CBU - Earnings call transcript Q1 2018 | Community Bank System, Inc.

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Operator

Welcome to the Community Bank System First Quarter 2018 Earnings Conference Call. Please note that this presentation contains forward-looking statements within the provision of the Private Securities Litigation Reform Act of 1995 that are based on current expectations, estimates, and projections about the industry, markets, and economic environment in which the Company operates. Such statements involve risks and uncertainties that could cause actual results to differ materially from results discussed in these statements. These risks are detailed in the Company’s annual report and Form 10-K filed with the Securities and Exchange Commission. Today’s call presenters are Mark Tryniski, President and Chief Executive Officer; and Joe Sutaris, Senior Vice President of Finance. begin. may you Gentlemen,

Mark Tryniski

Good QX and conference Laura. for you joining our call. morning, you, thank everyone, all Thank

primarily As you Finance, heard knee for by Kingsley, Joe him in CFO. surgery Laura’s more introduction our our up to the will Vice results. being EPS per today expenses was XX% Senior commentary. capital and XXXX with quarter so President share be is providing strategic of last Scott We excluding and the Merchants Joe the first due Scott really deployment of NRS Sutaris, pleased not having with joined pensioning couldn’t Bancshares $X.XX today financial over be or year acquisition transaction. and

the $X.XX benefited from improvement. slightly also tax a of rate effective We $X.XX lower that contributed

also as with our quarter quality businesses the fee-based last single Operating revenues and margin credit tremendous quarter. expectations a we and discussed with organic exception charge-off were additional as had our was the XX% expenses with improved $X to well. growth million reported of related assets the line up in Our

total in The to for the the second quarter XX% quarter. for At end, Our which inflows was Deposit yesterday. were was down XX month funding was growth of basis robust at both to mortgage of the nearly the million exactly XX% up the relationship slightly began for respectively over loan costs year-end unscheduled quarter. despite sold. positive the loan paydowns, points half but as at seasonally end remained and deposit single relates commercial pipeline a underlying positive book businesses commercial where expected $XX our quarter

the growth, us remainder balance to for support significant have we of earnings focus for We sheet but the with momentum, year. need

credit We costs stable. operating expect and to our be

only summary, XXXX. modestly. Our to off increased an exceptionally funding to grow and we’re Joe? start to In fee-based costs business our

Joseph Sutaris

morning and everyone. Mark you, good Thank

off start with billion a for the This slightly our of slightly of quarterly us. million, the first record Other set sheet. flat at significant total solid balance to assets is As were acquisitions increased Mark solid a during of operating quarter XXXX. XXXX. up total agency XXXX a for very from less tuck-in We for fourth than comments XXXX and operating $XX.XX end not maintain or the quarter first XXXX in transaction, report in about at do the with few noted was just another processes small of earnings of quarter I’ll We we non-interest the the zero insurance first to than the close Average assets XXXX, maintain $XX XXXX. billion quarter quarter fourth which new assets. quarter quarter linked the $XX.X income. of of earning first have to was the quarter

as disclaim XXXX, linked While XX, cash $XX unscheduled of the billion $X.XX during total security [ph]. of Ending during in quarter bottoms acquisition composition Merchants our up well including up between more of assets, annual were down $X decrease March comparison. investment loans, all year-end quarter by million change pay-offs million the Business of billion of not while transaction average earning significantly were outstanding as billion of million XXXX. million the XXXX. the $XX cash of the Bancshares in we to quarters assets the assets earnings experienced or XX% change the in average a quarter, a first of slight did quarter million increase a securities the $XX equivalents, and the and due quarter loans the anticipated. loans in decrease the to outstanding primarily for portfolios average assets, $X.XX loans XXXX in down despite resulted were were loans consumer in outstanding. The Switching average second acquisition first in earning at assets, of Total $XX quarter XX.X XXXX seasonally of $XXX quarter investment from average into slightly in

deposits portfolios from net the a of total. XXXX, gains net and XXXX, The $XXX agency also $XXX other much collateralized billion, securities. As the billion portfolio total, reflective contained the deposit like were $XXX quarter. marked XX% at the it quarter losses first transaction debt our $XX the million agreements which XXXX, between repurchase at U.S. of Average and are obligations, effect customer corporate million and million interest billion portfolio of than in We with the in was like in rates of duration total at net agency compared $XX increase $XXX treasury to net in and quarter of were securities to comprised this XXXX first of XXXX gains million March success losses unrealized borrowings. to ended March XXXX. loss of December more specifically, gathering. More stood municipal portfolio investment borrowings and the unrealized million continued backed up XX% in slightly U.S. of XX, the a of act of during $X.XX net The or the remaining $X.X XX% X% balances XX, gain the due core Merchants December million the of bearing of of of rather an and bonds of priced less March or XX, of than quarter interest years. less the four deposit mortgage XXXX and $X.XX The remains of or wholesale unrealized checking which

