Community Bank System, Inc. Reports First Quarter 2024 Results
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First Quarter 2024 Performance Summary
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Net income of
$40.9 million , or$0.76 per fully diluted share, increased$35.1 million , or$0.65 per fully diluted share, from the prior year’s first quarter and increased$7.2 million , or$0.13 per fully diluted share, from the fourth quarter of 2023 -
Operating net income, a non-GAAP measure that excludes the after-tax effects of acquisition expenses, acquisition-related contingent consideration adjustments, restructuring expenses, litigation accrual, gain on debt extinguishment, loss on sales of investment securities, unrealized gain (loss) on equity securities and amortization of intangible assets from net income, of
$43.8 million , or$0.82 per fully diluted share, decreased$5.9 million , or$0.10 per fully diluted share, from the prior year’s first quarter and was consistent with the fourth quarter of 2023 -
Total revenues of
$177.3 million , a new quarterly record for the Company, increased$52.8 million , or 42.4%, from the prior year’s first quarter that included a$52.3 million pre-tax realized loss on sales of investment securities, and increased$0.3 million , or 0.2%, from the fourth quarter of 2023 -
Total financial services (employee benefit services, insurance services and wealth management services) revenues of
$52.0 million , also a new quarterly record for the Company, increased$2.9 million , or 5.8%, from the prior year’s first quarter and increased$2.5 million , or 5.0%, from the fourth quarter of 2023 -
Operating pre-tax, pre-provision net revenue, a non-GAAP measure that excludes the provision for credit losses, acquisition expenses, acquisition-related contingent consideration adjustments, restructuring expenses, litigation accrual, gain on debt extinguishment, loss on sales of investment securities, unrealized gain (loss) on equity securities and amortization of intangible assets from income before income taxes, of
$62.9 million , or$1.18 per fully diluted share, decreased$3.4 million , or$0.04 per fully diluted share, from the prior year’s first quarter and increased$2.4 million , or$0.05 per fully diluted share, from the fourth quarter of 2023 -
Total ending loans of
$9.88 billion increased$178.9 million , or 1.8%, from the end of 2023, marking the eleventh consecutive quarter of loan growth, and increased$901.2 million , or 10.0%, from the end of the prior year’s first quarter -
Total ending deposits of
$13.35 billion increased$423.9 million , or 3.3%, from the end of 2023 and increased$241.4 million , or 1.8%, from the end of the prior year’s first quarter - Annualized loan net charge-offs were 0.12% for the quarter
- Tier 1 leverage ratio of 9.01% 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
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