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Community Bank System Reports Record Fourth Quarter And Full Year Results

Asset Quality

Fourth quarter net charge-offs were $1.8 million, compared to $1.1 million in the third quarter of 2011 and $2.0 million in the fourth quarter of 2010, as the Company’s asset quality profile continues to be very favorable. Nonperforming loans as a percentage of total loans at December 31, 2011 were 0.85% (0.67% excluding acquired loans), up from the 0.54% at the end of September 2011, and 0.61% at December 31, 2010, with the increase in the latest quarter being attributable to two large commercial relationships (one acquired) moving to non-accrual status. The total delinquency ratio of 1.99% at the end of 2011 (1.77% excluding acquired loans) was up 43 basis points from September 30, 2011, and up eight basis points from the 1.91% level reported at December 31, 2010. Year-end nonperforming assets to total assets of 0.49% (0.36% excluding acquired loans) was up 16 basis points from September 30, 2011 and was 11 basis points higher than its level at the end of last year. The Company’s asset quality metrics continue to be markedly better than comparative peer and industry averages and illustrate the long-term effectiveness of the Company’s disciplined risk management and underwriting standards. The fourth quarter provision for loan losses of $1.6 million was $0.3 million lower than the fourth quarter of 2010 and up $0.6 million from the third quarter of 2011. The latest quarter’s provision was $0.3 million lower than quarterly net charge-offs, reflective of changes in the proportional mix of loan products in the portfolio. The ratio of allowance for legacy loan losses to total loans outstanding (excluding acquired loans) was 1.36% as of December 31, 2011, down slightly from the 1.38% level at the end of the third quarter of 2011 and four basis points below its level at the end of 2010.

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