Published on 27 Jan 2024 on GuruFocus.com via Yahoo Finance
Community Bank System Inc. Reports Mixed Results Amidst Challenging Environment
Net Income: Q4 net income of $38.3 million, full year net income of $136.5 million.Earnings Per Share (EPS): Q4 EPS at $0.71, down from Q4 2022; full year EPS at $2.53.Revenue: Q4 total revenues increased slightly to $177.0 million; full year revenues faced a 4.0% decline.Net Interest Margin: Q4 net interest margin decreased to 3.05%; full year margin increased to 3.11%.Loan Growth: Total ending loans reached $9.70 billion, marking a 10.2% increase from the previous year.Dividend: The quarterly dividend increased, marking the 31st consecutive year of dividend growth.Capital Ratios: All regulatory capital ratios significantly exceeded well-capitalized standards.
Warning! GuruFocus has detected 4 Warning Sign with CBU.
On January 23, 2024, Community Bank System Inc (NYSE:CBU) released its 8-K filing, disclosing its financial results for the fourth quarter and full year of 2023. The company, a diversified financial services entity, operates through banking, benefits administration, insurance services, and wealth management. Despite a challenging environment, CBU achieved its highest level of quarterly revenues in Q4 2023 but faced a decline in net income due to non-operating expenses and notable noninterest expense items.