Community Bank System Reports Record Second Quarter 2018 Results
Community Bank System, Inc. (NYSE: CBU) reported record second quarter 2018 net income of $44.6 million or $0.86 per share on a
fully diluted basis. This compares to $17.2 million in net income or $0.35 per share reported for the second quarter of 2017.
Excluding $22.9 million of acquisition expenses, second quarter 2017 fully diluted earnings per share were $0.67, resulting in a
$0.19 per share, or 28.4%, increase between comparable second quarters. On a linked quarter basis, fully-diluted earnings per share
increased $0.08 or 10.3%.
Second Quarter 2018 Performance Highlights:
- EPS of $0.86 are up 28.4% over the second quarter of 2017, excluding acquisition expenses
- Deposit funding costs of 0.11%
- Annualized net loan charge-offs of 0.06%
- Return on assets of 1.66%
- Return on tangible equity of 20.6%
“We extended our trend of very strong operating quarters reflecting improvement in our banking segment results and continued
growth and contribution from our fee-based non-banking businesses,” said President and Chief Executive Officer Mark E. Tryniski.
“The successful integration of two significant acquisitions in 2017, combined with focused asset and liability management
strategies, contributed to net interest income growth of 18.0% and noninterest revenue growth of 19.4% through the first six months
of 2018. With operating expense growth held to 13.6% during the same period, we continued to drive increased operating leverage and
improved profitability. In addition, we continued to demonstrate our historic discipline around asset quality and deposit funding.
As a result, we realized an increase in second quarter operating EPS of 28% and set a new record for second quarter earnings.”
Total revenues for the second quarter of 2018 were $143.4 million, an increase of $14.2 million, or 10.9%, over the
second quarter of 2017. The Company recorded an $8.8 million or 11.3% increase in net interest income and a $5.3 million or 10.4%
increase in noninterest revenues between comparable quarters. The increase in net interest income was largely due to the
volume-related earning asset increases in connection with the acquisition of Merchants Bancshares, Inc. (“Merchants”) completed in
the second quarter of 2017. The increase in noninterest income was due to organic revenue growth in our employee benefit services
segment, as well as acquired and organic growth in our wealth management and insurance businesses. Deposit service fees also
increased $2.3 million or 13.9% quarter-over-quarter, primarily the result of the addition of Merchants and increased card-related
revenues. Other banking services, including mortgage banking services, were down marginally year-over-year. On a linked quarter
basis, total revenues increased $1.3 million or 0.9%, due principally to an increase in net interest income. Consistent with
full-year 2017 and first quarter 2018 results, non-interest revenues contributed approximately 40% of the Company’s total operating
revenues for the second quarter.
The Company recorded a $2.4 million provision for loan losses in the second quarter 2018. This was $1.0
million greater than the amount recorded in the second quarter of 2017, and was primarily driven by growth in certain
non-acquired loan portfolios. The non-performing loan to total loan ratio stood at 0.47% at the end of the second quarter of 2018.
This compares to 0.48% at the end of the first quarter of 2018 and 0.36% at the end of the second quarter of 2017. Comparatively,
the Company recorded a $3.7 million provision for loan losses in the first quarter of 2018.
Total operating expenses for the second quarter of 2018 were $86.1 million. This compares to $80.0 million (excluding
acquisition expenses) in the second quarter of 2017. The increase was due primarily to the incremental operating expenses
associated with the Merchants acquisition. During the first quarter of 2018, the Company incurred total operating expenses of $86.3
million.
The Company generated net interest income of $86.8 million during the second quarter of 2018. This represents an increase of
$8.8 million, or 11.3%, compared to the second quarter of 2017. In addition, net interest margin improved one basis point, from
3.72% in the second quarter of 2017 to 3.73% in the second quarter of 2018. The second quarter 2018 net interest income and net
interest margin results included a full quarter impact of the Merchants acquisition, versus a partial quarter impact in 2017.
Although the increase in net interest income was largely driven by volume factors, the change in mix in our funding base
contributed positively to the improvements in net interest margin. During the second quarter of 2018, average balances in lower
cost core funding sources, including checking, savings and money market accounts, represented 87.2% of the Company’s total deposit
and borrowing funding base as compared to 86.6% in the second quarter of 2017. In addition, average noninterest-bearing demand
deposits represented 25.5% of the Company’s total deposit and borrowing funding base as compared to 23.4% of the Company’s total
funding base during the second quarter of 2017. This change in the funding mix helped contain total funding costs to 0.19% in the
second quarter of 2018, a three basis point increase over the second quarter of 2017.
Earning asset yields increased four basis points, from 3.87% in the second quarter of 2017 to 3.91% in the second quarter of
2018. Average loan yields increased 17 basis points from 4.41% during the second quarter of 2017 to 4.58% during the second quarter
of 2018 due largely to an increase in market interest rates. Conversely, investment yields, including cash equivalents, decreased
24 basis points, from 2.84% to 2.60% between comparable quarterly periods. Between the second quarter of 2017 and the second
quarter of 2018, higher yielding investment securities matured and were not replaced with securities with similar yields. In
addition, the tax-equivalent yield on non-taxable municipal securities and loans decreased due to the decrease in the statutory
Federal corporate tax rate between the periods. The Company also maintained a greater proportion of its investments in lower
yielding cash equivalent investments during the second quarter of 2018, which negatively impacted the weighted average yield of the
investment portfolio.
Net interest income increased $2.2 million or 2.6% on a linked quarter basis. The Company recorded $0.4 million of additional
interest income on cash equivalents between the quarters. The average balances in cash equivalents increased $80.3 million on a
linked quarter basis due to a seasonal increase in deposits. In addition, the Company received its Federal Reserve semi-annual
dividend payment of $0.5 million in the second quarter of 2018. The Company also recorded $0.5 million of acquired impaired loan
accretion in the second quarter from the successful resolution of an acquired impaired business loan relationship. Net interest
margin increased two basis points, from 3.71% in the first quarter to 3.73% in the second quarter. The total cost of deposits
increased from 0.10% in the first quarter to 0.11% in the second quarter, while the total cost of funds increased from 0.17% to
0.19%, due primarily to increased Libor-indexed borrowing costs.
