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Exhibit 99.1
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5790 Widewaters Parkway, DeWitt, N.Y. 13214 |
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Community Bank System, Inc. Reports
Second Quarter 2022 Results
SYRACUSE, N.Y. — July 25, 2022 — Community Bank System, Inc. (NYSE: CBU) reported second quarter 2022 net income of $39.8 million, or $0.73 per fully-diluted share. This compares to $47.9 million of net income, or $0.88 per fully-diluted share for the second quarter of 2021. The $0.15, or 17.0%, decrease in earnings per share was primarily attributable to increases in the provision for credit losses and operating expenses, offset, in part, by increases in net interest income and noninterest revenues and decreases in income taxes and fully-diluted shares outstanding. Comparatively, the Company recorded $0.86 in fully-diluted earnings per share for the linked first quarter of 2022. Operating earnings per share, a non-GAAP measure, which excludes acquisition expenses, acquisition-related provision for credit losses, acquisition-related contingent consideration adjustments and unrealized gain (loss) on equity securities, net of tax, was $0.85 for the second quarter of 2022, as compared to $0.88 in the second quarter of 2021 and $0.87 in the first quarter of 2022. Second quarter 2021 results were enhanced by a net benefit recorded in the provision for credit losses and higher Paycheck Protection Program (“PPP”)-related revenues than the second quarter of 2022 which, net of tax, were responsible for a $0.13 decrease in fully-diluted operating earnings per share year-over-year. The $0.02 decrease in operating earnings per share from the first quarter of 2022 was primarily driven by higher operating expenses, a higher provision for credit losses and lower noninterest revenues, offset, in part, by an increase in net interest income and a decrease in income taxes. Second quarter 2022 adjusted pre-tax, pre-provision net revenue per share, a non-GAAP measure, which excludes income taxes, the provision for credit losses, acquisition-related provision for credit losses, acquisition expenses, acquisition-related contingent consideration adjustments and unrealized gain (loss) on equity securities from net income, of $1.13 was up $0.07 in comparison to the second quarter of 2021 and $0.01 from the first quarter of 2022.
Second Quarter 2022 Performance Highlights:
❖ | Completed the acquisition of Elmira Savings Bank |
❖ | GAAP EPS |
• | $0.73 per share, down $0.15 per share from the second quarter of 2021 |
❖ | Operating EPS (non-GAAP) |
• | $0.85 per share, down $0.03 per share from the second quarter of 2021 |
❖ | Adjusted Pre-Tax, Pre-Provision Net Revenue Per Share (non-GAAP) |
• | $1.13 per share, up $0.07 per share from the second quarter of 2021 |
❖ | Return on Assets |
• | 1.03% |
❖ | Return on Equity |
• | 9.16% |
❖ | Return on Tangible Equity (non-GAAP) |
• | 17.61% |
❖ | Total Deposit Funding Costs |
• | 0.08% |
❖ | Annualized Loan Net Charge-Offs |
• | 0.02% |
❖ | Loan Growth |
• | $722.4 million, or 9.7% |
• | $313.4 million, or 4.2%, excluding loans acquired during the quarter and PPP loans |
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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Community Bank System, Inc..
Community Bank System, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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The average yield on investments, including cash equivalents, increased 39 basis points compared to the prior year's second quarter and increased 25 basis points compared to the prior YTD, as the Company meaningfully shifted the composition of earning assets away from low-yield cash equivalents to higher yielding investment securities between the periods.
The Company strives to generate growth in its business portfolio in a manner that adheres to its goals of maintaining strong asset quality and producing profitable margins.
The increase in investment yields were primarily driven by the Company meaningfully shifting the composition of earning assets away from low-yield cash equivalents to higher yield investment securities between the periods.
The increase for the year-to-date period is a function of a 10.0% increase in adjusted noninterest revenues while adjusted net interest income (FTE basis) increased 6.4%.
Insurance services revenue was up $1.6 million, or 19.1%, and $3.8 million, or 23.4%, for the second quarter and YTD periods, respectively, driven by organic expansion, as well as the second quarter 2021 acquisition of a Florida-based personal lines insurance agency and third quarter 2021 acquisition of a Boston-based specialty-lines insurance practice.
