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Dec 31, 2020
Community Bank Q4 2020 Earnings Report
Reported fourth quarter 2020 results with net income of $46.5 million and EPS of $0.86.
Key Takeaways
Community Bank System reported a strong fourth quarter in 2020, with net income reaching $46.5 million, translating to $0.86 per fully-diluted share. The increase in earnings per share year-over-year was driven by an increase in net interest income, a decrease in the provision for credit losses, slightly lower operating expenses and a small increase in noninterest revenues, offset, in part, by higher income taxes and an increase in fully-diluted shares outstanding. Total revenues for the quarter were $150.6 million, a slight increase of 0.5% compared to the same period last year.
Net income for Q4 2020 was $46.5 million, or $0.86 per fully-diluted share.
Operating earnings per share (non-GAAP) were $0.85 for Q4 2020, compared to $0.83 in Q4 2019.
Total revenues in Q4 2020 increased by 0.5% to $150.6 million.
Nonperforming loans stood at $76.9 million, or 1.04% of total loans outstanding, at the end of 2020.
Community Bank
Community Bank
Forward Guidance
The Company expects to continue to navigate challenging economic and market conditions during 2021, but believes it remains well positioned to perform effectively in the evolving environment.
Positive Outlook
- The Company continues to maintain very high levels of capital and liquidity.
- The Company has diversified revenue streams through its nonbanking businesses.
- The Company has a history of strong credit performance.
- The Company has an exceptional core deposit base.