Financial PositionAverage 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.
Community Bank System Reports Record Second Quarter Operating Results And Increases Dividend
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.