Attached files
| file | filename |
|---|---|
| 8-K - CBNA 8-K 2011 2ND QUARTER - COMMUNITY BANK SYSTEM, INC. | cbna8k2011q2.htm |
Exhibit 99.1
 |
News Release |
COMMUNITY BANK SYSTEM, INC.
| 5790 Widewaters Parkway, DeWitt, N.Y. 13214 | For further information, please contact: |
Scott A. Kingsley,
EVP & Chief Financial Officer
Office: (315) 445-3121
Community Bank System Reports Record Second Quarter Operating Results and Increases Dividend
Cash dividend increased 8%, the 19th consecutive year of increased dividends
SYRACUSE, N.Y. — July 26, 2011 — Community Bank System, Inc. (NYSE: CBU) reported second quarter 2011 net income of $18.0 million ($0.49 per share), an increase of 11.3% over the $16.2 million reported for the second quarter of 2010. The second quarter 2011 results included $3.6 million ($0.07 per share) of acquisition expenses related to the Company’s purchase of The Wilber Corporation, completed in early April. Excluding acquisition expenses and special charges, earnings per share were up 16.7% over the prior year to $0.56, a record for the Company’s second quarter. 2011 year-to-date earnings of $34.1 million, or $0.96 per share, include $4.3 million ($0.09 per share) of acquisition expenses.
Total revenue for the second quarter of 2011 was $76.9 million, an increase of $8.6 million, or 12.6%, over the second quarter of last year. The higher revenue was a result of a 16.2% increase in average earning assets, principally from the Wilber acquisition, and a three-basis point improvement in the Company’s net interest margin to 4.13%. The quarterly provision for loan losses of $1.1 million was $1.0 million lower than the second quarter of 2010, reflective of lower net charge-offs and the continuation of generally stable and favorable asset quality metrics. Total operating expenses were $51.1 million for the quarter, including $3.6 million of acquisition expenses related to Wilber. Recurring operating expenses of $47.5 million (excluding acquisition expenses and special charges) for the quarter were $3.5 million, or 7.9%, higher than the second quarter of 2010, reflective of the additional operating costs from the Wilber acquisition, partially offset by lower intangible amortization.
“With record operating earnings in each of the first two quarters, the closing of a strategic acquisition and continued strong operating metrics, we are well positioned for the second half of 2011,” said President and Chief Executive Officer Mark E. Tryniski. “Our team is successfully integrating the former Wilber National Bank branch locations that mark our substantive entry into the eastern half of Upstate New York. This acquisition remains an exciting and significant opportunity to expand our Upstate New York service area. We entered this contiguous region with significant market presence, attractive deposit share and a history of effectively attracting and retaining customers in areas with similar demographic characteristics. In addition, it would be difficult to overstate the importance of our ability to continue to deliver superior asset quality in relation to our bottom line performance. With second quarter net charge-offs of $0.7 million, or 0.08% of average loans, and nonperforming loans to total loans of 0.58%, the quality of our loan portfolio remains a significant operating strength.”
Second quarter net interest income grew to $54.2 million, an increase of 17.9% above the second quarter of 2010, resulting from an increase in interest-earning assets and a higher net interest margin. The Company has productively reinvested most of its cash flow generation during the last year, while still retaining a significant net liquidity position, which grew slightly in the second quarter with the Wilber acquisition. Low market interest rates and continued disciplined deposit pricing resulted in a 25-basis point reduction in the total cost of funds, compared to the second quarter of 2010. This was offset by a 24-basis point decline in earning asset yields, including cash equivalents, reflective of lower yields on both investment securities and loans. On a linked quarter basis the Company’s net interest margin improved five basis points, including the positive impact of acquisition-related, fair value accounting accretion.
Community Bank System, Inc.
Page 2 of 7
Second quarter non-interest income of $22.8 million was 1.7% higher than the second quarter of last year. The Company’s employee benefits administration and consulting businesses grew revenues by 8.2% over last year’s second quarter, and its wealth management group (including activities from the Wilber acquisition) generated a 4.3% revenue improvement. Mortgage banking revenues were up $0.4 million from last year’s second quarter, related entirely to the recovery of previously recognized impairments of mortgage servicing rights. These improvements in non-interest income were partially offset by a $0.8 million, or 7.5 % reduction in deposit service fees, principally related to lower customer utilization of certain fee-based deposit services, including overdraft protection programs.