The Company generated $13.9 million of wealth management and insurance services revenues in the second quarter of 2018. This
represents a $1.4 million or 11.3% increase over the second quarter 2017 revenues of $12.5 million. Between the second quarter of
2017 and the second quarter of 2018, the Company acquired four small insurance and wealth management practices resulting in revenue
growth. Employee benefit services revenues of $22.5 million, increased $1.9 million or 9.1% from the second quarter of 2017. These
results were attributable to organic increases in plan asset and participant levels between the periods and incremental revenue
contributions from the Northeast Retirement Services (“NRS”) business acquired in the first quarter of 2017. On a linked quarter
basis, wealth management and insurance services revenues were down $0.2 million and employee benefits services revenues were down
$0.5 million, principally due to seasonal factors.
The Company recorded operating expenses of $86.0 million in the second quarter of 2018, as compared to $80.0 million in the
second quarter of 2017, excluding acquisition expenses. This increase was reflective of a full quarter of operating activities from
the Merchants transaction. Salaries and employee benefits increased $5.8 million or 12.5%, and included the personnel added from
the former Merchants, as well as annual merit and performance-based increases. All other expenses increased $0.2 million, or 0.7%.
On a linked quarter basis, total operating expenses decreased $0.2 million.
The effective tax rate for the second quarter of 2018 was 18.7%, down from 31.0% in the second quarter of last year. The
decrease in the effective tax rate between the periods is largely attributable to the application of the lower federal tax rate due
to the Tax Cuts and Jobs Act passed in the fourth quarter of 2017. In addition, the Company had higher levels of stock option
exercise activity in the second quarter of 2018, as compared to the second quarter of 2017, resulting in a $0.9 million decrease in
income tax expense between the comparable periods. The effective tax rate for the first quarter of 2018 was 23.0%, which included a
much lower level of stock option exercise activity than the second quarter.
The Company also provides supplemental reporting of its results on a “net adjusted” or “tangible” basis, from which it excludes
the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill, core deposit intangible
and other intangible asset balances, net of applicable deferred tax amounts), accretion on non-impaired purchased loans, expenses
associated with acquisitions, and the one-time benefit from the revaluation of net deferred tax liabilities. The amounts for such
items are presented in the tables that accompany this release. Although “adjusted net income” as defined by the Company is a
non-GAAP measure, the Company’s management believes this information helps investors understand the effect of acquisition activity
in its reported results. Adjusted net earnings per share were $0.90 in the second quarter of 2018, compared to $0.71 in the second
quarter of 2017, or a 26.8% increase.
Financial Position
Average earning assets were up $74.3 million or 0.8% on a linked quarter basis, from $9.38 billion during the first quarter of
2018 to $9.45 billion during the second quarter of 2018. Average loan balances were $6.25 billion for the second quarter, up 0.2%
over the first quarter. Average deposit balances were up $82.0 million, or 1.0%, from first quarter levels, due to a seasonal
inflow of deposits near the end of the first quarter that largely remained on the Company’s balance sheet during the second
quarter. Ending deposits, however, were seasonally down $257.1 million, or 2.9%. Average borrowings in the second quarter of 2018
of $397.1 million, were down $56.0 million or 12.4%. This was primarily attributable to a decrease in municipal customer repurchase
agreement balances between the periods as seasonally expected.
Ending loans at June 30, 2018 were $6.24 billion. This is up $11.0 million or 0.2% from the end of the first quarter of 2018,
but down $18.7 million or 0.3% from the end of the fourth quarter of 2017. During the first half of 2018, increases in loans
outstanding in our New York and Pennsylvania markets were offset by decreases in loans outstanding in our New England region,
including $86.6 million of unscheduled pay offs in the business lending portfolio. Ending loans in the municipal sector of our
business loan portfolio decreased from $90.3 million at March 31, 2018 to $50.5 million at June 30, 2018, a $39.8 or 44.0%
decrease. Our New England region municipal customers repay certain short-term loans and lines of credit annually at the end of the
second quarter to meet their fiscal cycle requirements and advance on new loans and lines of credit in the third quarter for the
next annual fiscal cycle. We expect the balances in this portfolio to increase during the third quarter of 2018.
Investment securities totaled $2.98 billion at June 30, 2018, down slightly from the end of the linked first quarter of 2018 and
fourth quarter of 2017. The net unrealized loss in this portfolio was $32.7 million at June 30, 2018 and $17.9 million at March 31,
2018. These compare to a net unrealized gain of $23.9 million at December 31, 2017. The portfolio transitioned from a net
unrealized gain position in December 2017 to a net unrealized loss position during early 2018 due to an increase in market interest
rates. The effective duration of the portfolio was 3.6 years at the end of the second quarter.
Shareholders’ equity of $1.66 billion at second quarter-end was $84.1 million, or 5.3%, higher than the prior year period. The
Company’s net tangible equity to net tangible assets ratio was 9.00% at June 30, 2018, up from 8.08% a year earlier and 8.42% at
the end of the first quarter of 2018. The Company’s Tier 1 leverage ratio was 10.53% at the end of the second quarter, up from
10.19% a year earlier. These results are primarily a result of strong earnings generation and capital retention over the last four
quarters.
As previously announced in December 2017, the Company’s Board of Directors approved a stock repurchase program authorizing the
repurchase of up to 2.5 million shares of the Company’s common stock during a twelve-month period starting January 1, 2018. Such
repurchases may be made at the discretion of the Company’s senior management based on market conditions and other relevant factors
and will be acquired through open market or privately negotiated transactions as permitted under Rule 10b-18 of the Securities
Exchange Act of 1934 and other applicable legal requirements. There were no shares repurchased pursuant to the program in the
second quarter of 2018.