The Company also provides supplemental...Read more
The remaining change to noninterest...Read more
The Company's sources of noninterest...Read more
Significant factors reviewed by management...Read more
In addition, stress tests on...Read more
The decrease in the net...Read more
The Company's core operating objectives...Read more
As reflected in Table 3,...Read more
The cash equivalents component of...Read more
Due to the Company's continued...Read more
Failure to meet minimum capital...Read more
Earnings per share adjusted to...Read more
Second quarter and year-to-date noninterest...Read more
The Company will continue to...Read more
The increase for the YTD...Read more
The decrease in the loan...Read more
This growth primarily related to...Read more
The decrease in the Tier...Read more
The increase compared to the...Read more
The second quarter and YTD...Read more
Wealth management services revenue was...Read more
The increase in noninterest expenses...Read more
Additionally, strong economic conditions prior...Read more
The average yield on loans...Read more
Current year operating expenses, excluding...Read more
During the second quarter of...Read more
This was driven by a...Read more
Over the past 12 months,...Read more
46 Allowance for credit losses...Read more
The effective duration of the...Read more
The Company continues to focus...Read more
Adjusted pre-tax, pre-provision net revenue,...Read more
The decrease in the net...Read more
The net interest margin of...Read more
For more information about factors...Read more
The YTD increase was due...Read more
Management believes that the critical...Read more
Operating earnings per share, a...Read more
Second quarter and YTD net...Read more
Accordingly, management has addressed this...Read more
As shown in Table 5,...Read more
On May 13, 2022, the...Read more
However, given the inherent imprecision...Read more
It is used to calculate...Read more
The effective income tax rates...Read more
Comparatively, at the end of...Read more
Preliminary goodwill of $50.7 million...Read more
The second quarter and YTD...Read more
The quarterly improvement resulted from...Read more
The Tier 1 leverage ratio...Read more
The second quarter and YTD...Read more
The second quarter and YTD...Read more
In connection with the merger,...Read more
The increase in salaries and...Read more
The increase in data processing...Read more
The net interest margin of...Read more
For the first six months...Read more
As demonstrated in Table 7...Read more
The allowance for credit losses...Read more
Operating net income, a non-GAAP...Read more
Employee benefit services revenue increased...Read more
Based on this analysis, a...Read more
The quarterly increase was driven...Read more
Noninterest expenses of $110.4 million...Read more
As shown in Table 1,...Read more
The primary source of non-deposit...Read more
Banking noninterest revenue of $17.3...Read more
This allocation is based on...Read more
The June YTD increase resulted...Read more
The consumer mortgage and home...Read more
In addition, the Company provides...Read more
The increase for the quarterly...Read more
33 The Company's business philosophy...Read more
The decrease was driven by...Read more
For the second quarter, the...Read more
Despite national vehicle supply shortages,...Read more
As displayed in Table 4,...Read more
The majority of borrowings are...Read more
The average rate on interest-bearing...Read more
The increase was the result...Read more
Average public fund deposits as...Read more
This five-year measure reflects ample...Read more
The effective tax rates adjusted...Read more
34 Loans and deposits increased...Read more
The year-over-year improvement resulted from...Read more
The 2021 dividend increase marked...Read more
Furthermore, the Company's allowance for...Read more
The Company believes that its...Read more
In addition to the Elmira...Read more
Although the consumer indirect loan...Read more
As reflected in Table 1,...Read more
The Company's Tier 1 leverage...Read more
The net tangible equity-to-assets ratio...Read more
Although these items are non-GAAP...Read more
See Table 10 for Reconciliation...Read more
See Table 10 for Reconciliation...Read more
See Table 10 for Reconciliation...Read more
See Table 10 for Reconciliation...Read more
The change in average loan...Read more
Excluding acquisition expenses and acquisition-related...Read more
Financial Statements, Disclosures and Schedules
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Community Bank System, Inc. provided additional information to their SEC Filing as exhibits
Ticker: CBU
CIK: 723188
Form Type: 10-Q Quarterly Report
Accession Number: 0001410578-22-002179
Submitted to the SEC: Tue Aug 09 2022 4:48:32 PM EST
Accepted by the SEC: Tue Aug 09 2022
Period: Thursday, June 30, 2022
Industry: National Commercial Banks