COMMUNITY BANK SYSTEM, INC. CBU Income Statement

Community bank system, inc. (CBU)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Interest income:
Interest and fees on loans
78,565	80,509	79,931	74,067	73,703	73,316	72,256	71,152	69,441	69,716	69,498	62,351	52,384	53,602	53,706	52,509	51,650	49,321	47,040	45,791	45,591	46,878	46,883	46,073	45,693	47,061	47,606	46,412	47,118	49,405	48,590	47,077	47,638	50,511	50,702	49,471	42,297	45,094	44,851
Interest and dividends on taxable investments
15,329	16,528	15,862	17,427	16,087	16,041	15,421	16,517	15,525	16,190	15,228	15,175	13,566	15,245	13,344	14,016	13,596	14,069	13,454	13,288	12,060	12,766	12,239	12,772	12,470	13,819	13,394	12,566	15,216	16,678	16,762	17,450	14,275	14,487	14,278	14,640	12,229	11,928	12,168
Interest and dividends on nontaxable investments
3,101	3,010	2,854	2,858	2,891	3,064	3,226	3,336	3,438	3,682	3,761	3,896	4,008	4,152	4,272	4,585	4,510	4,614	4,790	4,801	4,803	4,941	5,165	5,264	5,076	5,082	5,132	5,162	5,591	5,867	6,042	6,018	5,598	5,416	5,438	5,739	5,761	5,575	5,604
Total interest income
96,995	100,047	98,647	94,352	92,681	92,421	90,903	91,005	88,404	89,588	88,487	81,422	69,958	72,999	71,322	71,110	69,756	68,004	65,284	63,880	62,454	64,585	64,287	64,109	63,239	65,962	66,132	64,140	67,925	71,950	71,394	70,545	67,511	70,414	70,418	69,850	60,287	62,597	62,623
Interest expense:
Interest on deposits
5,545	5,934	5,859	4,560	4,107	3,381	2,764	2,381	2,132	2,113	2,123	2,065	1,730	1,783	1,776	1,872	1,894	1,746	1,694	1,731	1,800	1,926	1,962	2,068	2,235	2,357	2,530	2,703	3,142	3,871	4,402	4,380	5,509	6,472	6,887	6,791	6,006	7,296	7,747
Interest expense incurred on borrowings excluding junior subordinated long-term debt owed to unconsolidated subsidiary trusts as of the balance sheet date. Such debt places a lender in a lien position behind debt having a higher priority of repayment in liquidation of the entity's assets.
558	451	347	429	621	621	796	446	480	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest on subordinated notes payable
185	-	161	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest on borrowings
-	-	-	-	-	-	-	-	-	-	902	392	149	183	337	210	287	613	587	294	200	278	308	254	284	2,340	2,368	2,375	5,730	7,450	7,535	7,713	7,400	7,453	7,466	7,389	7,291	7,468	7,446
Interest on subordinated debt held by unconsolidated subsidiary trusts
653	737	1,004	1,063	1,094	1,032	1,145	1,332	1,168	1,096	1,067	936	805	787	746	722	694	656	640	627	614	625	623	617	612	629	633	630	628	660	682	681	693	1,354	1,497	1,483	1,467	1,509	1,485
Total interest expense
6,941	7,307	7,371	6,052	5,822	5,034	4,705	4,159	3,780	3,611	4,092	3,393	2,684	2,753	2,859	2,804	2,875	3,015	2,921	2,652	2,614	2,829	2,893	2,939	3,131	5,326	5,531	5,708	9,500	11,981	12,619	12,774	13,602	15,279	15,850	15,663	14,764	16,273	16,678
Net interest income
90,054	92,740	91,276	88,300	86,859	87,387	86,198	86,846	84,624	85,977	84,395	78,029	67,274	70,246	68,463	68,306	66,881	64,989	62,363	61,228	59,840	61,756	61,394	61,170	60,108	60,636	60,601	58,432	58,425	59,969	58,775	57,771	53,909	55,135	54,568	54,187	45,523	46,324	45,945
Provision for loan losses
5,594	2,857	1,751	1,400	2,422	2,495	2,215	2,448	3,679	5,381	2,314	1,461	1,828	2,640	1,790	2,305	1,341	3,327	1,906	591	623	2,531	1,747	1,900	1,000	3,185	2,093	1,321	1,393	2,666	2,643	2,155	1,644	1,593	1,043	1,050	1,050	1,400	2,050
Net interest income after provision for credit losses
84,460	89,883	89,525	86,900	84,437	84,892	83,983	84,398	80,945	80,596	82,081	76,568	65,446	67,606	66,673	66,001	65,540	61,662	60,457	60,637	59,217	59,225	59,647	59,270	59,108	57,451	58,508	57,111	57,032	57,303	56,132	55,616	52,265	53,542	53,525	53,137	44,473	44,924	43,895
Noninterest revenues:
The non-interest income earned from account activity fees, monthly service fees, check orders, debit and credit card income, ATM fees, Merchant services income and other revenues from processing wire transfers, bill pay service, cashier's checks and foreign exchange.