Quarterly operating expenses of $47.5 million (excluding acquisition expenses and special charges) were $3.5 million, or 7.9% above the second quarter of 2010, reflective of additional operating costs associated with the Wilber acquisition completed in early April, offset slightly by a decline in FDIC insurance costs and lower amortization of intangible assets.
Financial Position
Average earning assets for the second quarter of $5.66 billion were $740.3 million above the first quarter of 2011, and 16.2% higher than the second quarter of last year. Ending loans increased $477.7 million from March 2011, reflective of the Wilber acquisition which added approximately $444 million of net loans, as well as nearly $34 million of organic loan growth in the quarter, driven primarily by increases in consumer installment balances. In addition, a significant portion of the Company’s new, low-rate mortgage originations continued to be sold into the secondary market during the quarter. Average investment securities, including cash equivalents of $177.2 million, increased $292.0 million in the quarter, principally as a result of the Wilber transaction. Quarterly average deposits were $704.0 million higher than the first quarter of 2011, and 17.9% higher than the second quarter of 2010, including relationships acquired from Wilber. Average borrowings for the quarter of $839.0 million were up slightly from both the first quarter of 2011 and the second quarter of last year. Quarter-end shareholders’ equity of $730.1 million was $106.0 million higher than March 31, 2011, and included the issuance of 3.4 million additional shares in conjunction with the Wilber acquisition. The Company’s net tangible equity to net tangible assets ratio improved to 6.44% at quarter-end, up 52 basis points from the end of last year’s second quarter.
“We continued to improve operating results in the second quarter of 2011 despite soft commercial market conditions,” said Mr. Tryniski. “A very successful first quarter of results from the Wilber acquisition, combined with organic consumer loan growth and the continuation of favorable asset quality enabled us to produce record second quarter operating earnings, reflecting the effectiveness of our disciplined and balanced approach to business.”
Asset Quality
Second quarter net charge-offs were $0.7 million, compared to $1.4 million in the first quarter of 2011, and $1.5 million in the second quarter of 2010, reflective of the Company’s stable and favorable asset quality profile.
Nonperforming loans as a percentage of total loans at June 30, 2011 were 0.58%, down slightly from 0.59% at the end of March 2011, and 0.68% at June 30, 2010. The total delinquency ratio of 1.49% was up three basis points from March 31, 2011, and four basis points from the 1.45% level reported at June 30, 2010. Quarter-end nonperforming assets to total assets of 0.37%, was four basis points lower than the end of last year’s second quarter, but up two basis points from the end of March. These favorable asset quality metrics continue to be noticeably better than comparative peer and industry averages and illustrate the long-term effectiveness of the Company’s disciplined risk management and underwriting standards.
Community Bank System, Inc.
Page 3 of 7
The second quarter provision for loan losses of $1.1 million was $1.0 million lower than the second quarter of 2010 and even with the first quarter of 2011. The second quarter’s provision was $0.38 million higher than quarterly net charge-offs, indicative of generally stable delinquency ratios and non-performing asset levels and a net increase in total loan balances. The ratio of allowance for loan losses to total loans outstanding was 1.22% as of June 30, 2011 (1.40% excluding acquired Wilber loans), consistent with the 1.40% reported at both March 31, 2011 and December 31, 2010, and slightly above the 1.38% level at the end of the second quarter of 2010.
Community Bank System Completes the Acquisition of The Wilber Corporation
On April 8, 2011, the Company completed the acquisition of The Wilber Corporation (NYSE Amex: GIW), parent company of the Wilber National Bank based in Oneonta, NY, for approximately $103 million in stock and cash. The acquisition extends the Bank’s New York service area to the contiguous Central, Greater Capital, and Catskills regions of Upstate New York. Upon the completion of the merger, Community Bank added 22 branch locations in eight counties, net loans of approximately $464 million, and customer deposits of nearly $772 million.
Dividend Increase
The Company’s Board of Directors approved a $0.02, or 8.3% increase in its quarterly dividend on its common stock to $0.26 per share, payable on October 7, 2011, to shareholders of record as of September 15, 2011. The increased cash dividend represents an annualized yield of 4.2% based on the Company’s closing price of $24.77 on July 25, 2011, and is the nineteenth (19th) consecutive year of dividend increases for the Company. Mr. Tryniski commented, “The payment of a meaningful dividend is an important component of our commitment to provide consistent and favorable long-term returns to our shareholders. This increase reflects the strength of both our current operating performance and capital position.”
