Community Bank System, Inc. (CBU) Tuesday reported that its first-quarter net income was $40.87 million or $0.76 per share, higher than last year's $5.80 million or $0.11 per share.
The Company's operating pre-tax, pre-provision net revenue per share, a non-GAAP measure, was up $0.05, or 4.4 percent, over the linked fourth quarter, demonstrating solid improvement in the Company's core operating performance.
Operating net income was $43.8 million or $0.82 per share in the first quarter of 2024, down from $0.92 in the first quarter of 2023.
Operating pre-tax, pre-provision net revenue per share was $1.18, down from $1.22 in 2023.
Total revenues of $177.3 million increased 42.4 percent from the prior year.
Analysts on average expected the company to report earnings of $0.78 per share on revenues of $176.83 million, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Net interest income dropped to $106.99 million from last year's $111.03 million. Total noninterest revenues surged to $70.29 million from $13.50 million a year earlier.
Looking forward, the company said anticipates continued growth in revenues with controlled expenses, moderation of funding costs and normalization of the credit environment.
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