Community Financial System, Inc. Reports Fourth Quarter and Full Year 2024 Results
Fourth Quarter and Full Year 2024 Performance Summary
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Fourth quarter net income of
, or$49.8 million per share, increased$0.94 per share from the prior year’s fourth quarter and increased$0.31 per share from the third quarter of 2024 while full year net income of$0.11 , or$182.5 million per share, increased$3.44 per share from the prior year$0.99 -
Fourth quarter operating net income1 of
, or$52.9 million per share, increased$1.00 per share from the prior year’s fourth quarter and increased$0.18 per share from the third quarter of 2024 while full year operating net income1 of$0.12 , or$193.9 million per share increased$3.65 per share from the prior year$0.08 -
Fourth quarter total revenues of
, a new quarterly record for the Company, increased$196.3 million , or$19.3 million 10.9% , from the prior year’s fourth quarter and increased , or$7.3 million 3.9% , from the third quarter of 2024 while full year total revenues of increased$746.3 million , or$94.2 million 14.4% , from the prior year which included a realized loss on sales of investment securities$52.3 million -
Fourth quarter net interest income of
, a new quarterly record for the Company, increased$120.0 million , or$10.8 million 9.9% , from the prior year’s fourth quarter and increased , or$7.2 million 6.4% , from the third quarter of 2024 while full year net interest income of increased$449.1 million , or$11.8 million 2.7% , from the prior year resulting in the eighteenth consecutive year of net interest income growth -
Fourth quarter total financial services (employee benefit services, insurance services and wealth management services) noninterest revenues of
, a new quarterly record for the Company, increased$56.0 million , or$6.5 million 13.1% , from the prior year’s fourth quarter and increased , or$0.2 million 0.4% , from the third quarter of 2024 while full year financial services noninterest revenues of increased$217.9 million , or$20.9 million 10.6% , from the prior year -
Fourth quarter operating pre-tax, pre-provision net revenue (“PPNR”)1 of
, or$74.3 million per share, increased$1.40 per share from the prior year’s fourth quarter and increased$0.27 per share from the third quarter of 2024 while full year operating PPNR1 of$0.11 , or$273.6 million per share, increased$5.15 per share from the prior year$0.39 -
Total ending loans of
increased$10.43 billion , or$180.7 million 1.8% , from the end of the third quarter of 2024, marking the fourteenth consecutive quarter of loan growth, and increased , or$727.8 million 7.5% , from the end of the prior year -
Total ending deposits of
decreased$13.44 billion , or$34.5 million 0.3% , from the end of the third quarter of 2024 and increased , or$513.6 million 4.0% , from the end of the prior year -
Tier 1 leverage ratio of
9.19% continues to substantially exceed the regulatory well-capitalized standard of5.0%
1Non-GAAP Measure. For more information on Non-GAAP measures refer to “Non-GAAP Measures” section along with the Quarterly GAAP to Non-GAAP Reconciliations included within the “Summary of Financial Data (unaudited)” tables included within the Company’s earnings release supplement.
Company management will conduct an investor call at 11:00 a.m. (ET) today, January 21, 2025, to discuss the fourth quarter and full year 2024 results. The conference call can be accessed at 1-833-630-0464 (1-412-317-1809 if outside
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
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Joseph E. Sutaris, EVP & Chief Financial Officer
Office: (315) 445-7396
Source: Community Financial System, Inc.