Community Financial System, Inc. Reports Second Quarter 2024 Results
23 July 2024 - 8:45PM
Business Wire
Community Financial System, Inc. (the “Company”) (NYSE: CBU)
reported second quarter 2024 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.communityfinancialsystem.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/20240723648837/en/
Second Quarter 2024 Performance
Summary
- Net income of $47.9 million, or $0.91 per fully diluted share,
increased $0.02 per fully diluted share from the prior year’s
second quarter and increased $0.15 per fully diluted share from the
first quarter of 2024
- Operating net income, a non-GAAP measure that excludes from net
income the after-tax effects of acquisition expenses,
acquisition-related contingent consideration adjustments,
litigation accrual, loss on sales of investment securities,
unrealized gain (loss) on equity securities and amortization of
intangible assets, of $50.5 million, or $0.95 per fully diluted
share, decreased $0.01 per fully diluted share from the prior
year’s second quarter and increased $0.13 per fully diluted share
from the first quarter of 2024
- Total revenues of $183.8 million, a new quarterly record for
the Company, increased $8.5 million, or 4.9%, from the prior year’s
second quarter and increased $6.5 million, or 3.7%, from the first
quarter of 2024
- Net interest income of $109.4 million increased $0.1 million,
or 0.1%, from the prior year’s second quarter and increased $2.4
million, or 2.3%, from the first quarter of 2024
- Total financial services (employee benefit services, insurance
services and wealth management services) revenues of $54.1 million,
also a new quarterly record for the Company, increased $5.8
million, or 12.1%, from the prior year’s second quarter and
increased $2.1 million, or 4.0%, from the first quarter of
2024
- Operating pre-tax, pre-provision net revenue, a non-GAAP
measure that excludes from income before income taxes the provision
for credit losses, acquisition expenses, acquisition-related
contingent consideration adjustments, litigation accrual, loss on
sales of investment securities, unrealized gain (loss) on equity
securities and amortization of intangible assets, of $68.1 million,
or $1.29 per fully diluted share, increased $0.05 per fully diluted
share from the prior year’s second quarter and increased $0.11 per
fully diluted share from the first quarter of 2024
- Total ending loans of $10.02 billion increased $140.4 million,
or 1.4%, from the end of the first quarter of 2024, marking the
twelfth consecutive quarter of loan growth, and increased $853.1
million, or 9.3%, from the end of the prior year’s second
quarter
- Total ending deposits of $13.14 billion decreased $214.1
million, or 1.6%, from the end of the first quarter of 2024 and
increased $266.1 million, or 2.1%, from the end of the prior year’s
second quarter
- Annualized loan net charge-offs were 0.05% for the quarter
- Tier 1 leverage ratio of 9.07% at the end of the quarter
continues to substantially exceed the regulatory well-capitalized
standard of 5.0%
Company management will conduct an investor call at 11:00 a.m.
(ET) today, July 23, 2024, to discuss the second quarter 2024
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/VN97qOvz8pd.
CBU Investor Day – September 6, 2024
Community Financial System, Inc. (NYSE: CBU) will host its
Investor Day on September 6, 2024, which will be available both in
person at the New York Stock Exchange conference facilities and
virtually. The event will provide an opportunity for investors to
engage directly with Company management, gain insights into
strategic initiatives, and explore the Company's future growth
prospects.
Registration Details:
- In-Person Attendance: Register here –
https://edge.media-server.com/mmc/p/ko6picw9
- Virtual Attendance: Register here –
https://edge.media-server.com/mmc/p/77ifdrya
Additional details, including the agenda, will be available on
the Company's website.
About Community Financial System, Inc.
Community Financial System, Inc. is a diversified financial
services company that is focused on four main business lines –
banking, employee benefit services, insurance services and wealth
management services. Its banking subsidiary, Community Bank, N.A.,
is among the country’s 100 largest banking institutions with over
$15 billion in assets and operates approximately 200 customer
facilities across Upstate New York, Northeastern Pennsylvania,
Vermont, and Western Massachusetts. 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 75 U.S. insurance agency. The Company also
offers comprehensive financial planning, trust administration and
wealth management services through its Community Bank Wealth
Management operating unit. The Company is listed on the New York
Stock Exchange and the Company’s stock trades under the symbol CBU.
For more information about the Company visit www.cbna.com or
www.communityfinancialsystem.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240723648837/en/
For further information: Joseph E. Sutaris, EVP & Chief
Financial Officer Office: (315) 445-7396
Community Financial System (NYSE:CBU)
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