-First quarter operating EPS improved to $0.55 per share
- Successful integration of Oneida Financial
SYRACUSE, N.Y.--(BUSINESS WIRE)--
Community Bank System, Inc. (NYSE:CBU) reported first quarter 2016 net
income of $24.4 million, a 9.4% increase over the $22.3 million of net
income generated in the first quarter of 2015. Diluted earnings per
share totaled $0.55 for the first quarter of 2016, one cent per share
higher than the $0.54 per share reported in the first quarter of 2015.
The Company incurred $0.1 million and $0.4 million of acquisition
expenses in the first quarter of 2016 and 2015, respectively.
“Our improved first quarter operating results were driven by solid
earning-asset growth, a continuation of excellent credit quality, and a
full quarter impact of the Oneida Financial transaction completed in
late 2015,” said President and Chief Executive Officer Mark E. Tryniski.
“A productive start in both our lending and core funding activities in
the first quarter of 2016 positions us well for the balance of the year.
We completed the acquisition of Oneida Financial Corp. in early December
2015, which further extended and strengthened our Central New York
service coverage by expanding our market presence in the Syracuse and
Utica-Rome metropolitan areas. This transaction also added to our
product and service offerings in insurance, benefits administration and
wealth management. We are pleased with the first full quarter’s results
for the acquired businesses, which were in line with our original
expectations.”
Total revenue for the first quarter of 2016 was $105.2 million, an
increase of $16.3 million, or 18.3%, over the prior year quarter, and
included a full quarter of activities from the Oneida Financial Corp.
(“Oneida”) acquisition that closed on December 4, 2015. The increased
revenue was generated as a result of a 14.2% increase in average earning
assets and growth in noninterest income from acquired and organic
sources, which more than offset a 16 basis-point reduction in net
interest margin from the prior year quarter. First quarter net interest
income was $66.9 million, an increase of $7.0 million, or 11.8%,
compared to the first quarter of 2015. Modestly lower funding costs were
offset by a 17-basis point decline in earning asset yields, the result
of lower interest rates on investment securities and loans, including
the acquired Oneida portfolios. Average loan balances grew $621.8
million, or 14.8%, while average loan yields declined 12 basis points
year-over-year to 4.33%, resulting in a $6.1 million increase in
quarterly loan interest income. Investment income was $1.2 million
higher than the first quarter of 2015, as average investment securities
(including cash equivalents) increased by $323.9 million, more than
offsetting the yield decline of 25 basis points. Wealth management and
insurance revenues increased $6.5 million, or 146.5%, compared to the
first quarter of 2015, principally due to the Oneida acquisition. First
quarter revenues from employee benefit services increased $0.9 million,
or 8.5% year-over-year, with approximately one-third of that growth
coming from acquired Oneida activities. Revenues from mortgage banking
and other sources were $0.5 million above the first quarter of 2015 and
included $0.4 million of non-recurring insurance-related gains.
Quarterly deposit service fees increased 10.1% year-over-year,
principally from the Oneida acquisition, as higher card-related revenues
more than offset the continuing trend of declining fees from account
overdraft protection and similar services.
First quarter 2016 operating expenses of $67.7 million increased $11.7
million, or 20.9% versus the first quarter of 2015, and reflected a full
quarter of core operating expenses from the Oneida transaction. Salaries
and employee benefit costs increased $8.1 million, or 26.1% compared to
the first quarter of 2015, principally due to the Oneida acquisition.
The first quarter of 2016 also included annual merit increases of
approximately 3% and one additional payroll day compared to the first
quarter of last year. Occupancy and equipment costs increased 3.6%
year-over-year, completely related to the additional Oneida facilities,
as first quarter core utility and maintenance costs were down from last
year, reflective of a milder winter. The $0.5 million year-over-year
increase in intangible amortization was related to additional core
deposit and customer list intangibles which resulted from the Oneida
transaction. Other operating expenses were $3.1 million higher than the
first quarter of 2015 and were principally related to the Oneida
acquisition, but also included higher marketing and business development
expenses as well as certain card-related issuance and processing costs.
The first quarter 2016 provision for loan losses of $1.3 million was
$0.7 million higher than the first quarter of 2015, and reflected
quarterly net charge-offs of $1.1 million and organic loan growth of
$19.8 million during the quarter.
