Exhibit 99
 | News Release |
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 Announces Fourth Quarter and Full Year 2009 Results
and Declares Cash Dividend
SYRACUSE, N.Y. — January 25, 2010 — Community Bank System, Inc. (NYSE: CBU) reported quarterly net income of $9.4 million, or $0.28 per share, in the fourth quarter of 2009, a decrease of 21.7% compared to the $12.0 million reported for the fourth quarter of 2008. The 2009 results included a $3.1 million, fourth quarter non-cash charge ($0.07 per share) for impairment of goodwill associated with the Company’s wealth management businesses, as well as a $1.4 million special charge ($0.03 per share) related to the planned early termination of its core banking system services contract in 2010. The Company’s 2008 fourth quarter results included a $1.7 million ($0.04 per share) goodwill impairment charge, $1.4 million of acquisition expenses ($0.03 per share) related to the purchase of 18 branch-banking centers in northern New York State in November 2008, as well as a $1.7 million benefit ($0.05 per share) related to settlement of certain previously unrecognized tax positions.
Total revenue for 2009 was $249.0 million, an increase of $27.3 million, or 12.3%, over the prior year. Full-year 2009 net earnings of $41.4 million, or $1.26 per share, were 9.8% below 2008 reported earnings of $45.9 million, or $1.49 per share. Excluding the aforementioned fourth quarter items, as well as the $6.9 million increase in FDIC insurance costs ($0.16 per share), the Company’s 2009 full year results improved by $0.01 per share over 2008.
“We realized strong double-digit total revenue growth of more than 12% for 2009, and a solid fourth quarter increase of more than 9% in a highly unfavorable business environment,” said President and Chief Executive Officer Mark E. Tryniski. “Excluding the more than 400% increase in FDIC deposit insurance assessments in 2009 (as well as the fourth quarter items previously mentioned) our bottom line performance for the year was an improvement on an already solid 2008. We grew our core deposits at a 22% pace and continued to deliver deposit and loan growth in the northern New York markets strengthened by our 2008 branch acquisition. We also delivered another year of sound asset quality, with full year net charge-offs of under $7.5 million, or 0.24% of total loans. We were recently recognized as the seventh best bank in Forbes magazine’s listing of the Best and Worst Large Banks in America, including the highest ranking of any bank operating in New York and Pennsylvania. The Forbes ranking was based upon a compilation of eight financial measures prepared by SNL Financial, including return on average equity, net interest margin, and certain non-performing loan, loan loss reserve, and capital ratios. We remain committed to following a disciplined and balanced approach to our business and to producing consistent operating results regardless of market conditions.”
Fourth quarter net interest income grew to $42.9 million, an increase of 6.3% above fourth quarter 2008, driven by a 5.8% increase in interest-earning assets, and a stable 3.86% net interest margin. The Company’s net interest margin was achieved despite the continuation of a substantial liquidity position throughout the quarter, including an average of $285 million of overnight cash equivalents, or 5.9% of interest earning assets, earning a yield of 26 basis points. Lower market interest rates and continued disciplined deposit pricing resulted in a 60-basis point reduction in the total cost of funds, compared to the fourth quarter of 2008, however this was offset by a 59-basis point decline in earning asset yields, including cash equivalents. On a linked quarter basis, the Company’s net interest margin improved eight basis points, reflective of a 10-basis point reduction in cost of funds, partially offset by a three-basis point decline in earning asset yields. Full year net interest income of $165.5 million was up 11.4% over 2008, and included $486 million of earning asset growth, nearly half of which was in overnight cash equivalents, offset by a two-basis point decline in full year net interest margin to 3.80%.
Community Bank System, Inc.
Page 2 of 8
Non-interest income in the fourth quarter increased $2.9 million, or 15.4% over the same period last year. Deposit service fees increased $1.6 million, with the majority of the growth derived from the branch acquisition completed last November. Fourth quarter and full-year mortgage banking revenues of $0.7 and $3.9 million respectively, were significantly above 2008, reflective of the robust secondary market activities experienced in 2009. The Company’s employee benefits administration and consulting businesses posted an 8.8% increase in revenue over the fourth quarter 2008, a combination of new client generation and favorable year-over-year comparisons from asset-based revenues. Fourth quarter wealth management revenues increased 23.5% from a weak fourth quarter of 2008, and were also reflective of favorable market comparisons and generally improving demand. Full year non-interest income (excluding securities gains/losses) of $83.5 million increased $10.1 million, or 13.7% over 2008.
