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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.
Community Bank
Community Bank
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.