Last10K.com

Community Bank System, Inc. (CBU) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Community Bank System, Inc.

HISTORY TOOLS
CIK: 1657045 Ticker: CBU
Exhibit 99
 
    
News Release
For further information, please contact:
 
5790 Widewaters Parkway, DeWitt, N.Y. 13214
Scott A. Kingsley, EVP & Chief Financial Officer
Office: (315) 445-3121

 
Community Bank System Reports
  Fourth Quarter and Full Year 2016 Results
 
 
-  Record full year GAAP EPS of $2.32 per share
 
 
-  Increased its dividends to shareholders for the 24th consecutive year
 
 
-  Announced two strategic acquisitions in the quarter
 
 
 

                        SYRACUSE, N.Y. — January 23, 2017 — Community Bank System, Inc. (NYSE: CBU) reported fourth quarter 2016 net income of $26.4 million, an increase of 31.5% compared with $20.1 million earned for the fourth quarter of 2015.  Diluted earnings per share totaled $0.59 for the fourth quarter of 2016, compared to $0.47 per share in the fourth quarter of 2015.  Fourth quarter 2016 results included approximately $1.4 million, or two cents per share of acquisition expenses, while the fourth quarter of 2015 included $5.7 million of acquisition expenses, or nine cents per share.  Record full year 2016 net income of $103.8 million, or $2.32 per share, was 13.8% above 2015's earnings of $91.2 million, or $2.19 per share.

"Our solid fourth quarter and full year 2016 operating results were again driven by productive loan growth, particularly in our consumer lending portfolios, a continuation of exceptional credit quality, disciplined expense management and continued improvement in our non-interest income generation," said President and Chief Executive Officer Mark E. Tryniski.  "We successfully completed the integration of Oneida Financial in 2016 and are eager to continue to expand in the markets and product lines acquired."  Mr. Tryniski also commented, "As we celebrated our 150th year anniversary in 2016, the strength of our company continues to be driven by the commitment of our employees.  Through their hard work and dedication, we continue to consistently deliver above-peer financial results.  We remain well positioned to provide the right products and services to our customers so that they may achieve their financial objectives as we continue to create value for our shareholders."

Mr. Tryniski continued, "We were also extremely pleased to announce two strategically important transactions during the quarter.  In October, we announced plans to merge with Merchants Bancshares, Inc. ("Merchants"), a high-quality, $2.0 billion-asset company providing banking and other financial services across the State of Vermont and in Western Massachusetts.  In early December, we reached an agreement to acquire Northeast Retirement Services, Inc. ("NRS"), a leading provider of benefit plan accounting, transfer agency, fund administration, trust and retirement plan services.  Subject to certain shareholder and regulatory approvals, we look forward to both transactions closing in the first half of 2017."

Total revenue for the fourth quarter of 2016 was $109.2 million, an increase of $11.1 million, or 11.3%, over the prior year quarter, and included the impact of the Oneida Financial transaction completed in December of last year.  The higher revenue was generated as a result of a 5.3% increase in average earning assets and continued acquired and organic growth in noninterest income, as well as a six basis-point increase in net interest margin from the prior year quarter.  A combination of acquired and organic growth resulted in a $4.1 million, or 22.0% increase in wealth management, insurance, and employee benefit services revenues.  Deposit service fees increased 10.0% year-over-year, the result of increased card-related revenues offset by modestly lower fees from account overdraft protection programs, and included the additional revenue-producing activities from the Oneida transaction.  The quarterly provision for loan losses of $2.6 million was $0.7 million lower than the fourth quarter of 2015, reflective of comparably better credit trends and modest portfolio growth.  Non-performing asset and delinquent loan ratios were generally stable.  Excluding acquisition expenses from both periods, total operating expenses of $65.6 million for the quarter were $6.3 million, or 10.6% above the fourth quarter of 2015, and included a full quarter of operating expenses from Oneida Financial.  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 33.4% in the fourth quarter of 2016, compared to 32.7% in the fourth quarter of 2015.
 
 
The following information was filed by Community Bank System, Inc. (CBU) on Monday, January 23, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Community Bank System, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Community Bank System, Inc..