Quarterly operating expenses (excluding goodwill impairment and acquisition expenses/special charges) of $45.7 million included an additional $0.9 million of FDIC-insurance assessments compared to the fourth quarter of 2008, or $0.02 per share. Excluding the higher assessments, operating expenses increased 9.7% over the fourth quarter of 2008, and primarily reflected the operating costs of the 18 branches purchased last November, higher pension costs related to the unfavorable investment performance of underlying plan assets in 2008, as well as some fixed-asset writedowns related to certain consolidation activities. Full year operating expenses (excluding goodwill impairment and acquisition expenses/special charges) of $181.4 million increased $26.0 million, or 16.7% over 2008, and included the additional operating costs associated with 2008 branch purchases, as well as $8.6 million of FDIC insurance assessments, which were $6.9 million ($0.16 per share) above 2008.
Financial Position
Average earning assets for the fourth quarter were $4.81 billion, up $14.0 million from the third quarter of 2009, and included a $9.3 million net increase in loans. Average investment securities increased $12.4 million in the quarter. Cash equivalents decreased $7.7 million, but still remained significantly above normal historical levels. Total average deposits grew $13.5 million in the quarter, including the continuation of the desirable trend toward a higher proportion of core (non-time) deposit balances, which increased $102.1 million from the third quarter. Compared to the fourth quarter 2008, average earning assets increased $264.4 million, comprised almost entirely of additional investment securities, including cash equivalents. Average deposits for the fourth quarter were $3.89 billion, an increase of $357.1 million from the fourth quarter of 2008, and reflected meaningful organic growth in core deposits in each quarter of 2009, as well as the branch acquisition completed in the fourth quarter of 2008. Average borrowings for the quarter of $857.4 million were consistent with the first three quarters of 2009, and down $70.1 million from the fourth quarter of 2008. Average shareholders’ equity for the quarter of $565.6 million was up $5.9 million from the third quarter, and was $34.0 million above the fourth quarter of 2008.
“Despite relatively soft market conditions, we generated year-over-year growth of 3% in our business lending portfolio, excluding planned reductions in our automotive dealer floor plan business,” said Mr. Tryniski. “We continue to experience favorable asset quality results in our real estate portfolios, including commercial real estate, which comprises less than 6% of our total earning assets. At year-end, our loan loss reserves of $41.9 million are 2.22 times greater than our non-performing loans of $18.9 million, or 0.61% of total outstandings.”
Community Bank System, Inc.Page 3 of 8
Asset Quality
Net charge-offs in the fourth quarter were $1.8 million, compared to $1.6 million in the third quarter of 2009, and $2.4 million in the fourth quarter of 2008. The fourth quarter net charge-off ratio of 0.22% was slightly above the 0.21% reported in the third quarter of 2009, and nine basis points better than 0.31% in last year’s fourth quarter. Full year net charge-offs of $7.5 million, or 0.24% of total loans, were $1.7 million higher than the $5.7 million, or 0.20% of total loans, experienced in 2008.
Nonperforming loans as a percentage of total loans at December 31, 2009 were 0.61%, up from 0.57% at the end of the third quarter, and up 21 basis points from the very favorable 0.40% at the end of last year’s fourth quarter. The total delinquency ratio of 1.48% was down three basis points from the end of the third quarter of 2009, and increased five basis points from December 2008. Nonperforming assets to total assets increased three basis points to 0.38%, versus the 0.35% level reported at the end of the third quarter, and 11 basis points above the very favorable 0.27% ratio reported a year ago. These generally stable, and better-than-peer asset quality metrics illustrate the continued effectiveness of the Company’s disciplined risk management and underwriting standards.
The current quarter’s provision for loan losses of $2.6 million was $0.2 million higher than both the third quarter of 2009 and the fourth quarter of 2008. On a full-year basis, the provision for loan losses of $9.8 million was $3.1 million higher than 2008, and was $2.3 million, or 31% higher than annual net charge-offs, indicative of a comparatively higher level of non-performing assets in 2009. The ratio of loan loss allowance to total loans outstanding was 1.35% as of December 31, 2009, compared to 1.33% as of September 30, 2009, and 1.26% at the end of the fourth quarter of 2008.
