-GAAP earnings of $0.58 per share
- Quarterly loan growth of $100 million
SYRACUSE, N.Y.--(BUSINESS WIRE)--
Community Bank System, Inc. (NYSE:CBU) reported second quarter 2015 net
income of $23.8 million, an increase of 0.7% compared with $23.7 million
earned for the second quarter of 2014. Diluted earnings per share
totaled $0.58 for the second quarter of 2015, a one cent per share
improvement over the $0.57 per share reported in the second quarter of
2014, and included $0.4 million of acquisition expenses, or six-tenths
of a cent per share. 2015 year-to-date net income of $46.1 million, or
$1.12 per share, was 0.9% above the first six months of 2014, and
included $0.8 million of acquisition expenses, or 1.3 cents per share.
“Our record second quarter operating results were driven by solid loan
growth, particularly business lending, 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 were able to
realize a strong improvement in our second quarter momentum. In
addition, in 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 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 impeccable service to our
customers and investment in our communities. Subject to various
regulatory approvals, we expect to complete the transaction early in the
fourth quarter. ”
Total revenue for the second quarter of 2015 was $90.9 million, an
increase of $0.1 million, or 0.1%, over the prior year quarter. The
modestly higher revenue was generated as a result of a 3.5% increase in
average earning assets and continued growth in core noninterest income,
which more than offset an 18 basis-point reduction in net interest
margin from the prior year quarter. Continued organic growth drove a
$0.8 million, or 5.5% increase in wealth management and employee benefit
services revenues. Deposit service fees increased slightly
year-over-year, the result of increased card-related revenues offset by
lower fees from account overdraft protection programs. The quarterly
provision for loan losses of $0.6 million was $1.3 million lower than
the second quarter of 2014, reflective of lower levels of net
charge-offs and improved non-performing asset and delinquent loan
ratios. Total operating expenses of $56.0 million for the quarter were
$0.9 million, or 1.6% above the second quarter of 2014, and included
acquisition expenses of $0.4 million. Certain statutory changes to state
tax rates and structures along with a lower proportion of tax-exempt
income resulted in a quarterly effective tax rate of 30.5% in the second
quarter of 2015, compared to 29.9% in the second quarter of 2014.
Second quarter 2015 net interest income was $61.2 million, an increase
of $0.1 million, or 0.1%, compared to the second quarter of 2014.
Improved funding costs were offset by a 20-basis point decline in
earning asset yields, which were driven by lower blended interest rates
on loans and investment securities. While average loan balances grew
$90.0 million, or 2.2%, average loan yields declined 11 basis points
year-over-year, resulting in a $0.3 million reduction in quarterly loan
interest income. Investment interest income was $0.1 million higher than
the second quarter of 2014 as average investment securities (including
cash equivalents) increased by $141.5 million, and the yield declined 33
basis points, principally the result of the decision to early invest a
portion of the expected net liquidity from the pending Oneida Financial
transaction. Interest expense was $0.3 million lower than the previous
year’s quarter, driven by a three basis-point decline in the total cost
of funds. Wealth management and employee benefit services revenues
increased $0.8 million, or 5.5%, to $15.7 million compared to second
quarter 2014. Customer and product expansion continued into 2015 and
drove the improved performance. Revenues from mortgage banking and other
services declined $0.8 million from the second quarter of 2014, which
included nearly $0.5 million in non-recurring insurance-related gains.
Second quarter 2015 operating expenses of $56.0 million increased $0.9
million over the second quarter of 2014, including $0.4 million of
acquisition expenses incurred in the second quarter of 2015. Salaries
and employee benefits increased $0.6 million, or 2.0%, and included
planned merit increases. All other expenses, excluding acquisition
expenses, declined 0.3% and reflected lower occupancy and equipment
costs and lower intangible amortization compared to the second quarter
of 2014, partially offset by slightly higher business development costs.
The second quarter 2015 effective income tax rate of 30.5% was higher
than the 29.9% in last year’s second quarter.
