Community Bank System, Inc. Reports First Quarter 2024 Results
23 4월 2024 - 7:45PM
Business Wire
Community Bank System, Inc. (the “Company”) (NYSE: CBU) reported
first quarter 2024 results that are included in the attached
supplement. This earnings release, including supporting financial
tables, is also available within the press releases section of the
Company's investor relations website at:
https://ir.communitybanksystem.com/news-presentations/press-releases/.
An archived webcast of the earnings call will be available on this
site for one full year.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240423122686/en/
First Quarter 2024 Performance
Summary
- Net income of $40.9 million, or $0.76 per fully diluted share,
increased $35.1 million, or $0.65 per fully diluted share, from the
prior year’s first quarter and increased $7.2 million, or $0.13 per
fully diluted share, from the fourth quarter of 2023
- Operating net income, a non-GAAP measure that excludes the
after-tax effects of acquisition expenses, acquisition-related
contingent consideration adjustments, restructuring expenses,
litigation accrual, gain on debt extinguishment, loss on sales of
investment securities, unrealized gain (loss) on equity securities
and amortization of intangible assets from net income, of $43.8
million, or $0.82 per fully diluted share, decreased $5.9 million,
or $0.10 per fully diluted share, from the prior year’s first
quarter and was consistent with the fourth quarter of 2023
- Total revenues of $177.3 million, a new quarterly record for
the Company, increased $52.8 million, or 42.4%, from the prior
year’s first quarter that included a $52.3 million pre-tax realized
loss on sales of investment securities, and increased $0.3 million,
or 0.2%, from the fourth quarter of 2023
- Total financial services (employee benefit services, insurance
services and wealth management services) revenues of $52.0 million,
also a new quarterly record for the Company, increased $2.9
million, or 5.8%, from the prior year’s first quarter and increased
$2.5 million, or 5.0%, from the fourth quarter of 2023
- Operating pre-tax, pre-provision net revenue, a non-GAAP
measure that excludes the provision for credit losses, acquisition
expenses, acquisition-related contingent consideration adjustments,
restructuring expenses, litigation accrual, gain on debt
extinguishment, loss on sales of investment securities, unrealized
gain (loss) on equity securities and amortization of intangible
assets from income before income taxes, of $62.9 million, or $1.18
per fully diluted share, decreased $3.4 million, or $0.04 per fully
diluted share, from the prior year’s first quarter and increased
$2.4 million, or $0.05 per fully diluted share, from the fourth
quarter of 2023
- Total ending loans of $9.88 billion increased $178.9 million,
or 1.8%, from the end of 2023, marking the eleventh consecutive
quarter of loan growth, and increased $901.2 million, or 10.0%,
from the end of the prior year’s first quarter
- Total ending deposits of $13.35 billion increased $423.9
million, or 3.3%, from the end of 2023 and increased $241.4
million, or 1.8%, from the end of the prior year’s first
quarter
- Annualized loan net charge-offs were 0.12% for the quarter
- Tier 1 leverage ratio of 9.01% at the end of the quarter
continues to substantially exceed the regulatory well-capitalized
standard of 5.0%
Company management will conduct an investor call at 11:00 a.m.
(ET) today, April 23, 2024, to discuss the first quarter 2024
results. The conference call can be accessed at 1-833-630-0464
(1-412-317-1809 if outside the United States and Canada). Investors
may also listen live via the Internet at:
https://app.webinar.net/OXrxVp7w7PM.
About Community Bank System, Inc.
Community Bank System, Inc. is a diversified financial services
company that is focused on four main business lines – banking,
employee benefit services, insurance services and wealth
management. Its banking subsidiary, Community Bank, N.A., is among
the country’s 100 largest banking institutions with over $15
billion in assets and operates approximately 200 customer
facilities across Upstate New York, Northeastern Pennsylvania,
Vermont, and Western Massachusetts. The Company’s Benefit Plans
Administrative Services, Inc. subsidiary is a leading provider of
employee benefits administration, trust services, collective
investment fund administration, and actuarial consulting services
to customers on a national scale. The Company’s OneGroup NY, Inc.
subsidiary is a top 75 U.S. insurance agency. The Company also
offers comprehensive financial planning, trust administration and
wealth management services through its Community Bank Wealth
Management operating unit.
Community Bank System, Inc. is listed on the New York Stock
Exchange and the Company’s stock trades under the symbol CBU. For
more information about Community Bank visit www.cbna.com or
https://ir.communitybanksystem.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240423122686/en/
For further information: Joseph E. Sutaris, EVP & Chief
Financial Officer Office: (315) 445-7396
Community Bank System (NYSE:CBU)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Community Bank System (NYSE:CBU)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024