Community Financial System, Inc. Reports Third Quarter 2024 Results
Community Financial System (NYSE: CBU) reported third quarter 2024 results with net income of $43.9 million, or $0.83 per fully diluted share. This represents a $0.01 increase from the previous year's Q3 but a $0.08 decrease from Q2 2024. The company achieved record total revenues of $188.9 million, up 7.7% year-over-year and 2.8% quarter-over-quarter. Net interest income reached a new quarterly record of $112.7 million, increasing 4.6% from Q3 2023 and 3.0% from Q2 2024.
Financial services revenues also hit a record at $55.8 million, up 11.4% year-over-year. Total loans grew to $10.25 billion, marking the 13th consecutive quarter of loan growth, while total deposits increased to $13.48 billion. The company's Tier 1 leverage ratio stood at 9.12%, well above the regulatory well-capitalized standard of 5.0%.
Il Community Financial System (NYSE: CBU) ha riportato i risultati del terzo trimestre 2024 con un utile netto di 43,9 milioni di dollari, corrispondente a 0,83 dollari per azione completamente diluita. Questo rappresenta un aumento di 0,01 dollari rispetto al terzo trimestre dell'anno scorso, ma una diminuzione di 0,08 dollari rispetto al secondo trimestre del 2024. L'azienda ha raggiunto entrate totali record di 188,9 milioni di dollari, in crescita del 7,7% rispetto allo scorso anno e del 2,8% rispetto al trimestre precedente. Il reddito da interessi netti ha raggiunto un nuovo record trimestrale di 112,7 milioni di dollari, aumentando del 4,6% rispetto al terzo trimestre 2023 e del 3,0% rispetto al secondo trimestre 2024.
Le entrate dei servizi finanziari hanno anch'esse registrato un record a 55,8 milioni di dollari, in aumento dell'11,4% su base annua. Il totale dei prestiti è cresciuto a 10,25 miliardi di dollari, segnando il 13° trimestre consecutivo di crescita dei prestiti, mentre i depositi totali sono aumentati a 13,48 miliardi di dollari. Il rapporto di leva Tier 1 dell'azienda si attestava al 9,12%, ben al di sopra dello standard di capitolazione ben capitalizzato richiesto di 5,0%.
El Community Financial System (NYSE: CBU) informó sobre los resultados del tercer trimestre de 2024 con un ingreso neto de 43.9 millones de dólares, o 0.83 dólares por acción completamente diluida. Esto representa un aumento de 0.01 dólares en comparación con el tercer trimestre del año anterior, pero una disminución de 0.08 dólares en comparación con el segundo trimestre de 2024. La compañía logró ingresos totales récord de 188.9 millones de dólares, un aumento del 7.7% interanual y del 2.8% en comparación con el trimestre anterior. Los ingresos por intereses netos alcanzaron un nuevo récord trimestral de 112.7 millones de dólares, aumentando un 4.6% respecto al tercer trimestre de 2023 y un 3.0% respecto al segundo trimestre de 2024.
Los ingresos por servicios financieros también alcanzaron un récord de 55.8 millones de dólares, con un aumento del 11.4% interanual. El total de préstamos creció a 10.25 mil millones de dólares, marcando el 13er trimestre consecutivo de crecimiento de préstamos, mientras que los depósitos totales aumentaron a 13.48 mil millones de dólares. La razón de apalancamiento Tier 1 de la compañía se situó en el 9.12%, muy por encima del estándar regulatorio de bien capitalizado de 5.0%.
Community Financial System (NYSE: CBU)는 2024년 3분기 실적을 보고하며 순이익 4,390만 달러, 즉 완전 희석 주당 0.83 달러를 기록했습니다. 이는 작년 3분기 대비 0.01달러 증가했으나, 2024년 2분기 대비 0.08달러 감소한 수치입니다. 이 회사는 총 수익 1억 8,890만 달러로 기록을 세우며, 전년 대비 7.7%, 전분기 대비 2.8% 증가했습니다. 순이자 수익은 새로운 분기별 기록인 1억 1,270만 달러에 도달하여, 2023년 3분기 대비 4.6%, 2024년 2분기 대비 3.0% 증가했습니다.
금융 서비스 수익도 5,580만 달러로 기록을 세우며, 전년 대비 11.4% 증가했습니다. 총 대출은 1,025억 달러로 증가하여 13분기 연속 대출 성장세를 기록했으며, 총 예금은 1,348억 달러로 증가했습니다. 회사의 Tier 1 레버리지 비율은 9.12%로, 규제상의 양호한 자본 비율 기준인 5.0%를 훨씬 초과했습니다.
Le Community Financial System (NYSE: CBU) a annoncé les résultats du troisième trimestre 2024 avec un revenu net de 43,9 millions de dollars, soit 0,83 dollar par action entièrement diluée. Cela représente une augmentation de 0,01 dollar par rapport au troisième trimestre de l'année précédente, mais une diminution de 0,08 dollar par rapport au deuxième trimestre de 2024. L'entreprise a atteint des revenus totaux records de 188,9 millions de dollars, en hausse de 7,7 % par rapport à l'an dernier et de 2,8 % par rapport au trimestre précédent. Les revenus d'intérêts nets ont atteint un nouveau record trimestriel de 112,7 millions de dollars, augmentant de 4,6 % par rapport au troisième trimestre 2023 et de 3,0 % par rapport au deuxième trimestre 2024.
