DeWITT, N.Y. — Community Financial System, Inc. (NYSE: CBU), parent of Community Bank, on Tuesday reported improved earnings for the fourth quarter of 2024 as well as the full year.
The DeWitt–based banking and financial-services company generated a new quarterly record of $196.3 million in revenue in the fourth quarter, up 10.9 percent from last year’s fourth quarter. Full-year revenue increased 14.4 percent to $746.3 million.
For the fourth quarter, Community Financial reported net income of almost $50 million, or 94 cents per share, up 31 cents a share from a year earlier.
(Sponsored)
The OBBBA Resurrects the Immediate R&E Expense Deduction
Under the Tax Cuts and Jobs Act (TCJA), businesses, including manufacturers, have been required since 2022 to amortize domestic Section 174 research and experimental (R&E) costs over five years, rather
The End of Non-Compete Agreements in New York?
Among the tidal wave of changes impacting employers, ranging from updated anti-harassment laws, restrictions on absenteeism policies and new pay transparency rules, New York is now poised to restrict the
Full year net income totaled $182.5 million, or $3.44 per share, up 99 cents a share over its 2023 figure.
Community Financial generated growth across revenue streams with net interest income and financial services noninterest income reaching quarterly records.
We’ll have more on Community Financial’s earnings report in the Feb. 3 weekly edition of The Central New York Business Journal.
Community Bank has 200 branches across New York, Pennsylvania, Vermont, and Massachusetts. Community Financial also operates Benefit Plans Administrative Services, Inc., which provides employee-benefits administration, trust services, collective investment-fund administration, and actuarial consulting services, and OneGroup NY, Inc., an insurance agency. Community Financial also provides financial planning, trust administration, and wealth-management services through its Wealth Management operating unit.
Community Financial’s stock is off to a good start in 2025, up 6.2 percent year to date so far
