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Mar 31, 2024
Community Bank Q1 2024 Earnings Report
Community Bank System, Inc. reported first quarter 2024 results with net income of $40.9 million and revenue of $177.3 million.
Key Takeaways
Community Bank System, Inc. reported a strong first quarter of 2024, marked by record quarterly revenues and solid core funding. The company's diverse revenue streams and robust liquidity levels contributed to its strong performance, with growth in market-sensitive recurring fee income businesses offsetting margin pressure in the banking sector.
Net income for Q1 2024 was $40.9 million, or $0.76 per fully diluted share.
Non-GAAP operating net income was $43.8 million, or $0.82 per fully diluted share.
Total revenues reached $177.3 million, a 42.4% increase compared to Q1 2023.
Total ending deposits increased to $13.35 billion, up 3.3% from December 31, 2023.
Revenue by Segment
Forward Guidance
The Company anticipates continued growth in revenues with controlled expenses, moderation of funding costs and normalization of the credit environment.
Positive Outlook
- Continued growth in revenues
- Controlled expenses
- Moderation of funding costs
- Normalization of the credit environment
Historical Earnings Impact
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Avg. Return Before/After Earnings
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