cbna8k2013q3pressrelease.htm
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Exhibit 99
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News Release
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COMMUNITY BANK SYSTEM, INC.
| 5790 Widewaters Parkway, DeWitt, N.Y. 13214 |
For further information, please contact: |
Scott A. Kingsley,
EVP & Chief Financial Officer
Office: (315) 445-3121
Community Bank System Reports
Record Third Quarter Earnings
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- Organic loan growth of $89 million in the quarter (9% annualized) |
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- Cash dividend increased for 21st consecutive year |
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- Branch acquisition pending |
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SYRACUSE, N.Y. — October 22, 2013 — Community Bank System, Inc. (NYSE: CBU) reported net income of $22.0 million for third quarter 2013, compared with $18.4 million for the third quarter of 2012. Diluted earnings per share were $0.54 for the third quarter of 2013, versus $0.46 in the prior year third quarter, which included eight cents per share of acquisition expenses. The Company reported earnings of $63.4 million ($1.56 per share) for the first nine months of 2013, an increase of $5.1 million, or 8.7%, compared to the equivalent prior year period.
Total revenue for the third quarter of 2013 was $88.2 million, an increase of $3.6 million, or 4.2%, compared to third quarter 2012. Revenue growth was supported by higher non-interest income from an increased core deposit account base, along with continued solid organic growth in wealth management and benefits administration services. Net interest income was up 3.1% from the third quarter 2012, reflecting productive acquired and organic loan growth over the past twelve months, as well as the balance sheet restructuring activities completed in the first half of 2013. Third quarter net interest income also included approximately $0.5 million (or one cent per share) of incremental yield accretion from the favorable disposition of an acquired impaired commercial relationship. The quarterly provision for loan losses of $2.1 million was $0.5 million lower than the third quarter of 2012, reflective of lower net charge-offs and the continuation of generally stable and favorable asset quality metrics. Total operating expenses of $55.0 million for the third quarter 2013 were $3.7 million, or 7.2% higher than the prior year quarter (excluding acquisition expenses), primarily the result of the recurring operating costs associated with the branch acquisitions completed in 2012.
“We continued to perform at a very high level during the third quarter of 2013, generating record earnings, solid organic loan growth, high single-digit, year-over-year growth in financial services revenue, and continued strong asset quality metrics,” said President and Chief Executive Officer Mark E. Tryniski. “During the third quarter, we also announced an agreement to acquire eight branch-banking locations from Bank of America, N.A., which will further expand and strengthen our market presence across our Northeast Pennsylvania service footprint. Recognizing the Company’s continued solid financial performance and strong capital position, the Board raised the quarterly cash dividend by 3.7% in August, marking the twenty-first consecutive year of increased dividend payouts. We believe that our strong competitive position, superior asset quality, and consistent and disciplined approach to business leaves us well positioned for the future.”
Third quarter net interest income of $60.6 million increased 3.1% compared with the prior year period, despite a planned net reduction of interest-earning assets and interest-bearing liabilities during the first six months of 2013. Third quarter interest income was down $5.3 million compared to the prior year quarter as a result of a $156.6 million net decrease in interest-earning assets as well as a 26-basis point decline in the earning asset yield, driven by lower yields on both loans (down 49 basis points) and investment securities (down 30 basis points). This was more than offset by a $7.1 million decrease in interest expense, reflecting a $228.3 million reduction in interest-bearing liabilities coupled with a 43-basis point decline in the Company’s cost of funds. The lower cost of funds was driven by continued low market interest rates that enabled the Company to lower deposit rates to produce an 18-basis point decline in the interest-bearing deposit rate in comparison to third quarter 2012, and also benefitted from the extinguishment of certain higher cost borrowings in early 2013. During the first half of 2013, the Company completed a balance sheet restructuring program that involved selling nearly $650 million of longer duration investment securities and using the proceeds to retire $502 million of Federal Home Loan Bank (FHLB) borrowings.
Community Bank System, Inc.
Page 2 of 8
Compared to the prior year, third quarter non-interest income of $27.6 million increased $1.7 million, or 6.7%, driven by increased banking service fees and growing financial services revenue. Deposit service revenues grew $0.6 million, or 5.4%, to $12.7 million, principally due to a larger base of core deposit accounts. Wealth management revenue was up $0.6 million, or 19.7%, over third quarter 2012, driven by business expansion in trust services, asset management and advisory services, and favorable market conditions. Employee benefits administration and consulting revenues of $9.4 million increased 5.4% from the third quarter of 2012, benefitting from new and expanded customer relationships as well as positive equity market influences. Noninterest income for the nine months ended September 30, 2013 was $80.8 million (31% of total revenue), an increase of $7.8 million, or 10.7%, compared to the first nine months of 2012.
