Community Financial System Inc Stock Price, News & Analysis

Community Financial System (NYSE: CBU) has announced its Third Quarter 2024 Earnings Conference Call, scheduled for Tuesday, October 22, 2024, at 11:00 a.m. Eastern Time. The call will be accessible via phone (dial-in numbers provided) or through a simultaneous webcast. Dimitar Karaivanov, President and CEO, and Joseph E. Sutaris, Executive VP and CFO, will present an overview of the Q3 2024 results, followed by a Q&A session.

The company's quarterly results will be released before market open on October 22, 2024, and will be available on the company's website. The call will be archived on the website for one year, allowing free access during this period.

Community Financial System (NYSE: CBU) is set to host its Investor Day on September 6, 2024, at the New York Stock Exchange. The event, starting at 9:00 AM ET, will provide investors with detailed insights into the company's strategies and performance. Key highlights include:

• Presentations on CBU's four main business areas: Banking, Employee Benefit Services, Insurance Services, and Wealth Management Services
• A live Q&A session with senior management
• Option for both in-person and virtual attendance
• Investor Presentation available from 6:00 AM ET on September 4, 2024

The event is expected to conclude by 12:00 PM ET. Registration and a webcast replay will be available on the company's website until September 5, 2025.

Community Financial System (NYSE: CBU) reported strong Q2 2024 results with net income of $47.9 million, or $0.91 per diluted share. This marks a $0.02 increase from Q2 2023 and a $0.15 increase from Q1 2024. The company achieved record total revenues of $183.8 million, up 4.9% year-over-year. Notable highlights include:

- Net interest income of $109.4 million, up 0.1% year-over-year
- Record financial services revenues of $54.1 million, up 12.1% year-over-year
- Total loans grew to $10.02 billion, marking the 12th consecutive quarter of loan growth
- Total deposits reached $13.14 billion, up 2.1% year-over-year
- Strong Tier 1 leverage ratio of 9.07%, well above the 5.0% regulatory standard

CBU will host an Investor Day on September 6, 2024, offering both in-person and virtual attendance options for investors to engage with management and explore growth prospects.

Community Financial System (NYSE: CBU) has announced a 2.2% increase in its quarterly cash dividend to $0.46 per share, payable on October 10, 2024. This marks the company's 32nd consecutive year of dividend increases, reflecting its consistent profitability and strong cash flows. The new dividend represents an annualized yield of 3.25% based on the July 16, 2024 closing share price of $56.63.

CEO Dimitar Karaivanov highlighted that Community Financial System has returned over $750 million to shareholders through dividends in the past decade. This consistent dividend growth demonstrates the company's commitment to providing favorable long-term returns to its shareholders.

Community Financial System (NYSE: CBU) will hold a conference call to discuss its financial and operating performance for Q2 2024 on July 23, 2024, at 11:00 a.m. Eastern Time.

The call, led by CEO Dimitar Karaivanov and CFO Joseph E. Sutaris, will include a 15-minute management presentation followed by a Q&A session with investors. The company's Q2 2024 results will be released prior to the market opening on the same day and will be accessible on the company's website.

Participants can join via conference call or webcast, and the call will be archived online for one year.

Community Financial System announced it will hold an Investor Day on September 6, 2024, at 8:00 AM ET at the NYSE conference facilities. The event, accessible both in-person and virtually, will feature presentations from the senior leadership team, including insights into the company's strategies, performance, and future outlook. Discussions will cover Banking, Employee Benefit Services, Insurance Services, and Wealth Management. Key presenters include Dimitar Karaivanov, Joseph Sutaris, and other top executives. The session will conclude with a Q&A session. In-person attendance is by invitation, while virtual access is open to all interested participants via a webcast. The webcast will be available for replay until September 5, 2025. For more details, contact Joseph Sutaris at (315) 445-7396 or register via Zack Mukewa at CBU@lambert.com.

Community Financial System (NYSE: CBU) has announced a quarterly cash dividend of $0.45 per share, payable on July 10, 2024, to shareholders of record by June 14, 2024. This dividend corresponds to an annual yield of 3.78% based on a share price of $47.64 as of May 14, 2024.

At the Annual Shareholders' Meeting on May 15, 2024, all twelve directors were re-elected for one-year terms. Shareholders also approved the executive compensation programs and an amendment to the 2022 Long-Term Incentive Plan. The appointment of PricewaterhouseCoopers LLP as the independent public accounting firm was ratified.

Community Bank System has rebranded itself as Community Financial System to better reflect its diversified services and broader business model. This name change, effective immediately, underscores the company's mission to support its community through comprehensive financial services. Operating four main business units—Community Bank, Benefit Plan Administrative Services, OneGroup, and Wealth Management—the company aims to provide banking, benefits administration, insurance, and wealth management both locally and nationally. Despite the name change, the company will retain its ticker symbol 'CBU' and will start trading under the new name on May 24, 2024. The company's various service arms have received high industry rankings, and over 39% of its revenue comes from diversified fee income businesses.