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Jun 30, 2020
Community Bank Q2 2020 Earnings Report
Community Bank System reported second quarter results and provided a COVID-19 pandemic update.
Key Takeaways
Community Bank System reported a net income of $35.2 million, or $0.66 per fully-diluted share, for the second quarter of 2020. The company successfully completed the acquisition of Steuben, funded approximately $500 million of PPP loans, and processed over 5,000 borrower forbearance requests.
Completed the acquisition of Steuben Trust Corporation.
Funded approximately $500 million in Paycheck Protection Program (PPP) loans.
Processed over 5,000 borrower forbearance requests.
Adjusted pre-tax, pre-provision net revenue per share was up $0.05, or 4.9%, over the second quarter of 2019.
Forward Guidance
The COVID-19 crisis is expected to continue to impact the Company’s financial results, as well as demand for its services and products during the remaining two quarters of 2020 and potentially beyond.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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