Community Financial System Inc Stock Price, News & Analysis

Community Bank System (NYSE: CBU) has successfully completed its acquisition of Elmira Savings Bank (NASDAQ-CM: ESBK) on May 13, 2022, in an all-cash deal valued at approximately $82.8 million. This merger expands Community Bank's footprint by adding eight new branches across Central New York and the Southern Tier, bringing its total assets to over $16.2 billion and deposits exceeding $13.8 billion. Elmira's shareholders will receive $23.10 per share as part of the transaction.

Community Bank System reported a first quarter 2022 net income of $47.1 million, or $0.86 per share, down from $52.9 million and $0.97 per share in the previous year. The decline was mainly due to increased provisions for credit losses and operating expenses, partially offset by growth in net interest income and noninterest revenues. The company's operating EPS was $0.87, compared to $0.97 in Q1 2021. Notably, total revenues rose 5.3% to $160.5 million, with strong contributions from noninterest income sources.

Community Bank System, Inc. (NYSE: CBU) has received regulatory approvals for the merger with Elmira Savings Bank, expected to close on May 13, 2022. The all-cash transaction is valued at approximately $82.8 million and aims to enhance market presence in Central New York and Southern Tier markets. The merger will integrate operations and customer service offerings. Elmira Savings Bank holds assets of $632.2 million and is focused on personalized banking services.

Community Bank System, Inc. (NYSE: CBU) has announced its upcoming earnings conference call to discuss the first quarter 2022 results. The call is scheduled for April 25, 2022, at 11:00 a.m. ET, following the release of the financial results before the market opens on the same day. Management, including President Mark E. Tryniski and CFO Joseph E. Sutaris, will provide insights on performance and take questions from investors. The conference call can be accessed via dial-in or online webcast.

Community Bank System, Inc. (NYSE: CBU) has declared a quarterly cash dividend of $0.43 per share, payable on April 11, 2022, to shareholders of record as of March 15, 2022. This dividend represents an annualized yield of 2.35% based on the closing share price of $73.29 on February 15, 2022. The bank operates over 215 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts, holding assets exceeding $15.5 billion.

Community Bank System, Inc. (NYSE: CBU) reported $43.6 million in net income for Q4 2021, translating to $0.80 per share, down from $46.5 million or $0.86 per share in Q4 2020. This 7% decline in earnings was attributed to increased expenses and provision for credit losses, despite a rise in net interest income. For the full year, earnings per share rose 13% to $3.48, bolstered by heightened revenue and loan growth. The company plans to enhance its presence through the acquisition of Elmira Savings Bank, approved by shareholders. Total assets reached $15.55 billion, reflecting an 11.6% year-over-year increase.

Community Bank System, Inc. (NYSE: CBU) is set to discuss its fourth quarter 2021 financial performance during a conference call on January 24, 2022, at 11:00 a.m. ET. Results will be announced prior to market opening on the same day and available on their investor relations website. The call will include management insights from President Mark E. Tryniski and CFO Joseph E. Sutaris, followed by a Q&A session. Community Bank operates over 215 facilities in the Northeast U.S. and has assets exceeding $15.3 billion.

Community Bank System, Inc. (NYSE: CBU) announced that Elmira Savings Bank's shareholders approved the merger with Community Bank, N.A. at a Special Meeting on December 14, 2021. Over 98% of the votes supported the merger, which will enhance Community Bank's footprint in Central New York for approximately $82.8 million. The merger will provide Elmira's customers access to a larger branch network and a wider range of services. Community Bank operates over 215 facilities with assets exceeding $15.3 billion and is among the top 125 banking institutions in the U.S.

Community Bank System, Inc. (NYSE: CBU) has appointed Jeffery Knauss as an independent director on its Board, expanding its membership to 13 directors, with 12 being independent. Knauss, a digital marketing expert and co-founder of Digital Hyve, brings extensive experience in digital technology and entrepreneurship. His appointment aims to enhance the Board's expertise in marketing and technology development as the company transitions to digital financial services. Knauss will also serve on the Risk and Governance Committees and the Technology Committee.