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Dec 31, 2021
Community Bank Q4 2021 Earnings Report
Community Bank System reported solid earnings for Q4 2021, driven by record revenues and organic loan growth.
Key Takeaways
Community Bank System, Inc. reported a net income of $43.6 million, or $0.80 per fully-diluted share, for the fourth quarter of 2021. The company's total revenues reached a record $159.7 million, driven by increases in both net interest income and noninterest revenues. Organic loan growth, excluding PPP loans, exceeded 2.0% for the second consecutive quarter.
Net income for Q4 2021 was $43.6 million, or $0.80 per fully-diluted share.
Total revenues reached a record $159.7 million, a 6.0% increase year-over-year.
Organic loan growth, excluding PPP loans, exceeded 2.0% for the second consecutive quarter.
Cash equivalents totaled $1.72 billion at the end of the quarter.
Forward Guidance
Community Bank System expects meaningful contributions to interest income during 2022 from recent investment securities portfolio purchases and organic loan growth. The company plans to deploy excess liquidity into investment securities in 2022.
Positive Outlook
- Expects contributions to interest income from investment securities portfolio purchases
- Plans to deploy excess liquidity into investment securities
- Anticipates recognizing remaining net deferred PPP fees through interest income
- Maintains strong liquidity position
- Expects to complete the acquisition of Elmira Savings Bank in the second quarter of 2022
Challenges Ahead
- Economic forecasts remained generally stable despite the rapid spread of the COVID Omicron variant
- Decrease in the net tangible equity to net tangible assets ratio from one year prior
- Uncertainty around the duration of the economic impact of the COVID-19 pandemic
Historical Earnings Impact
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Avg. Return Before/After Earnings
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