Community Bank System, Inc. (CBU) CEO Mark Tryniski on Q2 2019 Results - Earnings Call Transcript

Community Bank System, Inc. (NYSE:CBU) Q2 2019 Earnings Conference Call July 22, 2019 11:00 AM ET

Company Participants

Mark Tryniski - President, Chief Executive Officer
Joseph Sutaris - Executive Vice President, Chief Financial Officer

Conference Call Participants

Austin Nicholas - Stephens
Russell Gunther - D.A. Davidson
Erik Zwick - Boenning & Scattergood
Brody Preston - Piper Jaffray
Collyn Gilbert - KBW

Operator

Welcome to the Community Bank System, Second Quarter 2019 Earnings Conference Call. Please note that this presentation contains forward-looking statements within the provisions of the Private Security Litigation Reform Act of 1995 that are based on current expectations, estimates and projections about the industry, markets and economic environment in which the company operates.

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.

Gentlemen, you may begin.

Mark Tryniski

Thank you, April. Good morning everyone, and thank you all for joining our call today. We’re very satisfied with the Q3 results which were largely expected. Operations earnings were flat with last year excluding the Durbin impact of $0.05 to $0.06. The margin’s hanging in, loans and non-municipal deposits were up a little, asset quality is really good, and our non-banking businesses continue to grow and perform extremely well. All-in-all, it was a reasonably stable and solid quarter.

We’re very pleased that Kinderhook Bank Corp. transaction announced in the first quarter closed on July 12, adding $650 million of assets in 11 branches across the greater Albany New York market. The closing systems integration and operating transition went extremely well. According to our