16,283	16,822	16,920	15,996	15,864	16,116	16,127	18,964	19,177	18,115	18,419	16,655	14,707	14,959	14,894	15,008	13,734	13,605	13,459	13,213	12,470	13,496	13,833	13,172	12,255	12,714	12,703	12,345	11,595	12,603	12,057	11,035	10,369	11,027	11,134	10,488	9,685	11,180	11,337
The noninterest income derived from mortgage banking activities including servicing fees. Also includes the gain/loss on sale of loans. In addition, includes the adjustment to the carrying value of the rights retained or purchased to service mortgages. These adjustments are made on a lower of cost or market value basis.
916	-	-	-	201	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Revenues pertaining to bank-related activities not specified elsewhere.
895	1,454	945	1,147	1,335	1,026	1,536	1,163	1,243	1,196	1,704	1,407	1,159	1,438	2,863	1,597	1,579	1,061	2,045	799	1,055	1,149	1,867	1,608	1,190	1,516	1,671	1,020	1,038	774	1,405	896	994	731	1,499	1,627	794	2,078	1,115
Revenues related to employee benefit services.
25,366	24,997	24,329	23,787	24,054	23,466	23,265	22,542	23,006	22,212	20,767	20,662	17,189	11,679	11,267	11,671	12,011	11,661	11,330	11,322	11,075	10,942	10,755	10,448	10,435	10,032	9,397	9,397	9,770	9,397	8,912	8,664	8,973	-55,323	7,685	7,854	8,183	7,256	7,260
Insurance services
8,058	7,481	8,527	8,329	7,862	7,273	8,270	7,415	7,359	6,441	6,344	6,965	6,400	5,809	5,702	5,797	5,841	2,261	367	325	399	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Fee income charged during the period for wealth management services.
7,134	6,579	6,363	6,578	6,349	6,402	6,168	6,496	6,706	5,974	5,707	5,537	4,861	4,735	5,226	4,699	5,116	4,564	4,185	4,060	4,047	2,891	4,617	4,438	4,474	3,984	3,823	4,045	3,698	3,449	3,194	3,101	3,132	2,831	2,904	2,782	2,180	2,400	2,666
Unrealized (loss) gain on equity securities
-30	-9	10	-13	31	-65	743	-21	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on debt prepayment
-	-	0	-	-	-	-318	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-23,836	0	-15,717	-47,783	0	0	0	0	-	-	-	-	-	-
Gain on sales of investment securities, net
-	-	0	4,882	-	-	0	0	-	0	0	0	2	0	0	0	0	-	-	-	-	-	-	-	-	16,969	0	16,008	47,791	0	291	0	0	-	-6	14	-	0	0
Total noninterest revenues
58,622	57,123	57,094	60,706	55,696	54,218	55,791	56,559	57,491	53,938	52,941	51,226	44,318	38,620	39,952	38,772	38,281	33,148	31,386	29,719	29,046	29,928	31,072	29,666	28,354	21,379	27,594	27,098	26,109	26,223	25,859	23,696	23,468	22,399	23,216	22,765	20,842	22,914	22,378
Noninterest expenses:
Salaries and employee benefits
58,251	56,468	56,061	54,008	53,379	52,040	51,062	52,402	51,859	49,006	48,426	46,564	42,907	41,008	38,300	37,950	39,138	33,138	31,179	31,010	31,029	30,987	30,941	30,409	30,740	30,412	30,448	30,286	30,483	29,639	28,126	26,844	27,425	27,093	26,543	25,531	23,111	23,056	22,509
Occupancy and equipment
10,739	10,142	9,801	9,619	10,288	10,210	9,770	9,437	10,531	9,622	9,106	8,637	8,196	7,633	7,373	7,409	7,663	6,702	6,652	6,844	7,395	6,724	6,617	6,916	7,691	6,782	6,448	6,750	7,065	6,665	6,541	6,130	6,463	6,089	6,103	6,253	6,057	5,575	5,614
Data processing and communications
10,413	10,932	10,675	10,401	9,399	9,631	10,509	10,212	8,742	9,350	9,313	10,395	8,521	8,613	8,744	8,732	8,412	8,324	7,643	7,473	6,990	7,765	7,475	7,251	6,803	6,852	6,998	6,600	6,736	6,211	6,085	5,817	5,583	5,245	5,330	5,179	4,771	5,430	5,309
Amortization of intangible assets