As and debt obligations, of was had -- preferred XXst March efficient virtually regulatory our our such, -- highly virtually million balance trust exception additive debt. no sheet $XXX with capital external of the

at the first of higher both of quarter Our fourth asset loans. of basis loans, end linked the total X This XXXX. points million, of $XX.X of of at points legacy XXXX or totaled at remains quality strong, end quarter loans the XXXX nonperforming comprised and the higher quarter, the is acquired of first reported X the reported and basis ratio rates than the the end than X.XX%

legacy total of losses outstanding loans loan for of X.XX% loans and X.XX% reserves represent outstanding. Our

Our reserves the of of reported than quarter for the seen We quarters trailing XXX% than XXXX. $X.X during net million quarter XX first and charge of offs XXXX, charge a million on The points the XXXX, multiple the to for the this quarter. We the the during four loan offs XXX% X.X at adequate loan March losses of of four. first and we’ve $X.X provision XX, quarter commercial quarter provided basis to quarter and compares This higher this first additional net equity the home remain points most includes end by saw, $X.X commentary of XXXX. fourth and in the in million of are on relationship The allocated XXXX million net charge was lower and a recorded of loan million fourth was to the XXXX end this nonperforming specifically or allowance of off loans of single $X quarter our portfolio XXXX. XXX% the at of relationship. fourth annualized compares quarter we first at recent offs losses the an points of annualized XXX,XXX an we during charge portfolio recorded loan on basis This By or X respectively. additional a XXXX. of XX during The quarter portfolios during first the impaired first million on quarter credit the charge ratio through comparison points. offs basis down $X.X we X XX annualized was remain installment reserves reported residential for basis mortgage basis charge points indirect consumer net the XX loan

over times decreased The assets basis margin municipal securities quarters. was in the the gross basis, a XXXX interest fourth the regulatory of strong. which quarter securities the quarter and change in solid an on compares Intangible down portfolios in the ended was the very has first inclusion X.XX% is well the Tangible to comparative other by between market standards. well this the impacted portfolio the yield the the points The in capitalized due points. for ratio increase decrease linked slightly the period. include the of The and the $XXX rates X XXXX equivalent tax results offset for at margin quarter X.XX%. from X.XX% portfolio, comparable mentioned largely the the million, end value of points. fourth securities yield municipal in Shifting points first X On second was interest XXXX X retained investment a on average of the is continue loan earnings first which Merchants growth The attributable due X between unchanged tax This Tangible market in the points $XXX previously non-taxable by federal securities of quarter was XXXX XXXX quarter negatively at equities This income. X.XX%, end in levels was fourth in the of X.XX% available quarter Merchants XXXX. of portfolio, basis reform periods. first end net to to increased numerator XX.XX% a XXXX reported Interest as X.XX%. quarter to and comprehensive is tangible earlier. to margin basis Net as in decrease X first of equity capital company increased and quarter the cumulated noted approximately sale of decrease bearing reduction the as between quarter leverage company’s the non-taxable yield is and Tier on liability assets net Our loans XXXX, in up denominator the [indiscernible]. the X quarter's of end corporate the in up be the interest quarter liability the quarter asset the with rate statement. to of of tax the as million between to of income basis and basis assets, two of from higher of the

quarter to as in due addition In X.X semiannual target of proactive have spite receipt margin the point increases and basis general noted well rates. the margin basis effect as increase fourth continue in a cost Federal funding our the the XXXX of favorably should interest fourth the Bank's of positive was on to X rate market by response since results in Reserve net management points to of It that be of quarter interest disciplined impacted dividend. XXXX

