Community Bank System, Inc. Reports Fourth Quarter And Full Year 2023 Results
January 23 2024 - 6:45AM
Business Wire
Community Bank System, Inc. (the “Company”) (NYSE: CBU) reported
fourth quarter and full year 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/20240123187260/en/
Fourth Quarter and Full Year 2023
Performance Summary
- Fourth quarter 2023 net income of $38.3 million, or $0.71 per
fully diluted share, was down $14.2 million, or $0.26 per fully
diluted share, from the prior year’s fourth quarter while full year
2023 net income of $136.5 million, or $2.53 per fully diluted
share, was down $51.6 million, or $0.93 per fully diluted share,
from full year 2022
- Fourth quarter 2023 operating net income, a non-GAAP measure,
of $40.9 million, or $0.76 per fully diluted share, was down $11.3
million, or $0.20 per fully diluted share, from the prior year’s
fourth quarter while full year 2023 operating net income, a
non-GAAP measure, of $181.3 million, or $3.36 per fully diluted
share, was down $13.6 million, or $0.22 per fully diluted share,
from full year 2022
- Total revenues for fourth quarter 2023 of $177.0 million, a new
quarterly record for the Company, were up $1.0 million, or 0.6%,
from the prior year’s fourth quarter and up $1.6 million, or 0.9%,
from third quarter 2023
- Total financial services (employee benefit services, insurance
services and wealth management services) revenues for fourth
quarter 2023 of $49.5 million were up $4.8 million, or 10.8%, from
the prior year’s fourth quarter and total financial services
revenues for full year 2023 of $197.0 million were up $10.1
million, or 5.4%, from full year 2022
- Total ending loans of $9.70 billion were up $254.5 million, or
2.7%, from the end of the prior quarter, marking the tenth
consecutive quarter of loan growth, and were up $895.2 million, or
10.2%, from the end of the prior year
- Total ending deposits of $12.93 billion were down $102.7
million, or 0.8%, from the end of the prior quarter and down $84.2
million, or 0.6%, from December 31, 2022
- Annualized loan net charge-offs were 0.10% in the quarter and
0.06% for the full year
- Tier 1 leverage ratio of 9.37% was up 0.58 percentage points
from the end of the prior year
Company management will conduct an investor call at 11:00 a.m.
(ET) today, January 23, 2024, to discuss the fourth quarter and
full year 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/Rm4ONkYgL8b.
About Community Bank System, Inc.
Community Bank System, Inc. is a diversified financial services
company with total assets of $15.5 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/20240123187260/en/
Joseph E. Sutaris, EVP & Chief Financial Officer Office:
(315) 445-7396
Community Financial System (NYSE:CBU)
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