Asset Quality
The Company’s asset quality metrics continue to illustrate the long-term effectiveness of the Company’s disciplined risk
management and underwriting standards. Total net charge-offs were $0.9 million for the second quarter, compared to $1.1 million for
the second quarter of 2017 and $3.2 million for the first quarter of 2018. Net charge-offs as an annualized percentage of average
loans measured 0.06% in the second quarter of 2018, compared to 0.08% in the prior year’s second quarter and 0.21% in the first
quarter of 2018. Nonperforming loans as a percentage of total loans at June 30, 2018 were 0.47%, compared to 0.48% at March 31,
2018 and 0.36% at June 30, 2017. The total loan delinquency ratio of 0.89% at the end of the second quarter was 12 basis points
lower than the level at March 31, 2018, and 10 basis points lower than the 0.99% ratio one year earlier. The second quarter
provision for loan losses of $2.4 million was $1.0 million higher than the second quarter of 2017, and $1.2 million lower than the
first quarter of 2018. The allowance for loan losses to nonperforming loans was 169% at June 30, 2018, compared with 162% and 207%
at the end of the first quarter of 2018 and second quarter of 2017, respectively.
Dividend Increase
During the second quarter of 2018, the Company declared a quarterly cash dividend of $0.34 per share on its common stock,
compared to a $0.32 dividend declared in the second quarter of 2017, or 6.3% higher, which represents an annualized yield of 2.2%
based upon the $62.79 closing price of the Company’s stock on July 20, 2018. The two cent increase declared in the third quarter of
2017 marked the 25th consecutive year of dividend increases for the Company. “The acceleration of our earnings and cash
flow results will further strengthen the Company’s capital accumulation and dividend capacity into the future,” said Mark E.
Tryniski, President and Chief Executive Officer.
Conference Call Scheduled
Company management will conduct an investor call at 11:00 a.m. (ET) today, July 23, 2018, to discuss second quarter 2018
results. The conference call can be accessed at 866-838-2054 (719-325-2414 if outside United States and Canada) using the
conference ID code 5040007. Investors may also listen live via the Internet at: http://www.webcaster4.com/Webcast/Page/995/26422.
This earnings release, including supporting financial tables, is available within the press releases section of the Company's
investor relations website at: http://ir.communitybanksystem.com. An archived webcast of the earnings call will be available on this site for
one full year.
Community Bank System, Inc. operates more than 230 customer facilities across Upstate New York, Northeastern Pennsylvania,
Vermont, and Western Massachusetts through its banking subsidiary, Community Bank, N.A. With assets of over $10.6 billion, the
DeWitt, N.Y. headquartered company is among the country’s 150 largest financial institutions. In addition to a full range of
retail, business, and municipal banking services, the Company offers comprehensive financial planning, insurance and wealth
management services through its’ Community Bank Wealth Management Group and OneGroup NY, Inc. operating subsidiaries. The Company's
Benefit Plans Administrative Services, Inc. subsidiary is a leading provider of employee benefits administration, trust services,
collective investment fund administration and actuarial consulting services to customers on a national scale. Community Bank
System, Inc. is listed on the New York Stock Exchange and the Company's stock trades under the symbol CBU. For more information
about Community Bank visit www.communitybankna.com or http://ir.communitybanksystem.com .
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995. The following factors, among others, could cause the actual results of CBU’s operations to differ materially from
CBU’s expectations: the successful integration of operations of its acquisitions; competition; changes in economic conditions,
interest rates and financial markets; changes in legislation or regulatory requirements; and the timing for receiving regulatory