Conference Call Scheduled
Company management will conduct an investor call at 11:00 a.m. (ET) tomorrow (July 27, 2011) to discuss second quarter results. The conference call can be accessed at 1-866-337-4015 (1-904-271-2003 if outside United States and Canada). An audio recording will be available one hour after the call until September 30, 2011, and may be accessed at 1-888-284-7564 (1-904-596-3174 if outside the United States and Canada) and entering access code 2669551. Investors may also listen live via the Internet at: http://www.videonewswire.com/event.asp?id=80868.
This webcast will be archived on this site for one full year and may be accessed at any point during this time at no cost. This earnings release, including supporting financial tables, is available within the Investor Relations / News & Media section of the company's website at: http://www.communitybankna.com.
Headquartered in DeWitt, N.Y., Community Bank System, Inc. has $6.4 billion in assets and over 170 customer facilities. The Company’s banking subsidiary, Community Bank, N.A. operates across Upstate New York and Northeastern Pennsylvania, where it conducts business as First Liberty Bank & Trust. Its other subsidiaries include: Benefit Plans Administrative Services, Inc., an employee benefits consulting and trust administration firm with offices in Upstate New York, Pittsburgh and Philadelphia, Pennsylvania and Houston, Texas; the CBNA Insurance Agency, with offices in four northern New York communities; Community Investment Services, a broker-dealer delivering financial products throughout the Company's branch network; and Nottingham Advisors, a wealth management and advisory firm with offices in Buffalo, N.Y. and North Palm Beach, Florida. For more information, visit: www.communitybankna.com or www.firstlibertybank.com.
Community Bank System, Inc.
Page 4 of 7
|
Summary of Financial Data
|
||||
|
(Dollars in thousands, except per share data)
|
||||
|
Quarter Ended
|
Year-to-date
|
|||
|
June 30, 2011
|
June 30, 2010
|
June 30, 2011
|
June 30, 2010
|
|
|
Earnings
|
||||
|
Loan income
|
$49,471
|
$44,851
|
$91,768
|
$89,524
|
|
Investment income
|
20,379
|
17,772
|
38,369
|
34,151
|
|
Total interest income
|
69,850
|
62,623
|
130,137
|
123,675
|
|
Interest expense
|
15,663
|
16,678
|
30,427
|
34,448
|
|
Net interest income
|
54,187
|
45,945
|
99,710
|
89,227
|
|
Provision for loan losses
|
1,050
|
2,050
|
2,100
|
3,870
|
|
Net interest income after provision for loan losses
|
53,137
|
43,895
|
97,610
|
85,357
|
|
Deposit service fees
|
10,488
|
11,337
|
20,173
|
21,856
|
|
Mortgage banking revenues
|
982
|
592
|
1,378
|
1,075
|
|
Other banking services
|
645
|
523
|
1,043
|
963
|
|
Trust, investment and asset management fees
|
2,782
|
2,666
|
4,962
|
5,042
|
|
Benefit plan administration, consulting and actuarial fees
|
7,854
|
7,260
|
16,037
|
15,159
|
|
Investment securities and debt extinguishment gain, net
|
14
|
0
|
14
|
0
|
|
Total noninterest income
|
22,765
|
22,378
|
43,607
|
44,095
|
|
Salaries and employee benefits
|
25,531
|
22,509
|
48,642
|
45,445
|
|
Occupancy and equipment and furniture
|
6,253
|
5,614
|
12,310
|
11,839
|
|
Amortization of intangible assets
|
1,189
|
1,849
|
2,090
|
3,708
|
|
FDIC insurance
|
1,177
|
1,485
|
2,538
|
3,057
|
|
Acquisition expenses & special charges
|
3,617
|
199
|
4,308
|
199
|
|
Other
|
13,359
|
12,564
|
24,554
|
24,165
|
|
Total operating expenses
|
51,126
|
44,220
|
94,442
|
88,413
|
|
Income before income taxes
|
24,776
|
22,053
|
46,775
|
41,039
|
|
Income taxes
|
6,790
|
5,891
|
12,629
|
10,875
|
|
Net income
|
$17,986
|
$16,162
|
$34,146
|
$30,164
|
|
Basic earnings per share
|
$0.49
|
$0.49
|
$0.97
|
$0.91
|
|
Diluted earnings per share
|
$0.49
|
$0.48
|
$0.96
|
$0.90
|
Community Bank System, Inc.