3,667	3,962	3,960	3,904	4,130	4,375	4,427	4,555	4,798	4,961	4,949	4,263	2,768	1,275	1,359	1,403	1,442	1,021	843	880	919	994	1,051	1,101	1,141	1,061	1,089	1,140	1,179	1,264	1,212	1,045	1,086	1,130	1,161	1,189	901	1,277	1,849
Legal and professional fees
3,151	2,784	2,595	2,684	2,720	2,596	2,522	2,745	2,781	3,779	2,764	2,619	2,414	2,154	1,928	1,857	2,516	1,861	1,564	1,642	1,746	1,820	1,973	1,507	1,947	1,645	1,897	1,526	1,940	2,284	1,703	1,755	2,208	1,603	1,640	1,307	1,339	1,014	1,505
Office supplies and postage
-	-	-	-	-	-	-	-	-	-	-	-	1,674	-	1,713	1,846	1,778	1,743	1,636	1,517	1,580	1,606	1,466	1,647	1,551	1,543	1,566	1,518	1,495	1,547	1,345	1,382	1,468	1,373	1,300	1,377	1,196	1,382	1,311
Business development and marketing
2,513	2,884	2,604	3,140	2,788	2,083	2,587	2,654	2,059	2,876	2,586	2,451	2,081	1,318	2,004	2,149	2,013	1,493	1,889	2,258	1,564	1,701	1,764	1,930	1,730	1,559	1,973	1,804	1,479	1,559	1,312	1,876	1,172	1,398	1,096	2,183	1,254	1,250	1,731
FDIC insurance premiums
-	-	-	-	-	-	-	-	-	-	-	-	753	-	707	1,090	1,101	1,042	968	963	989	981	952	947	1,019	906	923	945	1,055	1,076	919	903	906	838	544	1,177	1,361	-	1,485
Acquisition expenses
369	819	6,061	1,194	534	0	-832	71	-8	794	580	22,896	1,716	1,364	2	263	77	5,719	562	361	395	-2,800	2,800	0	123	2,105	71	0	5	527	4,796	164	260	142	381	3,617	691	57	199
Other expenses
4,560	7,278	5,172	6,226	5,414	6,678	5,188	4,036	5,569	8,958	6,052	5,054	2,545	11,467	4,096	3,657	3,529	3,937	3,143	3,100	3,341	6,906	3,772	3,456	3,176	4,418	3,631	3,807	3,115	6,127	4,046	3,454	2,832	2,926	3,995	3,313	2,635	5,311	2,708
Total noninterest expenses
93,663	95,269	96,929	91,176	88,652	87,613	85,233	86,112	86,331	86,919	83,776	102,879	73,575	66,597	66,226	66,356	67,669	64,980	56,079	56,048	55,948	56,684	58,811	55,164	55,921	57,283	55,044	54,376	54,552	56,899	56,085	49,370	49,403	47,837	48,093	51,126	43,316	44,352	44,220
Income before income taxes
49,419	51,737	49,690	56,430	51,481	51,497	54,541	54,845	52,105	47,615	51,246	24,915	36,189	39,629	40,399	38,417	36,152	29,830	35,764	34,308	32,315	32,469	31,908	33,772	31,541	21,547	31,058	29,833	28,589	26,627	25,906	29,942	26,330	28,104	28,648	24,776	21,999	23,486	22,053
Income taxes
9,285	8,853	10,472	11,415	9,535	10,674	11,435	10,239	11,999	-24,411	16,003	7,724	9,932	13,237	13,239	12,560	11,749	9,759	10,742	10,468	10,018	9,336	9,537	10,096	9,368	6,070	9,069	8,711	8,348	7,823	7,539	8,871	7,504	9,116	8,640	6,790	5,839	6,224	5,891
Net income
40,134	42,884	39,218	45,015	41,946	40,823	43,106	44,606	40,106	72,026	35,243	17,191	26,257	26,392	27,160	25,857	24,403	20,071	25,022	23,840	22,297	23,133	22,371	23,676	22,173	15,477	21,989	21,122	20,241	18,804	18,367	21,071	18,826	18,988	20,008	17,986	16,160	17,262	16,162
Basic earnings per share (in dollars per share)
0.77	0.82	0.76	0.87	0.81	0.79	0.84	0.87	0.78	1.45	0.69	0.35	0.58	0.60	0.61	0.58	0.55	0.47	0.61	0.58	0.55	0.56	0.55	0.58	0.55	0.37	0.55	0.53	0.51	0.47	0.46	0.53	0.49	0.52	0.54	0.49	0.48	0.52	0.49
Diluted earnings per share (in dollars per share)
0.76	0.82	0.75	0.86	0.80	0.77	0.83	0.86	0.78	1.43	0.68	0.35	0.57	0.58	0.61	0.58	0.55	0.47	0.60	0.58	0.54	0.57	0.54	0.57	0.54	0.38	0.54	0.52	0.50	0.46	0.46	0.53	0.48	0.50	0.54	0.49	0.48	0.51	0.48
Cash dividends declared per share (in dollars per share)
-	-	-	-	-	-	-	-	-	-	0.34	0.32	0.32	0.32	0.32	0.31	0.31	0.31	0.31	0.30	0.30	0.30	0.30	0.28	0.28	0.28	0.28	0.27	0.27	-	-	-	0.26	-	0.26	0.24	0.24	0.24	0.24