approvals and completing pending transactions. These statements are based on the current beliefs and expectations of CBU’s
management and CBU does not assume any duty to update forward-looking statements.
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Summary of Financial Data
|
| (Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Year-to-Date |
| |
|
|
|
June 30, 2018 |
|
|
June 30, 2017 |
|
|
June 30, 2018 |
|
|
June 30, 2017 |
| Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan income |
|
|
|
$71,152 |
|
|
$62,351 |
|
|
$140,593 |
|
|
$114,735 |
| Investment income |
|
|
|
19,853 |
|
|
19,071 |
|
|
38,816 |
|
|
36,645 |
| Total interest income |
|
|
|
91,005 |
|
|
81,422 |
|
|
179,409 |
|
|
151,380 |
| Interest expense |
|
|
|
4,159 |
|
|
3,393 |
|
|
7,939 |
|
|
6,077 |
| Net interest income |
|
|
|
86,846 |
|
|
78,029 |
|
|
171,470 |
|
|
145,303 |
| Provision for loan losses |
|
|
|
2,448 |
|
|
1,461 |
|
|
6,127 |
|
|
3,289 |
| Net interest income after provision for loan losses |
|
|
|
84,398 |
|
|
76,568 |
|
|
165,343 |
|
|
142,014 |
| Deposit service fees |
|
|
|
18,964 |
|
|
16,655 |
|
|
38,141 |
|
|
31,362 |
| Revenues from mortgage banking and other banking services |
|
|
|
1,163 |
|
|
1,407 |
|
|
2,406 |
|
|
2,566 |
| Wealth management and insurance services |
|
|
|
13,911 |
|
|
12,502 |
|
|
27,976 |
|
|
23,763 |
| Employee benefit services |
|
|
|
22,542 |
|
|
20,662 |
|
|
45,548 |
|
|
37,851 |
| Gain on sale of investments |
|
|
|
0 |
|
|
0 |
|
|
0 |
|
|
2 |
| Unrealized loss on equity securities |
|
|
|
(21) |
|
|
0 |
|
|
(21) |
|
|
0 |
| Total noninterest revenues |
|
|
|
56,559 |
|
|
51,226 |
|
|
114,050 |
|
|
95,544 |
| Salaries and employee benefits |
|
|
|
52,402 |
|
|
46,564 |
|
|
104,261 |
|
|
89,471 |
| Occupancy and equipment |
|
|
|
9,437 |
|
|
8,637 |
|
|
19,968 |
|
|
16,833 |
| Amortization of intangible assets |
|
|
|
4,555 |
|
|
4,263 |
|
|
9,353 |
|
|
7,031 |
| Acquisition expenses |
|
|
|
71 |
|
|
22,896 |
|
|
63 |
|
|
24,612 |
| Other |
|
|
|
19,647 |
|
|
20,519 |
|
|
38,798 |
|
|
38,507 |
| Total operating expenses |
|
|
|
86,112 |
|
|
102,879 |
|
|
172,443 |
|
|
176,454 |
| Income before income taxes |
|
|
|
54,845 |
|
|
24,915 |
|
|
106,950 |
|
|
61,104 |
| Income taxes |
|
|
|
10,239 |
|
|
7,724 |
|
|
22,238 |
|
|
17,656 |
| Net income |
|
|
|
$44,606 |
|
|
$17,191 |
|
|
$84,712 |
|
|
$43,448 |
| Basic earnings per share |
|
|
|
$0.87 |
|
|
$0.35 |
|
|
$1.65 |
|
|
$0.92 |
| Diluted earnings per share |
|
|
|
$0.86 |
|
|
$0.35 |
|
|
$1.63 |
|
|
$0.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Financial Data
|
| (Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
2017 |
| |
|
|
|
2nd Qtr |
|
|
1st Qtr |
|
|
4th Qtr |
|
|
3rd Qtr |
|
|
2nd Qtr |
| Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan income |
|
|
|
$71,152 |
|
|
$69,441 |
|
|
$69,716 |
|
|
$69,498 |
|
|
$62,351 |
| Investment income |
|
|
|
19,853 |
|
|
18,963 |
|
|
19,872 |
|
|
18,989 |
|
|
19,071 |
| Total interest income |
|
|
|
91,005 |
|
|
88,404 |
|
|
89,588 |
|
|
88,487 |
|
|
81,422 |
| Interest expense |
|
|
|
4,159 |
|
|
3,780 |
|
|
3,611 |
|
|
4,092 |
|
|
3,393 |
| Net interest income |
|
|
|
86,846 |
|
|
84,624 |
|
|
85,977 |
|
|
84,395 |
|
|
78,029 |
| Provision for loan losses |
|
|
|
2,448 |
|
|
3,679 |
|
|
5,381 |
|
|
2,314 |
|
|
1,461 |
| Net interest income after provision for loan losses |
|
|
|
84,398 |
|
|
80,945 |
|
|
80,596 |
|
|
82,081 |
|
|
76,568 |
| Deposit service fees |
|
|
|
18,964 |
|
|
19,177 |
|
|
18,115 |
|
|
18,419 |
|
|
16,655 |
| Revenues from mortgage banking and other banking services |
|
|
|
1,163 |
|
|
1,243 |
|
|
1,196 |
|
|
1,704 |
|
|
1,407 |
| Wealth management and insurance services |
|
|
|
13,911 |
|
|
14,065 |
|
|
12,415 |
|
|
12,051 |
|
|
12,502 |
| Employee benefit services |
|
|
|
22,542 |
|
|
23,006 |
|
|
22,212 |
|
|
20,767 |
|
|
20,662 |
| Unrealized loss on equity securities |
|
|
|
(21) |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
| Total noninterest revenues |
|
|
|
56,559 |
|
|
57,491 |
|
|
53,938 |
|
|
52,941 |
|
|
51,226 |
| Salaries and employee benefits |
|
|
|
52,402 |
|
|
51,859 |
|
|
49,006 |
|
|
48,426 |
|
|
46,564 |
| Occupancy and equipment |
|
|
|
9,437 |
|
|
10,531 |
|
|
9,622 |
|
|