The Company’s effective tax rate for the first quarter of 2016 was
32.5%, compared to the 31.0% rate in the first quarter of 2015, with the
majority of the increase related to higher New York State taxes based
upon the Company’s larger consolidated asset size, as well as a higher
proportion of income from fully taxable sources.
Financial Position
Average earning assets of $7.61 billion for the first quarter of 2016
were up $945.7 million from the first quarter of 2015, and were $309.6
million higher than the fourth quarter of 2015. Compared to the first
quarter of 2015, quarterly average earning asset balances included
growth of $621.8 million in average loan balances, including the impact
of the acquired Oneida loans, while average investment securities and
interest-earning cash balances increased by $323.9 million,
predominantly from incremental investment purchases related to the net
liquidity provided by the Oneida acquisition. Average deposit balances
grew $962.4 million, or 16.0%, compared to the first quarter of 2015.
Average borrowings of $297.0 million in the first quarter of 2016 were
$30.8 million lower than the prior year quarter, and included $102.2
million of trust preferred obligations.
Ending loans at March 31, 2016 increased $657.3 million, or 15.8%
year-over-year, reflecting productive organic growth in each of the
Company’s lending portfolios, and approximately $400 million of loans
acquired in the Oneida transaction. Investment securities totaled $2.90
billion at quarter-end, an increase of $246.5 million from the end of
the first quarter of 2015. Total deposits of $7.12 billion at the end of
March were $992.5 million above the end of last year’s first quarter,
and included approximately $700 million of deposits acquired in the
Oneida transaction. Ending borrowings of $135.9 million were $162.0
million lower than the end of the first quarter of last year, reflective
of solid growth in core deposits and the acquired deposit funding.
Shareholders’ equity of $1.20 billion at March 31, 2016 was $187.3
million, or 18.5%, higher than the end of the first quarter of 2015, due
to strong earnings generation and capital retention over the last four
quarters, and the issuance of 2.38 million shares of common stock, or
$102.2 million, reflecting the equity portion of the consideration in
the Oneida transaction. The Company’s net tangible equity to net
tangible assets ratio was 9.25% at March 31, 2016, compared to 9.19% at
the end of March 2015, despite the growth of the Company’s balance
sheet, including the intangible assets created from the Oneida
acquisition. The Company’s Tier 1 leverage ratio was 9.95% for the
current quarter, compared to 10.23% for last year’s first quarter as
tangible assets grew at a slightly faster pace than regulatory capital.
As previously announced, in December 2015 the Company’s Board of
Directors approved a stock repurchase program authorizing the repurchase
of up to 2.2 million shares of the Company’s common stock during a
twelve-month period starting January 1, 2016. Such repurchases may be
made at the discretion of the Company’s senior management, depending
upon 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. No shares were repurchased under this
authorization in the first quarter of 2016.
Asset Quality
The Company’s asset quality metrics continue to be favorable and stable
and reflect the long-term effectiveness of the Company’s disciplined
risk management and underwriting standards. Net charge-offs were $1.1
million for the first quarter of 2016, compared to $1.0 million for the
first quarter of 2015 and $3.5 million for the fourth quarter of 2015.
The fourth quarter 2015’s results included a net charge-off of $1.0
million related to one commercial relationship that had been partially
reserved for in a prior quarter. Net charge-offs as an annualized
percentage of average loans measured 0.10% in the first quarter of 2016,
compared to 0.09% in the prior year first quarter and 0.31% in the
fourth quarter of 2015. Full year 2015 net charge-offs were $6.4
million, or 0.15% of average loans, consistent with $6.2 million of net
charge-offs in 2014, that were also 0.15% of average loans.
Nonperforming loans as a percentage of total loans at March 31, 2016
were 0.54%, equivalent to the level reported at March 31, 2015. The
total loan delinquency ratio of 1.00% at the end of the first quarter
was down 19 basis points from the end of the first quarter of 2015. The
first quarter provision for loan losses of $1.3 million was $0.7 million
higher than the first quarter of 2015, reflective of positive loan
growth in the first quarter of 2016 versus a $72 million net decline in
last year’s first quarter. The allowance for loan losses to
nonperforming loans was 175% at March 31, 2016, comparable with the 190%
and 198% levels at the end of the fourth quarter of 2015 and the first
quarter of 2015, respectively.