Financial Position
Average earning assets of $6.86 billion for the second quarter of 2015
were up $231.5 million from the second quarter of 2014, and were $196.6
million higher than the first quarter of 2015. Compared to the prior
year, total average earning asset balances included growth of $90.0
million in average loan balances, while average investment securities
and interest-earning cash balances increased by $141.5 million,
predominantly from incremental investment purchases related to the
anticipated net liquidity from the pending Oneida Financial acquisition.
Average deposit balances grew $119.8 million compared to the second
quarter of 2014, and were $75.4 million higher than the first quarter of
2015. Average borrowings in the second quarter of 2015 of $438.9 million
were $53.8 million, or 14.0%, higher than the prior year quarter.
Ending loans at June 30, 2015 increased $115.8 million, or 2.8%,
year-over-year, reflecting productive organic growth in almost every one
of the Company’s lending portfolios, and was generally consistent with
market demand characteristics. Investment securities totaled $2.87
billion at June 30, 2015, up $333.6 million from the end of June 2014.
Shareholders’ equity of $1.0 billion at June 30, 2015 was $45.3 million,
or 4.7%, higher than the prior year quarter-end, primarily due to strong
earnings generation and capital retention over the last four quarters.
The Company’s net tangible equity to net tangible assets ratio was 8.63%
at June 30, 2015, up from 8.44% at June 30, 2014. The Company’s Tier 1
leverage ratio rose to 10.20% for the current quarter, up 56 basis
points from the second 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 quarter.
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 $0.3 million for the second
quarter, compared to $1.5 million for the second quarter of 2014 and
$1.0 million for the first quarter of 2015. Net charge-offs as an
annualized percentage of average loans measured 0.03% in the second
quarter of 2015, compared to 0.14% in the prior year second quarter and
0.09% in the first quarter of 2015. Nonperforming loans as a percentage
of total loans at June 30, 2015 were 0.54%, slightly improved from 0.58%
at June 30, 2014 and consistent with the 0.54% of total loans at March
31, 2015. The total loan delinquency ratio of 1.09% at the end of the
second quarter was down 15 basis points from the end of the second
quarter of 2014. The second quarter provision for loan losses of $0.6
million was $1.3 million, or 68.9%, lower than the second quarter of
2014, and consistent with the first quarter of 2015, due primarily to
lower net charge-off levels than the previous year’s second quarter. The
allowance for loan losses to nonperforming loans was 197% at June 30,
2015, comparable with the 187% and 198% levels at the end of the second
quarter of 2014 and the first quarter of 2015, respectively.
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. Community Bank System, Inc. expects the transaction
to be immediately accretive excluding merger-related costs. The merger,
which has been approved by the Oneida shareholders, is expected to close
in October 2015, subject to required regulatory approvals.
Conference Call Scheduled
Company management will conduct an investor call at 11:00 a.m. (ET)
today (Monday, July 20th) to discuss second quarter results. The
conference call can be accessed at 888-427-9376 (1-719-457-2645 if
outside United States and Canada) using the conference ID code 7762121.
Investors may also listen live via the Internet at: http://www.webcaster4.com/Webcast/Page/995/9437.
