Community Bank System, Inc. Reports First Quarter 2024 Results
- None.
- None.
First Quarter 2024 Performance Summary
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Net income of
$40.9 million $0.76 $35.1 million $0.65 $7.2 million $0.13 -
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 $0.82 $5.9 million $0.10 -
Total revenues of
$177.3 million $52.8 million 42.4% , from the prior year’s first quarter that included a$52.3 million $0.3 million 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 $2.9 million 5.8% , from the prior year’s first quarter and increased$2.5 million 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 $1.18 $3.4 million $0.04 $2.4 million $0.05 -
Total ending loans of
$9.88 billion $178.9 million 1.8% , from the end of 2023, marking the eleventh consecutive quarter of loan growth, and increased$901.2 million 10.0% , from the end of the prior year’s first quarter -
Total ending deposits of
$13.35 billion $423.9 million 3.3% , from the end of 2023 and increased$241.4 million 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 of5.0%
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
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
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
Source: Community Bank System, Inc.
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