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Community Bank System, Inc. (CBU) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Community Bank System, Inc.

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CIK: 1657045 Ticker: CBU

Exhibit 99.1

 

     

News Release

For further information, please contact:

5790 Widewaters Parkway, DeWitt, N.Y. 13214

Joseph E. Sutaris, EVP & Chief Financial Officer

Office: (315) 445-7396

 

Community Bank System Reports

Fourth Quarter and Full Year 2020 Results

 

SYRACUSE, N.Y. — January 25, 2021 — Community Bank System, Inc. (NYSE: CBU) reported fourth quarter 2020 net income of $46.5 million, or $0.86 per fully-diluted share. This compares to net income of $42.9 million, or $0.82 per share, for the fourth quarter of 2019 and $42.8 million, or $0.79 per share, in the linked third quarter of 2020. The $0.04, or 4.9%, increase in earnings per share year-over-year was driven by an increase in net interest income, a decrease in the provision for credit losses, slightly lower operating expenses and a small increase in noninterest revenues, offset, in part, by higher income taxes and an increase in fully-diluted shares outstanding. The $0.07, or 8.9%, increase in earnings per share from the linked third quarter was driven by an increase in net interest income, a decrease in the provision for credit losses and lower operating expenses, offset, in part, by lower noninterest revenues, higher income taxes and an increase in fully-diluted shares outstanding. Operating diluted earnings per share (non-GAAP), which excludes, on an after-tax basis, acquisition expenses, acquisition-related provision for credit losses, unrealized gain/(loss) on equity securities, net gain on sale of investments, litigation accrual expenses and gain on debt extinguishment, were $0.85 for the fourth quarter of 2020, as compared to $0.83 in the fourth quarter of 2019. Full year 2020 diluted earnings per share were $3.08, as compared to $3.23 in 2019. Full year 2020 diluted operating earnings per share (non-GAAP) of $3.24 were $0.05 per share lower than the $3.29 per share of operating earnings generated in 2019.

 

2020 Performance Highlights:

 

v  GAAP EPS

·$0.86 per share for the fourth quarter of 2020, compared to $0.82 per share for the fourth quarter of 2019
·$3.08 per share for full year 2020, down $0.15 per share from full year 2019

v  Operating EPS (non-GAAP)

·$0.85 per share for the fourth quarter of 2020, up $0.02 per share from the fourth quarter of 2019
·$3.24 per share for full year 2020, $0.05 per share below 2019

v  Adjusted Pre-Tax, Pre-Provision Net Revenue Per Share (non-GAAP)

·$1.03 per share for the fourth quarter of 2020, compared to $1.06 per share for the fourth quarter of 2019
·$4.26 per share for full year 2020, $0.03 per share above full year 2019

v  Return on Assets

·1.33% for the fourth quarter of 2020
·1.28% for full year 2020

v  Return on Equity

·8.82% for the fourth quarter of 2020
·8.13% for full year 2020

v  Total Deposit Funding Costs

·0.12% for the fourth quarter of 2020, down 14 basis points from the fourth quarter of 2019
·0.16% for the full year 2020, down 7 basis points from the full year 2019

v  Loan Net Charge-Offs

·0.07% annualized for the fourth quarter of 2020
·0.07% for the full year 2020

 

The following information was filed by Community Bank System, Inc. (CBU) on Monday, January 25, 2021 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.

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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 - Summary Of Loans Acquired (Details)
Acquisitions - Supplemental Pro Forma Financial Information (Details)
Acquisitions, Estimated Fair Value Of Assets Acquired And Liabilities Assumed (Details)
Acquisitions, Intangible Asset, Goodwill And Acquisition-Related Expenses (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 - Costs That Will Be Amortized From Aoci In Next Fiscal Year (Details)
Benefit Plans - Deferred Compensation Plans 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 - 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)
Deposits - Interest On Deposits (Details)
Deposits - Maturities Of Time Deposits (Details)
Derivative Instruments
Derivative Instruments (Details)
Derivative Instruments (Tables)
Derivative Instruments, Cumulative Basis Adjustments For Fair Value Hedges (Details)
Derivative Instruments, Fair Values Of Derivative Instruments (Details)
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)
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 And Tax Cuts And Jobs Act (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity (Details)
Investment Securities - Available-For-Sale Portfolio (Details)
Investment Securities - Equity And Other Securities (Details)
Investment Securities - Investment Securities In A Continuous Unrealized Loss Position (Details)
Investment Securities - Investment Securities Pledged As Collateral (Details)
Investment Securities - Proceeds From Sales Of Securities (Details)
Leases
Leases (Details)
Leases (Tables)
Leases, Maturities Of Lease Liabilities (Details)
Limits On Dividends And Other Revenue Sources
Limits On Dividends And Other Revenue Sources (Details)
Loans
Loans (Tables)
Loans - Allowance For Credit Losses (Details)
Loans - Allowance For Loan Losses (Details)
Loans - Amount Of Business Lending Loans By Credit Quality Categories (Details)
Loans - Carrying Amounts Of Loans Purchased And Sold (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 Statements Of Cash Flows (Details)
Parent Company Statements, Condensed Statements Of Condition (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)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Recently Adopted And New Accounting Pronouncements (Details)
Variable Interest Entities
Variable Interest Entities (Details)
Variable Interest Entities (Tables)
Ticker: CBU
CIK: 723188
Form Type: 10-K Annual Report
Accession Number: 0001104659-21-030055
Submitted to the SEC: Mon Mar 01 2021 4:42:00 PM EST
Accepted by the SEC: Mon Mar 01 2021
Period: Thursday, December 31, 2020
Industry: National Commercial Banks

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