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
$7.9 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 |
|
|
|
|
| June 30, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 |
| Earnings |
|
|
|
|
|
|
|
|
Loan income
| | | | $45,791 | $46,073 | $91,382 | $91,766 |
|
Investment income
| | | |
18,089
|
18,036
|
34,952
|
35,582
|
|
Total interest income
| | | |
63,880
|
64,109
|
126,334
|
127,348
|
|
Interest expense
| | | |
2,652
|
2,939
|
5,266
|
6,069
|
|
Net interest income
| | | |
61,228
|
61,170
|
121,068
|
121,279
|
|
Provision for loan losses
| | | |
591
|
1,900
|
1,214
|
2,900
|
|
Net interest income after provision for loan losses
| | | |
60,637
|
59,270
|
119,854
|
118,379
|
|
Deposit service fees
| | | |
13,213
|
13,172
|
25,683
|
25,427
|
|
Revenues from mortgage banking and other banking services
| | | |
799
|
1,608
|
1,854
|
2,798
|
|
Wealth management services
| | | |
4,385
|
4,438
|
8,831
|
8,912
|
|
Employee benefit services
| | | |
11,322
|
10,448
|
22,397
|
20,883
|
|
Total noninterest income
| | | |
29,719
|
29,666
|
58,765
|
58,020
|
|
Salaries and employee benefits
| | | |
31,010
|
30,409
|
62,039
|
61,149
|
|
Occupancy and equipment
| | | |
6,844
|
6,916
|
14,239
|
14,608
|
|
Amortization of intangible assets
| | | |
880
|
1,101
|
1,799
|
2,242
|
|
Litigation settlement
| | | |
0
|
0
|
0
|
0
|
|
Acquisition expenses
| | | |
361
|
0
|
756
|
123
|
|
Other
| | | |
16,953
|
16,738
|
33,163
|
32,964
|
|
Total operating expenses
| | | |
56,048
|
55,164
|
111,996
|
111,086
|
|
Income before income taxes
| | | |
34,308
|
33,772
|
66,623
|
65,313
|
|
Income taxes
| | | |
10,468
|
10,096
|
20,486
|
19,463
|
|
Net income
| | | | $23,840 | $23,676 | $46,137 | $45,850 |
|
Basic earnings per share
| | | | $0.58 | $0.58 | $1.13 | $1.13 |
|
Diluted earnings per share
|
|
|
| $0.58 | $0.57 | $1.12 | $1.11 |
| | | | | | |
|
|
|
|
| | | | | |
Summary of Financial Data | | | | | | | | |
| (Dollars in thousands, except per share data) | | | |
|
|
|
|
|
| | | | 2015 | 2014 |
|
|
|
|
| 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr |
| Earnings |
|
|
|
|
|
|
|
|
|
Loan income
| | | | $45,791 | $45,591 | $46,878 | $46,883 | $46,073 |
|
Investment income
| | | |
18,089
|
16,863
|
17,707
|
17,404
|
18,036
|
|
Total interest income
| | | |
63,880
|
62,454
|
64,585
|
64,287
|
64,109
|
|
Interest expense
| | | |
2,652
|
2,614
|
2,829
|
2,893
|
2,939
|
|
Net interest income
| | | |
61,228
|
59,840
|
61,756
|
61,394
|
61,170
|
|
Provision for loan losses
| | | |
591
|
623
|
2,531
|
1,747
|
1,900
|
|
Net interest income after provision for loan losses
| | | |
60,637
|
59,217
|
59,225
|
59,647
|
59,270
|
|
Deposit service fees
| | | |
13,213
|
12,470
|
13,496
|
13,833
|
13,172
|
|
Revenues from mortgage banking and other banking services
| | | |
799
|
1,055
|
1,149
|
1,867
|
1,608
|
|
Wealth management services
| | | |
4,385
|
4,446
|
4,341
|
4,617
|
4,438
|
|
Employee benefit services
| | | |
11,322
|
11,075
|
10,942
|