9,106 |
|
|
8,637 |
| Amortization of intangible assets |
|
|
|
4,555 |
|
|
4,798 |
|
|
4,961 |
|
|
4,949 |
|
|
4,263 |
| Acquisition expenses |
|
|
|
71 |
|
|
(8) |
|
|
794 |
|
|
580 |
|
|
22,896 |
| Other |
|
|
|
19,647 |
|
|
19,151 |
|
|
22,536 |
|
|
20,715 |
|
|
20,519 |
| Total operating expenses |
|
|
|
86,112 |
|
|
86,331 |
|
|
86,919 |
|
|
83,776 |
|
|
102,879 |
| Income before income taxes |
|
|
|
54,845 |
|
|
52,105 |
|
|
47,615 |
|
|
51,246 |
|
|
24,915 |
| Income taxes |
|
|
|
10,239 |
|
|
11,999 |
|
|
(24,411) |
|
|
16,003 |
|
|
7,724 |
| Net income |
|
|
|
$44,606 |
|
|
$40,106 |
|
|
$72,026 |
|
|
$35,243 |
|
|
$17,191 |
| Basic earnings per share |
|
|
|
$0.87 |
|
|
$0.78 |
|
|
$1.41 |
|
|
$0.69 |
|
|
$0.35 |
| Diluted earnings per share |
|
|
|
$0.86 |
|
|
$0.78 |
|
|
$1.40 |
|
|
$0.68 |
|
|
$0.35 |
| Profitability |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on assets |
|
|
|
1.66% |
|
|
1.52% |
|
|
2.66% |
|
|
1.29% |
|
|
0.69% |
| Return on equity |
|
|
|
10.91% |
|
|
10.00% |
|
|
17.88% |
|
|
8.81% |
|
|
4.74% |
| Return on tangible equity(2) |
|
|
|
20.58% |
|
|
19.11% |
|
|
34.11% |
|
|
16.74% |
|
|
7.72% |
| Noninterest income/operating income (FTE) (1) |
|
|
|
39.1% |
|
|
40.7% |
|
|
37.9% |
|
|
38.4% |
|
|
39.4% |
| Efficiency ratio |
|
|
|
57.2% |
|
|
57.8% |
|
|
57.8% |
|
|
56.8% |
|
|
58.3% |
| Components of Net Interest Margin (FTE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan yield |
|
|
|
4.58% |
|
|
4.53% |
|
|
4.43% |
|
|
4.37% |
|
|
4.41% |
| Cash equivalents yield |
|
|
|
1.73% |
|
|
1.54% |
|
|
1.19% |
|
|
1.09% |
|
|
0.99% |
| Investment yield |
|
|
|
2.65% |
|
|
2.60% |
|
|
2.81% |
|
|
2.69% |
|
|
2.87% |
| Earning asset yield |
|
|
|
3.91% |
|
|
3.87% |
|
|
3.89% |
|
|
3.81% |
|
|
3.87% |
| Interest-bearing deposit rate |
|
|
|
0.15% |
|
|
0.14% |
|
|
0.14% |
|
|
0.14% |
|
|
0.14% |
| Borrowing rate |
|
|
|
1.80% |
|
|
1.48% |
|
|
1.32% |
|
|
1.44% |
|
|
1.54% |
| Cost of all interest-bearing funds |
|
|
|
0.25% |
|
|
0.23% |
|
|
0.22% |
|
|
0.24% |
|
|
0.21% |
| Cost of funds (includes DDA) |
|
|
|
0.19% |
|
|
0.17% |
|
|
0.16% |
|
|
0.18% |
|
|
0.16% |
| Net interest margin (FTE) |
|
|
|
3.73% |
|
|
3.71% |
|
|
3.74% |
|
|
3.64% |
|
|
3.72% |
| Fully tax-equivalent adjustment |
|
|
|
$1,094 |
|
|
$1,118 |
|
|
$2,375 |
|
|
$2,381 |
|
|
$2,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Financial Data |
| (Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
2017 |
| |
|
|
|
2nd Qtr |
|
|
1st Qtr |
|
|
4th Qtr |
|
|
3rd Qtr |
|
|
2nd Qtr |
| Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans |
|
|
|
$6,250,739 |
|
|
$6,237,824 |
|
|
$6,274,679 |
|
|
$6,343,468 |
|
|
$5,695,781 |
| Cash equivalents |
|
|
|
170,745 |
|
|
90,406 |
|
|
34,223 |
|
|
26,986 |
|
|
52,956 |
| Taxable investment securities |
|
|
|
2,575,962 |
|
|
2,583,446 |
|
|
2,572,703 |
|
|
2,571,459 |
|
|
2,408,020 |
| Nontaxable investment securities |
|
|
|
457,254 |
|
|
468,773 |
|
|
491,578 |
|
|
511,182 |
|
|
526,962 |
| Total interest-earning assets |
|
|
|
9,454,700 |
|
|
9,380,449 |
|
|
9,373,183 |
|
|
9,453,095 |
|
|
8,683,719 |
| Total assets |
|
|
|
10,752,203 |
|
|
10,715,529 |
|
|
10,757,836 |
|
|
10,862,613 |
|
|
9,958,553 |
| Interest-bearing deposits |
|
|
|
6,282,098 |
|
|
6,219,052 |
|
|
6,206,663 |
|
|
6,230,591 |
|
|
6,021,696 |
| Borrowings |
|
|
|
397,101 |
|
|
453,114 |
|
|
449,377 |
|
|
541,036 |
|
|
346,975 |
| Total interest-bearing liabilities |
|
|
|
6,679,199 |
|
|
6,672,166 |
|
|
6,656,040 |
|
|
6,771,627 |
|
|
6,368,671 |
| Noninterest-bearing deposits |
|
|
|
2,287,722 |
|
|
2,268,778 |
|
|
2,307,155 |
|
|
2,307,205 |
|
|
1,948,434 |
| Shareholders' equity |
|
|
|
1,640,076 |
|
|
1,625,951 |
|
|
1,598,056 |
|
|
1,587,279 |
|
|
1,455,847 |
| Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
|
$250,154 |
|
|
$543,899 |
|
|
$221,038 |
|
|
$241,480 |
|
|
$219,695 |
| Investment securities |
|
|
|
2,983,352 |
|
|
3,032,642 |
|
|
3,081,379 |
|
|
3,125,218 |
|
|
3,145,013 |
| Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Business lending |
|
|
|
2,384,629 |
|
|
2,426,086 |
|
|
2,424,223 |
|
|
2,458,981 |
|
|
2,479,152 |
| Consumer mortgage |
|
|
|
2,210,051 |
|
|
2,211,882 |