Government Sponsored Programs
In November 2008, the Company announced that it had chosen not to apply for funds through the U.S. Treasury Department’s Capital Purchase Program, which is part of the federal government’s Troubled Asset Relief Program (TARP). As such, the Company did not in 2009, nor will it in the future incur any charges associated with the repayment of such funds, including the write-off of capitalized issuance costs, and the negotiation and termination of highly dilutive warrants issued. Mr. Tryniski commented, “We are confident that we will continue to generate sufficient capital to respond to our business investment needs and the organic growth opportunities in our markets.”
Dividend and Share Repurchase Approval
The Company’s Board of Directors approved a quarterly dividend on its common stock of $0.22 per share, payable on April 9, 2010, to shareholders of record as of March 15, 2010. The current cash dividend represents an annualized yield of 4.4% based on the closing share price of $20.04 on January 21, 2010. Mr. Tryniski commented, “The payment of a meaningful dividend is an important component of our commitment to continuing to provide consistent and favorable long-term returns to our shareholders.”
During the second quarter of 2009 the Company’s Board of Directors approved a share repurchase program for up to one million common shares effective through December 31, 2011. The Company’s shares may be repurchased from time to time in open market transactions or privately negotiated transactions in accordance with securities laws and regulations. The timing and extent of repurchases will depend on market conditions and other corporate considerations. There were no share repurchases in 2009.
Community Bank System, Inc.Page 4 of 8
Conference Call Scheduled
Company management will conduct an investor call at 11:00 a.m. (ET) today to discuss fourth quarter and full year results. The conference call can be accessed at 1-866-790-1863 (1-904-520-5759 if outside United States and Canada). An audio recording will be available one hour after the call until March 31, 2010, and may be accessed at 1-888-284-7564 (1-904-596-3174 if outside the United States and Canada) and entering access code 2422241. Investors may also listen live via the Internet at: http://www.videonewswire.com/event.asp?id=64887.
This webcast will be archived on this site for one full year and may be accessed at any point during this time at no cost. This earnings release, including supporting financial tables, is available within the Investor Relations / News & Media section of the company's website at: http://www.communitybankna.com.
Headquartered in DeWitt, N.Y., Community Bank System, Inc. has $5.4 billion in assets and over 150 customer facilities. The Company’s banking subsidiary, Community Bank, N.A. operates across Upstate New York and Northeastern Pennsylvania, where it conducts business as First Liberty Bank & Trust. Its other subsidiaries include: Benefit Plans Administrative Services, Inc., an employee benefits administration and consulting firm with offices in Upstate New York, Pittsburgh and Philadelphia, Pennsylvania and Houston, Texas; the CBNA Insurance Agency, with offices in three northern New York communities; Community Investment Services, a broker-dealer delivering financial products throughout the company's branch network; and Nottingham Advisors, a wealth management and advisory firm with offices in Buffalo, N.Y. and North Palm Beach, Florida. For more information, visit: www.communitybankna.com or www.firstlibertybank.com.