Oneida Financial Corp
In the fourth quarter of 2015, the Company completed the acquisition of
Oneida Financial Corp., the parent company of Oneida Savings Bank. Under
the terms of the agreement, shareholders of Oneida received merger
consideration of 0.5635 shares of Community Bank System, Inc. common
stock or $20.00 in cash for each share of Oneida common stock they held,
subject to the election and proration provisions of the agreement which
provided for an overall 60% stock and 40% cash apportionment. The total
consideration for the acquisition was approximately $158.5 million,
comprised of the issuance of 2.38 million shares of the Company’s common
stock and $56.3 million in cash. The Company acquired approximately $399
million of loans, $308 million of cash equivalents and investment
securities, and $699 million of deposits, as well as the business assets
and activities associated with Oneida’s insurance, wealth management and
employee benefit services businesses.
Conference Call Scheduled
Company management will conduct an investor call at 11:00 a.m. (ET)
today (Monday, April 25th) to discuss first quarter results. The
conference call can be accessed at 888-503-8169 (719-325-2454 if outside
United States and Canada) using the conference ID code 2929402.
Investors may also listen live via the Internet at: https://www.webcaster4.com/Webcast/Page/995/14258.
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 200 customer facilities
across Upstate New York and Northeastern Pennsylvania through its
banking subsidiary, Community Bank, N.A. With assets in excess of $8.6
billion, the DeWitt, N.Y. headquartered company is among the country's
150 largest financial institutions. In addition to a full range of
retail, business, and governmental banking services, the Company offers
comprehensive financial planning, insurance and wealth management
services through its’ Community Wealth Management Group and OneGroup NY,
Inc. operating subsidiaries. The Company's Benefit Plans Administrative
Services, Inc. subsidiary is a leading provider of employee benefits
administration, trust services, and actuarial 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.
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Summary of Financial Data | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Dollars in thousands, except per share data) | | | | | |
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| | | |
| | | | | | 2016 |
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|
| 2015 | | | |
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|
| 1st Qtr |
|
|
| 4th Qtr |
|
|
| 3rd Qtr |
|
|
| 2nd Qtr |
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|
| 1st Qtr | | | |
| Earnings |
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| | | |
|
Loan income
| | | | | | $51,650 | | | | $49,321 | | | | $47,040 | | | | $45,791 | | | | $45,591 | | | |
|
Investment income
| | | | | |
18,106
| | | |
18,683
| | | |
18,244
| | | |
18,089
| | | |
16,863
| | | |
|
Total interest income
| | | | | |
69,756
| | | |
68,004
| | | |
65,284
| | | |
63,880
| | | |
62,454
| | | |
|
Interest expense
| | | | | |
2,875
| | | |
3,015
| | | |
2,921
| | | |
2,652
| | | |
2,614
| | | |
|
Net interest income
| | | | | |
66,881
| | | |
64,989
| | | |
62,363
| | | |
61,228
| | | |
59,840
| | | |
|
Provision for loan losses
| | | | | |
1,341
| | | |
3,327
| | | |
1,906
| | | |
591
| | | |
623
| | | |
|
Net interest income after provision for loan losses
| | | | | |
65,540
| | | |
61,662
| | | |
60,457
| | | |
60,637
