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Dec 31, 2023
Community Bank Q4 2023 Earnings Report
Community Bank System, Inc. reported Q4 2023 results with increased revenues but impacted net income due to non-operating expenses.
Key Takeaways
Community Bank System, Inc. reported a net income of $38.3 million, or $0.71 per fully diluted share, for the fourth quarter of 2023. The company achieved its highest level of quarterly revenues despite a challenging environment, but net income was impacted by non-operating expenses such as the FDIC insurance special assessment, increased retirement expense, elevated fraud expenses, and restructuring costs.
Net income for Q4 2023 was $38.3 million, or $0.71 per fully diluted share.
Total revenues for Q4 2023 increased to $177.0 million, a 0.6% increase year-over-year.
Noninterest revenues for Q4 2023 increased by 6.4% year-over-year to $67.8 million.
Net interest income for Q4 2023 decreased by 2.7% year-over-year to $109.2 million.
Community Bank
Community Bank
Forward Guidance
Looking forward into 2024, our focus is squarely on maintaining this trajectory of revenue growth, while concurrently moderating operating expenses and maximizing the returns on the investments we made in leadership, talent, risk management capabilities and data systems across all of our businesses to achieve positive operating leverage.