Quarterly operating expenses were up $3.7 million, or 7.2%, to $55.0 million, compared to $51.3 million for third quarter 2012 (excluding acquisition expenses of $4.8 million), principally reflecting the additional costs of operating an expanded franchise. Excluding acquisition expenses, year-to-date operating expenses were $163.9 million, an increase of $14.3 million, or 9.5% higher than the first nine months of 2012.
The 2013 third quarter and nine month effective income tax rate of 29.2% was consistent with the 29.1% rate reported in the first nine months of 2012, reflective of generally stable proportions of income being generated from fully taxable and non-taxable sources.
Financial Position
Average earning assets for the third quarter of 2013 were $6.5 billion, a decrease of $156.6 million, or 2.4%, compared to the third quarter of 2012, a net result of the balance sheet restructuring activities that were undertaken during the first two quarters of 2013 and solid organic loan growth over the past twelve months. Average earning assets increased $216.4 million from the second quarter of 2013, and included $86.0 million of growth in average loans, and a $130.4 million increase in average investments and cash equivalents, as the Company continued to early invest a portion of the expected liquidity from the pending branch acquisition in the third quarter. Ending loans increased $213.0 million, or 5.6%, over the prior year quarter, reflecting strong organic growth in the Bank’s consumer lending portfolios. Total deposits of $5.69 billion at third quarter-end increased by $17.2 million, or 0.3%, from June 30, 2013. The Company’s Tier 1 leverage ratio on September 30, 2013 was 9.39%, up 107 basis points compared with the third quarter of 2012. The tangible equity to net tangible assets ratio of 7.38% at September 30, 2013 was generally consistent with levels reported over the last four quarters.
Balance Sheet Restructuring
During the first six months of 2013, the Company initiated and completed a balance sheet restructuring that involved selling $648.8 million of investment securities with realized gains of $63.8 million, and extinguishing $501.6 million of FHLB borrowings, incurring $63.5 million of early extinguishment costs. The Company’s balance sheet was reduced by approximately 7% through the first half of 2013 as a result of this planned initiative. Although these transactions were essentially neutral to earnings as well as total capital for this period, more than $35 million of incremental regulatory (Tier 1) capital was created, and the Company expects the transactions to be modestly additive to future net interest income generation.
Community Bank System, Inc.
Page 3 of 8
Asset Quality
The Company’s asset quality metrics for the third quarter of 2013 remained substantially better than comparative industry averages and illustrate the long-term effectiveness of the Company’s disciplined risk management and underwriting standards. Net charge-offs were $1.4 million for the third quarter, compared to $1.7 million for the third quarter of 2012 and $0.8 million for the second quarter of 2013. Nonperforming loans as a percentage of total loans were 0.61% at September 30, 2013, down from 0.62% at June 30, 2013, and down from 0.81% at September 30, 2012. The total delinquency ratio of 1.48% at the end of the third quarter was down 31 basis points from third quarter 2012 and was two basis points lower than at the end of the second quarter of 2013. The third quarter provision for loan losses of $2.1 million was down $0.5 million, or 21%, compared to third quarter 2012, consistent with the lower nonperforming loans and a lower level of net charge-offs as a percentage of average loans in the current quarter. The allowance for loan losses to nonperforming loans was 181% at September 30, 2013, compared to 139% at September 30, 2012, and 178% as of June 30, 2013.
Cash Dividend Increased for 21st Consecutive Year
The Company announced on August 21, 2013 that it would raise its quarterly cash dividend by one cent, or 3.7%, to $0.28 per share on its common stock. The dividend was paid on October 10, 2013 to shareholders of record on September 16, 2013. The Company’s third quarter 2013 dividend payout ratio was 51.2%, resulting in the meaningful retention of generated capital that can be used for future strategic growth objectives. The Company views the growth of cash dividends over time as an important component of its commitment to provide consistent and favorable long-term returns to shareholders.
Acquisition Will Strengthen Pennsylvania Franchise
On July 24, 2013, the Company announced that it had entered into a purchase and assumption agreement to acquire eight branch-banking locations across its Northeast Pennsylvania markets from Bank of America, N.A. The transaction will elevate the Bank’s market presence in Northeast Pennsylvania, is expected to add approximately $340 million of customer deposits, and will provide greater market density and improved operating leverage. The branch transaction is expected to be completed during the fourth quarter of 2013.