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Community Bank System, Inc.Page 5 of 8
| Summary of Financial Data | | | | |
| (Dollars in thousands, expect per share data) | | | | |
| | Quarter Ended | Year Ended |
| | December 31, | December 31, |
| | 2009 | 2008 | 2009 | 2008 |
| Earnings | | | | |
| Loan income | $46,127 | $47,896 | $185,119 | $186,833 |
| Investment income | 15,713 | 16,928 | 63,663 | 64,026 |
| Total interest income | 61,840 | 64,824 | 248,782 | 250,859 |
| Interest expense | 18,892 | 24,428 | 83,282 | 102,352 |
| Net interest income | 42,948 | 40,396 | 165,500 | 148,507 |
| Provision for loan losses | 2,590 | 2,395 | 9,790 | 6,730 |
| Net interest income after provision for loan losses | 40,358 | 38,001 | 155,710 | 141,777 |
| Deposit service fees | 11,038 | 9,393 | 41,285 | 35,598 |
| Mortgage banking revenues | 744 | 169 | 3,946 | 767 |
| Other banking services | 359 | 723 | 1,895 | 2,443 |
| Trust, investment and asset management fees | 2,380 | 1,927 | 8,631 | 8,648 |
| Benefit plan administration, consulting and actuarial fees | 7,196 | 6,612 | 27,771 | 25,788 |
| Investment securities gains, net | 0 | 0 | 7 | 230 |
| Total noninterest income | 21,717 | 18,824 | 83,535 | 73,474 |
| Salaries and employee benefits | 23,502 | 21,690 | 92,690 | 82,962 |
| Professional fees | 1,336 | 1,270 | 5,240 | 4,565 |
| Occupancy and equipment and furniture | 5,727 | 5,190 | 23,185 | 21,256 |
| Amortization of intangible assets | 1,936 | 2,003 | 8,170 | 6,906 |
| FDIC insurance | 1,544 | 626 | 8,610 | 1,678 |
| Goodwill impairment | 3,079 | 1,745 | 3,079 | 1,745 |
| Other | 11,651 | 10,097 | 43,488 | 38,051 |
| Acquisition expenses & special charges | 1,408 | 1,356 | 1,716 | 1,399 |
| Total operating expenses | 50,183 | 43,977 | 186,178 | 158,562 |
| Income before income taxes | 11,892 | 12,848 | 53,067 | 56,689 |
| Income taxes | 2,522 | 879 | 11,622 | 10,749 |
| Net income | $9,370 | $11,969 | $41,445 | $45,940 |
Basic earnings per share(3) | $0.29 | $0.37 | $1.26 | $1.51 |
Diluted earnings per share(3) | $0.28 | $0.36 | $1.26 | $1.49 |
Community Bank System, Inc.
Page 6 of 8
| Summary of Financial Data | | | | | |
| (Dollars in thousands, except per share data) | | | | | |
| | 2009 | 2008 |
| | 4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr |
| Earnings | | | | | |
| Loan income | $46,127 | $46,067 | $46,134 | $46,791 | $47,896 |
| Investment income | 15,713 | 15,821 | 15,821 | 16,308 | 16,928 |
| Total interest income | 61,840 | 61,888 | 61,955 | 63,099 | 64,824 |
| Interest expense | 18,892 | 20,036 | 21,441 | 22,913 | 24,428 |
| Net interest income | 42,948 | 41,852 | 40,514 | 40,186 | 40,396 |
| Provision for loan losses | 2,590 | 2,375 | 2,015 | 2,810 | 2,395 |
| Net interest income after provision for loan losses | 40,358 | 39,477 | 38,499 | 37,376 | 38,001 |
| Deposit service fees | 11,038 | 10,991 | 10,271 | 8,985 | 9,393 |
| Mortgage banking revenues | 744 | 226 | 958 | 2,018 | 169 |
| Other banking services | 359 | 669 | 554 | 313 | 723 |
| Trust, investment and asset management fees | 2,380 | 1,951 | 2,267 | 2,033 | 1,927 |
| Benefit plan administration, consulting and actuarial fees | 7,196 | 6,969 | 6,599 | 7,007 | 6,612 |
| Investment securities gains, net | 0 | 7 | 0 | 0 | 0 |
| Total noninterest income | 21,717 | 20,813 | 20,649 | 20,356 | 18,824 |
| Salaries and employee benefits | 23,502 | 23,166 | 23,154 | 22,868 | 21,690 |
| Professional fees | 1,336 | 1,367 | 1,253 | 1,284 | 1,270 |
| Occupancy and equipment and furniture | 5,727 | 5,533 | 5,704 | 6,221 | 5,190 |
