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Community BANK SYSTEM , INC . 5790 Widewaters Parkway , DeWitt , N.Y. 13214 Earnings per Share SYRACUSE , N.Y. - October 25 , 2021 Community Bank System , Inc. ( NYSE : CBU ) ( the " Company " ) reported third quarter 2021 net income of $ 45.3 million , or $ 0.83 per fully - diluted share . This compares to $ 42.8 million of net income , or $ 0.79 per fully - diluted share for the third quarter of 2020. The $ 0.04 , or 5.1 % , increase in earnings per share was primarily attributable to an increase in noninterest revenues , as well as a lower provision for credit losses , offset , in part , by a decrease in net interest income and increases in operating expenses , income taxes , and fully - diluted shares outstanding . Comparatively , the Company recorded $ 0.88 in fully - diluted earnings per share for the linked second quarter of 2021. Operating diluted earnings per share , which excludes acquisition expenses , unrealized gain / loss on equity securities and litigation expenses , were also $ 0.83 for the third quarter of 2021 , compared to $ 0.85 in the third quarter of 2020 and $ 0.88 in the second quarter of 2021 . Third Quarter 2021 Performance Highlights : Return on Assets ܀ COMMUNITY BANK SYSTEM , INC . REPORTS THIRD QUARTER 2021 RESULTS $ 0.83 per share , up $ 0.04 per share , or 5.1 % , from the third quarter of 2020 1.20 % Return on Equity 8.55 % News Release For further information , please contact : Joseph E. Sutaris , EVP & Chief Financial Officer Office : ( 315 ) 445-7396 Loan Growth $ 154.1 million , or 2.2 % , during the quarter excluding Paycheck Protection Program ( " PPP " ) loans Noninterest Revenues 41.0 % of total revenues ❖ Total Deposit Funding Costs 0.09 % Annualized Loan Net Charge - Offs ● 0.07 % " Community Bank System generated solid earnings results and organic non - PPP loan growth of $ 154.1 million , or 2.2 % , in the third quarter of 2021 , as we continued to invest in our business through strategic acquisitions , " said Mark E. Tryniski , President & Chief Executive Officer . " We are encouraged by the positive momentum in our business , including our recent loan growth which came from all five loan segments ; business lending , consumer mortgage , consumer indirect , consumer direct and home equity - along with continued asset quality strength , noninterest revenues growth and an improvement in the interest rate environment . Our solid asset quality metrics , as well as an improving economic outlook , resulted in our fourth consecutive quarter of a net benefit in the provision for credit losses . During the third quarter , the Company acquired two financial services businesses , which are expected to contribute meaningful incremental revenues , as well as augment our employee benefit services and insurance services offerings . On October 4 , 2021 , the Company also announced an agreement to acquire Elmira Savings Bank , a twelve branch banking franchise with total assets of approximately $ 650 million , which will broaden and deepen our presence in the Southern Tier and Finger Lakes regions of New York and further enhance our ability to serve these markets . "