Welcome to our dedicated page for Community Financial System news (Ticker: CBU), a resource for investors and traders seeking the latest updates and insights on Community Financial System stock.
Community Financial System, Inc. (CBU), headquartered in DeWitt, NY, is a registered bank holding company with an expansive network of approximately 180 customer facilities throughout upstate New York. Operating predominantly as Community Bank, N.A., the company serves a diverse clientele, including retail, commercial, and municipal customers, particularly in non-metropolitan areas such as small towns in upstate New York and Northeastern Pennsylvania. With total assets amounting to $7.4 billion, Community Financial System, Inc. positions itself as a significant player in the regional banking sector.
The company’s diverse portfolio includes several wholly-owned subsidiaries. BPAS (Benefit Plans Administrative Services) is an employee benefits administration and consulting firm with offices in multiple locations, including upstate New York, Pittsburgh, Philadelphia, Houston, and Puerto Rico. CBNA Insurance Agency offers insurance services through its offices in three northern New York communities. Community Investment Services functions as a broker-dealer, delivering a suite of financial products across the company's branch network. Additionally, Nottingham Advisors, a wealth management and advisory firm, extends its services through its offices in Buffalo, NY, and North Palm Beach, FL.
Community Financial System, Inc. has demonstrated a solid growth trajectory, leveraging both organic growth and strategic acquisitions. A significant portion of its loan portfolio is consumer-focused, encompassing installment loans, lines of credit, and residential mortgage loans. This consumer-centric approach has helped the company build a robust financial foundation and maintain a steady performance.
In recent developments, Community Financial System, Inc. has been involved in innovative financial solutions that enhance retirement readiness. For instance, it recently partnered with key industry leaders to introduce a new target date series designed to provide lifetime income and growth opportunities for retirees. This initiative underscores the company’s commitment to addressing the retirement income crisis by offering innovative, participant-focused investment products.
Moreover, Community Financial System, Inc. continues to expand its services and partnerships to better serve its customers and enrich their financial well-being. This commitment to innovation and customer service makes it a reputable and reliable choice for banking and financial services in the regions it operates.
Community Bank System, Inc. (NYSE: CBU) reported second quarter 2021 net income of $47.9 million, or $0.88 per diluted share, reflecting a 33.3% increase in earnings year-over-year. The rise was primarily due to a decrease in the provision for credit losses and a 12.3% increase in noninterest income. Operating expenses rose 6.9% to $93.5 million, impacted by resuming pre-pandemic activities. Loans decreased 1.7% to $7.24 billion, while total assets increased to $14.80 billion. The quarterly dividend was raised by 2.4%, marking 29 years of consecutive increases.
Community Bank System, Inc. (NYSE: CBU) has announced a quarterly cash dividend of $0.43 per share, payable on October 8, 2021, to shareholders of record on September 15, 2021. This marks a 2.4% increase over the previous dividend, representing a 2.41% annualized yield based on the $71.47 closing price on July 20, 2021. This is the 29th consecutive year of dividend increases, reflecting the company’s strong operating performance. Community Bank System operates over 225 facilities and manages assets over $14.6 billion.
Community Bank System, Inc. (NYSE: CBU) has acquired Fringe Benefits Design of Minnesota, Inc. (FBD), a retirement plan administration provider. Post-acquisition, FBD will operate as a subsidiary of Benefit Plans Administrative Services, Inc. (BPAS), enhancing BPAS's annual revenue to over $110 million and managing more than 510,000 retirement participant accounts. This strategic move aims to broaden Community Bank System's market presence in the Midwest and bolster its benefits offerings. The company operates over 225 facilities across several states and holds assets exceeding $14.6 billion.
Community Bank System, Inc. (NYSE: CBU) will host a conference call on July 26, 2021, at 11:00 a.m. ET to discuss its second quarter 2021 financial results. The company will release its results before the market opens on the same day. The call will feature presentations from CEO Mark E. Tryniski and CFO Joseph E. Sutaris, followed by a Q&A session. The event can be accessed via dial-in or a live webcast. Community Bank operates over 225 facilities with assets of approximately $14.6 billion.