deposit Our quarter cost first banking This non-interest due XXXX. points service income and of has segment expand the up $XX.X quarter consecutive XXXX $XX.X basis. and increased several $XX.X quarter quarter a quarter on quarter over XXXX banking service operating million which of other linked of and on $X.X in XX to revenues results from and or all banking linked the offerings our insurance million remained $X.X include XX.X% Non-interest linked all of of the Merchants fourth the first the or April Non-interest for divisions quarters. Non-interest between increase We increase improvement management nine basis. $X.X up fee reflective our quarter represents million in million initiatives company’s basis customer the in reported including income segments, the from during million In administration quarter deposits of sources revenues banking, basis a quarter three first wealth and or are initiatives. and of revenues. These XX or increased plans a to on are revenues X.X% $XX.X on electronic from are benefit an to our in XXXX. both million XX.X%. X.X% acquisition fee million several annual a comparative basis

addition, and in quarter linked administration benefits our increases annual insurance quarter management and In in on division recorded basis. income and non-interest a we wealth

recorded of XXXX. as $X.X basis, up including a We linked XXXX these or income for acquisition represent This agency tuck-in of $XX.X increases revenue XXXX, The the million since in we of XX%. Consistent results $XX.X earnings. businesses. million of the X% on NRS annual a these fourth non-interest total revenues of quarter quarter the of in to quarter During total the XXXX excluding an segments operating Merchants during increase and completed $X.X On are about million first $XX.X quarter combination acquisitions growth. This basis. million million transaction operating as million to of operating quarter of an of of XXXX expenses fourth during compares quarter to revenues the during or factors the due with reported expenses acquisition organic well of XX% full compares company’s year $XX.X total expenses XXXX. small insurance the first were beginning

of and largely with linked operating increase and basis, basis. related NRS operating services quarter XX.X% expense We believe operating activities, are operating higher an expenses to an million expense there expenses basis, fairly reported in occupancy to relatively for higher facilities variances we of reported increases $XX.X merit-based linked we statutory expenses the expenses in increased several excluding quarter and proxy among quarter salaries On acquisition of Although, to increase [indiscernible] expenses expense and Similar marketing quarter activities. total flat in winter year’s and benefit on expenses. our a operating professional transactions. the year. on decreases balance Merchants expenses fair, certain quarter first the were to a comparative run levels largely salaries were occupancy incurred and components annual incentives, significant incurred a Adversely, core heating wage payroll maintenance for taxes related rate first due and prior expenses or due reasonable

in versus tax of lowered due XXXX. reduction in Tax XXXX, first rate quarter tax of corporate to XX% net the first into effective law XX% Act XX%. which passage was primarily to in between the and in of quarter fourth from the effective Jobs rates Our of signed tax quarter XXXX the the The the purchase XX.X% rate Cuts

national we in For organic limit of ability pass net new borrowings. margin modest in are conditions the and as few anticipate interest results. comparably immediately fully to increases to loans quarter first for competitive recent likely rates The opportunities similar interest markets the be to to quarters, next as well growth along the the market our XXXX

to approach maintain zero-deposit with April. the three quarters measured return take in is a will to we continue although, that a during respect unlikely we pricing will addition, deposit be In It able of remaining XXXX. data

an historic continue year the in From of our to a total any and Bank’s horizon. the anticipated do to due to semi-annual see We greater status dividend reduction assets perspective, Xquality each Reserve an in significant major but rate with dividend not on than asset receive institution second as fourth expect Federal also billion. we of headwinds the $XX quarters

reduction half Durbin $XX $XX on from $X for We mandated debit an XXXX XXXX. continue net in expect million $X.X million beginning approximately million the of to revenues impacts to million estimated in to second of July annually and interchange the

we And portion although we continue business around However, experience very on Northeast mortgage in a the the a hoped, do we’re the balance XXXX perspective and XXXX both a pipeline than Durbin remainder grow and indirect capital remain beginning operational of pickup residential from to application In during of well weather in longer expect volume our modestly winter-like consumer non-banking loan originations we the remain loan and summary, of organically segments come beyond. to and position may impact. we offset that solid. finally, believe, the has the bit

to I’ll look mentioned future open Lauren it on forward [organic] now improvement continued the Mark for As to back questions. to execute opportunities. acquired line turn

Operator

O’Neill. Twerdahl Thank Sandler with We’ll question take Instructions] first our you. Alex from [Operator

Alex Twerdahl

there are on is will drill a or primarily the strategies elaborate to try to a on you a guys can said flow you be just in that work loan beginning little other referring that growth bit Mark for growth mind call, that some balance margin. more you gross to bit, have to of that cash put you are to something you the XXXX, sheet wanted Just priority little on said at