| | | |
59,217
| | | |
|
Deposit service fees
| | | | | |
13,734
| | | |
13,605
| | | |
13,459
| | | |
13,213
| | | |
12,470
| | | |
|
Revenues from mortgage banking and other banking services
| | | | | |
1,579
| | | |
1,061
| | | |
2,045
| | | |
799
| | | |
1,055
| | | |
|
Wealth management and insurance services
| | | | | |
10,957
| | | |
6,825
| | | |
4,552
| | | |
4,385
| | | |
4,446
| | | |
|
Employee benefit services
| | | | | |
12,011
| | | |
11,661
| | | |
11,330
| | | |
11,322
| | | |
11,075
| | | |
|
Loss on sale of investments
| | | | | |
0
| | | |
(4)
| | | |
0
| | | |
0
| | | |
0
| | | |
|
Total noninterest income
| | | | | |
38,281
| | | |
33,148
| | | |
31,386
| | | |
29,719
| | | |
29,046
| | | |
|
Salaries and employee benefits
| | | | | |
39,138
| | | |
33,138
| | | |
31,179
| | | |
31,010
| | | |
31,029
| | | |
|
Occupancy and equipment
| | | | | |
7,663
| | | |
6,702
| | | |
6,652
| | | |
6,844
| | | |
7,395
| | | |
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Amortization of intangible assets
| | | | | |
1,442
| | | |
1,021
| | | |
843
| | | |
880
| | | |
919
| | | |
|
Acquisition expenses
| | | | | |
77
| | | |
5,719
| | | |
562
| | | |
361
| | | |
395
| | | |
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Other
| | | | | |
19,349
| | | |
18,400
| | | |
16,843
| | | |
16,953
| | | |
16,210
| | | |
|
Total operating expenses
| | | | | |
67,669
| | | |
64,980
| | | |
56,079
| | | |
56,048
| | | |
55,948
| | | |
|
Income before income taxes
| | | | | |
36,152
| | | |
29,830
| | | |
35,764
| | | |
34,308
| | | |
32,315
| | | |
|
Income taxes
| | | | | |
11,749
| | | |
9,759
| | | |
10,742
| | | |
10,468
| | | |
10,018
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Net income
| | | | | |
24,403
| | | |
20,071
| | | |
25,022
| | | |
23,840
| | | |
22,297
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Basic earnings per share
| | | | | | $0.55 | | | | $0.48 | | | | $0.61 | | | | $0.58 | | | | $0.55 | | | |
|
Diluted earnings per share
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| $0.55 |
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| $0.47 |
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| $0.60 |
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| $0.58 |
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|
| $0.54 | | | |
| Profitability |
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Return on assets
| | | | | |
1.14%
| | | |
0.98%
| | | |
1.25%
| | | |
1.25%
| | | |
1.21%
| | | |
|
Return on equity
| | | | | |
8.34%
| | | |
7.41%
| | | |
9.77%
| | | |
9.44%
| | | |
8.97%
| | | |
|
Return on tangible equity(3) | | | | | |
13.38%
| | | |
10.98%
| | | |
14.82%
| | | |
14.40%
| | | |
13.74%
| | | |
|
Noninterest income/operating income (FTE) (1) | | | | | |
35.5%
| | | |
32.8%
| | | |
32.4%
| | | |
31.6%
| | | |
31.6%
| | | |
|
Efficiency ratio (2) |
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61.4%
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57.6%
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56.4%
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58.3%
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|
59.4%
| | | |
| Components of Net Interest Margin (FTE) |
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Loan yield
| | | | | |
4.33%
| | | |
4.43%
| | | |
4.40%
| | | |
4.40%
| | | |
4.45%
| | | |
|
Cash equivalents yield
| | | | | |
0.47%
| | | |
0.25%
| | | |
0.22%
| | | |
0.28%
| | | |
0.20%
| | | |
|
Investment yield
| | | | | |
2.97%
| | | |
2.98%
| | | |
2.94%