10,755
|
10,448
|
|
Total noninterest income
| | | |
29,719
|
29,046
|
29,928
|
31,072
|
29,666
|
|
Salaries and employee benefits
| | | |
31,010
|
31,029
|
30,987
|
30,941
|
30,409
|
|
Occupancy and equipment
| | | |
6,844
|
7,395
|
6,724
|
6,617
|
6,916
|
|
Amortization of intangible assets
| | | |
880
|
919
|
994
|
1,051
|
1,101
|
|
Litigation settlement
| | | |
0
|
0
|
0
|
2,800
|
0
|
|
Acquisition expenses
| | | |
361
|
395
|
0
|
0
|
0
|
|
Other
| | | |
16,953
|
16,210
|
17,979
|
17,402
|
16,738
|
|
Total operating expenses
| | | |
56,048
|
55,948
|
56,684
|
58,811
|
55,164
|
|
Income before income taxes
| | | |
34,308
|
32,315
|
32,469
|
31,908
|
33,772
|
|
Income taxes
| | | |
10,468
|
10,018
|
9,336
|
9,537
|
10,096
|
|
Net income
| | | | $23,840 |
22,297
|
23,133
|
22,371
|
23,676
|
|
Basic earnings per share
| | | | $0.58 | $0.55 | $0.57 | $0.55 | $0.58 |
|
Diluted earnings per share
|
|
|
| $0.58 | $0.54 | $0.56 | $0.54 | $0.57 |
| Profitability |
|
|
|
|
|
|
|
|
|
Return on assets
| | | |
1.25%
|
1.21%
|
1.22%
|
1.19%
|
1.28%
|
|
Return on equity
| | | |
9.44%
|
8.97%
|
9.35%
|
9.25%
|
10.13%
|
|
Return on tangible equity(3) | | | |
14.40%
|
13.74%
|
14.57%
|
14.66%
|
16.34%
|
|
Noninterest income/operating income (FTE) (1) | | | |
31.6%
|
31.6%
|
31.3%
|
32.2%
|
31.3%
|
|
Efficiency ratio (2) |
|
|
|
58.3%
|
59.4%
|
58.3%
|
57.0%
|
57.0%
|
| Components of Net Interest Margin (FTE) |
|
|
|
|
|
|
|
|
|
Loan yield
| | | |
4.40%
|
4.45%
|
4.43%
|
4.48%
|
4.51%
|
|
Cash equivalents yield
| | | |
0.28%
|
0.20%
|
0.19%
|
0.17%
|
0.23%
|
|
Investment yield
| | | |
3.15%
|
3.22%
|
3.43%
|
3.37%
|
3.48%
|
|
Earning asset yield
| | | |
3.92%
|
3.99%
|
4.06%
|
4.06%
|
4.12%
|
|
Interest-bearing deposit rate
| | | |
0.15%
|
0.16%
|
0.16%
|
0.17%
|
0.17%
|
|
Borrowing rate
| | | |
0.84%
|
1.01%
|
0.88%
|
0.87%
|
0.91%
|
|
Cost of all interest-bearing funds
| | | |
0.20%
|
0.21%
|
0.22%
|
0.23%
|
0.23%
|
|
Cost of funds (includes DDA)
| | | |
0.16%
|
0.17%
|
0.18%
|
0.18%
|
0.19%
|
|
Net interest margin (FTE)
| | | |
3.76%
|
3.83%
|
3.89%
|
3.89%
|
3.94%
|
|
Fully tax-equivalent adjustment
|
|
|
| $3,115 | $3,085 | $3,804 | $3,923 | $3,972 |
| | | | | | | |
|
|
|
|
| | | | | |
| Summary of Financial Data | | | | | | | | |
| (Dollars in thousands, except per share data) | | | |
|
|
|
|
|
| | | | 2015 | 2014 |
|
|
|
|
| 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr |
| Average Balances |
|
|
|
|
|
|
|
|
|
Loans
| | | | $4,211,961 | $4,190,823 | $4,223,653 | $4,180,283 | $4,121,976 |
|
Cash equivalents
| | | |
11,325
|
18,080
|
11,260
|
8,225
|
9,535
|
|
Taxable investment securities
| | | |
2,031,234
|
1,845,295
|
1,830,375
|
1,834,590
|
1,839,488
|
|
Nontaxable investment securities
| | | |
607,585
|
611,330
|
622,365
|
642,114
|
659,662
|
|
Total interest-earning assets
| | | |
6,862,105
|
6,665,528
|
6,687,653
|
6,665,212
|
6,630,661
|
|
Total assets
| | | |
7,678,719
|
7,489,179
|
7,495,814
|
7,457,409
|
7,407,151
|
|
