Community Financial System, Inc. - CBU STOCK NEWS

Community Bank System reported Q4 2022 net income of $52.5 million, or $0.97 per share, reflecting a 21.3% increase from Q4 2021's $43.6 million, or $0.80 per share. The rise is attributed to increased net interest income and fewer average shares. However, higher operating expenses, reduced non-interest revenues, and increased provisions for credit losses impacted results. Full-year 2022 diluted EPS was $3.46, a slight drop from $3.48 in 2021. Q4 adjusted pre-tax, pre-provision net revenue per share was $1.29, up 18.3% year-over-year. The company's dividend grew 2.3%, marking its 30th consecutive increase.

Community Bank System, Inc. (NYSE: CBU) has scheduled a conference call on January 24, 2023, at 11:00 a.m. ET to discuss its financial performance for the fourth quarter and full year ending December 31, 2022. The results will be released prior to market opening on the same day and will be available on their website. The call will feature executives Mark E. Tryniski, Joseph E. Sutaris, and Dimitar Karaivanov, typically lasting around 15 minutes with a Q&A session to follow.

Community Bank System, Inc. (NYSE: CBU) has declared a quarterly cash dividend of $0.44 per share, payable on January 10, 2023, to shareholders of record as of December 15, 2022. This dividend yields an annualized rate of 2.69% based on the closing price of $65.38 on November 15, 2022. Operating over 210 facilities across Upstate New York and neighboring states, the company boasts assets exceeding $15.5 billion, ranking among the top 125 banking institutions in the U.S.

Community Bank System, Inc. (NYSE: CBU) reported a 8.4% increase in Q3 2022 net income to $48.7 million, or $0.90 per share, compared to $45.3 million, or $0.83 per share, in Q3 2021. This growth was driven by a rise in net interest income and noninterest revenues, along with a decrease in average shares outstanding, offset by higher operating expenses and taxes. Total revenues for the quarter reached $175.6 million, up 11.9% year-over-year, largely due to a 19.2% increase in net interest income. The company continues to show strong asset quality with a return on assets at 1.24% and a return on equity of 11.49%.

Community Bank System, Inc. (NYSE: CBU) will host an earnings conference call on October 24, 2022, at 11:00 a.m. ET to discuss its financial performance for the third quarter ended September 30, 2022. The company will release its results before the market opens on the same day. Key executives including Mark E. Tryniski (CEO) and Joseph E. Sutaris (CFO) will present, followed by a Q&A session. Investors can access the call via a dedicated dial-in line or a simultaneous webcast, which will later be archived on the company's website.

Community Bank System, Inc. (NYSE: CBU) has announced significant senior management changes, including the retirement of Joseph F. Serbun, President of Retail Banking, effective September 30, 2022. Serbun has been with the Bank for over 14 years, contributing to its growth and success. Dimitar Karaivanov has been promoted to Executive Vice President and Chief Operating Officer, effective October 1, 2022. Karaivanov, who previously led financial services and corporate development, will oversee banking operations and focus on optimizing the core business.

Community Bank System, Inc. (NYSE: CBU) reported a second quarter 2022 net income of $39.8 million, or $0.73 per share, down from $47.9 million, or $0.88 per share, in the same quarter of 2021. This decline, a 17% drop, was attributed to increased credit loss provisions and operating expenses, despite gains in net interest income and noninterest revenues. The company completed the acquisition of Elmira Savings Bank, adding $522.3 million in deposits and $437.0 million in loans. Total revenues rose 10.3% year-over-year to $167.2 million, driven by a notable rise in net interest income.

Community Bank System, Inc. (NYSE: CBU) has declared a quarterly cash dividend of $0.44 per share, payable on October 10, 2022 to shareholders of record as of September 15, 2022. This represents a $0.01 increase or 2.33%, with an annualized yield of 2.71% based on the closing share price of $64.88 on July 19, 2022. The company marks its 30th consecutive year of dividend increases, reflecting strong operating performance and confidence in future growth.

Community Bank System, Inc. (NYSE: CBU) has formed a strategic partnership with Jacobi Capital Management to offer investment advisory services to commercial and high net worth clients in Pennsylvania. This collaboration aims to enhance client experiences through shared values and aligned objectives. Mark E. Tryniski, CEO of Community Bank, expressed enthusiasm for the partnership, highlighting Jacobi's capabilities as beneficial for their clients. Jacobi's CIO, Michael J. Hirthler, praised the shared commitment to helping clients achieve their financial goals.