Page 5 of 7
|
Summary of Financial Data
|
|||||
|
(Dollars in thousands, except per share data)
|
|||||
|
2011
|
2010
|
||||
|
2nd Qtr
|
1st Qtr
|
4th Qtr
|
3rd Qtr
|
2nd Qtr
|
|
|
Earnings
|
|||||
|
Loan income
|
$49,471
|
$42,297
|
$44,085
|
$45,094
|
$44,851
|
|
Investment income
|
20,379
|
17,990
|
17,924
|
17,503
|
17,772
|
|
Total interest income
|
69,850
|
60,287
|
62,009
|
62,597
|
62,623
|
|
Interest expense
|
15,663
|
14,764
|
15,876
|
16,273
|
16,678
|
|
Net interest income
|
54,187
|
45,523
|
46,133
|
46,324
|
45,945
|
|
Provision for loan losses
|
1,050
|
1,050
|
1,935
|
1,400
|
2,050
|
|
Net interest income after provision for loan losses
|
53,137
|
44,473
|
44,198
|
44,924
|
43,895
|
|
Deposit service fees
|
10,488
|
9,685
|
10,321
|
11,180
|
11,337
|
|
Mortgage banking revenues
|
982
|
396
|
1,408
|
1,215
|
592
|
|
Other banking services
|
645
|
398
|
462
|
863
|
523
|
|
Trust, investment and asset management fees
|
2,782
|
2,180
|
2,391
|
2,400
|
2,666
|
|
Benefit plan administration, consulting and actuarial fees
|
7,854
|
8,183
|
7,201
|
7,256
|
7,260
|
|
Investment securities and debt extinguishment gain, net
|
14
|
0
|
0
|
0
|
0
|
|
Total noninterest income
|
22,765
|
20,842
|
21,783
|
22,914
|
22,378
|
|
Salaries and employee benefits
|
25,531
|
23,111
|
22,900
|
23,056
|
22,509
|
|
Occupancy and equipment and furniture
|
6,253
|
6,057
|
5,520
|
5,574
|
5,614
|
|
Amortization of intangible assets
|
1,189
|
901
|
972
|
1,277
|
1,849
|
|
FDIC insurance
|
1,177
|
1,361
|
1,182
|
1,599
|
1,485
|
|
Acquisition expenses & special charges
|
3,617
|
691
|
1,107
|
57
|
199
|
|
Other
|
13,359
|
11,195
|
12,440
|
12,789
|
12,564
|
|
Total operating expenses
|
51,126
|
43,316
|
44,121
|
44,352
|
44,220
|
|
Income before income taxes
|
24,776
|
21,999
|
21,860
|
23,486
|
22,053
|
|
Income taxes
|
6,790
|
5,839
|
5,966
|
6,224
|
5,891
|
|
Net income
|
$17,986
|
$16,160
|
$15,894
|
$17,262
|
$16,162
|
|
Basic earnings per share
|
$0.49
|
$0.48
|
$0.48
|
$0.52
|
$0.49
|
|
Diluted earnings per share
|
$0.49
|
$0.48
|
$0.47
|
$0.51
|
$0.48
|
|
Profitability
|
|||||
|
Return on assets
|
1.14%
|
1.19%
|
1.15%
|
1.25%
|
1.19%
|
|
Return on equity
|
10.15%
|
10.70%
|
10.27%
|
11.28%
|
11.12%
|
|
Noninterest income/operating income (FTE) (1)
|
28.7%
|
29.6%
|
30.3%
|
31.4%
|
31.0%
|
|
Efficiency ratio (2)
|
58.4%
|
59.3%
|
57.9%
|
57.9%
|
58.0%
|
|
Components of Net Interest Margin (FTE)
|
|||||
|
Loan yield
|
5.77%
|
5.73%
|
5.73%
|
5.81%
|
5.87%
|
|
Cash equivalents yield
|
0.24%
|
0.25%
|
0.25%
|
0.27%
|
0.25%
|
|
Investment yield
|
4.75%
|
5.01%
|
5.00%
|
4.84%
|
4.97%
|
|
Earning asset yield
|
5.24%
|
5.30%
|
5.36%
|
5.41%
|
5.48%
|
|
Interest-bearing deposit rate
|
0.70%
|
0.75%
|
0.86%
|
0.90%
|
0.96%
|
|
Borrowing rate
|
4.24%
|
4.28%
|
4.28%
|
4.28%
|
4.28%
|
|
Cost of all interest-bearing funds
|
1.34%
|
1.47%
|
1.56%
|
1.59%
|
1.64%
|
|
Cost of funds (includes DDA)
|
1.14%
|
1.25%
|
1.32%
|
1.35%
|
1.39%
|
|
Net interest margin (FTE)
|
4.13%
|
4.08%
|
4.07%
|
4.08%
|
4.10%
|
|
Fully tax-equivalent adjustment
|
$4,018
|
$3,969
|
$3,865
|
$3,788
|
$3,835
|
Community Bank System, Inc.
