Community Financial System Inc Stock Price, News & Analysis

Community Bank System reported a third quarter 2021 net income of $45.3 million ($0.83 per share), up from $42.8 million ($0.79 per share) in 2020. The increase was driven by noninterest revenues despite lower net interest income. Total revenues increased 2.8% to $156.9 million. Loan growth was $154.1 million (excluding PPP loans). The company also announced an agreement to acquire Elmira Savings Bank for $82.8 million. Quarterly dividend increased by 2.4%, marking the 29th consecutive year of increases.

Community Bank System has announced its acquisition of Elmira Savings Bank for approximately $82.8 million. Shareholders of Elmira will receive $23.10 per share in cash. This merger, unanimously approved by both boards, will enhance Community Bank's presence in Central New York and the Southern Tier, bringing total assets to over $15.4 billion. The acquisition is expected to be accretive to Community Bank's earnings, contributing $0.08 per share in 2022 and $0.15 in 2023.

Community Bank System, Inc. (NYSE: CBU) has announced an earnings conference call to discuss its third-quarter financial performance on October 25, 2021, at 11:00 a.m. ET. The results will be released before market opening on the same day and will be available on the company's website. CEO Mark E. Tryniski, CFO Joseph E. Sutaris, and Chief Banking Officer Joseph F. Serbun will host the call. Community Bank operates over 215 facilities and has assets exceeding $14.8 billion, making it one of the largest banking institutions in the U.S.

Community Bank System, Inc. (NYSE: CBU) has announced the appointment of Maureen Gillan-Myer as Executive Vice President and Chief Human Resources Officer, effective October 1, 2021. With over 29 years of experience in human capital management, she previously served as CHRO at HSBC USA, overseeing a team of 150 HR professionals and supporting over 10,000 associates. The company's president, Mark E. Tryniski, expressed optimism about her expertise in fostering a diverse and inclusive workforce.

Community Bank System, Inc. (NYSE: CBU) has acquired the assets of Thomas Gregory Associates Insurance Brokers, Inc. (TGA), a Boston-based specialty-lines insurance broker. This acquisition, executed through OneGroup, a subsidiary of Community Bank System, is expected to enhance OneGroup's offerings and expand its market presence in New England. TGA is anticipated to contribute approximately $35 million in annual revenues. CEO Mark E. Tryniski expressed excitement over the partnership, highlighting the strategic importance of this expansion for their insurance and risk management services.

Community Bank System, Inc. (NYSE: CBU) reported second quarter 2021 net income of $47.9 million, or $0.88 per diluted share, reflecting a 33.3% increase in earnings year-over-year. The rise was primarily due to a decrease in the provision for credit losses and a 12.3% increase in noninterest income. Operating expenses rose 6.9% to $93.5 million, impacted by resuming pre-pandemic activities. Loans decreased 1.7% to $7.24 billion, while total assets increased to $14.80 billion. The quarterly dividend was raised by 2.4%, marking 29 years of consecutive increases.

Community Bank System, Inc. (NYSE: CBU) has announced a quarterly cash dividend of $0.43 per share, payable on October 8, 2021, to shareholders of record on September 15, 2021. This marks a 2.4% increase over the previous dividend, representing a 2.41% annualized yield based on the $71.47 closing price on July 20, 2021. This is the 29th consecutive year of dividend increases, reflecting the company’s strong operating performance. Community Bank System operates over 225 facilities and manages assets over $14.6 billion.

Community Bank System, Inc. (NYSE: CBU) has acquired Fringe Benefits Design of Minnesota, Inc. (FBD), a retirement plan administration provider. Post-acquisition, FBD will operate as a subsidiary of Benefit Plans Administrative Services, Inc. (BPAS), enhancing BPAS's annual revenue to over $110 million and managing more than 510,000 retirement participant accounts. This strategic move aims to broaden Community Bank System's market presence in the Midwest and bolster its benefits offerings. The company operates over 225 facilities across several states and holds assets exceeding $14.6 billion.

Community Bank System, Inc. (NYSE: CBU) will host a conference call on July 26, 2021, at 11:00 a.m. ET to discuss its second quarter 2021 financial results. The company will release its results before the market opens on the same day. The call will feature presentations from CEO Mark E. Tryniski and CFO Joseph E. Sutaris, followed by a Q&A session. The event can be accessed via dial-in or a live webcast. Community Bank operates over 225 facilities with assets of approximately $14.6 billion.