Les revenus des services financiers ont également atteint un record de 55,8 millions de dollars, en hausse de 11,4 % par rapport à l'année précédente. Le total des prêts a atteint 10,25 milliards de dollars, marquant le 13ème trimestre consécutif de croissance des prêts, tandis que les dépôts totaux ont augmenté à 13,48 milliards de dollars. Le ratio de levier Tier 1 de l'entreprise s'élevait à 9,12 %, bien au-dessus de la norme réglementaire de bonne capitalisation de 5,0 %.
Das Community Financial System (NYSE: CBU) hat die Ergebnisse des dritten Quartals 2024 veröffentlicht und einen Netto-Ertrag von 43,9 Millionen Dollar erzielt, was 0,83 Dollar pro voll verwässerter Aktie entspricht. Dies stellt einen Anstieg um 0,01 Dollar im Vergleich zum dritten Quartal des Vorjahres dar, jedoch einen Rückgang um 0,08 Dollar im Vergleich zum zweiten Quartal 2024. Das Unternehmen erzielte Rekordumsätze von 188,9 Millionen Dollar, was einer Steigerung von 7,7% im Jahresvergleich und 2,8% im Quartalsvergleich entspricht. Die Nettozinsbeträge erreichten mit 112,7 Millionen Dollar einen neuen Quartalsrekord, was einem Anstieg von 4,6% gegenüber dem dritten Quartal 2023 und 3,0% gegenüber dem zweiten Quartal 2024 entspricht.
Die Erträge aus Finanzdienstleistungen erreichten mit 55,8 Millionen Dollar ebenfalls einen Rekord, was einer Steigerung von 11,4% im Jahresvergleich entspricht. Die gesamten Kredite stiegen auf 10,25 Milliarden Dollar, was das 13. aufeinanderfolgende Quartal des Kreditwachstums markiert, während die Gesamteinlagen auf 13,48 Milliarden Dollar stiegen. Das Tier 1 Leverage Ratio des Unternehmens lag bei 9,12%, weit über dem regulativen Gutkapitalisierten Standard von 5,0%.
- Record total revenues of $188.9 million, up 7.7% year-over-year
- Net interest income reached a new quarterly record of $112.7 million
- Financial services revenues hit a record at $55.8 million, up 11.4% year-over-year
- Total loans grew to $10.25 billion, marking 13th consecutive quarter of loan growth
- Total deposits increased to $13.48 billion, up 3.4% year-over-year
- Tier 1 leverage ratio of 9.12%, well above regulatory well-capitalized standard
- Net income per share decreased $0.08 from Q2 2024
- Operating net income per share decreased $0.07 from Q2 2024
Insights
Community Financial System's Q3 2024 results show solid performance with some mixed signals. Net income of
Loan growth remains robust, with total loans increasing
While the results are generally positive, investors should monitor the slight quarter-over-quarter earnings decline and the divergence between loan and deposit growth rates. The company's ability to maintain its net interest margin and manage funding costs will be important in the coming quarters.
Community Financial System's Q3 results reflect broader industry trends and local market dynamics. The record revenues and consistent loan growth demonstrate the company's strong position in its regional market. The
The banking sector faces challenges from rising interest rates and economic uncertainties. Community Financial's ability to grow both loans and deposits in this environment is commendable. However, the faster loan growth compared to deposit growth may indicate increasing competition for deposits, which could impact future profitability.
Investors should consider the company's performance in the context of regional economic conditions and peer comparisons. The consistent quarterly loan growth and record-breaking revenues suggest effective execution of the company's strategy, but ongoing monitoring of net interest margin trends and deposit costs will be essential for assessing future performance.
Third Quarter 2024 Performance Summary
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Net income of
$43.9 million $0.83 $0.01 $0.08
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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
$46.6 million $0.88 $0.01 $0.07
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Total revenues of
$188.9 million $13.6 million 7.7% , from the prior year’s third quarter and increased$5.1 million 2.8% , from the second quarter of 2024
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Net interest income of
$112.7 million $5.0 million 4.6% , from the prior year’s third quarter and increased$3.4 million 3.0% , from the second quarter of 2024
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Total financial services (employee benefit services, insurance services and wealth management services) revenues of
$55.8 million $5.7 million 11.4% , from the prior year’s third quarter and increased$1.6 million 3.0% , from the second quarter of 2024
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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
$68.3 million $1.29 $0.13
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Total ending loans of
$10.25 billion $227.8 million 2.3% , from the end of the second quarter of 2024, marking the thirteenth consecutive quarter of loan growth, and increased$801.6 million 8.5% , from the end of the prior year’s third quarter
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Total ending deposits of
$13.48 billion $338.3 million 2.6% , from the end of the second quarter of 2024 and increased$445.4 million 3.4% , from the end of the prior year’s third quarter
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Tier 1 leverage ratio of
9.12% at the end of the quarter continues to substantially exceed the regulatory well-capitalized standard of5.0%
Company management will conduct an investor call at 11:00 a.m. (ET) today, October 22, 2024, to discuss the third quarter 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
View source version on businesswire.com: https://www.businesswire.com/news/home/20241022473955/en/
Joseph E. Sutaris, EVP & Chief Financial Officer
Office: (315) 445-7396
Source: Community Financial System, Inc.
FAQ
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