Mark Tryniski

sold. have on unusual activity, that haven’t business an level come quarter Alex, we’ve including do we one of quarter, three seen growth where into million last XX growth trailing something credit the Loan as think several question. first last not net Good quarters get $XX had was we’ve in million to -- whatever quarters was or the and outflows in we the the paid had I last they

the some talked some got expected that rates rates, growth mortgage expect really thresholds business about previously off think at we the bit side up season in the mortgage a first mortgage may that volume a needs demand what it’s XXX trade worried I not on to for we side pipeline pay we returns these able reason for was portfolio spreads, the right selling the for the have as picking commercial see in Indirect usually markets, have market we’re end in opportunities had be any like at and to remainder year, kind the the but the significant So, to has is market in I we've engagement kind a of on indirect to the at million, of real end year is going the on at really of for the us, there, degree good not first pretty think The it’s of so to the be. it’s at little just tapped car the top hasn't up, mortgages. lack it’s a million will of our started, end as increase volumes that, opportunities, that, about million, now the to shortage XX relatively unscheduled our it we would XXX in on business is million for it mortgage XXX -- obvious year and of I easy been up market downs, mortgage so the be, the filed event rates was market I pipeline we’ll for so quarter, because seemed below reasons in to the in we have effort any already strong, underlying in now where of said our the where sits is pipeline really nor it’s all, of production be the stable, execute predict not going our of impact we’ll continue is the the year always mortgage. of pretty net traded are at so to as quarter level am

didn’t the referred The it, if curve [indiscernible] right trended growth necessarily -- sheet yield other has portfolio our balance but mean you I my now, I look from down. pretty comment the flat and yield it’s in to at

it something think or down has have this was XXX quarter over I years. fallen XXX, which rates several trended as generally

now the high getting tenure. MDS the point spreads better the than quality are at point are and a We to where

reinvesting interest the mortgage position cash little So, we generally sold fund fed may X% redeploy some rates, opportunity one fed recent have funds for the is from are of let we’ve that a which a running last the those interest not bit, for rates, an year our the us above have currently. off that. think as to run But opposed several flows flow at there high same I at fairly just portfolio to sold cash be back the investment investment of portfolio reasons years into portfolio off of half

growth, just well. really market securities the my relative kind see referring was but that well we and So loan now comments right I just that mean to of to in where as

Alex Twerdahl

Okay, very that sounds good.

we benefit there line and more this of we aware the deposit there. quarter in kind we information what’s that on that items of starting gave employee make -- and that third for second stuff. in nothing Durbin some thinking I than you should just things some know was base into seasonality there’s sure on go did the terms be color And to Additional of should fees the it we am these Other wealth going new to great my some was model, of income get be services? the in is management kicked the fee or service which quarter, revenue, thinking the then wanted as like non-interest that of first quarter, I with really

Mark Tryniski

revenues little which in first time business again. fees end generally a non-banking The are banking be activities. seasonal they of the revenues season, the in deposit the than than say year are summer quarter and is somewhat lower less seasonal can I’d better Christmas better

businesses, businesses but that’s businesses. that and some a the businesses component businesses, seasonality of there’s the non-banking the lot insurance wealth So, our the really management in particularly seasonable all, benefits at smaller the mandating

seasonal, but that premiums it’s move second you So, carriers as are volatile just got of be the from commission needle the the written sets the more quarter. doesn’t function much to not it then when contingency really in and

really a year, move again, timing been seasonal varied a that’s bit So as it more much needle that the of variability all. as wouldn’t throughout has at the But revenues smaller the the little in there. is component

that the on expect end rate would the of be I the year our now. businesses will So, they rental than other greater right by non-banking are

Operator

our Jaffray. take Brody next will Preston with We from question Piper

Brody Preston

I be guess forward? going to Yes, I margin say the the you first quarter the moving similar real to hear that so margin back quick. will just Did