Stock Repurchase Authorization
The Company’s Board of Directors approved a stock repurchase program in December 2012, authorizing the repurchase of up to 2.0 million shares of the Company’s common stock at the discretion of executive management. The authorization period started on January 1, 2013 and ends on December 31, 2013. The Company has not repurchased any stock during the first nine months of 2013.
Conference Call Scheduled
Company management will conduct an investor call at 11:00 a.m. (ET) tomorrow (Wednesday) October 23, 2013 to discuss third quarter results. The conference call can be accessed at 866-963-1218 (1-904-520-5763 if outside United States and Canada). An audio recording will be available one hour after the call until December 31, 2013, and may be accessed at 1-888-284-7564 (1-904-596-3174 if outside the United States and Canada) and entering access code 2990131. Investors may also listen live via the Internet at: http://www.videonewswire.com/event.asp?id=96269. The recording will be archived until October 23, 2014 and can be accessed at any point during this time at no cost.
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.
Page 4 of 8
Headquartered in DeWitt, N.Y., Community Bank System, Inc. has more than $7.3 billion in assets and over 180 customer facilities. The Company’s banking subsidiary, Community Bank, N.A. operates across Upstate New York and Northeastern Pennsylvania. Its other subsidiaries include: Benefit Plans Administrative Services, Inc., a national employee benefits consulting and trust administration firm with offices in New York, New Jersey, Pennsylvania and Texas; the CBNA Insurance Agency, with offices in five northern New York communities; Community Investment Services, Inc., a wealth management firm delivering a wide range of financial products throughout the Company's branch network; and Nottingham Advisors, an investment management and advisory firm with offices in Buffalo, N.Y. and North Palm Beach, Florida. For more information, visit www.communitybankna.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. CBU does not assume any duty to update forward-looking statements.
Community Bank System, Inc.
Page 5 of 8
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Summary of Financial Data
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(Dollars in thousands, expect per share data)
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Quarter Ended
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Year-to-Date
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September 30,
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September 30,
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September 30,
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September 30,
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Earnings
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2013
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2012
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2013
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2012
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Loan income
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$47,606
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$48,590
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$141,136
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$143,305
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Investment income
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18,526
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22,804
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57,061
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66,145
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Total interest income
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66,132
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71,394
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198,197
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209,450
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Interest expense
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5,531
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12,619
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20,739
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38,995
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Net interest income
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60,601
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58,775
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177,458
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170,455
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Provision for loan losses
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2,093
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2,643
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4,807
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6,442
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Net interest income after provision for loan losses
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58,508
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56,132
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172,651
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164,013
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Deposit service fees
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12,703
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12,057
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36,643
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33,461
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Mortgage banking revenues
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599
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128
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1,111
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682
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Other banking services
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1,072
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1,277
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2,618
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2,613
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Wealth management services
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3,823
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3,194
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11,566
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9,427
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Benefit trust, administration, consulting and actuarial fees
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9,397
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8,912
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28,564
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26,549
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Gain on sales of investment securities
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0
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291
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63,799
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291
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Loss on debt extinguishments
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0
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0
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(63,500)
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0
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Total noninterest income
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27,594
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25,859
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80,801
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73,023
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Salaries and employee benefits
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30,448
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28,126
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91,217
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82,395
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Occupancy and equipment and furniture
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6,448
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6,541
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20,263
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19,134
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Amortization of intangible assets
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1,089
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1,212
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3,408
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3,343
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Acquisition expenses
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71
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4,796
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71
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5,221
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Other
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16,988
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15,410
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49,013
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44,765
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Total operating expenses
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55,044
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56,085
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163,972
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154,858
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Income before income taxes
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31,058
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25,906
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89,480
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82,178
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Income taxes
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9,069
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7,539
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26,128
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23,914
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Net income
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$21,989
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$18,367
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$63,352
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$58,264
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Basic earnings per share
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$0.55
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$0.46
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$1.58
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$1.48
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Diluted earnings per share
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$0.54
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$0.46
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$1.56
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$1.46
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Community Bank System, Inc.
