178,025
| |
|
Deposit service fees
| |
13,459
| |
13,833
| | |
39,142
| |
39,260
| |
|
Revenues from mortgage banking and other banking services
| |
2,045
| |
1,867
| | |
3,899
| |
4,665
| |
|
Wealth management services
| |
4,552
| |
4,617
| | |
13,383
| |
13,529
| |
|
Employee benefit services
| |
11,330
| |
10,755
| | |
33,727
| |
31,638
| |
|
Total noninterest income
| |
31,386
| |
31,072
| | |
90,151
| |
89,092
| |
|
Salaries and employee benefits
| |
31,179
| |
30,941
| | |
93,218
| |
92,090
| |
|
Occupancy and equipment
| |
6,652
| |
6,617
| | |
20,891
| |
21,224
| |
|
Amortization of intangible assets
| |
843
| |
1,051
| | |
2,642
| |
3,293
| |
|
Litigation settlement
| |
0
| |
2,800
| | |
0
| |
2,800
| |
|
Acquisition expenses
| |
562
| |
0
| | |
1,318
| |
123
| |
|
Other
| |
16,843
| |
17,402
| | |
50,006
| |
50,366
| |
|
Total operating expenses
| |
56,079
| |
58,811
| | |
168,075
| |
169,896
| |
|
Income before income taxes
| |
35,764
| |
31,908
| | |
102,387
| |
97,221
| |
|
Income taxes
| |
10,742
| |
9,537
| | |
31,228
| |
29,001
| |
|
Net income
| | $25,022 | | $22,371 | | | $71,159 | | $68,220 | |
|
Basic earnings per share
| | $0.61 | | $0.55 | | | $1.74 | | $1.67 | |
|
Diluted earnings per share
|
| $0.60 |
| $0.54 |
|
| $1.72 |
| $1.65 | |
| | | | | | | | | |
|
Summary of Financial Data |
(Dollars in thousands, except per share data) |
|
|
| | 2015 |
|
| 2014 |
|
|
| 3rd Qtr |
| 2nd Qtr |
| 1st Qtr |
|
| 4th Qtr |
| 3rd Qtr |
| Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
Loan income
| | $47,040 |
| $45,791 |
| $45,591 |
|
| $46,878 |
| $46,883 |
|
Investment income
| |
18,244
| |
18,089
| |
16,863
| | |
17,707
| |
17,404
|
|
Total interest income
| |
65,284
| |
63,880
| |
62,454
| | |
64,585
| |
64,287
|
|
Interest expense
| |
2,921
| |
2,652
| |
2,614
| | |
2,829
| |
2,893
|
|
Net interest income
| |
62,363
| |
61,228
| |
59,840
| | |
61,756
| |
61,394
|
|
Provision for loan losses
| |
1,906
| |
591
| |
623
| | |
2,531
| |
1,747
|
|
Net interest income after provision for loan losses
| |
60,457
| |
60,637
| |
59,217
| | |
59,225
| |
59,647
|
|
Deposit service fees
| |
13,459
| |
13,213
| |
12,470
| | |
13,496
| |
13,833
|
|
Revenues from mortgage banking and other banking services
| |
2,045
| |
799
| |
1,055
| | |
1,149
| |
1,867
|
|
Wealth management services
| |
4,552
| |
4,385
| |
4,446
| | |
4,341
| |
4,617
|
|
Employee benefit services
| |
11,330
| |
11,322
| |
11,075
| | |
10,942
| |
10,755
|
|
Total noninterest income
| |
31,386
| |
29,719
| |
29,046
| | |
29,928
| |
31,072
|
|
Salaries and employee benefits
| |
31,179
| |
31,010
| |
31,029
| | |
30,987
| |
30,941
|
|
Occupancy and equipment
| |
6,652
| |
6,844
| |
7,395
| | |
6,724
| |
6,617
|
|
Amortization of intangible assets
| |
843
| |
880
| |
919
| | |
994
| |
1,051
|
|
Litigation settlement
| |
0
| |
0
| |
0
| | |
0
| |
2,800
|
|
Acquisition expenses
| |
562
| |
361
| |
395
| | |
0
| |
0
|
|
Other
| |
16,843
| |
16,953
| |
16,210
| | |
17,979
| |
17,402
|
|
Total operating expenses
| |
56,079
| |
56,048
| |
55,948
| | |
56,684
| |
58,811
|
|
Income before income taxes
| |
35,764
| |
34,308
| |
32,315
| | |
32,469
| |
31,908
|
|
Income taxes
| |
10,742
| |
10,468