| Amortization of intangible assets | 1,936 | 2,026 | 2,103 | 2,105 | 2,003 |
| FDIC insurance | 1,544 | 1,670 | 4,021 | 1,375 | 626 |
| Goodwill impairment | 3,079 | 0 | 0 | 0 | 1,745 |
| Other | 11,651 | 10,349 | 11,052 | 10,436 | 10,097 |
| Acquisition expenses & special charges | 1,408 | 0 | 196 | 112 | 1,356 |
| Total operating expenses | 50,183 | 44,111 | 47,483 | 44,401 | 43,977 |
| Income before income taxes | 11,892 | 16,179 | 11,665 | 13,331 | 12,848 |
| Income taxes | 2,522 | 3,724 | 2,510 | 2,866 | 879 |
| Net income | $9,370 | $12,455 | $9,155 | $10,465 | $11,969 |
Basic earnings per share(3) | $0.29 | $0.38 | $0.28 | $0.32 | $0.37 |
Diluted earnings per share(3) | $0.28 | $0.38 | $0.28 | $0.32 | $0.36 |
| Profitability | | | | | |
| Return on assets | 0.69% | 0.92% | 0.69% | 0.81% | 0.95% |
| Return on equity | 6.57% | 8.83% | 6.67% | 7.77% | 8.96% |
Noninterest income/operating income (FTE) (1) | 31.7% | 31.2% | 31.8% | 31.5% | 29.9% |
Efficiency ratio (2) | 63.9% | 63.2% | 65.6% | 65.3% | 61.7% |
| Components of Net Interest Margin (FTE) | | | | | |
| Loan yield | 5.93% | 5.94% | 5.97% | 6.06% | 6.20% |
| Cash equivalents yield | 0.26% | 0.27% | 0.26% | 0.25% | 0.66% |
| Investment yield | 5.31% | 5.41% | 5.75% | 5.82% | 5.87% |
| Earning asset yield | 5.41% | 5.44% | 5.53% | 5.79% | 6.00% |
| Interest-bearing deposit rate | 1.19% | 1.33% | 1.52% | 1.76% | 1.99% |
| Short-term borrowing rate | 4.28% | 4.29% | 4.29% | 4.19% | 3.73% |
| Long-term borrowing rate | 4.49% | 4.50% | 4.55% | 4.65% | 4.74% |
| Cost of all interest-bearing funds | 1.86% | 1.98% | 2.13% | 2.33% | 2.53% |
| Cost of funds (includes DDA) | 1.58% | 1.68% | 1.82% | 2.00% | 2.18% |
| Net interest margin (FTE) | 3.86% | 3.78% | 3.73% | 3.82% | 3.86% |
| Fully tax-equivalent adjustment | $3,840 | $3,941 | $3,865 | $4,025 | $3,803 |
Community Bank System, Inc.Page 7 of 8
| Summary of Financial Data | | | | | |
| (Dollars in thousands, except per share data) | | | | | |
| | 2009 | 2008 |
| | 4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr |
| Average Balances | | | | | |
| Loans | $3,091,748 | $3,082,495 | $3,105,247 | $3,140,524 | $3,082,283 |
| Cash equivalents | 284,866 | 292,545 | 315,444 | 155,306 | 79,566 |
| Taxable investment securities | 894,238 | 864,478 | 793,909 | 842,496 | 853,306 |
| Nontaxable investment securities | 543,284 | 560,615 | 558,278 | 559,344 | 534,583 |
| Total interest-earning assets | 4,814,136 | 4,800,133 | 4,772,878 | 4,697,670 | 4,549,738 |
| Total assets | 5,372,646 | 5,349,762 | 5,313,274 | 5,235,252 | 5,035,398 |
| Interest-bearing deposits | 3,171,853 | 3,164,396 | 3,182,827 | 3,123,296 | 2,913,671 |
| Short-term borrowings | 594,083 | 593,385 | 593,533 | 477,184 | 478,875 |
| Long-term borrowings | 263,351 | 265,120 | 265,169 | 384,852 | 448,622 |
| Total interest-bearing liabilities | 4,029,287 | 4,022,901 | 4,041,529 | 3,985,332 | 3,841,168 |
| Noninterest-bearing deposits | 714,491 | 708,430 | 671,615 | 651,298 | 615,540 |
| Shareholders' equity | $565,616 | $559,762 | $550,103 | $546,132 | $531,627 |
| Balance Sheet Data | | | | | |
| Cash and cash equivalents | $361,876 | $361,734 | $474,372 | $350,670 | $213,753 |
| Investment securities | 1,487,127 | 1,497,826 | 1,335,358 | 1,417,966 | 1,395,011 |
| Loans: | | | | | |
| Consumer mortgage | 1,028,805 | 1,017,153 | 1,014,628 | 1,026,934 | 1,062,943 |
| Business lending | 1,082,753 | 1,068,456 | 1,078,500 | 1,078,593 | 1,058,846 |
| Consumer installment | 987,927 | 1,001,484 | 998,477 | 998,214 | 1,014,351 |