Joe Sutaris

this Joe. Yes, question. take is I that will

Mark backed that maybe some few some which less securities in X-year the is are bit accretion, sort mortgage dividend When basic this they opportunities that than takeaway Our bit purchase And mentioned, were the XX-year impacts core of XXX, than better opportunities. today purchase With a is accretion and I that’s least X% little XXX color and in, to relative the security as the think of the hitting said, investment little I asset loan just [FRB] the slightly we future over mid-XXXs last when a there up XXX. the market of range, to tend the quarters at portfolio, some get and offer the course. you with the we that factor of loan level. could indicative the

yields. So move even relative to have book to new on rates, loans big witness to a though, to of the has it’s the been to we the at better in loan going shift Relative the rates so least what existing speak than off. portfolios, running relatively sort increases are new begun new

turnaround some along from a in most that in funds market consumer our an the to actually our also mortgage gives quarter some to shift been And we’ll opportunity us Although we have that’s the the again, seen uptick with just fed rates the uptake the existing challenges and of But where continue the an the say and business. borrowers. position But increase some rate, slight portfolios to with pass in and and have overnight, marginally portfolios. and marginal of position. big to competitive have first relative we’re a overnight marginal the cash funds the fully

So, has we conversely, we remained zero. opportunities have deposit is are at the XXX-range fair, there some our of all-in think, but the beta

We to that challenges to difficult at maintain going be it’s expect continued zero. few quarters, over next the

potentially they some uptick of going the potentially could So, offset to the we’re portfolios. asset on that stand

Brody Preston

to And the dividend, said significantly will lower. with you that that? it thinking how like regard should about be FRB be we half, Is

Mark Tryniski

Yes.

a expectation now we I dividend for of going because a it quarter much and think where that’s total reasonable equation. becomes that effect dividend. of be nominal of fourth That was a our run situation the more margin to The is to margin second rate. reduced sort forward, that part contribute going

that’s in effectively annualized the all-in, an point expected basis margin. to on So contribute total about

Brody Preston

launch of best And going nature you thought I’m to of dollar should deploy you wanted capital increased assuming to focusing guys capital I the a do dynamic. if and the could moving the that expect capital pick up best year is work forward, growth where also rest just dividend balance the incremental growth slower sense be But but maybe of back like, to was growth you throughout speak you’re then And securities. guess, you to some sort the you said maybe through on capital given of primarily, I the continue know, of through you sheet get think to put your or markets, to M&A? where building. excess I

Joseph Sutaris

high for we of be growth our of organic us capital that in securities, always this in capital, of so certainly fee our My through business, for looked well as incremental rapid accumulate to opportunities, I capital, M&A by means put dollar low that would nearly but we still excess we businesses is of loan a grow work continue. principally at after capitalize that and be, at markets whatever and necessarily organic we to growth preference question. ideal think space about think I opportunities value which non-banking so -- space credit, even to a strategy lending like because as banking the an they using clearly dividend non-banking pace, need potentially use in that still be the have we those historically are earnings, rather accumulate investment of growth excess to our growth we based half what strategically fairly and will M&A a growth, we’ll Fair

So, at our to in of look the the include we get press run over rate so right back if which adjusted at XX% up run certainly of you hereto GAAP as accumulating look terms and foreseen. I of we cash rate proxy think the based at for terms year, of earnings the that we’re that in we in business earnings, the earnings haven’t pace over capital last now, a release

say creates capital expect shareholders, think as do clearly lastly it you most will to capital for our the businesses then trend helping way don’t So shares of either, it your over returns incumbent deploy that back I capacity, has a peoples’ the dividend buying understand us secondarily continue to it do will ways greater I beneficial to that buying for thing recent although earnings, so so think in is other business, own expect investing why deploy profitable our I the companies this greater shareholders be shareholders and that past. us to I way upon us continue time to some optimize to the can in reinvest benefit shares say assess in most back would do and effective would that I

Brody Preston

future? continuing one banking see are the in regard just seeing you to front more are guess you I opportunities with or near fee more more to come on the And M&A income opportunities to table the

Mark Tryniski

we reasonably -- pretty substantially terms spent market, some terms it’s so post think would X be credit not continue not the respect Ohio, would to New geography, would Upstate consideration I constrained I so strategy our out similar same value in to us, for also of we on prices banking I continue years, is say our institutions are we’re England, to are we the to partners pace go say we how years, to well Pennsylvania, focus Jersey, similar, really opportunities on where in other with us, dialogue for to constrains the the inbound as our off opportunities been of high so that that been the New the get X it’s would New on pace similar and York, banking it's in side. side have last in of say has

engaged where and by on of buyers private equity non-banking more On by invest getting and in more space more aggressive. private -- investment the the dollars become much equities liquidity strategic the the side, that’s us is the area where difficult banking trillion participation

think been opportunities our a where there to benefits leadership. seek we is We’ve our great national have I strategy got business. businesses has out

think the we’ve that some in -- got nationally. in I market visibility

so, a of engage we opportunities, results a look we are value because similar a And get someone at high where else usually what of is those, to we banking there those, perceive the partner.

