DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) — parent of Community Bank, N.A. — reported net income of $44.1 million, or 82 cents a share, in the third quarter, down 9.4 percent from $48.7 million, or 90 cents per share, in the same quarter a year ago. The earnings dip primarily resulted from […]
DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) — parent of Community Bank, N.A. — reported net income of $44.1 million, or 82 cents a share, in the third quarter, down 9.4 percent from $48.7 million, or 90 cents per share, in the same quarter a year ago.
The earnings dip primarily resulted from an increase in operating expenses and a decline in net interest income, partially offset by a rise in noninterest revenue and decreases in the provision for credit losses, income taxes, and fully diluted shares outstanding, the DeWitt–based banking company said in its Oct. 24 earnings report.
Net interest income at Community Bank totaled nearly $107.8 million in this year’s third quarter, down more than 2 percent from almost $110.4 million in the third quarter of 2022. The banking company’s total noninterest revenue increased more than 3.5 percent to nearly $67.6 million the third quarter of 2023 from more than $65.2 million in the year-prior period.
“We are pleased with the revenue performance and stability of our Company although earnings results were pressured by certain elevated expenses in the quarter,” Mark E. Tryniski, president and CEO of Community Bank System, said in the banking company’s earnings report. “We believe the Company’s strong core deposit base, in combination with its strong liquidity profile, capital, asset quality and diversified revenue profile provide a solid foundation for future opportunities and growth. [Recently], we initiated a plan to optimize our retail customer service workforce. Although these actions will temporarily reduce branch-related operating expenses, we also expect to reinvest in our retail network through de novo branch expansion in new, more densely populated markets throughout our geographic footprint in the second half of 2024.”
Community Bank System is a financial-services company with total assets of $15.4 billion focused on four main business lines — banking, benefits administration, insurance services, and wealth management. Its banking subsidiary, Community Bank, N.A., is among the nation’s 100 biggest banking institutions and operates more than 200 branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts.
