Community Financial System Inc

CBU

Equity

ISIN US2036071064 / Valor 920108

New York Stock Exchange, Inc (2024-12-24)

USD 62.98+0.64%

Community Financial System Inc
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About company

Community Bank System, Inc., headquartered in DeWitt, NY, is a comprehensive financial services entity with a portfolio exceeding $15 billion in assets. The company operates primarily through four key divisions: banking, benefits administration, insurance services, and wealth management. Its banking arm, Community Bank, N.A., ranks among the top 100 largest banks in the United States, serving customers through over 200 facilities spread across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts. The bank provides a wide array of services including retail, business, and municipal banking, alongside financial planning, trust administration, and wealth management through its Community Bank Wealth Management unit. Additionally, Community Bank System extends its expertise to employee benefits administration and actuarial consulting nationally via its Benefit Plans Administrative Services, Inc. subsidiary. Furthermore, its OneGroup NY, Inc. subsidiary is recognized among the top 100 U.S. insurance agencies, offering a broad spectrum of personal and commercial insurance and risk management services. The company is publicly traded on the New York Stock Exchange under the ticker symbol CBU.

Summarized from source with an LLMView SourceSector: Finance

Net Income

Community Financial System Inc. reported a net income of $47.9 million for the second quarter of 2024. This translates to $0.91 per fully diluted share, marking an increase of $0.02 per share from the same quarter in the previous year and a $0.15 per share increase from the first quarter of 2024.

Total Revenues

The company achieved total revenues of $183.8 million in the second quarter of 2024, setting a new quarterly record. This represents an increase of $8.5 million, or 4.9%, compared to the second quarter of the previous year, and a $6.5 million, or 3.7%, increase from the first quarter of 2024.

Net Interest Income

Community Financial System Inc. reported net interest income of $109.4 million for the second quarter of 2024. This is a slight increase of $0.1 million, or 0.1%, from the same quarter in the previous year, and a $2.4 million, or 2.3%, increase from the first quarter of 2024.

Financial Services Revenues

The company's total financial services revenues, which include employee benefit services, insurance services, and wealth management services, reached $54.1 million in the second quarter of 2024. This is a new quarterly record and represents a $5.8 million, or 12.1%, increase from the second quarter of the previous year, and a $2.1 million, or 4.0%, increase from the first quarter of 2024.

Loan and Deposit Growth

Community Financial System Inc. reported total ending loans of $10.02 billion for the second quarter of 2024, an increase of $140.4 million, or 1.4%, from the end of the first quarter of 2024. This marks the twelfth consecutive quarter of loan growth. Total ending deposits were $13.14 billion, a decrease of $214.1 million, or 1.6%, from the end of the first quarter of 2024, but an increase of $266.1 million, or 2.1%, from the end of the second quarter of the previous year.

Summarized from source with an LLMView Source

Key figures

18.6%1Y

-15.1%3Y

-10.2%5Y

Performance

34.1%1Y

31.7%3Y

35.1%5Y

Volatility