| | | |
3.15%
| | | |
3.22%
| | | |
|
Earning asset yield
| | | | | |
3.82%
| | | |
3.86%
| | | |
3.81%
| | | |
3.92%
| | | |
3.99%
| | | |
|
Interest-bearing deposit rate
| | | | | |
0.14%
| | | |
0.14%
| | | |
0.14%
| | | |
0.15%
| | | |
0.16%
| | | |
|
Borrowing rate
| | | | | |
1.33%
| | | |
0.83%
| | | |
0.72%
| | | |
0.84%
| | | |
1.01%
| | | |
|
Cost of all interest-bearing funds
| | | | | |
0.20%
| | | |
0.22%
| | | |
0.21%
| | | |
0.20%
| | | |
0.21%
| | | |
|
Cost of funds (includes DDA)
| | | | | |
0.16%
| | | |
0.17%
| | | |
0.17%
| | | |
0.16%
| | | |
0.17%
| | | |
|
Net interest margin (FTE)
| | | | | |
3.67%
| | | |
3.70%
| | | |
3.65%
| | | |
3.76%
| | | |
3.83%
| | | |
|
Fully tax-equivalent adjustment
|
|
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| $2,524 |
|
|
| $3,041 |
|
|
| $3,162 |
|
|
| $3,115 |
|
|
| $3,085 | | | |
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| Summary of Financial Data | | | | | | | | | | | | | | | | | | | | | | | |
| (Dollars in thousands, except per share data) | | | |
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| | | |
| | | | 2016 |
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| 2015 | | | |
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| 1st Qtr |
|
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| 4th Qtr |
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| 3rd Qtr |
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| 2nd Qtr |
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| 1st Qtr | | | |
| Average Balances |
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| | | |
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Loans
| | | | $4,812,575 | | | | $4,459,575 | | | | $4,287,062 | | | | $4,211,962 | | | | $4,190,823 | | | |
|
Cash equivalents
| | | |
22,355
| | | |
12,448
| | | |
12,395
| | | |
11,325
| | | |
18,080
| | | |
|
Taxable investment securities
| | | |
2,172,983
| | | |
2,214,690
| | | |
2,187,818
| | | |
2,031,234
| | | |
1,845,295
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Nontaxable investment securities
| | | |
603,297
| | | |
614,891
| | | |
635,627
| | | |
607,585
| | | |
611,330
| | | |
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Total interest-earning assets
| | | |
7,611,210
| | | |
7,301,604
| | | |
7,122,902
| | | |
6,862,106
| | | |
6,665,528
| | | |
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Total assets
| | | |
8,604,264
| | | |
8,161,843
| | | |
7,919,966
| | | |
7,678,719
| | | |
7,489,179
| | | |
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Interest-bearing deposits
| | | |
5,458,273
| | | |
4,943,210
| | | |
4,739,513
| | | |
4,777,195
| | | |
4,704,003
| | | |
|
Borrowings
| | | |
296,964
| | | |
607,771
| | | |
675,958
| | | |
438,931
| | | |
327,791
| | | |
|
Total interest-bearing liabilities
| | | |
5,755,237
| | | |
5,550,981
| | | |
5,415,471
| | | |
5,216,126
| | | |
5,031,794
| | | |
|
Noninterest-bearing deposits
| | | |
1,527,585
| | | |
1,405,416
| | | |
1,363,022
| | | |
1,321,738
| | | |
1,319,499
| | | |
|
Shareholders' equity
|
|
|
|
1,177,246
|
|
|
|
1,074,243
|
|
|
|
1,016,448
|
|
|
|
1,012,470
|
|
|
|
1,008,394
| | | |
| Balance Sheet Data |
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Cash and cash equivalents
| | | | $138,513 | | | | $153,210 | | | | $156,836 | | | | $143,047 | | | | $150,533 | | | |
|
Investment securities
| | | |
2,902,878
| | | |
2,847,940
| | | |
2,917,263
| | | |
2,868,050
| | | |
2,656,424
| | | |
|
Loans:
| | | | | | | | | | | | | | | | | | | | | | | |