| |
10,018
| | |
9,336
| |
9,537
|
|
Net income
| |
25,022
| |
23,840
| |
22,297
| | |
23,133
| |
22,371
|
|
Basic earnings per share
| | $0.61 | | $0.58 | | $0.55 | | | $0.57 | | $0.55 |
|
Diluted earnings per share
|
| $0.60 |
| $0.58 |
| $0.54 |
|
| $0.56 |
| $0.54 |
| Profitability |
|
|
|
|
|
|
|
|
|
|
|
|
Return on assets
| |
1.25%
| |
1.25%
| |
1.21%
| | |
1.22%
| |
1.19%
|
|
Return on equity
| |
9.77%
| |
9.44%
| |
8.97%
| | |
9.35%
| |
9.25%
|
|
Return on tangible equity(3) | |
14.82%
| |
14.40%
| |
13.74%
| | |
14.57%
| |
14.66%
|
|
Noninterest income/operating income (FTE) (1) | |
32.4%
| |
31.6%
| |
31.6%
| | |
31.3%
| |
32.2%
|
|
Efficiency ratio (2) |
|
56.4%
|
|
58.3%
|
|
59.4%
|
|
|
58.3%
|
|
57.0%
|
| Components of Net Interest Margin (FTE) |
|
|
|
|
|
|
|
|
|
|
|
|
Loan yield
| |
4.40%
| |
4.40%
| |
4.45%
| | |
4.43%
| |
4.48%
|
|
Cash equivalents yield
| |
0.22%
| |
0.28%
| |
0.20%
| | |
0.19%
| |
0.17%
|
|
Investment yield
| |
2.94%
| |
3.15%
| |
3.22%
| | |
3.43%
| |
3.37%
|
|
Earning asset yield
| |
3.81%
| |
3.92%
| |
3.99%
| | |
4.06%
| |
4.06%
|
|
Interest-bearing deposit rate
| |
0.14%
| |
0.15%
| |
0.16%
| | |
0.16%
| |
0.17%
|
|
Borrowing rate
| |
0.72%
| |
0.84%
| |
1.01%
| | |
0.88%
| |
0.87%
|
|
Cost of all interest-bearing funds
| |
0.21%
| |
0.20%
| |
0.21%
| | |
0.22%
| |
0.23%
|
|
Cost of funds (includes DDA)
| |
0.17%
| |
0.16%
| |
0.17%
| | |
0.18%
| |
0.18%
|
|
Net interest margin (FTE)
| |
3.65%
| |
3.76%
| |
3.83%
| | |
3.89%
| |
3.89%
|
|
Fully tax-equivalent adjustment
|
| $3,162 |
| $3,115 |
| $3,085 |
|
| $3,804 |
| $3,923 |
| | | | | | | | | | |
|
| Summary of Financial Data | |
| (Dollars in thousands, except per share data) |
|
| |
| | 2015 |
|
| 2014 | |
|
|
| 3rd Qtr |
| 2nd Qtr |
| 1st Qtr |
|
| 4th Qtr |
| 3rd Qtr | |
| Average Balances |
|
|
|
|
|
|
|
|
|
|
| |
|
Loans
| | $4,287,062 |
| $4,211,962 |
| $4,190,823 |
|
| $4,223,653 |
| $4,180,283 | |
|
Cash equivalents
| |
12,395
| |
11,325
| |
18,080
| | |
11,260
| |
8,225
| |
|
Taxable investment securities
| |
2,187,818
| |
2,031,234
| |
1,845,295
| | |
1,830,375
| |
1,834,590
| |
|
Nontaxable investment securities
| |
635,627
| |
607,585
| |
611,330
| | |
622,365
| |
642,114
| |
|
Total interest-earning assets
| |
7,122,902
| |
6,862,106
| |
6,665,528
| | |
6,687,653
| |
6,665,212
| |
|
Total assets
| |
7,919,966
| |
7,678,719
| |
7,489,179
| | |
7,495,814
| |
7,457,409
| |
|
Interest-bearing deposits
| |
4,739,513
| |
4,777,195
| |
4,704,003
| | |
4,689,788
| |
4,671,216
| |
|
Borrowings
| |
675,958
| |
438,931
| |
327,791
| | |
406,610
| |
427,051
| |
|
Total interest-bearing liabilities
| |
5,415,471
| |
5,216,126
| |
5,031,794
| | |
5,096,398
| |
5,098,267
| |
|
Noninterest-bearing deposits
| |
1,363,022
| |
1,321,738
| |
1,319,499
| | |
1,293,760
| |
1,281,626
| |
|
Shareholders' equity
|
|
1,016,448
|
|
1,012,470
|
|
1,008,394
|
|
|
981,737
|
|
959,484
| |
| Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|
| |
|
Cash and cash equivalents
| | $156,836 | | $143,047 | | $150,533 | | | $138,396 | | $157,500 | |
|
Investment securities
| |
2,917,263
| |
2,868,050
| |
2,656,424
| | |
2,512,974
| |
2,506,242
| |
|
Loans:
| | | | | | | | | | | | |
