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Mar 31, 2023
Community Bank Q1 2023 Earnings Report
Community Bank System reported first quarter 2023 results with a net income of $5.8 million, or $0.11 per fully-diluted share.
Key Takeaways
Community Bank System reported a decrease in net income and earnings per share for Q1 2023 compared to the previous year, primarily due to a strategic balance sheet repositioning. The company sold available-for-sale investment securities, resulting in a pre-tax realized loss. Despite this, the company's deposit base and liquidity position remained strong, with total immediately available liquidity sources exceeding uninsured deposits.
Net income for Q1 2023 was $5.8 million, or $0.11 per fully-diluted share, compared to $47.1 million, or $0.86 per share in Q1 2022.
A strategic balance sheet repositioning, involving the sale of investment securities, resulted in a $52.3 million pre-tax realized loss.
Total immediately available liquidity sources were $4.69 billion, over double the estimated uninsured deposits.
Total operating revenues increased by 10.0% compared to the prior year's first quarter.
Community Bank
Community Bank
Forward Guidance
Management anticipates that total operating expenses, excluding any future acquisition activities, will remain generally in line with first quarter levels for the remaining three quarters of 2023.