|
Consumer mortgage
| | | |
1,777,792
| | | |
1,769,754
| | | |
1,621,862
| | | |
1,608,064
| | | |
1,605,019
| | | |
|
Business lending
| | | |
1,509,421
| | | |
1,497,271
| | | |
1,288,772
| | | |
1,295,889
| | | |
1,239,529
| | | |
|
Consumer indirect
| | | |
941,151
| | | |
935,760
| | | |
872,988
| | | |
837,449
| | | |
804,300
| | | |
|
Home equity
| | | |
403,273
| | | |
403,514
| | | |
345,446
| | | |
340,578
| | | |
338,979
| | | |
|
Consumer direct
| | | |
189,535
| | | |
195,076
| | | |
184,479
| | | |
181,623
| | | |
176,084
| | | |
|
Total loans
| | | |
4,821,172
| | | |
4,801,375
| | | |
4,313,547
| | | |
4,263,603
| | | |
4,163,911
| | | |
|
Allowance for loan losses
| | | |
45,596
| | | |
45,401
| | | |
45,588
| | | |
45,282
| | | |
45,005
| | | |
|
Intangible assets, net
| | | |
484,881
| | | |
484,146
| | | |
384,525
| | | |
385,515
| | | |
386,054
| | | |
|
Other assets
| | | |
314,053
| | | |
311,399
| | | |
270,583
| | | |
293,838
| | | |
264,122
| | | |
|
Total assets
| | | |
8,615,901
| | | |
8,552,669
| | | |
7,997,166
| | | |
7,908,771
| | | |
7,576,039
| | | |
|
Deposits:
| | | | | | | | | | | | | | | | | | | | | | | |
|
Noninterest-bearing
| | | |
1,533,085
| | | |
1,499,616
| | | |
1,357,554
| | | |
1,337,101
| | | |
1,316,621
| | | |
|
Non-maturity interest-bearing
| | | |
4,808,650
| | | |
4,569,310
| | | |
4,081,796
| | | |
4,020,192
| | | |
4,055,976
| | | |
|
Time
| | | |
777,327
| | | |
804,548
| | | |
708,760
| | | |
729,527
| | | |
753,950
| | | |
|
Total deposits
| | | |
7,119,062
| | | |
6,873,474
| | | |
6,148,110
| | | |
6,086,820
| | | |
6,126,547
| | | |
|
Borrowings
| | | |
33,700
| | | |
301,300
| | | |
558,100
| | | |
566,200
| | | |
195,700
| | | |
|
Subordinated debt held by unconsolidated subsidiary trusts
| | | |
102,152
| | | |
102,146
| | | |
102,140
| | | |
102,134
| | | |
102,128
| | | |
|
Accrued interest and other liabilities
| | | |
160,322
| | | |
135,102
| | | |
143,790
| | | |
153,278
| | | |
138,262
| | | |
|
Total liabilities
| | | |
7,415,236
| | | |
7,412,022
| | | |
6,952,140
| | | |
6,908,432
| | | |
6,562,637
| | | |
|
Shareholders' equity
| | | |
1,200,665
| | | |
1,140,647
| | | |
1,045,026
| | | |
1,000,339
| | | |
1,013,402
| | | |
|
Total liabilities and shareholders' equity
|
|
|
|
8,615,901
|
|
|
|
8,552,669
|
|
|
|
7,997,166
|
|
|
|
7,908,771
|
|
|
|
7,576,039
| | | |
| Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | |
|
Tier 1 leverage ratio
| | | |
9.95%
| | | |
10.32%
| | | |
10.09%
| | | |
10.20%
| | | |
10.23%
| | | |
|
Tangible equity/net tangible assets (3) | | | |
9.25%
| | | |
8.59%
| | | |
9.14%
| | | |
8.63%
| | | |
9.19%
| | | |
|
Diluted weighted average common shares O/S | | | |
44,356
| | | |
42,373
| | | |
41,470
| | | |
41,265
| | | |
41,247
| | | |
|
Period end common shares outstanding
| | | |
44,070
| | | |
43,775
| | | |
41,019
| | | |
40,877
| | | |
40,724
| | | |
|
Cash dividends declared per common share
| | | | $0.31 | | | | $0.31 | | | | $0.31 | | | | $0.30 | | | | $0.30 | | | |
|
Book value
| | | | $27.24 | | | | $26.06 | | | | $25.48 | | | | $24.47 | | | | $24.88 | | | |
|
Tangible book value(3) | | | | $17.16 | | | | $15.90 | | | | $17.05 | | | | $15.96 | | | | $16.31 | | | |
|
Common stock price (end of period)
|
|
|
| $38.21 |
|
|
| $39.94 |
|
|
| $37.17 |
|
|
| $37.77 |
|
|
| $35.39 | | | |
| | | | | | | | | | | | | | | | | | | | | | |
|
| Summary of Financial Data |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
