The following is a summary of the Community Bank System, Inc. (CBU) Q1 2024 Earnings Call Transcript:
Financial Performance:
Community Bank reported a GAAP diluted EPS of $0.76 for Q1 2024, a substantial increase compared to $0.11 in Q1 2023 and $0.63 in Q4 2023.
The company set a new record with total revenues of $177.3 million for Q1 2024.
Net interest income was $107 million in Q1 2024, slightly less compared to $109.2 million in Q4 2023 and $111 million in Q1 2023.
The Company recorded a provision for credit losses of $6.1 million in Q1 2024, a rise compared to $3.5 million in Q1 2023 and $4.1 million in Q4 2023.
There was an increase in operating non-interest revenues from banking, employee benefit services, and wealth management services businesses.
Business Progress:
The company continued growth in lending sectors like commercial, mortgage, and consumer installment portfolios, funded via a substantial deposit growth.
They plan to open 14 new branches within the next five quarters.
Successful addition of new customers in the Employee Benefit Services lead to a growth of 7.9%.
Due to acquisitions and expansion in insurance and banking sectors, the company expects revenue to increase in the latter half of the year.
The company has been keen on pursuing more acquisitions, with a switch in focus to fee-based businesses as compared to bank transactions.
More details: Community Bank System IR
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