Page 6 of 8
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Summary of Financial Data
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(Dollars in thousands, except per share data)
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2013
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2012
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3rd Qtr
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2nd Qtr
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1st Qtr
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4th Qtr
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3rd Qtr
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Earnings
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|
|
|
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Loan income
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$47,606
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$46,412
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$47,118
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$49,405
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$48,590
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|
Investment income
|
18,526
|
17,728
|
20,807
|
22,545
|
22,804
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|
Total interest income
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66,132
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64,140
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67,925
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71,950
|
71,394
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|
Interest expense
|
5,531
|
5,708
|
9,500
|
11,981
|
12,619
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|
Net interest income
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60,601
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58,432
|
58,425
|
59,969
|
58,775
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Provision for loan losses
|
2,093
|
1,321
|
1,393
|
2,666
|
2,643
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|
Net interest income after provision for loan losses
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58,508
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57,111
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57,032
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57,303
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56,132
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Deposit service fees
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12,703
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12,345
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11,595
|
12,603
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12,057
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|
Mortgage banking revenues
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599
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341
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171
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161
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128
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Other banking services
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1,072
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679
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867
|
613
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1,277
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Wealth management services
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3,823
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4,045
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3,698
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3,449
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3,194
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Benefit trust, administration, consulting and actuarial fees
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9,397
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9,397
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9,770
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9,397
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8,912
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Gain on sales of investment securities
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0
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16,008
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47,791
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0
|
291
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Loss on debt extinguishments
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0
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(15,717)
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(47,783)
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0
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0
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Total noninterest income
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27,594
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27,098
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26,109
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26,223
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25,859
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Salaries and employee benefits
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30,448
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30,286
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30,483
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29,639
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28,126
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Occupancy and equipment
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6,448
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6,750
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7,065
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6,665
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6,541
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Amortization of intangible assets
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1,089
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1,140
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1,179
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1,264
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1,212
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Acquisition expenses
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71
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0
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0
|
527
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4,796
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Other
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16,988
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16,200
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15,825
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18,804
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15,410
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Total operating expenses
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55,044
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54,376
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54,552
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56,899
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56,085
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Income before income taxes
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31,058
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29,833
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28,589
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26,627
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25,906
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Income taxes
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9,069
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8,711
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8,348
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7,823
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7,539
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Net income
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21,989
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21,122
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20,241
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18,804
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18,367
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Basic earnings per share
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$0.55
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$0.53
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$0.51
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$0.47
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$0.46
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Diluted earnings per share
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$0.54
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$0.52
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$0.50
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$0.47
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$0.46
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Profitability
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Return on assets
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1.22%
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1.21%
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1.11%
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1.00%
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0.98%
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Return on equity
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10.26%
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9.70%
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9.18%
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8.20%
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8.12%
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Return on tangible equity(3)
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17.57%
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16.38%
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15.32%
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13.55%
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13.27%
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Noninterest income/operating income (FTE) (1)
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30.0%
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30.2%
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29.5%
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29.0%
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28.8%
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Efficiency ratio (2)
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58.6%
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59.9%
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60.3%
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58.2%
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56.5%
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Components of Net Interest Margin (FTE)
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Loan yield
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4.76%
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4.79%
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4.98%
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5.16%
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5.25%
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Cash equivalents yield
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0.22%
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0.26%
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0.26%
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0.26%
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0.26%
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Investment yield
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3.52%
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3.83%
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3.79%
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3.85%
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3.82%
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Earning asset yield
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4.28%
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4.35%
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4.44%
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4.54%
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4.54%
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Interest-bearing deposit rate
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0.22%
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0.24%
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0.28%
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0.34%
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0.40%
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Borrowing rate
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2.02%
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3.36%
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3.76%
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3.89%
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3.56%
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Cost of all interest-bearing funds
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0.43%
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0.46%
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0.73%
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0.89%
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0.94%
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Cost of funds (includes DDA)
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0.35%
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0.38%
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0.61%
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0.74%
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0.78%
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Net interest margin (FTE)
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3.94%
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3.98%
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3.86%
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3.83%
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3.79%
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Fully tax-equivalent adjustment
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$3,727
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$3,644
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$4,022
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$4,209
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$4,332
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Community Bank System, Inc.
