Community Financial System, Inc. Reports Second Quarter 2024 Results
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Second Quarter 2024 Performance Summary
-
Net income of
$47.9 million , or$0.91 per fully diluted share, increased$0.02 per fully diluted share from the prior year’s second quarter and increased$0.15 per fully diluted share from the first quarter of 2024 -
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
$50.5 million , or$0.95 per fully diluted share, decreased$0.01 per fully diluted share from the prior year’s second quarter and increased$0.13 per fully diluted share from the first quarter of 2024 -
Total revenues of
$183.8 million , a new quarterly record for the Company, increased$8.5 million , or 4.9%, from the prior year’s second quarter and increased$6.5 million , or 3.7%, from the first quarter of 2024 -
Net interest income of
$109.4 million increased$0.1 million , or 0.1%, from the prior year’s second quarter and increased$2.4 million , or 2.3%, from the first quarter of 2024 -
Total financial services (employee benefit services, insurance services and wealth management services) revenues of
$54.1 million , also a new quarterly record for the Company, increased$5.8 million , or 12.1%, from the prior year’s second quarter and increased$2.1 million , or 4.0%, from the first quarter of 2024 -
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
$68.1 million , or$1.29 per fully diluted share, increased$0.05 per fully diluted share from the prior year’s second quarter and increased$0.11 per fully diluted share from the first quarter of 2024 -
Total ending loans of
$10.02 billion increased$140.4 million , or 1.4%, from the end of the first quarter of 2024, marking the twelfth consecutive quarter of loan growth, and increased$853.1 million , or 9.3%, from the end of the prior year’s second quarter -
Total ending deposits of
$13.14 billion decreased$214.1 million , or 1.6%, from the end of the first quarter of 2024 and increased$266.1 million , or 2.1%, from the end of the prior year’s second quarter - Annualized loan net charge-offs were 0.05% for the quarter
- Tier 1 leverage ratio of 9.07% at the end of the quarter continues to substantially exceed the regulatory well-capitalized standard of 5.0%
Company management will conduct an investor call at
CBU Investor Day –
Registration Details:
- In-Person Attendance: Register here – https://edge.media-server.com/mmc/p/ko6picw9
- Virtual Attendance: Register here – https://edge.media-server.com/mmc/p/77ifdrya
Additional details, including the agenda, will be available on the Company's website.
About
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For further information:
Office: (315) 445-7396
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