- By Madalene Ulrich
- Business & Technology
The company also announced that its Board of Directors approved payment of a regular quarterly cash dividend of $0.54 per share, payable on November 13, 2020, to common shareholders of record on November 3, 2020. The current dividend represents a 3.8% increase over the $0.52 cash dividend paid in the third quarter of 2020.
For the year-to-date period ended September 30, 2020, diluted earnings per share were $3.59, down 9.6% from the same period in 2019. Year-to-date net income was $53.6 million, down from $60.6 million, for the same period in 2019. Results for the 2020 year-to-date period were negatively impacted by economic stress resulting from the COVID-19 pandemic, which contributed to the $16.3 million provision for credit losses recognized during the first quarter of 2020.
President and CEO, Mr. Stephen Romaine commented, "We are pleased to report record earnings per share in the third quarter of 2020. When compared to the second quarter of 2020, we saw higher levels of net interest income and noninterest income, while expenses remained relatively stable. We are encouraged by these favorable trends, though the impact of the pandemic-related economic shut down continues to leave much uncertainty, especially in terms of the longer term credit outlook. While we have several customers who continue to be negatively impacted by the current economic environment, our nonperforming assets as a percentage of total assets were lower at September 30, 2020 than they were at the same time last year. We have also seen a declining trend of customers who are in a deferred payment status."