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Sep 30, 2020
Community Bank Q3 2020 Earnings Report
Community Bank System reported strong results despite challenges of COVID-19 pandemic.
Key Takeaways
Community Bank System reported a net income of $42.8 million, or $0.79 per fully-diluted share for Q3 2020. The results were driven by a decrease in acquisition-related expenses, increases in net interest income and noninterest revenues, offset by increases in provision for credit losses, non-acquisition related operating expenses, income taxes and fully-diluted shares outstanding, as well as litigation reserve expense.
Operating earnings per share increased $0.01, or 1.2%, from the prior year’s third quarter and $0.09, or 11.8%, on a linked quarter basis.
Total revenues were up $7.7 million, or 5.3%, over the second quarter of 2020.
At September 30, 2020, 216 borrowers, representing $193 million of loans outstanding, or 2.6% of total loans, remained under a forbearance agreement.
The Company continues to maintain very high levels of capital and liquidity, diversified revenue streams through its nonbanking businesses, strong credit performance and an exceptional core deposit base.
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 remainder of the fourth quarter of 2020 and likely for a significant portion of 2021.