Interest-bearing deposits
| | | |
4,777,195
|
4,704,003
|
4,689,788
|
4,671,216
|
4,754,636
|
|
Borrowings
| | | |
438,931
|
327,791
|
406,610
|
427,051
|
385,150
|
|
Total interest-bearing liabilities
| | | |
5,216,126
|
5,031,794
|
5,096,398
|
5,098,267
|
5,139,786
|
|
Noninterest-bearing deposits
| | | |
1,321,738
|
1,319,499
|
1,293,760
|
1,281,626
|
1,224,515
|
|
Shareholders' equity
|
|
|
|
1,012,470
|
1,008,394
|
981,737
|
959,484
|
937,532
|
| Balance Sheet Data |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
| | | | $143,047 | $150,533 | $138,396 | $157,500 | $161,903 |
|
Investment securities
| | | |
2,868,050
|
2,656,424
|
2,512,974
|
2,506,242
|
2,534,419
|
|
Loans:
| | | | | | | | |
|
Business lending
| | | |
1,295,889
|
1,239,529
|
1,262,484
|
1,251,178
|
1,247,129
|
|
Consumer mortgage
| | | |
1,608,064
|
1,605,019
|
1,613,384
|
1,598,298
|
1,580,584
|
|
Consumer indirect
| | | |
837,449
|
804,300
|
833,968
|
841,975
|
797,297
|
|
Home equity
| | | |
340,578
|
338,979
|
342,342
|
339,121
|
339,345
|
|
Consumer direct
| | | |
181,623
|
176,084
|
184,028
|
186,672
|
183,448
|
|
Total loans
| | | |
4,263,603
|
4,163,911
|
4,236,206
|
4,217,244
|
4,147,803
|
|
Allowance for loan losses
| | | |
45,282
|
45,005
|
45,341
|
45,273
|
44,615
|
|
Intangible assets, net
| | | |
385,515
|
386,054
|
386,973
|
387,966
|
389,018
|
|
Other assets
| | | |
293,838
|
264,122
|
260,232
|
278,964
|
272,815
|
|
Total assets
| | | |
7,908,771
|
7,576,039
|
7,489,440
|
7,502,643
|
7,461,343
|
|
Deposits:
| | | | | | | | |
|
Noninterest-bearing
| | | |
1,337,101
|
1,316,621
|
1,324,661
|
1,279,052
|
1,257,223
|
|
Non-maturity interest-bearing
| | | |
4,020,192
|
4,055,976
|
3,837,603
|
3,881,249
|
3,872,262
|
|
Time
| | | |
729,527
|
753,950
|
773,000
|
807,030
|
841,810
|
|
Total deposits
| | | |
6,086,820
|
6,126,547
|
5,935,264
|
5,967,331
|
5,971,295
|
|
Borrowings
| | | |
566,200
|
195,700
|
338,000
|
343,805
|
319,408
|
|
Subordinated debt held by unconsolidated subsidiary trusts
| | | |
102,134
|
102,128
|
102,122
|
102,115
|
102,109
|
|
Accrued interest and other liabilities
| | | |
153,278
|
138,262
|
126,150
|
123,868
|
113,516
|
|
Total liabilities
| | | |
6,908,432
|
6,562,637
|
6,501,536
|
6,537,119
|
6,506,328
|
|
Shareholders' equity
| | | |
1,000,339
|
1,013,402
|
987,904
|
965,524
|
955,015
|
|
Total liabilities and shareholders' equity
|
|
|
|
7,908,771
|
7,576,039
|
7,489,440
|
7,502,643
|
7,461,343
|
| Capital |
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio
| | | |
10.20%
|
10.23%
|
9.96%
|
9.79%
|
9.64%
|
|
Tangible equity/net tangible assets (3) | | | |
8.63%
|
9.19%
|
8.92%
|
8.57%
|
8.44%
|
|
Diluted weighted average common shares O/S | | | |
41,265
|
41,247
|
41,248
|
41,260
|
41,269
|
|
Period end common shares outstanding
| | | |
40,877
|
40,724
|
40,748
|
40,707
|
40,688
|
|
Cash dividends declared per common share
| | | | $0.30 | $0.30 | $0.30 | $0.30 | $0.28 |
|
Book value
