...Ratings Reflect Sound Fundamentals: Community Bank System, Inc.'s (CBU) ratings reflect the bank's consistent performance and stable financial profile. CBU's earnings and asset quality continue to be rating strengths for the bank while its funding and liquidity also compare favorably to community banking peers. Conservative Risk Appetite: CBU typically keeps operations and strategies within the bounds of its expertise, leading to more consistent results. Fitch views CBU's underwriting standards superior relative to peers and the industry as a whole, evident in much lower and less volatile net charge-offs (NCOs) over various business cycles. BCU's fairly benign and steady economic environment accounts for some lower volatility, but Fitch also credits management with maintaining strong underwriting standards and overall strategy during frothier market periods. Solid and Consistent Earnings: CBU's profitability has remained consistent in recent years due to its consistently strong asset quality....