|
|
2,220,298 |
|
|
2,206,527 |
|
|
2,211,412 |
| Consumer indirect |
|
|
|
1,063,679 |
|
|
1,008,198 |
|
|
1,011,978 |
|
|
1,034,716 |
|
|
1,057,664 |
| Home equity |
|
|
|
398,433 |
|
|
407,832 |
|
|
420,329 |
|
|
424,598 |
|
|
427,483 |
| Consumer direct |
|
|
|
181,217 |
|
|
173,032 |
|
|
179,929 |
|
|
183,898 |
|
|
185,589 |
| Total loans |
|
|
|
6,238,009 |
|
|
6,227,030 |
|
|
6,256,757 |
|
|
6,308,720 |
|
|
6,361,300 |
| Allowance for loan losses |
|
|
|
49,618 |
|
|
48,103 |
|
|
47,583 |
|
|
47,983 |
|
|
47,451 |
| Intangible assets, net |
|
|
|
816,127 |
|
|
820,584 |
|
|
825,088 |
|
|
824,355 |
|
|
831,403 |
| Other assets |
|
|
|
395,070 |
|
|
390,503 |
|
|
409,519 |
|
|
398,428 |
|
|
374,086 |
| Total assets |
|
|
|
10,633,094 |
|
|
10,966,555 |
|
|
10,746,198 |
|
|
10,850,218 |
|
|
10,884,046 |
| Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-bearing |
|
|
|
2,332,745 |
|
|
2,372,824 |
|
|
2,293,057 |
|
|
2,310,954 |
|
|
2,283,138 |
| Non-maturity interest-bearing |
|
|
|
5,439,101 |
|
|
5,642,109 |
|
|
5,377,059 |
|
|
5,495,377 |
|
|
5,508,504 |
| Time |
|
|
|
742,147 |
|
|
756,159 |
|
|
774,304 |
|
|
799,659 |
|
|
833,963 |
| Total deposits |
|
|
|
8,513,993 |
|
|
8,771,092 |
|
|
8,444,420 |
|
|
8,605,990 |
|
|
8,625,605 |
| Borrowings |
|
|
|
183,785 |
|
|
281,744 |
|
|
363,082 |
|
|
314,289 |
|
|
373,053 |
| Subordinated debt held by unconsolidated subsidiary trusts |
|
|
|
122,826 |
|
|
122,820 |
|
|
122,814 |
|
|
122,808 |
|
|
122,802 |
| Accrued interest and other liabilities |
|
|
|
155,531 |
|
|
159,433 |
|
|
180,567 |
|
|
213,886 |
|
|
189,686 |
| Total liabilities |
|
|
|
8,976,135 |
|
|
9,335,089 |
|
|
9,110,883 |
|
|
9,256,973 |
|
|
9,311,146 |
| Shareholders' equity |
|
|
|
1,656,959 |
|
|
1,631,466 |
|
|
1,635,315 |
|
|
1,593,245 |
|
|
1,572,900 |
| Total liabilities and shareholders' equity |
|
|
|
10,633,094 |
|
|
10,966,555 |
|
|
10,746,198 |
|
|
10,850,218 |
|
|
10,884,046 |
| Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tier 1 leverage ratio |
|
|
|
10.53% |
|
|
10.19% |
|
|
10.00% |
|
|
9.54% |
|
|
10.19% |
| Tangible equity/net tangible assets (2) |
|
|
|
9.00% |
|
|
8.42% |
|
|
8.61% |
|
|
8.36% |
|
|
8.08% |
| Diluted weighted average common shares O/S |
|
|
|
51,939 |
|
|
51,677 |
|
|
51,569 |
|
|
51,526 |
|
|
49,386 |
| Period end common shares outstanding |
|
|
|
51,086 |
|
|
50,884 |
|
|
50,696 |
|
|
50,587 |
|
|
50,512 |
| Cash dividends declared per common share |
|
|
|
$0.34 |
|
|
$0.34 |
|
|
$0.34 |
|
|
$0.34 |
|
|
$0.32 |
| Book value |
|
|
|
$32.43 |
|
|
$32.06 |
|
|
$32.26 |
|
|
$31.50 |
|
|
$31.14 |
| Tangible book value(2) |
|
|
|
$17.39 |
|
|
$16.88 |
|
|
$16.94 |
|
|
$16.70 |
|
|
$16.21 |
| Common stock price (end of period) |
|
|
|
$59.07 |
|
|
$53.56 |
|
|
$53.75 |
|
|
$55.25 |
|
|
$55.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Financial Data |
| (Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
2017 |
| |
|
|
|
2nd Qtr |
|
|
1st Qtr |
|
|
4th Qtr |
|
|
3rd Qtr |
|
|
2nd Qtr |
| Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonaccrual loans |
|
|
|
$22,807 |
|
|
$23,239 |
|
|
$24,740 |
|
|
$21,510 |
|
|
$21,033 |
| Accruing loans 90+ days delinquent |
|
|
|
6,532 |
|
|
6,425 |
|
|
2,706 |
|
|
1,861 |
|
|
1,882 |
| Total nonperforming loans |
|
|
|
29,339 |
|
|
29,664 |
|
|
27,446 |
|
|
23,371 |
|
|
22,915 |
| Other real estate owned (OREO) |
|
|
|
1,310 |
|
|
1,865 |
|
|
1,915 |
|
|
1,873 |
|
|
2,491 |
| Total nonperforming assets |
|
|
|
30,649 |
|
|
31,529 |
|
|
29,361 |
|
|
25,244 |
|
|
25,406 |
| Net charge-offs |
|
|
|
933 |
|
|
3,159 |
|
|
5,781 |
|
|
1,782 |
|
|
1,106 |
| Allowance for loan losses/loans outstanding |
|
|
|
0.80% |
|
|
0.77% |
|
|
0.76% |
|
|
0.76% |
|
|
0.75% |
| Nonperforming loans/loans outstanding |
|
|
|
0.47% |
|
|
0.48% |
|
|
0.44% |
|
|
0.37% |
|
|
0.36% |
| Allowance for loan losses/nonperforming loans |
|
|
|
169% |
|
|
162% |
|
|
173% |
|
|
205% |
|
|
207% |
| Net charge-offs/average loans |
|
|
|
0.06% |
|
|
0.21% |
|
|
0.37% |
|
|
0.11% |
|
|
0.08% |
| Delinquent loans/ending loans |
|
|
|
0.89% |
|
|
1.01% |
|
|
1.10% |
|
|
1.05% |
|
|
0.99% |
| Loan loss provision/net charge-offs |
|
|
|
262% |
|
|
116% |
|
|