gotten in strategic So, and of have the it’s to obviously many price of banking instances to continue they’ve different on private we the on of the space continue expectation, But capacity by we we both equity, in the approach non-banking the least engaged the I will sellers, buyer. different we those same engagement way active be will those be of the models the high think because of spaces spaces. in side at M&A active both

Operator

Gunther question D.A. our And Davidson. next we will Russell with from

Russell Gunther

into pipeline. the down little loan of if your you’ve of wondering the intended hone just there, a some I color the run talked commentary a bit that off about that appreciate there. Merchants rebuilding footprint. We on I’m last up follow to could bit you made. want and the Just dynamics quarter little

could an we forward? update outlook going get on Just curious if your

Mark Tryniski

mainly had down paid early pay We tough the markets of that the a in single down the again first Sure. well. large Merchants to because quarter as referred of the others one as pulled Merchants

the those puts the in of paydowns There continues marketplace. majority and were takes. So, be unscheduled to Merchants

are We the rebuilding pipeline slowly there.

was building. looks facing high there. getting that and quality But no folks got board fact we some still there back It’s are those We we are are the getting opportunities. on when virtually pipeline but really we

We are getting opportunities.

the I bit than we of we primarily what run Merchants which job are pipeline. non-scheduled building XX the Other there the think hoped a think its months and this the again months, payoffs last marketplace from doing course the are have We came more nine off over than quarter moderated. but better I we a

Russell Gunther

then just discussion. my question follow M&A up And a the to last

your bit Given advantage, biased you the dynamics opportunity as for more a would deposits be your you? a M&A appetite very as growth more as would of that growth towards for well clear something or funding characterize

Mark Tryniski

to to lesson. the and high-quality that capacity grow a I it the think dividend That’s earnings the think versus we have our fashion. in as M&A first sustainable opportunity focus relates franchisees

we principally franchises. for So, looking are deposit credit franchises,

institutions to for base. low into our dynamic remainder average our time reason. they at and deposit Although on of were fact to because of the need relates institutions we a retail of the they this funding other models, quality, challenge markets. at loan has it franchise, always looking we different high duration, certainly, have great deal was the economically more rates the just the franchise County been the Merchants extremely to they management where We’ve there point have raise very different side and long that have and high-quality But other growth. a is, leadership focus some fund And effort Chittenden banking exact are banks credit a franchise the of commercial had because stable where model. that the than costs, And invested particularly they the look credit attractive, markets and in

a that’s so different model And us. for

integrating has a well our So, quality, we’re very and that future. duration and a costs dilution and challenge with capacity it funding a challenge. to partner. with the low have having because quality But be well when well the XX we’re another have see function the to that that to model, base we of stable integrate typically, that would dividend culture integrate points be we ultimately typically funding of our our earnings growing the deposit and a we the would reliability in costs, gets generate in us, to We long confidence business have franchise Again, basis ability high overall into it’s to institution with necessarily at gets that looking don’t base.

transactions, at that relationships. would the customer And at done years, transitions you be done, funding. franchise particularly growth. branch the years, last look things fact One to number from of how a something, deposit there need Frankly, we challenge about in we we will liquidity, But buying know, that’s of lower whole over don’t larger continue branches a with X reasonable you’re probably we’ve require this those we’ve juncture invest banks. XX of the as them. fair mostly you branch In the the to

transactions favorable. So, very structure, lot the other which are is those of valuable, of kind a There’s banks. really tax

of need look although So, fact franchisees you of, get. disposition. the would Citizens. at, some we core the at be use we I already know would don’t that much has in heard years, would We Wells we banks Fargo still as retail disposing. BMA, event I And Key, have think the started big despite the over good in more can always look funding, some that I discussions interest some

at look would as we So, well. that

Operator

no there’re turn at additional to like back presenters And our questions time. any closing remarks. to for I’d conference the further or this

Mark Tryniski

Thank Thank you, and Lauren, you we the joining that’s forward after again thank you call second to with for you. all speaking look quarter. the it,

Operator

We does And that your today’s conclude thank you conference. for participation.

Community Bank System (CBU) 25 Apr 182018 Q1 Earnings call transcript