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Sep 30, 2021
Community Bank Q3 2021 Earnings Report
Community Bank System reported solid earnings and organic non-PPP loan growth, driven by increases in noninterest revenues and a lower provision for credit losses, offset by a decrease in net interest income and increases in operating expenses and income taxes.
Key Takeaways
Community Bank System, Inc. reported a net income of $45.3 million, or $0.83 per fully-diluted share, for the third quarter of 2021. The company experienced growth in noninterest revenues and organic non-PPP loans, while also acquiring two financial services businesses.
Net income for Q3 2021 was $45.3 million, or $0.83 per fully-diluted share, compared to $42.8 million, or $0.79 per share in Q3 2020.
Organic non-PPP loan growth was $154.1 million, or 2.2%, in Q3 2021.
Noninterest revenues increased by $4.7 million, or 7.8%, year-over-year, driven by deposit and other banking fees and financial services businesses revenues.
The company acquired two financial services businesses during the third quarter, expected to contribute to revenues and augment employee benefit and insurance services.
Community Bank
Community Bank
Forward Guidance
The company expects to complete the acquisition of Elmira Savings Bank in the first quarter of 2022.