Page 6 of 7
|
Summary of Financial Data
|
|||||
|
(Dollars in thousands, except per share data)
|
|||||
|
2011
|
2010
|
||||
|
2nd Qtr
|
1st Qtr
|
4th Qtr
|
3rd Qtr
|
2nd Qtr
|
|
|
Average Balances
|
|||||
|
Loans
|
$3,454,246
|
$3,005,926
|
$3,061,060
|
$3,088,590
|
$3,074,259
|
|
Cash equivalents
|
177,154
|
159,044
|
105,242
|
50,484
|
64,731
|
|
Taxable investment securities
|
1,447,816
|
1,188,182
|
1,159,110
|
1,182,243
|
1,204,551
|
|
Nontaxable investment securities
|
579,795
|
565,564
|
554,014
|
550,660
|
524,697
|
|
Total interest-earning assets
|
5,659,011
|
4,918,716
|
4,879,426
|
4,871,977
|
4,868,238
|
|
Total assets
|
6,313,391
|
5,487,618
|
5,481,129
|
5,474,952
|
5,454,073
|
|
Interest-bearing deposits
|
3,864,671
|
3,234,986
|
3,206,327
|
3,217,831
|
3,252,025
|
|
Borrowings
|
839,003
|
830,454
|
831,025
|
832,568
|
837,356
|
|
Total interest-bearing liabilities
|
4,703,674
|
4,065,440
|
4,037,352
|
4,050,399
|
4,089,381
|
|
Noninterest-bearing deposits
|
813,789
|
739,515
|
743,698
|
736,203
|
717,171
|
|
Shareholders' equity
|
$710,765
|
$612,559
|
$613,734
|
$606,912
|
$582,715
|
|
Balance Sheet Data
|
|||||
|
Cash and cash equivalents
|
$273,693
|
$296,938
|
$211,837
|
$179,556
|
$133,967
|
|
Investment securities
|
2,088,105
|
1,792,246
|
1,742,324
|
1,769,149
|
1,757,967
|
|
Loans:
|
|||||
|
Business lending
|
1,290,893
|
1,006,114
|
1,023,286
|
1,045,849
|
1,061,828
|
|
Consumer mortgage
|
1,149,219
|
1,055,164
|
1,057,332
|
1,065,297
|
1,064,471
|
|
Consumer installment - indirect
|
549,449
|
500,058
|
494,813
|
508,502
|
511,810
|
|
Home equity
|
330,213
|
299,925
|
305,936
|
312,396
|
312,118
|
|
Consumer installment - direct
|
158,376
|
139,183
|
144,996
|
148,353
|
140,924
|
|
Total loans
|
3,478,150
|
3,000,444
|
3,026,363
|
3,080,397
|
3,091,151
|
|
Allowance for loan losses
|
42,531
|
42,147
|
42,510
|
42,610
|
42,603
|
|
Intangible assets
|
363,015
|
311,076
|
311,714
|
312,686
|
313,963
|
|
Other assets
|
230,053
|
190,815
|
194,778
|
197,039
|
193,357
|
|
Total assets
|
6,390,485
|
5,549,372
|
5,444,506
|
5,496,217
|
5,447,802
|
|
Deposits:
|
|||||
|
Noninterest-bearing
|
849,071
|
754,892
|
741,166
|
738,994
|
713,544
|
|
Non-maturity interest-bearing
|
2,721,589
|
2,361,312
|
2,272,013
|
2,253,447
|
2,203,686
|
|
Time
|
1,186,442
|
904,827
|
920,866
|
973,894
|
1,022,745
|
|
Total deposits
|
4,757,102
|
4,021,031
|
3,934,045
|
3,966,335
|
3,939,975
|
|
Borrowings
|
728,441
|
728,385
|
728,460
|
729,508
|
729,557
|
|
Subordinated debt held by unconsolidated subsidiary trusts
|
102,036
|
102,030
|
102,024
|
102,018
|
102,012
|
|
Other liabilities
|
72,835
|
73,826
|
72,719
|
82,556
|
76,438
|
|
Total liabilities
|
5,660,414
|
4,925,272
|
4,837,248
|