93% |
|
|
130% |
|
|
132% |
| Nonperforming assets/total assets |
|
|
|
0.29% |
|
|
0.29% |
|
|
0.27% |
|
|
0.23% |
|
|
0.23% |
| Asset Quality (excluding loans acquired since 1/1/09) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonaccrual loans |
|
|
|
$14,644 |
|
|
$15,161 |
|
|
$16,020 |
|
|
$15,069 |
|
|
$14,359 |
| Accruing loans 90+ days delinquent |
|
|
|
6,243 |
|
|
5,894 |
|
|
2,502 |
|
|
1,589 |
|
|
1,640 |
| Total nonperforming loans |
|
|
|
20,887 |
|
|
21,055 |
|
|
18,522 |
|
|
16,658 |
|
|
15,999 |
| Other real estate owned (OREO) |
|
|
|
1,025 |
|
|
1,336 |
|
|
1,221 |
|
|
1,257 |
|
|
1,681 |
| Total nonperforming assets |
|
|
|
21,912 |
|
|
22,391 |
|
|
19,743 |
|
|
17,915 |
|
|
17,680 |
| Net charge-offs |
|
|
|
552 |
|
|
1,800 |
|
|
2,279 |
|
|
1,624 |
|
|
692 |
| Allowance for loan losses/loans outstanding |
|
|
|
0.98% |
|
|
0.97% |
|
|
0.98% |
|
|
1.00% |
|
|
1.01% |
| Nonperforming loans/loans outstanding |
|
|
|
0.43% |
|
|
0.45% |
|
|
0.40% |
|
|
0.36% |
|
|
0.35% |
| Allowance for loan losses/nonperforming loans |
|
|
|
225% |
|
|
216% |
|
|
244% |
|
|
276% |
|
|
284% |
| Net charge-offs/average loans |
|
|
|
0.05% |
|
|
0.16% |
|
|
0.20% |
|
|
0.14% |
|
|
0.06% |
| Delinquent loans/ending loans |
|
|
|
0.91% |
|
|
1.01% |
|
|
1.12% |
|
|
1.16% |
|
|
1.06% |
| Loan loss provision/net charge-offs |
|
|
|
364% |
|
|
122% |
|
|
67% |
|
|
125% |
|
|
153% |
| Nonperforming assets/total assets |
|
|
|
0.24% |
|
|
0.24% |
|
|
0.22% |
|
|
0.20% |
|
|
0.20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Financial Data |
| (Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
2017 |
| |
|
|
|
2nd Qtr |
|
|
1st Qtr |
|
|
4th Qtr |
|
|
3rd Qtr |
|
|
2nd Qtr |
| Quarterly GAAP to Non-GAAP Reconciliations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income statement data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (GAAP) |
|
|
|
$44,606 |
|
|
$40,106 |
|
|
$72,026 |
|
|
$35,243 |
|
|
$17,191 |
| Acquisition expenses |
|
|
|
71 |
|
|
(8) |
|
|
794 |
|
|
580 |
|
|
22,896 |
| Tax effect of acquisition expenses |
|
|
|
(13) |
|
|
2 |
|
|
(227) |
|
|
(181) |
|
|
(7,098) |
| Tax Cuts and Jobs Act deferred tax impact |
|
|
|
0 |
|
|
0 |
|
|
(38,010) |
|
|
0 |
|
|
0 |
| Subtotal (non-GAAP) |
|
|
|
44,664 |
|
|
40,100 |
|
|
34,583 |
|
|
35,642 |
|
|
32,989 |
| Amortization of intangibles |
|
|
|
4,555 |
|
|
4,798 |
|
|
4,961 |
|
|
4,949 |
|
|
4,263 |
| Tax effect of amortization of intangibles |
|
|
|
(850) |
|
|
(1,105) |
|
|
(1,417) |
|
|
(1,545) |
|
|
(1,322) |
| Subtotal (non-GAAP) |
|
|
|
48,369 |
|
|
43,793 |
|
|
38,127 |
|
|
39,046 |
|
|
35,930 |
| Acquired non-impaired loan accretion |
|
|
|
(2,040) |
|
|
(2,063) |
|
|
(1,930) |
|
|
(1,879) |
|
|
(1,642) |
| Tax effect of acquired non-impaired loan accretion |
|
|
|
381 |
|
|
475 |
|
|
551 |
|
|
587 |
|
|
509 |
| Adjusted net income (non-GAAP) |
|
|
|
$46,710 |
|
|
$42,205 |
|
|
$36,748 |
|
|
$37,754 |
|
|
$34,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted net income (non-GAAP) |
|
|
|
$46,710 |
|
|
$42,205 |
|
|
$36,748 |
|
|
$37,754 |
|
|
$34,797 |
| Average total assets |
|
|
|
10,752,203 |
|
|
10,715,529 |
|
|
10,757,836 |
|
|
10,862,613 |
|
|
9,958,553 |
| Adjusted return on average assets |
|
|
|
1.74% |
|
|
1.60% |
|
|
1.36% |
|
|
1.38% |
|
|
1.40% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted net income (non-GAAP) |
|
|
|
$46,710 |
|
|
$42,205 |
|
|
$36,748 |
|
|
$37,754 |
|
|
$34,797 |
| Average total equity |
|
|
|
1,640,076 |
|
|
1,625,951 |
|
|
1,598,056 |
|
|
1,587,279 |
|
|
1,455,847 |
| Adjusted return on average equity |
|
|
|
11.42% |
|
|
10.53% |
|
|
9.12% |
|
|
9.44% |
|
|
9.59% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted earnings per share (GAAP) |
|
|
|
$0.86 |
|
|
$0.78 |
|
|
$1.40 |
|
|
$0.68 |
|
|
$0.35 |
| Acquisition expenses |
|
|
|
0.00 |
|
|
0.00 |
|
|
0.02 |
|
|
0.01 |
|
|
0.46 |
| Tax effect of acquisition expenses |
|
|
|
0.00 |
|
|
0.00 |
|
|
(0.01) |
|
|
0.00 |
|
|
(0.14)
|
| Tax Cuts and Jobs Act deferred tax impact |
|
|
|
0.00 |
|
|
0.00 |
|
|
(0.74) |
|
|
0.00 |
|
|
0.00 |
| Subtotal (non-GAAP) |
|
|
|
0.86 |
|
|
0.78 |
|
|
0.67 |
|
|
0.69 |
|
|
0.67 |
| Amortization of intangibles |