Page 7 of 8
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Summary of Financial Data
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(Dollars in thousands, except per share data)
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|
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2013
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2012
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3rd Qtr
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2nd Qtr
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1st Qtr
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4th Qtr
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3rd Qtr
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Average Balances
|
|
|
|
|
|
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Loans
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$3,985,755
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$3,899,744
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$3,860,722
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$3,834,068
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$3,708,143
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|
Cash equivalents
|
8,644
|
148,188
|
83,812
|
106,851
|
138,251
|
|
Taxable investment securities
|
1,833,355
|
1,565,756
|
1,965,073
|
2,035,651
|
2,065,121
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|
Nontaxable investment securities
|
644,728
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642,424
|
655,694
|
691,525
|
717,608
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|
Total interest-earning assets
|
6,472,482
|
6,256,112
|
6,565,301
|
6,668,095
|
6,629,123
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Total assets
|
7,154,796
|
7,003,823
|
7,368,906
|
7,506,371
|
7,426,818
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Interest-bearing deposits
|
4,511,199
|
4,581,206
|
4,581,130
|
4,545,347
|
4,409,813
|
|
Borrowings
|
589,066
|
358,627
|
686,483
|
830,149
|
918,789
|
|
Total interest-bearing liabilities
|
5,100,265
|
4,939,833
|
5,267,613
|
5,375,496
|
5,328,602
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Noninterest-bearing deposits
|
1,138,039
|
1,095,774
|
1,095,256
|
1,098,193
|
1,066,689
|
|
Shareholders' equity
|
850,238
|
873,108
|
893,746
|
912,321
|
900,147
|
|
Balance Sheet Data
|
|
|
|
|
|
|
Cash and cash equivalents
|
$174,205
|
$148,573
|
$330,298
|
$228,558
|
$287,753
|
|
Investment securities
|
2,518,574
|
2,366,512
|
2,448,120
|
2,818,527
|
2,895,285
|
|
Loans:
|
|
|
|
|
|
|
Business lending
|
1,214,796
|
1,225,671
|
1,222,835
|
1,233,944
|
1,233,928
|
|
Consumer mortgage
|
1,570,607
|
1,527,341
|
1,480,192
|
1,448,415
|
1,390,130
|
|
Consumer indirect
|
713,310
|
663,924
|
639,560
|
647,518
|
642,196
|
|
Home equity
|
348,246
|
347,335
|
353,365
|
364,225
|
372,493
|
|
Consumer direct
|
178,496
|
171,727
|
165,649
|
171,474
|
173,710
|
|
Total loans
|
4,025,455
|
3,935,998
|
3,861,601
|
3,865,576
|
3,812,457
|
|
Allowance for loan losses
|
44,083
|
43,473
|
42,913
|
42,888
|
42,817
|
|
Intangible assets, net
|
383,735
|
384,815
|
385,954
|
387,134
|
388,398
|
|
Other assets
|
244,131
|
228,291
|
238,013
|
239,893
|
229,297
|
|
Total assets
|
7,302,017
|
7,020,716
|
7,221,073
|
7,496,800
|
7,570,373
|
|
Deposits:
|
|
|
|
|
|
|
Noninterest-bearing
|
1,158,013
|
1,120,683
|
1,115,417
|
1,110,994
|
1,098,135
|
|
Non-maturity interest-bearing
|
3,630,684
|
3,608,829
|
3,678,905
|
3,501,630
|
3,533,837
|
|
Time
|
898,636
|
940,618
|
980,502
|
1,015,415
|
1,076,657
|
|
Total deposits
|
5,687,333
|
5,670,130
|
5,774,824
|
5,628,039
|
5,708,629
|
|
Borrowings
|
567,116
|
322,319
|
361,422
|
728,061
|
728,116
|
|
Subordinated debt held by unconsolidated subsidiary trusts
|
102,091
|
102,085
|
102,079
|
102,073
|
102,067
|
|
Accrued interest and other liabilities
|
79,798
|
76,151
|
105,454
|
135,849
|
126,962
|
|
Total liabilities
|
6,436,338
|
6,170,685
|
6,343,779
|
6,594,022
|
6,665,774
|
|
Shareholders' equity
|
865,679
|
850,031
|
877,294
|
902,778
|
904,599
|
|
Total liabilities and shareholders' equity
|
7,302,017
|
7,020,716
|
7,221,073
|
7,496,800
|
7,570,373
|
|
Capital
|
|
|
|
|
|
|
Tier 1 leverage ratio
|
9.39%
|
9.43%
|
8.78%
|
8.40%
|
8.32%
|
|
Tangible equity/net tangible assets (3)
|
7.38%
|
7.43%
|
7.58%
|
7.62%
|
7.54%
|
|
Diluted weighted average common shares O/S
|
40,850
|
40,558
|
40,321
|
40,179
|
40,139
|
|
Period end common shares outstanding
|
40,296
|
40,099
|
39,989
|
39,626
|
39,571
|
|
Cash dividends declared per common share
|
$0.28
|
$0.27
|
$0.27
|
$0.27
|
$0.27
|
|
Book value
|
$21.48
|
$21.20
|
$21.94
|
$22.78
|
$22.86
|
|
Tangible book value(3)
|
$12.73
|
$12.35
|
$13.01
|
$13.72
|
$13.73
|
|
Common stock price (end of period)
|
$34.12
|
$30.85
|
$29.63
|
$27.36
|
$28.19
|
Community Bank System, Inc.