| (Dollars in thousands, except per share data) | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | |
| | | | 2016 |
|
|
| 2015 | | | |
|
|
|
|
| 1st Qtr |
|
|
| 4th Qtr |
|
|
| 3rd Qtr |
|
|
| 2nd Qtr |
|
|
| 1st Qtr | | | |
| Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | |
|
Nonaccrual loans
| | | | $23,766 | | | | $21,728 | | | | $23,133 | | | | $21,440 | | | | $20,984 | | | |
|
Accruing loans 90+ days delinquent
| | | |
2,327
| | | |
2,195
| | | |
2,075
| | | |
1,558
| | | |
1,699
| | | |
|
Total nonperforming loans
| | | |
26,093
| | | |
23,923
| | | |
25,208
| | | |
22,998
| | | |
22,683
| | | |
|
Other real estate owned (OREO)
| | | |
2,031
| | | |
2,088
| | | |
2,531
| | | |
2,324
| | | |
1,767
| | | |
|
Total nonperforming assets
| | | |
28,124
| | | |
26,011
| | | |
27,739
| | | |
25,322
| | | |
24,450
| | | |
|
Net charge-offs
| | | |
1,146
| | | |
3,514
| | | |
1,600
| | | |
314
| | | |
959
| | | |
|
Allowance for loan losses/loans outstanding
| | | |
0.95%
| | | |
0.95%
| | | |
1.06%
| | | |
1.06%
| | | |
1.08%
| | | |
|
Nonperforming loans/loans outstanding
| | | |
0.54%
| | | |
0.50%
| | | |
0.58%
| | | |
0.54%
| | | |
0.54%
| | | |
|
Allowance for loan losses/nonperforming loans
| | | |
175%
| | | |
190%
| | | |
181%
| | | |
197%
| | | |
198%
| | | |
|
Net charge-offs/average loans
| | | |
0.10%
| | | |
0.31%
| | | |
0.15%
| | | |
0.03%
| | | |
0.09%
| | | |
|
Delinquent loans/ending loans
| | | |
1.00%
| | | |
1.16%
| | | |
1.19%
| | | |
1.09%
| | | |
1.19%
| | | |
|
Loan loss provision/net charge-offs
| | | |
117%
| | | |
95%
| | | |
119%
| | | |
188%
| | | |
65%
| | | |
|
Nonperforming assets/total assets
|
|
|
|
0.33%
|
|
|
|
0.30%
|
|
|
|
0.35%
|
|
|
|
0.32%
|
|
|
|
0.32%
| | | |
| Asset Quality (excluding loans acquired since 1/1/09) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | |
|
Nonaccrual loans
| | | | $20,045 | | | | $18,804 | | | | $20,504 | | | | $18,558 | | | | $18,278 | | | |
|
Accruing loans 90+ days delinquent
| | | |
1,837
| | | |
1,802
| | | |
1,876
| | | |
1,463
| | | |
1,325
| | | |
|
Total nonperforming loans
| | | |
21,882
| | | |
20,606
| | | |
22,380
| | | |
20,021
| | | |
19,603
| | | |
|
Other real estate owned (OREO)
| | | |
1,497
| | | |
1,546
| | | |
1,720
| | | |
1,518
| | | |
1,357
| | | |
|
Total nonperforming assets
| | | |
23,379
| | | |
22,152
| | | |
24,100
| | | |
21,539
| | | |
20,960
| | | |
|
Net charge-offs
| | | |
898
| | | |
3,420
| | | |
1,473
| | | |
425
| | | |
877
| | | |
|
Allowance for loan losses/loans outstanding
| | | |
1.04%
| | | |
1.05%
| | | |
1.10%
| | | |
1.11%
| | | |
1.14%
| | | |
|
Nonperforming loans/loans outstanding
| | | |
0.52%
| | | |
0.49%
| | | |
0.55%
| | | |
0.50%
| | | |
0.50%
| | | |
|
Allowance for loan losses/nonperforming loans
| | | |
200%
| | | |
212%
| | | |
201%
| | | |
223%
| | | |
226%
| | | |
|
Net charge-offs/average loans
| | | |
0.09%
| | | |
0.34%
| | | |
0.14%
| | | |
0.04%
| | | |
0.09%
| | | |
|
Delinquent loans/ending loans
| | | |
1.00%
| | | |
1.19%
| | | |
1.14%
| | | |
1.04%
| | | |
1.11%
| | | |
|
Loan loss provision/net charge-offs
| | | |
112%
| | | |
62%
| | | |
127%
| | | |
191%
| | | |
61%
| | | |
|
Nonperforming assets/total assets
|
|
|
|
0.29%
|
|
|
|
0.28%
|
|
|
|
0.31%
|
|
|
|
0.28%
|
|
|
|
0.29%
| | | |
| (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 $40.5 million at
3/31/16) 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/20160425005390/en/
Community Bank System, Inc.
Scott A. Kingsley, Office: 315-445-3121
EVP
& Chief Financial Officer
Source: Community Bank System, Inc.