Welcome to the Community Bank System Second Quarter 2020 Earnings Conference call. Please note that this presentation contains forward-looking statements within the provisions of the Private Security Litigations Reform Act of 1995 that are based on current expectations, estimates and projections about the industry, markets and economic environment in which the Company operate.
Such statements involve risks and uncertainties that could cause actual results to differ materially from the results discussed in these statements. These risks are detailed in the Company's annual report and Form 10-K filed with the Securities and Exchange Commission.
Today's call presenters are Mark Tryniski, President and Chief Executive Officer and Joseph Sutaris Executive Vice President and Chief Financial Officer. They will be joined by Joseph Serbun, Executive Vice President and Chief Banking Officer for the question-and-answer session.
Gentlemen, you may begin.
Mark E. Tryniski
Thank you, Cole. Good morning, everyone, and thank you all for joining our Q2 conference call. We hope all of you and your families are well. Like most banks, we had a busy quarter that revolved around PPP, loan deferrals, and for us, an acquisition as well. We provided nearly $500 million of PPP loans for our customers and granted $700 million in deferrals.
One of the most significant impacts of the quarter was the change in our balance sheet, which grew by over $1.6 billion from a combination of PPP, the Steuben acquisition, and significant stimulus-induced deposit growth. Not surprisingly, organic loan growth was negative for the quarter.
Despite granting $700 million of loan deferrals over the past two quarters, total active deferrals as of Friday were down to $150 million and requests for a second deferral had been very limited, which we hope is good news for the future. We're certainly starting from a very good point, given current credit metrics but don't expect to necessarily sustain these levels as we move into the second half of the year.
Operating earnings were actually pretty good for the quarter, and as Joe will discuss in further detail, with operating PPNR up from both this last quarter and last year's Q2, encouragingly, our benefits, wealth, and insurance businesses are all up year-to-date over last year on both the revenue and in earnings basis.
The Steuben acquisition closed on June 15th, with the conversion and integration going nearly flawlessly. We are excited about this in-market transaction in the further strengthening of our Western New York footprint. Loan and deposit retention have both been almost a 100% and we got three consolidations done there already, so we're off to a very good start.
Looking forward to the remainder of the year and into 2021, it's all about three things in my view; credit, the economic environment and interest rates. It's too early to forecast this credit cycle, but we should get more visibility in the second half of the year. We're starting from a position of strength, not just with respect to credit, but also as it relates to earnings capital and liquidity.
The economic environment is
Mark E. Tryniski
President & Chief Executive Officer
Joseph E. Sutaris
Executive Vice President & Chief Financial Officer
Joseph F. Serbun
Executive Vice President & Chief Banking Officer
Erik Edward Zwick
Russell E.T. Gunther
Matthew M. Breese
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