|
Consumer mortgage
| |
1,621,862
| |
1,608,064
| |
1,605,019
| | |
1,613,384
| |
1,598,298
| |
|
Business lending
| |
1,288,771
| |
1,295,889
| |
1,239,529
| | |
1,262,484
| |
1,251,178
| |
|
Consumer indirect
| |
872,988
| |
837,449
| |
804,300
| | |
833,968
| |
841,975
| |
|
Home equity
| |
345,447
| |
340,578
| |
338,979
| | |
342,342
| |
339,121
| |
|
Consumer direct
| |
184,479
| |
181,623
| |
176,084
| | |
184,028
| |
186,672
| |
|
Total loans
| |
4,313,547
| |
4,263,603
| |
4,163,911
| | |
4,236,206
| |
4,217,244
| |
|
Allowance for loan losses
| |
45,588
| |
45,282
| |
45,005
| | |
45,341
| |
45,273
| |
|
Intangible assets, net
| |
384,525
| |
385,515
| |
386,054
| | |
386,973
| |
387,966
| |
|
Other assets
| |
270,583
| |
293,838
| |
264,122
| | |
260,232
| |
278,964
| |
|
Total assets
| |
7,997,166
| |
7,908,771
| |
7,576,039
| | |
7,489,440
| |
7,502,643
| |
|
Deposits:
| | | | | | | | | | | | |
|
Noninterest-bearing
| |
1,357,554
| |
1,337,101
| |
1,316,621
| | |
1,324,661
| |
1,279,052
| |
|
Non-maturity interest-bearing
| |
4,081,796
| |
4,020,192
| |
4,055,976
| | |
3,837,603
| |
3,881,249
| |
|
Time
| |
708,760
| |
729,527
| |
753,950
| | |
773,000
| |
807,030
| |
|
Total deposits
| |
6,148,110
| |
6,086,820
| |
6,126,547
| | |
5,935,264
| |
5,967,331
| |
|
Borrowings
| |
558,100
| |
566,200
| |
195,700
| | |
338,000
| |
343,805
| |
|
Subordinated debt held by unconsolidated subsidiary trusts
| |
102,140
| |
102,134
| |
102,128
| | |
102,122
| |
102,115
| |
|
Accrued interest and other liabilities
| |
143,790
| |
153,278
| |
138,262
| | |
126,150
| |
123,868
| |
|
Total liabilities
| |
6,952,140
| |
6,908,432
| |
6,562,637
| | |
6,501,536
| |
6,537,119
| |
|
Shareholders' equity
| |
1,045,026
| |
1,000,339
| |
1,013,402
| | |
987,904
| |
965,524
| |
|
Total liabilities and shareholders' equity
|
|
7,997,166
|
|
7,908,771
|
|
7,576,039
|
|
|
7,489,440
|
|
7,502,643
| |
| Capital |
|
|
|
|
|
|
|
|
|
|
| |
|
Tier 1 leverage ratio
| |
10.09%
| |
10.20%
| |
10.23%
| | |
9.96%
| |
9.79%
| |
|
Tangible equity/net tangible assets (3) | |
9.14%
| |
8.63%
| |
9.19%
| | |
8.92%
| |
8.57%
| |
|
Diluted weighted average common shares O/S | |
41,470
| |
41,265
| |
41,247
| | |
41,248
| |
41,260
| |
|
Period end common shares outstanding
| |
41,019
| |
40,877
| |
40,724
| | |
40,748
| |
40,707
| |
|
Cash dividends declared per common share
| | $0.31 | | $0.30 | | $0.30 | | | $0.30 | | $0.30 | |
|
Book value
| | $25.48 | | $24.47 | | $24.88 | | | $24.24 | | $23.72 | |
|
Tangible book value(3) | | $17.05 | | $15.96 | | $16.31 | | | $15.63 | | $15.04 | |
|
Common stock price (end of period)
|
| $37.17 |
| $37.77 |
| $35.39 |
|
| $38.13 |
| $33.59 | |
| | | | | | | | | | | |
|
| Summary of Financial Data | |
| (Dollars in thousands, except per share data) |
|
| |
| | 2015 |
|
| 2014 | |
|
|
| 3rd Qtr |
| 2nd Qtr |
| 1st Qtr |
|
| 4th Qtr |
| 3rd Qtr | |
| Asset Quality |
|
|
|
|
|
|
|
|
|
|
| |
|
Nonaccrual loans
| | $23,133 |
| $21,440 |
| $20,984 |
|
| $20,731 |
| $21,323 | |
|
Accruing loans 90+ days delinquent
| |
2,076
| |
1,558
| |
1,699
| | |
3,106
| |
2,690
| |
|
Total nonperforming loans
| |
25,209
| |
22,998
| |
22,683
| | |
23,837
| |
24,013