| Total loans | 3,099,485 | 3,087,093 | 3,091,605 | 3,103,741 | 3,136,140 |
| Allowance for loan losses | 41,910 | 41,072 | 40,330 | 40,053 | 39,575 |
| Intangible assets | 317,671 | 322,661 | 324,636 | 326,519 | 328,624 |
| Other assets | 178,564 | 149,853 | 151,346 | 165,890 | 140,599 |
| Total assets | 5,402,813 | 5,378,095 | 5,336,987 | 5,324,733 | 5,174,552 |
| Deposits | | | | | |
| Noninterest-bearing | 736,816 | 708,051 | 697,612 | 667,452 | 638,558 |
| Non-maturity interest-bearing | 2,029,911 | 1,925,666 | 1,828,586 | 1,774,906 | 1,636,349 |
| Time | 1,157,759 | 1,254,528 | 1,338,225 | 1,419,807 | 1,425,905 |
| Total deposits | 3,924,486 | 3,888,245 | 3,864,423 | 3,862,165 | 3,700,812 |
| Borrowings | 754,779 | 756,442 | 756,649 | 756,854 | 760,558 |
| Subordinated debt held by unconsolidated subsidiary trusts | 101,999 | 101,993 | 101,987 | 101,981 | 101,975 |
| Other liabilities | 55,852 | 65,515 | 63,299 | 56,536 | 66,556 |
| Total liabilities | 4,837,116 | 4,812,195 | 4,786,358 | 4,777,536 | 4,629,901 |
| Shareholders' equity | 565,697 | 565,900 | 550,629 | 547,197 | 544,651 |
| Total liabilities and shareholders' equity | 5,402,813 | 5,378,095 | 5,336,987 | 5,324,733 | 5,174,552 |
| Capital | | | | | |
| Tier 1 leverage ratio | 7.39% | 7.27% | 7.13% | 7.16% | 7.22% |
| Tangible equity / net tangible assets | 5.20% | 5.15% | 4.84% | 4.74% | 4.74% |
| Diluted weighted average common shares O/S | 33,054 | 32,998 | 32,945 | 32,971 | 32,833 |
| Period end common shares outstanding | 32,800 | 32,740 | 32,741 | 32,742 | 32,633 |
| Cash dividends declared per common share | $0.22 | $0.22 | $0.22 | $0.22 | $0.22 |
| Book value | $17.25 | $17.28 | $16.82 | $16.71 | $16.69 |
| Tangible book value | $8.09 | $7.99 | $7.43 | $7.27 | $7.06 |
| Common stock price (end of period) | $19.31 | $18.27 | $14.56 | $16.75 | $24.39 |
Community Bank System, Inc.
Page 8 of 8
| Summary of Financial Data | | | | | |
| (Dollars in thousands, except per share data) | | | | | |
| | 2009 | 2008 |
| | 4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr |
| Asset Quality | | | | | |
| Nonaccrual loans | $17,161 | $13,080 | $13,189 | $14,338 | $12,126 |
| Accruing loans 90+ days delinquent | 1,750 | 4,660 | 543 | 947 | 553 |
| Total nonperforming loans | 18,911 | 17,740 | 13,732 | 15,285 | 12,679 |
| Other real estate owned (OREO) | 1,429 | 1,309 | 1,687 | 1,383 | 1,059 |
| Total nonperforming assets | 20,340 | 19,049 | 15,419 | 16,668 | 13,738 |
| Net charge-offs | 1,752 | 1,633 | 1,738 | 2,332 | 2,390 |
| Loan loss allowance/loans outstanding | 1.35% | 1.33% | 1.30% | 1.29% | 1.26% |
| Nonperforming loans/loans outstanding | 0.61% | 0.57% | 0.44% | 0.49% | 0.40% |
| Loan loss allowance/nonperforming loans | 222% | 232% | 294% | 262% | 312% |
| Net charge-offs/average loans | 0.22% | 0.21% | 0.22% | 0.30% | 0.31% |
| Delinquent loans/ending loans | 1.48% | 1.51% | 1.46% | 1.33% | 1.43% |
| Loan loss provision/net charge-offs | 148% | 145% | 116% | 120% | 100% |
| Nonperforming assets/total assets | 0.38% | 0.35% | 0.29% | 0.31% | 0.27% |
| | | | | | |
(1) Excludes gain (loss) on investment securities. |
(2) Excludes intangible amortization, goodwill impairment, acquisition expenses, special charges and gain (loss) on investment securities. |
(3) Diluted weighted average common shares outstanding and earnings per share calculations have been restated, as necessary, to comply with the provisions of FSP EITF 03-6-1. |
| |
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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.
