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.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 Reports Record Second Quarter Operating Results And Increases Dividend
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