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Community Bank System, Inc. (NYSE: CBU) reported second quarter 2023 results, showing a net income of $48.3 million, or $0.89 per fully-diluted share, which was up $8.5 million from the prior year. Operating Net Income was $49.1 million, or $0.91 per fully-diluted share, up $2.8 million from the prior year. Total Loans increased to $9.17 billion, up $188.4 million from the previous quarter. Financial Services Revenues were $48.3 million, up $1.4 million from the prior year. Annualized Loan Net Charge-Offs decreased to 0.03%, and Tier 1 Leverage Ratio increased to 9.35%. The company will conduct an investor call to discuss the results.
Positive
Net income and operating net income increased from the prior year
Total loans and financial services revenues also showed growth
Decrease in annualized loan net charge-offs and increase in Tier 1 Leverage Ratio indicate better financial health
Negative
None.
SYRACUSE, N.Y.--(BUSINESS WIRE)--
Community Bank System, Inc. (the “Company”) (NYSE: CBU) reported second 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.
Second Quarter 2023 Performance Highlights Summary
Second Quarter 2023 Net Income of $48.3 million, or $0.89 per fully-diluted share, was up $8.5 million, or $0.16 per fully-diluted share, from the prior year’s second quarter
Operating Net Income, a non-GAAP measure, of $49.1 million, or $0.91 per fully-diluted share, was up $2.8 million, or $0.06 per fully-diluted share, from the prior year’s second quarter
Total Loans of $9.17 billion, was up $188.4 million, or 2.1%, from the end of the prior quarter
Total Financial Services (Employee Benefit Services, Insurance Services and Wealth Management Services) Revenues of $48.3 million, was up $1.4 million, or 3.1%, from the prior year’s second quarter
Annualized Loan Net Charge-Offs of 0.03% was down 0.04 percentage points from the end of the prior quarter
Tier 1 Leverage Ratio of 9.35% was up 0.29 percentage points from the end of the prior quarter
Company management will conduct an investor call at 11:00 a.m. (ET) today, July 31, 2023, to discuss the second 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/4bGKa4M5koZ.
About Community Bank System, Inc.
Community Bank System, Inc. is a diversified financial services company focused on four main business lines – banking, benefits administration, insurance services and wealth management with total assets of $15.1 billion. 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.
Joseph E. Sutaris, EVP & Chief Financial Officer
(315) 445-7396
Source: Community Bank System, Inc.
FAQ
What are Community Bank System, Inc.'s second quarter 2023 results?
The company reported a net income of $48.3 million, or $0.89 per fully-diluted share, which was up $8.5 million from the prior year. Operating Net Income was $49.1 million, or $0.91 per fully-diluted share, up $2.8 million from the prior year. Total Loans increased to $9.17 billion, up $188.4 million from the previous quarter. Financial Services Revenues were $48.3 million, up $1.4 million from the prior year. Annualized Loan Net Charge-Offs decreased to 0.03%, and Tier 1 Leverage Ratio increased to 9.35%.
How can I access the archived webcast of the earnings call?
The archived webcast of the earnings call will be available on the company's investor relations website for one full year. You can access it at: https://ir.communitybanksystem.com/news-presentations/press-releases/
When is the investor call to discuss the second quarter 2023 results?
The investor call will be conducted at 11:00 a.m. (ET) today, July 31, 2023. The conference call can be accessed at 1-833-630-0464 (1-412-317-1809 if outside the United States and Canada), or live via the Internet at: https://app.webinar.net/4bGKa4M5koZ.