| |
|
Other real estate owned (OREO)
| |
2,531
| |
2,324
| |
1,767
| | |
1,855
| |
3,619
| |
|
Total nonperforming assets
| |
27,740
| |
25,322
| |
24,450
| | |
25,692
| |
27,632
| |
|
Net charge-offs
| |
1,600
| |
314
| |
959
| | |
2,462
| |
1,090
| |
|
Allowance for loan losses/loans outstanding
| |
1.06%
| |
1.06%
| |
1.08%
| | |
1.07%
| |
1.07%
| |
|
Nonperforming loans/loans outstanding
| |
0.58%
| |
0.54%
| |
0.54%
| | |
0.56%
| |
0.57%
| |
|
Allowance for loan losses/nonperforming loans
| |
181%
| |
197%
| |
198%
| | |
190%
| |
189%
| |
|
Net charge-offs/average loans
| |
0.15%
| |
0.03%
| |
0.09%
| | |
0.23%
| |
0.10%
| |
|
Delinquent loans/ending loans
| |
1.19%
| |
1.09%
| |
1.19%
| | |
1.46%
| |
1.32%
| |
|
Loan loss provision/net charge-offs
| |
119%
| |
188%
| |
65%
| | |
103%
| |
160%
| |
|
Nonperforming assets/total assets
|
|
0.35%
|
|
0.32%
|
|
0.32%
|
|
|
0.34%
|
|
0.37%
| |
| Asset Quality (excluding loans acquired since 1/1/09) |
|
|
|
|
|
|
|
|
|
|
| |
|
Nonaccrual loans
| | $20,505 | | $18,558 | | $18,278 | | | $17,676 | | $17,313 | |
|
Accruing loans 90+ days delinquent
| |
1,877
| |
1,463
| |
1,325
| | |
2,828
| |
2,545
| |
|
Total nonperforming loans
| |
22,382
| |
20,021
| |
19,603
| | |
20,504
| |
19,858
| |
|
Other real estate owned (OREO)
| |
1,720
| |
1,518
| |
1,357
| | |
1,469
| |
1,794
| |
|
Total nonperforming assets
| |
24,102
| |
21,539
| |
20,960
| | |
21,973
| |
21,652
| |
|
Net charge-offs
| |
1,473
| |
425
| |
877
| | |
2,098
| |
1,088
| |
|
Allowance for loan losses/loans outstanding
| |
1.10%
| |
1.11%
| |
1.14%
| | |
1.14%
| |
1.14%
| |
|
Nonperforming loans/loans outstanding
| |
0.55%
| |
0.50%
| |
0.50%
| | |
0.52%
| |
0.51%
| |
|
Allowance for loan losses/nonperforming loans
| |
201%
| |
223%
| |
226%
| | |
221%
| |
226%
| |
|
Net charge-offs/average loans
| |
0.14%
| |
0.04%
| |
0.09%
| | |
0.21%
| |
0.11%
| |
|
Delinquent loans/ending loans
| |
1.14%
| |
1.04%
| |
1.11%
| | |
1.39%
| |
1.23%
| |
|
Loan loss provision/net charge-offs
| |
127%
| |
191%
| |
61%
| | |
125%
| |
160%
| |
|
Nonperforming assets/total assets
|
|
0.31%
|
|
0.28%
|
|
0.29%
|
|
|
0.30%
|
|
0.30%
| |
| | | | | | | | | | | |
|
| (1) Excludes gains and losses on sales of
investment securities and debt prepayments. |
| (2) Excludes intangible amortization,
acquisition expenses, litigation settlement charge, gains and losses
on sales of investment securities and losses on debt extinguishments. |
| (3) Includes deferred tax liabilities (of
approximately $38.7 million at 9/30/15) generated from tax
deductible goodwill. |
|
|
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.The
following factors, among others, could cause the actual results of CBU’s
operations to differ materially from CBU’s expectations: the successful
integration of operations of its acquisitions; competition; changes in
economic conditions, interest rates and financial markets; and changes
in legislation or regulatory requirements.CBU does not assume
any duty to update forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151022005221/en/
Community Bank System, Inc.
Scott A. Kingsley, 315-445-3121
EVP
& Chief Financial Officer
Source: Community Bank System, Inc.