| | | | $24.47 | $24.88 | $24.24 | $23.72 | $23.47 |
|
Tangible book value(3) | | | | $15.96 | $16.31 | $15.63 | $15.04 | $14.74 |
|
Common stock price (end of period)
| | | | $37.77 | $35.39 | $38.13 | $33.59 | $36.20 |
| | | | | | | |
|
|
|
|
| | | | | |
| Summary of Financial Data | | | | | | | | |
| (Dollars in thousands, except per share data) | | | |
|
|
|
|
|
| | | | 2015 | 2014 |
|
|
|
|
| 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr |
| Asset Quality |
|
|
|
|
|
|
|
|
|
Nonaccrual loans
| | | | $21,439 | $20,984 | $20,731 | $21,323 | $21,991 |
|
Accruing loans 90+ days delinquent
| | | |
1,557
|
1,699
|
3,106
|
2,690
|
1,930
|
|
Total nonperforming loans
| | | |
22,996
|
22,683
|
23,837
|
24,013
|
23,921
|
|
Other real estate owned (OREO)
| | | |
2,324
|
1,767
|
1,855
|
3,619
|
4,281
|
|
Total nonperforming assets
| | | |
25,320
|
24,450
|
25,692
|
27,632
|
28,202
|
|
Net charge-offs
| | | |
313
|
959
|
2,462
|
1,090
|
1,482
|
|
Allowance for loan losses/loans outstanding
| | | |
1.062%
|
1.081%
|
1.070%
|
1.074%
|
1.076%
|
|
Nonperforming loans/loans outstanding
| | | |
0.54%
|
0.54%
|
0.56%
|
0.57%
|
0.58%
|
|
Allowance for loan losses/nonperforming loans
| | | |
197%
|
198%
|
190%
|
189%
|
187%
|
|
Net charge-offs/average loans
| | | |
0.03%
|
0.09%
|
0.23%
|
0.10%
|
0.14%
|
|
Delinquent loans/ending loans
| | | |
1.09%
|
1.19%
|
1.46%
|
1.32%
|
1.24%
|
|
Loan loss provision/net charge-offs
| | | |
188%
|
65%
|
103%
|
160%
|
128%
|
|
Nonperforming assets/total assets
|
|
|
|
0.32%
|
0.32%
|
0.34%
|
0.37%
|
0.38%
|
| Asset Quality (excluding loans acquired since 1/1/09) |
|
|
|
|
|
|
|
|
|
Nonaccrual loans
| | | | $18,557 | $18,278 | $17,676 | $17,313 | $18,147 |
|
Accruing loans 90+ days delinquent
| | | |
1,463
|
1,325
|
2,828
|
2,545
|
1,813
|
|
Total nonperforming loans
| | | |
20,020
|
19,603
|
20,504
|
19,858
|
19,960
|
|
Other real estate owned (OREO)
| | | |
1,518
|
1,357
|
1,469
|
1,794
|
2,303
|
|
Total nonperforming assets
| | | |
21,538
|
20,960
|
21,973
|
21,652
|
22,263
|
|
Net charge-offs
| | | |
425
|
877
|
2,098
|
1,088
|
1,204
|
|
Allowance for loan losses/loans outstanding
| | | |
1.11%
|
1.14%
|
1.14%
|
1.14%
|
1.15%
|
|
Nonperforming loans/loans outstanding
| | | |
0.50%
|
0.50%
|
0.52%
|
0.51%
|
0.52%
|
|
Allowance for loan losses/nonperforming loans
| | | |
223%
|
226%
|
221%
|
226%
|
221%
|
|
Net charge-offs/average loans
| | | |
0.04%
|
0.09%
|
0.21%
|
0.11%
|
0.13%
|
|
Delinquent loans/ending loans
| | | |
1.04%
|
1.11%
|
1.39%
|
1.23%
|
1.19%
|
|
Loan loss provision/net charge-offs
| | | |
191%
|
61%
|
125%
|
160%
|
155%
|
|
Nonperforming assets/total assets
|
|
|
|
0.28%
|
0.29%
|
0.30%
|
0.30%
|
0.31%
|
| | | | | | | |
|
| (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 $37.7 million at 6/30/15) 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/20150720005325/en/
Community Bank System, Inc.
Scott A. Kingsley, 315-445-3121 (Office)
EVP
& Chief Financial Officer
Source: Community Bank System, Inc.