Community Bank System, Inc. Reports Third Quarter 2023 Results
24 Outubro 2023 - 7:45AM
Business Wire
Community Bank System, Inc. (the “Company”) (NYSE: CBU) reported
third quarter 2023 results that are included in the attached
supplement. This earnings release, including supporting financial
tables, is also available within the press releases section of the
Company's investor relations website at:
https://ir.communitybanksystem.com/news-presentations/press-releases/.
An archived webcast of the earnings call will be available on this
site for one full year.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20231024901656/en/
Third Quarter 2023 Performance
Summary
- Third Quarter 2023 Net Income of $44.1 million, or $0.82 per
fully diluted share, was down $4.6 million, or $0.08 per fully
diluted share, from the prior year’s third quarter
- Operating Net Income, a non-GAAP measure, of $44.2 million, or
$0.82 per fully diluted share, was down $4.8 million, or $0.08 per
fully diluted share, from the prior year’s third quarter
- Total Ending Loans of $9.45 billion were up $279.3 million, or
3.0%, from the end of the prior quarter, marking the ninth
consecutive quarter of loan growth
- Total Ending Deposits of $13.03 billion were up $159.0 million,
or 1.2%, from the end of the prior quarter and up $18.5 million, or
0.1%, from December 31, 2022
- Total Financial Services (Employee Benefit Services, Insurance
Services and Wealth Management Services) Revenues of $50.0 million,
a new quarterly record for the Company, were up $3.3 million, or
7.1%, from the prior year’s third quarter
- Annualized Loan Net Charge-Offs were 0.05% in the quarter and
on a year-to-date basis
- Tier 1 Leverage Ratio of 9.44% was up 0.09 percentage points
from the end of the prior quarter
Company management will conduct an investor call at 11:00 a.m.
(ET) today, October 24, 2023, to discuss the third quarter 2023
results. The conference call can be accessed at 1-833-630-0464
(1-412-317-1809 if outside the United States and Canada). Investors
may also listen live via the Internet at:
https://app.webinar.net/VQy6DnZDXEZ.
About Community Bank System, Inc.
Community Bank System, Inc. is a diversified financial services
company with total assets of $15.4 billion focused on four main
business lines – banking, benefits administration, insurance
services and wealth management. Its banking subsidiary, Community
Bank, N.A., is among the country’s 100 largest banking institutions
and operates more than 200 customer facilities across Upstate New
York, Northeastern Pennsylvania, Vermont, and Western
Massachusetts. In addition to a full range of retail, business, and
municipal banking services, the Company offers comprehensive
financial planning, trust administration and wealth management
services through its Community Bank Wealth Management operating
unit. The Company’s Benefit Plans Administrative Services, Inc.
subsidiary is a leading provider of employee benefits
administration, trust services, collective investment fund
administration, and actuarial consulting services to customers on a
national scale. The Company’s OneGroup NY, Inc. subsidiary is a top
100 U.S. insurance agency. Community Bank System, Inc. is listed on
the New York Stock Exchange and the Company’s stock trades under
the symbol CBU. For more information about Community Bank visit
www.cbna.com or https://ir.communitybanksystem.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231024901656/en/
Joseph E. Sutaris, EVP & Chief Financial Officer Office:
(315) 445-7396
Community Bank System (NYSE:CBU)
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