Community Bank Q3 2023 Earnings Report

Community Bank System, Inc. reported third quarter results, with earnings pressured by elevated expenses but revenue performance remained stable.

Key Takeaways

Community Bank System, Inc. reported a net income of $44.1 million, or $0.82 per fully diluted share, for Q3 2023. Revenue performance was stable, but earnings were pressured by elevated expenses. Loans and deposits increased during the quarter, and asset quality remained strong.

Net income was $44.1 million, or $0.82 per fully diluted share.

Total revenues were $175.4 million.

Noninterest revenues reached a new quarterly record of $50.0 million in employee benefit services, insurance services, and wealth management services.

Total loans outstanding increased by $279.3 million, or 3.0% during the quarter.