Community Bank System, Inc. (NYSE: CBU) has declared a quarterly cash dividend of $0.42 per share, payable on July 9, 2021 to shareholders on record as of June 15, 2021. This dividend reflects an annualized yield of 2.17% based on a share price of $77.41 as of May 12, 2021. At the Annual Shareholders’ Meeting on May 13, 2021, shareholders supported all board recommendations and re-elected twelve directors, approved executive compensation programs, and ratified the firm PricewaterhouseCoopers LLP as the company’s public accounting firm.
Community Bank System, Inc. (NYSE: CBU) reported a strong first quarter 2021 net income of $52.9 million, or $0.97 per diluted share, reflecting a 27.6% increase from the same period last year. This increase was driven by higher net interest income, a reduction in credit loss provisions, and lower operating expenses, despite decreases in noninterest revenues and rising tax expenses. Total revenues reached $152.5 million, up 2.6% year-over-year. The company's total assets expanded by 23.8% to $14.62 billion, bolstered by government stimulus inflows and the acquisition of Steuben Trust Corporation. The positive economic outlook is encouraging for future growth.
Community Bank System, Inc. (NYSE:CBU) has appointed Dimitar Karaivanov as Executive Vice President of Financial Services and Corporate Development, effective June 4, 2021. He will oversee the company's non-banking subsidiaries and financial operations, a segment contributing about 25% to consolidated operating earnings. With over 15 years in investment banking, most recently as Managing Director at Lazard Middle Market, Karaivanov is expected to enhance corporate development and strategic growth initiatives. His familiarity with the company’s strategy positions him as a strong leader for upcoming challenges.
Community Bank System, Inc. (CBU) will hold a conference call on April 26, 2021, at 11:00 a.m. Eastern Time, to discuss its first quarter 2021 financial results. The company will release its earnings before the market opens on the same day. The call will feature Mark E. Tryniski, CEO, Joseph E. Sutaris, CFO, and Joseph F. Serbun, Chief Banking Officer, and will last approximately 15 minutes followed by a Q&A session. The event can be accessed via telephone or a webcast on the company's website.
Community Bank System, Inc. (NYSE: CBU) has declared a quarterly cash dividend of $0.42 per share, payable on April 9, 2021 to shareholders of record as of March 15, 2021. This dividend yields an annualized rate of 2.39% based on the closing share price of $70.33 on February 16, 2021. Community Bank operates over 230 facilities across several states with assets exceeding $13.9 billion, positioning it among the top 125 banking institutions in the U.S. The company offers diverse banking and financial services through its multiple subsidiaries.
Community Bank System, Inc. (CBU) reported a fourth quarter 2020 net income of $46.5 million ($0.86 per share), a 4.9% increase from the prior year. Full-year earnings fell to $3.08 per share, down $0.15 from 2019. Key drivers for the quarterly growth included increased net interest income and lower credit loss provisions, despite rising taxes and shares outstanding. Total revenues rose by 0.5% year-over-year to $150.6 million. While nonperforming loans increased to 1.04% of total loans, net charge-offs remained low at 0.07%. CBU maintains a strong capital position with robust liquidity.
FAQ
What is the current stock price of Community Financial System (CBU)?
What is the market cap of Community Financial System (CBU)?
What is Community Financial System, Inc.?
What services does Community Bank, N.A. provide?
Who are the other subsidiaries of Community Financial System, Inc.?
How does Community Financial System, Inc. grow its business?
What is the economic focus of Community Financial System, Inc.'s loan portfolio?
What recent initiatives has Community Financial System, Inc. undertaken?
Where are Community Financial System, Inc.'s subsidiaries located?
What types of customers does Community Financial System, Inc. serve?
Is Community Financial System, Inc. involved in any innovative financial solutions?
How significant is Community Financial System, Inc. in the regional banking sector?
