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 (CBU) delivers integrated financial services through regional banking, wealth management, and employee benefit solutions. This news hub provides investors and stakeholders with authoritative updates on corporate developments across all business segments.
Access timely press releases and analysis covering earnings reports, strategic acquisitions, regulatory filings, and leadership updates. Our curated collection simplifies tracking CBU's performance in community banking, insurance services, and wealth management markets.
Discover updates organized by operational focus areas: corporate banking initiatives, employee benefits administration trends, insurance product developments, and wealth management innovations. Bookmark this page for streamlined access to CBU's evolving financial landscape in upstate New York and beyond.
Community Bank System, Inc. (NYSE: CBU) reported a first quarter 2023 net income of $5.8 million, equating to $0.11 per fully-diluted share, a significant decline from $47.1 million or $0.86 per share in Q1 2022. The decrease in earnings was largely due to a strategic balance sheet repositioning, including a $52.3 million pre-tax loss from the sale of investment securities, impacting earnings per share by $0.75. Despite these challenges, the Company's deposit base remained strong, with total deposits rising by $98.4 million, and liquidity sources totaling $4.69 billion. The operating earnings per share was $0.86, down slightly year-over-year. The Company also declared a quarterly dividend of $0.44 per share, marking its 30th consecutive year of dividend increases.
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