Community Bank Q2 2021 Earnings Report

Community Bank System reported solid earnings in Q2 2021, driven by lower credit-related costs and noninterest revenue expansion.

Key Takeaways

Community Bank System reported a net income of $47.9 million, or $0.88 per fully-diluted share, for the second quarter of 2021. The increase in earnings per share was primarily attributable to a significant decrease in the provision for credit losses and a significant increase in noninterest income.

Operating earnings per share increased 15.8% year-over-year.

Noninterest revenues grew by $6.5 million, or 12.3%, compared to the second quarter of 2020.

Net interest income increased slightly over the second quarter of 2020 despite a 58 basis point decrease in net interest margin.

Ending loans decreased $124.2 million, or 1.7%, during the quarter.