|
|
|
0.09 |
|
|
0.09 |
|
|
0.10 |
|
|
0.09 |
|
|
0.09 |
| Tax effect of amortization of intangibles |
|
|
|
(0.02) |
|
|
(0.02) |
|
|
(0.03) |
|
|
(0.03) |
|
|
(0.03) |
| Subtotal (non-GAAP) |
|
|
|
0.93 |
|
|
0.85 |
|
|
0.74 |
|
|
0.75 |
|
|
0.73 |
| Acquired non-impaired loan accretion |
|
|
|
(0.04) |
|
|
(0.04) |
|
|
(0.04) |
|
|
(0.04) |
|
|
(0.03) |
| Tax effect of acquired non-impaired loan accretion |
|
|
|
0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
0.01 |
|
|
0.01 |
| Diluted adjusted net earnings per share (non-GAAP) |
|
|
|
0.90 |
|
|
0.82 |
|
|
0.71 |
|
|
0.72 |
|
|
0.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest expenses (GAAP) |
|
|
|
$86,112 |
|
|
$86,331 |
|
|
$86,919 |
|
|
$83,776 |
|
|
$102,879 |
| Amortization of intangibles |
|
|
|
(4,555) |
|
|
(4,798) |
|
|
(4,961) |
|
|
(4,949) |
|
|
(4,263) |
| Acquisition expenses |
|
|
|
(71) |
|
|
8 |
|
|
(794) |
|
|
(580) |
|
|
(22,896) |
| Total adjusted noninterest expenses (non-GAAP) |
|
|
|
$81,486 |
|
|
81,541 |
|
|
81,164 |
|
|
78,247 |
|
|
75,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Efficiency ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted noninterest expenses (non-GAAP) - numerator |
|
|
|
$81,486 |
|
|
$81,541 |
|
|
$81,164 |
|
|
$78,247 |
|
|
$75,720 |
| Tax-equivalent net interest income |
|
|
|
87,940 |
|
|
85,742 |
|
|
88,352 |
|
|
86,776 |
|
|
80,403 |
| Noninterest revenues |
|
|
|
56,559 |
|
|
57,491 |
|
|
53,938 |
|
|
52,941 |
|
|
51,226 |
| Acquired non-impaired loan accretion |
|
|
|
(2,040) |
|
|
(2,063) |
|
|
(1,930) |
|
|
(1,879) |
|
|
(1,642) |
| Unrealized loss on equity securities |
|
|
|
21 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
| Operating revenues (non-GAAP) - denominator |
|
|
|
142,480 |
|
|
141,170 |
|
|
140,360 |
|
|
137,838 |
|
|
129,987 |
| Efficiency ratio (non-GAAP) |
|
|
|
57.2% |
|
|
57.8% |
|
|
57.8% |
|
|
56.8% |
|
|
58.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Financial Data |
| (Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
2017 |
| |
|
|
|
2nd Qtr |
|
|
1st Qtr |
|
|
4th Qtr |
|
|
3rd Qtr |
|
|
2nd Qtr |
| Quarterly GAAP to Non-GAAP Reconciliations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance sheet data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets (GAAP) |
|
|
|
$10,633,094 |
|
|
$10,966,555 |
|
|
$10,746,198 |
|
|
$10,850,218 |
|
|
$10,884,046 |
| Intangible assets |
|
|
|
(816,127) |
|
|
(820,584) |
|
|
(825,088) |
|
|
(824,355) |
|
|
(831,403) |
| Deferred taxes on intangible assets |
|
|
|
47,334 |
|
|
47,904 |
|
|
48,419 |
|
|
75,820 |
|
|
77,097 |
| Total tangible assets (non-GAAP) |
|
|
|
9,864,301 |
|
|
10,193,875 |
|
|
9,969,529 |
|
|
10,101,683 |
|
|
10,129,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total common equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders' Equity (GAAP) |
|
|
|
1,656,959 |
|
|
1,631,466 |
|
|
1,635,315 |
|
|
1,593,245 |
|
|
1,572,900 |
| Intangible assets |
|
|
|
(816,127) |
|
|
(820,584) |
|
|
(825,088) |
|
|
(824,355) |
|
|
(831,403) |
| Deferred taxes on intangible assets |
|
|
|
47,334 |
|
|
47,904 |
|
|
48,419 |
|
|
75,820 |
|
|
77,097 |
| Total tangible common equity (non-GAAP) |
|
|
|
888,166 |
|
|
858,786 |
|
|
858,646 |
|
|
844,710 |
|
|
818,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net tangible equity-to-assets ratio at quarter end |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total tangible common equity (non-GAAP) - numerator |
|
|
|
$888,166 |
|
|
$858,786 |
|
|
$858,646 |
|
|
$844,710 |
|
|
$818,594 |
| Total tangible assets (non-GAAP) - denominator |
|
|
|
9,864,301 |
|
|
10,193,875 |
|
|
9,969,529 |
|
|
10,101,683 |
|
|
10,129,740 |
| Net tangible equity-to-assets ratio at quarter end (non-GAAP) |
|
|
|
9.00% |
|
|
8.42% |
|
|
8.61% |
|
|
8.36% |
|
|
8.08% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| (1) Excludes gains and losses on sales of
investment securities. |
| (2) Includes deferred tax liabilities related
to certain intangible assets. |
| |
Community Bank System, Inc.
Joseph E. Sutaris, 315-445-7396
EVP & Chief Financial Officer
View source version on businesswire.com: https://www.businesswire.com/news/home/20180723005100/en/