Community Bank System, Inc. (CBU) CEO Mark Tryniski on Q2 2020 Results - Earnings Call Transcript

Community Bank System, Inc. (NYSE:CBU) Q2 2020 Earnings Conference Call July 27, 2020 11:00 AM ET

Company Participants

Mark Tryniski - President and Chief Executive Officer
Joseph Sutaris - Executive Vice President and Chief Financial Officer
Joseph Serbun - Executive Vice President and Chief Banking Officer

Conference Call Participants

Alex Twerdahl - Piper Sandler
Erik Zwick - Boenning & Scattergood
Russell Gunther - D.A. Davidson
Matthew Breese - Stephens, Inc.

Operator

Welcome to Community Bank System Quarter -- Second Quarter 2020 Earnings Conference Call. Please note that this presentation contains forward-looking statements within the provisions of the Private Securities Litigation Reform Act of 1995 that are based on current expectations, estimates and projection about the industry, markets and economic environment in which the company operates.

Such statements involve risk 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. They will all be joined by Joseph Serbun, Executive Vice President and Chief Banking Officer for the question-and-answer session.

Gentlemen, you may begin.

Mark Tryniski

Thank you, Cole. Good morning everyone and thank you all for joining our Q2 conference call. We hoped all of you and your families are well. Like most banks we had a busy quarter that revolved around PPP, loan deferrals and, for us, an acquisition as well.

We provided nearly $500 million of PPP loans for our customers and granted $700 million of deferrals. One of the most significant impacts for the quarter was the change in our balance sheet which grew by over $1.6 billion from a combination of PPP, the Steuben acquisition