Continue

Assess how Community Bank System, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Community Bank System, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
M & A
Financial
Revenue
Legal
Other
Filter Subcategory:
All
Earnings
Expense
Shares
Product
Income
Cash Flow
Debt
Dividend
Geography
Other
Inside Community Bank System, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Condition
Consolidated Statements Of Condition (parenthetical)
Consolidated Statements Of Income
Acquisitions
Acquisitions (details)
Acquisitions (tables)
Acquisitions, Estimated Fair Value Of Assets Acquired And Liabilities Assumed (details)
Acquisitions, Intangible Asset, Goodwill And Acquisition-related Expenses (details)
Acquisitions, Summary Of Loans Acquired (details)
Acquisitions, Supplemental Pro Forma Financial Information (details)
Benefit Plans
Benefit Plans (tables)
Benefit Plans, 401(k) Employee Stock Ownership Plan (details)
Benefit Plans, Amounts Recognized In Aoci, Net Of Tax (details)
Benefit Plans, Assumed Health Care Cost Trend Rate (details)
Benefit Plans, Costs That Will Be Amortized From Aoci In Next Fiscal Year (details)
Benefit Plans, Deferred Compensation Plan For Directors (details)
Benefit Plans, Estimated Future Benefit Payments (details)
Benefit Plans, Fair Value Of Plan Assets By Assets Category (details)
Benefit Plans, Funded Status And Amounts Recognized In Balance Sheets And Aoci (details)
Benefit Plans, Multi-employer Defined Benefit Plan (details)
Benefit Plans, Net Periodic Benefit Cost (details)
Benefit Plans, Other Deferred Compensation Arrangements (details)
Benefit Plans, Target Plan Assets Allocation (details)
Benefit Plans, Weighted-average Assumptions Used To Determine Benefit Obligations (details)
Benefit Plans, Weighted-average Assumptions Used To Determine Net Periodic Benefit Cost (details)
Borrowings
Borrowings (tables)
Borrowings, Contractual Maturity On Borrowings (details)
Borrowings, Outstanding Borrowings (details)
Borrowings, Preferred Securities (details)
Commitments, Contingent Liabilities And Restrictions
Commitments, Contingent Liabilities And Restrictions (details)
Commitments, Contingent Liabilities And Restrictions (tables)
Deposits
Deposits (details)
Deposits (tables)
Derivative Instruments
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Fair Value
Fair Value (tables)
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis (details)
Fair Value, Carrying Amounts And Estimated Fair Values Of Other Financial Instruments (details)
Fair Value, Financial Assets And Liabilities Accounted For At Fair Value On A Recurring Basis (details)
Fair Value, Significant Unobservable Inputs (details)
Fair Value, Unobservable Input Reconciliation (details)
Goodwill And Identifiable Intangible Assets
Goodwill And Identifiable Intangible Assets (details)
Goodwill And Identifiable Intangible Assets (tables)
Income Taxes
Income Taxes (tables)
Income Taxes, Components Of Net Deferred Tax Liability (details)
Income Taxes, Effective Tax Rate Reconciliation (details)
Income Taxes, Provision For Income Taxes (details)
Income Taxes, Unrecognized Tax Benefits (details)
Investment Securities
Investment Securities (details)
Investment Securities (tables)
Investment Securities, Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity (details)
Investment Securities, Cash Flow Information On Investment Securities (details)
Investment Securities, Investment Securities In A Continuous Unrealized Loss Position (details)
Leases
Leases (details)
Leases (tables)
Limits On Dividends And Other Revenue Sources
Limits On Dividends And Other Revenue Sources (details)
Loans
Loans (tables)
Loans, Acquired Loans (details)
Loans, Allowance For Loan Losses (details)
Loans, Amount Of Business Lending Loans By Credit Quality Category (details)
Loans, Credit Quality By Past Due Status (details)
Loans, Loan Summary (details)
Loans, Summary Of Impaired Loans, Excluding Purchased Impaired (details)
Loans, Troubled Debt Restructuring (tdr) (details)
Parent Company Statements
Parent Company Statements (tables)
Parent Company Statements, Condensed Balance Sheets (details)
Parent Company Statements, Condensed Statements Of Cash Flows (details)
Parent Company Statements, Condensed Statements Of Income (details)
Premises And Equipment
Premises And Equipment (details)
Premises And Equipment (tables)
Regulatory Matters
Regulatory Matters (details)
Regulatory Matters (tables)
Segment Information
Segment Information (details)
Segment Information (tables)
Stock-based Compensation Plans
Stock-based Compensation Plans (tables)
Stock-based Compensation Plans, Activity In Long-term Incentive Program (details)
Stock-based Compensation Plans, Activity Of Unvested Restricted Stock Awards (details)
Stock-based Compensation Plans, Assumptions Used To Estimate Value Of Stock Options (details)
Stock-based Compensation Plans, Long-term Incentive Program (details)
Stock-based Compensation Plans, Stock-based Compensation Expense Recognized (details)
Stock-based Compensation Plans, Summary Of Stock Options Outstanding (details)
Stock-based Compensation Plans, Unrecognized Stock-based Compensation Expense And Stock Option Exercises (details)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Variable Interest Entities
Variable Interest Entities (details)
Variable Interest Entities (tables)
Ticker: CBU
CIK: 723188
Form Type: 10-K Annual Report
Accession Number: 0000723188-17-000011
Submitted to the SEC: Wed Mar 01 2017 12:31:25 PM EST
Accepted by the SEC: Wed Mar 01 2017
Period: Saturday, December 31, 2016
Industry: National Commercial Banks

External Resources:
Stock Quote
Social Media
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/cbu/0000723188-17-000011.htm