Page 8 of 8
|
Summary of Financial Data
|
|
|
|
|
|
|
(Dollars in thousands, except per share data)
|
|
|
|
|
|
| |
2013
|
2012
|
| |
3rd Qtr
|
2nd Qtr
|
1st Qtr
|
4th Qtr
|
3rd Qtr
|
|
Asset Quality
|
|
|
|
|
|
|
Nonaccrual loans
|
$21,713
|
$22,997
|
$24,806
|
$26,360
|
$27,370
|
|
Accruing loans 90+ days delinquent
|
2,650
|
1,439
|
2,560
|
2,748
|
3,349
|
|
Total nonperforming loans
|
24,363
|
24,436
|
27,366
|
29,108
|
30,719
|
|
Other real estate owned (OREO)
|
5,218
|
5,066
|
6,838
|
4,788
|
3,384
|
|
Total nonperforming assets
|
29,581
|
29,502
|
34,204
|
33,896
|
34,103
|
|
Net charge-offs
|
1,424
|
761
|
1,368
|
2,596
|
1,654
|
|
Allowance for loan losses/loans outstanding
|
1.10%
|
1.10%
|
1.11%
|
1.11%
|
1.12%
|
|
Nonperforming loans/loans outstanding
|
0.61%
|
0.62%
|
0.71%
|
0.75%
|
0.81%
|
|
Allowance for loan losses/nonperforming loans
|
181%
|
178%
|
157%
|
147%
|
139%
|
|
Net charge-offs/average loans
|
0.14%
|
0.08%
|
0.14%
|
0.27%
|
0.18%
|
|
Delinquent loans/ending loans
|
1.48%
|
1.50%
|
1.55%
|
1.92%
|
1.79%
|
|
Loan loss provision/net charge-offs
|
147%
|
173%
|
102%
|
103%
|
160%
|
|
Nonperforming assets/total assets
|
0.41%
|
0.42%
|
0.47%
|
0.45%
|
0.45%
|
|
Asset Quality (excluding loans acquired since 1/1/09)
|
|
|
|
|
|
|
Nonaccrual loans
|
$17,365
|
$18,272
|
$19,756
|
$21,928
|
$21,733
|
|
Accruing loans 90+ days delinquent
|
2,471
|
1,349
|
2,164
|
2,355
|
3,038
|
|
Total nonperforming loans
|
19,836
|
19,621
|
21,920
|
24,283
|
24,771
|
|
Other real estate owned (OREO)
|
2,767
|
2,963
|
3,844
|
1,397
|
1,671
|
|
Total nonperforming assets
|
22,603
|
22,584
|
25,764
|
25,680
|
26,442
|
|
Net charge-offs
|
1,583
|
604
|
1,102
|
1,863
|
1,754
|
|
Allowance for loan losses/loans outstanding
|
1.16%
|
1.19%
|
1.21%
|
1.21%
|
1.24%
|
|
Nonperforming loans/loans outstanding
|
0.54%
|
0.55%
|
0.64%
|
0.71%
|
0.74%
|
|
Allowance for loan losses/nonperforming loans
|
215%
|
215%
|
190%
|
171%
|
167%
|
|
Net charge-offs/average loans
|
0.17%
|
0.07%
|
0.13%
|
0.19%
|
0.21%
|
|
Delinquent loans/ending loans
|
1.45%
|
1.44%
|
1.48%
|
1.82%
|
1.65%
|
|
Loan loss provision/net charge-offs
|
126%
|
210%
|
113%
|
102%
|
119%
|
|
Nonperforming assets/total assets
|
0.33%
|
0.34%
|
0.38%
|
0.36%
|
0.37%
|
| |
|
|
|
|
|
|
(1) Excludes gains and losses on sales of investment securities and debt prepayments.
|
|
(2) Excludes intangible amortization, acquisition expenses, litigation settlement, and gains and losses on sales of investment securities and debt prepayments.
|
|
(3) Includes deferred tax liabilities (of approximately $31.0 million at 9/30/13) 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.
