Welcome to our dedicated page for Community Financial System news (Ticker: CBU), a resource for investors and traders seeking the latest updates and insights on Community Financial System stock.
Community Financial System, Inc. reports recurring developments across a diversified financial services model built around banking services, employee benefit services, insurance services and wealth management services. Its Community Bank, N.A. subsidiary serves retail, commercial, institutional and governmental customers across Upstate New York, Northeastern Pennsylvania, Vermont, Western Massachusetts and Southern New Hampshire, while Benefit Plans Administrative Services, OneGroup NY and Nottingham Financial Group support benefits administration, insurance agency, trust administration, financial planning and wealth management activities.
Company news commonly covers quarterly and annual results, earnings conference calls, cash dividend declarations, board and leadership updates, investor presentations and capital actions tied to its NYSE-listed common stock under ticker CBU.
Community Bank System, Inc. (NYSE: CBU) has elected Susan E. Skerritt to its Board of Directors. With extensive banking experience, including leadership roles at Deutsche Bank and Bank of New York Mellon, Ms. Skerritt's appointment expands the Board to 13 Directors, of which 12 are independent. She is recognized as a qualified financial expert and will serve on the Audit and Compliance Committee and the Risk Committee. The company emphasizes her expertise will enhance operational and regulatory oversight, aiming to continue delivering exceptional returns to shareholders.
Community Bank System, Inc. (NYSE: CBU) has declared a quarterly cash dividend of $0.42 per share on its common stock, payable on January 11, 2021 to shareholders of record as of December 14, 2020. This dividend represents an annualized yield of 2.54% based on the closing share price of $66.07 on November 17, 2020. With assets exceeding $13.8 billion, the company operates over 230 facilities in the region, offering a full range of banking and financial services.
Community Bank System reported Q3 2020 net income of $42.8 million ($0.79 per share), reflecting a 5.3% year-over-year increase. Earnings were bolstered by lower acquisition-related expenses and rising net interest income. However, this was offset by increased provisions for credit losses and operating expenses. Total revenues were $152.6 million, a rise of 5.3% from Q2 2020, driven by growth in noninterest revenues. By the end of Q3, total assets reached $13.85 billion, with a 19.4% year-over-year increase. The company anticipates challenges with asset quality due to the ongoing impacts of the COVID-19 pandemic.
Community Bank System, Inc. (NYSE: CBU) announced a conference call for its third quarter financial results, scheduled for October 26, 2020, at 11:00 a.m. ET. The call will feature Mark E. Tryniski, CEO, and Joseph E. Sutaris, CFO, discussing performance outcomes from the quarter ending September 30, 2020. Results will be released pre-market on the same day and accessible via the company's website. Community Bank operates over 240 facilities across four states with assets exceeding $13 billion.
Community Bank System, Inc. (NYSE: CBU) has scheduled its Earnings Conference Call for the second quarter of 2020 on July 27, 2020, at 11:00 a.m. Eastern Time. The company reported that its financial results will be released before market opening on the same day. The call will feature an overview by key executives and will include a Q&A session. Participants can access the call via phone or webcast. Community Bank System operates over 240 facilities and manages assets exceeding $13.0 billion.