DeWITT, N.Y. — Community Financial System, Inc. (NYSE: CBU) — parent company of Community Bank, N.A. — recently reported net income of $49.6 million, or 93 cents per share, in the first quarter, up more than 21 percent from $40.9 million, or 76 cents, in the first quarter of 2024. Increases in net interest income […]
DeWITT, N.Y. — Community Financial System, Inc. (NYSE: CBU) — parent company of Community Bank, N.A. — recently reported net income of $49.6 million, or 93 cents per share, in the first quarter, up more than 21 percent from $40.9 million, or 76 cents, in the first quarter of 2024.
Increases in net interest income (up more than 12 percent) and noninterest revenue (up over 8 percent) helped drive the profit gain. Total revenue at Community Financial System increased nearly 11 percent to $196.25 million in this year’s first quarter from almost $177.3 million in the year-ago quarter.
“Our Company had very solid core operating performance for the first quarter with meaningful growth in net income, operating net income and operating pre-tax, pre-provision net revenue (PPNR) over the prior year’s first quarter,” Dimitar A. Karaivanov, president and CEO of Community Financial System, said in the company’s earnings report issued on April 29. “The Company continues to execute on its focus to deliver sustainable growth and above average returns with below average risk as evidenced by our operating return on assets of 1.28% in the quarter. All four of our businesses — banking, employee benefit services, insurance services and wealth management services — achieved increases in revenues and improvements in core operating performance compared to last year’s first quarter…”
Community Financial System is a diversified financial services company headquartered in DeWitt. Community Bank is among the nation’s 100 largest banks with more than $16 billion in assets and operates about 200 branches across upstate New York, northeastern Pennsylvania, Vermont, and Western Massachusetts. The company’s Benefit Plans Administrative Services, Inc. subsidiary is a provider of employee-benefits administration, trust services, collective investment-fund administration, and actuarial consulting services to customers nationally. The company’s OneGroup NY, Inc. subsidiary is a top 66 U.S. insurance agency. Community Financial also offers comprehensive financial planning, trust administration and wealth-management services through its Nottingham Financial Group operating unit.
