Community Bank System Inc. (NYSE:CBU) Q3 2019 Earnings Conference Call - Final Transcript

Oct 21, 2019 • 11:00 am ET

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Community Bank System Inc. (NYSE:CBU) Q3 2019 Earnings Conference Call - Final Transcript

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Presentation
Executive
Joseph E. Sutaris

0.42% of total loans. The reported net charge-offs of $1.6 million or 10 basis points annualized on the loan portfolio during the third quarter of 2019. This compares to net charge-offs of $1.7 million or 11 basis points during the third quarter of 2018. At the end of the quarter, the Company's total OREO properties were less than $2 million and the internal loan risk ratings portend stable asset quality.

In summary, we believe the Company remains very well positioned for the future. The Company's strong asset quality, capital reserves, liquidity, core funding base and strong non-banking business revenues provide a solid foundation for continued growth and dividend capacity. The Company's current market valuation also provides an excellent currency for potential future mergers and acquisitions. We look forward to moving forward with this Steuben team on integration efforts over the coming months, as well as increasing our service capacity in our Western New York markets.

Thank you. I will now turn it back to Angel to open the line for questions.