4,880,417
|
4,847,982
|
|
Shareholders' equity
|
730,071
|
624,100
|
607,258
|
615,800
|
599,820
|
|
Total liabilities and shareholders' equity
|
6,390,485
|
5,549,372
|
5,444,506
|
5,496,217
|
5,447,802
|
|
Capital
|
|||||
|
Tier 1 leverage ratio
|
8.06%
|
8.42%
|
8.23%
|
7.99%
|
7.75%
|
|
Tangible equity / net tangible assets (3)
|
6.44%
|
6.36%
|
6.14%
|
6.21%
|
5.92%
|
|
Diluted weighted average common shares O/S
|
37,061
|
33,989
|
33,786
|
33,606
|
33,570
|
|
Period end common shares outstanding
|
36,807
|
33,429
|
33,319
|
33,162
|
33,146
|
|
Cash dividends declared per common share
|
$0.24
|
$0.24
|
$0.24
|
$0.24
|
$0.24
|
|
Book value
|
$19.84
|
$18.67
|
$18.23
|
$18.57
|
$18.10
|
|
Tangible book value(3)
|
$10.59
|
$10.01
|
$9.49
|
$9.74
|
$9.20
|
|
Common stock price (end of period)
|
$24.79
|
$24.27
|
$27.77
|
$23.01
|
$22.03
|
Community Bank System, Inc.
Page 7 of 7
|
Summary of Financial Data
|
|||||
|
(Dollars in thousands, except per share data)
|
|||||
|
2011
|
2010
|
||||
|
2nd Qtr
|
1st Qtr
|
4th Qtr |
3rd Qtr
|
2nd Qtr
|
|
|
Asset Quality
|
|||||
|
Nonaccrual loans
|
$17,833
|
$14,953
|
$15,378
|
$16,025
|
$18,798
|
|
Accruing loans 90+ days delinquent
|
2,498
|
2,774
|
3,091
|
1,863
|
2,076
|
|
Total nonperforming loans
|
20,331
|
17,727
|
18,469
|
17,888
|
20,874
|
|
Other real estate owned (OREO)
|
3,269
|
1,945
|
2,011
|
2,689
|
1,555
|
|
Total nonperforming assets
|
23,600
|
19,672
|
20,480
|
20,577
|
22,429
|
|
Net charge-offs
|
666
|
1,413
|
2,035
|
1,393
|
1,542
|
|
Loan loss allowance/loans outstanding
|
1.22%
|
1.40%
|
1.40%
|
1.38%
|
1.38%
|
|
Nonperforming loans/loans outstanding
|
0.58%
|
0.59%
|
0.61%
|
0.58%
|
0.68%
|
|
Loan loss allowance/nonperforming loans
|
209%
|
238%
|
230%
|
238%
|
204%
|
|
Net charge-offs/average loans
|
0.08%
|
0.19%
|
0.26%
|
0.18%
|
0.20%
|
|
Delinquent loans/ending loans
|
1.49%
|
1.46%
|
1.91%
|
1.64%
|
1.45%
|
|
Loan loss provision/net charge-offs
|
158%
|
74%
|
95%
|
100%
|
133%
|
|
Nonperforming assets/total assets
|
0.37%
|
0.35%
|
0.38%
|
0.37%
|
0.41%
|
|
(1) Excludes gain (loss) on investment securities and amortization/accretion of fair market value purchase accounting adjustments.
|
|||||
|
(2) Excludes intangible amortization, goodwill impairment, acquisition expenses, special charges, gain (loss) on investment securities, and amortization/accretion of fair market value purchase accounting adjustments.
|
|||||
|
(3) Includes deferred tax liabilities (of approximately $22.6 million at 6/30/11) related to tax deductible goodwill.
|
|||||
# # #
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; and changes in legislation or regulatory requirements. CBU does not assume any duty to update forward-looking statements.