Asset QualityThird quarter net charge-offs were $1.1 million, compared to $0.7 million in the second quarter of 2011, and $1.4 million in the third quarter of 2010, as the Company’s asset quality profile remained exceptionally strong. Nonperforming loans as a percentage of total loans at September 30, 2011 were 0.54%, down slightly from 0.58% at the end of both June 2011, and September 30, 2010. The total delinquency ratio of 1.56% was up six basis points from June 30, 2011, and down eight basis points from the 1.64% level reported at September 30, 2010. Quarter-end nonperforming assets to total assets of 0.33% was four basis points lower than both the end of last year’s third quarter and June 30, 2011. 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 third quarter provision for loan losses of $1.0 million was $0.4 million lower than the third quarter of 2010 and even with the second quarter of 2011. The third quarter’s provision was $0.07 million lower than quarterly net charge-offs, indicative of generally stable delinquency ratios and non-performing asset levels and total loan balances. The ratio of allowance for loan losses to total loans outstanding was 1.22% as of September 30, 2011 (1.38%, excluding acquired Wilber loans, which are accounted for at fair value), consistent with the 1.38% level at the end of the third quarter of 2010.
Community Bank System Reports Record Third Quarter Results
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