Last10K.com

Community Bank System, Inc. (CBU) SEC Filing 10-Q Quarterly Report for the period ending Friday, June 30, 2023

Community Bank System, Inc.

HISTORY TOOLS
CIK: 723188 Ticker: CBU

 

Exhibit 99.1

 

 

News Release

For further information, please contact:

5790 Widewaters Parkway, DeWitt, N.Y. 13214  

Joseph E. Sutaris, EVP & Chief Financial Officer

Office: (315) 445-7396

 

Community Bank System, Inc. Reports Second Quarter 2023 Results

 

SYRACUSE, N.Y. — July 31, 2023 — Community Bank System, Inc. (the “Company”) (NYSE: CBU) reported second quarter 2023 results that are included in the attached supplement. This earnings release, including supporting financial tables, is also available within the press releases section of the Company's investor relations website at:

https://ir.communitybanksystem.com/news-presentations/press-releases/. An archived webcast of the earnings call will be available on this site for one full year.

 

Second Quarter 2023 Performance Highlights Summary

 

·Second Quarter 2023 Net Income of $48.3 million, or $0.89 per fully-diluted share, was up $8.5 million, or $0.16 per fully-diluted share, from the prior year’s second quarter

 

·Operating Net Income, a non-GAAP measure, of $49.1 million, or $0.91 per fully-diluted share, was up $2.8 million, or $0.06 per fully-diluted share, from the prior year’s second quarter

 

·Total Loans of $9.17 billion, was up $188.4 million, or 2.1%, from the end of the prior quarter

 

·Total Financial Services (Employee Benefit Services, Insurance Services and Wealth Management Services) Revenues of $48.3 million, was up $1.4 million, or 3.1%, from the prior year’s second quarter

 

·Annualized Loan Net Charge-Offs of 0.03% was down 0.04 percentage points from the end of the prior quarter

 

·Tier 1 Leverage Ratio of 9.35% was up 0.29 percentage points from the end of the prior quarter

 

Company management will conduct an investor call at 11:00 a.m. (ET) today, July 31, 2023, to discuss the second quarter 2023 results. The conference call can be accessed at 1-833-630-0464 (1-412-317-1809 if outside the United States and Canada). Investors may also listen live via the Internet at: https://app.webinar.net/4bGKa4M5koZ.

 

About Community Bank System, Inc.

 

Community Bank System, Inc. is a diversified financial services company focused on four main business lines – banking, benefits administration, insurance services and wealth management with total assets of $15.1 billion. Its banking subsidiary, Community Bank, N.A., is among the country’s 100 largest banking institutions and operates more than 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts. In addition to a full range of retail, business, and municipal banking services, the Company offers comprehensive financial planning, trust administration and wealth management services through its Community Bank Wealth Management operating unit. The Company’s Benefit Plans Administrative Services, Inc. subsidiary is a leading provider of employee benefits administration, trust services, collective investment fund administration, and actuarial consulting services to customers on a national scale. The Company’s OneGroup NY, Inc. subsidiary is a top 100 U.S. insurance agency. Community Bank System, Inc. is listed on the New York Stock Exchange and the Company’s stock trades under the symbol CBU. For more information about Community Bank visit www.cbna.com or https://ir.communitybanksystem.com.

 

The following information was filed by Community Bank System, Inc. (CBU) on Monday, July 31, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Community Bank System, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Community Bank System, Inc..

Continue

Assess how Community Bank System, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Community Bank System, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Revenue
Financial
M & A
Other
Filter Subcategory:
All
Product
Earnings
Income
Shares
Cash Flow
Dividend
Expense
Geography
Other
Inside Community Bank System, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Condition
Consolidated Statements Of Condition (Parenthetical)
Consolidated Statements Of Income
Accounting Policies
Accounting Policies (Details)
Accounting Policies (Policies)
Acquisitions
Acquisitions (Details)
Acquisitions (Tables)
Acquisitions - Estimated Fair Value Of Assets Acquired And Liabilities (Details)
Acquisitions - Intangible Asset, Goodwill And Acquisition Related Expenses (Details)
Acquisitions - Loans Acquired (Details)
Acquisitions - Supplemental Pro Forma Financial Information (Details)
Basis Of Presentation
Benefit Plans
Benefit Plans (Details)
Benefit Plans (Tables)
Commitments, Contingent Liabilities And Restrictions
Commitments, Contingent Liabilities And Restrictions (Details)
Commitments, Contingent Liabilities And Restrictions (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value
Fair Value (Tables)
Fair Value - Assets And Liabilities Measured On A Non-Recurring Basis (Details)
Fair Value - Carrying Amounts And Estimated Fair Values Of Other Financial Instruments (Details)
Fair Value - Financial Assets And Liabilities Accounted For At Fair Value On A Recurring Basis (Details)
Fair Value - Significant Unobservable Inputs (Details)
Goodwill And Identifiable Intangible Assets
Goodwill And Identifiable Intangible Assets (Details)
Goodwill And Identifiable Intangible Assets (Tables)
Insider Trading Arrangements
Investment Securities
Investment Securities (Tables)
Investment Securities - Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity (Details)
Investment Securities - Available-For-Sale Portfolio (Details)
Investment Securities - Equity And Other Securities (Details)
Investment Securities - Investment Securities In A Continuous Unrealized Loss Position (Details)
Investment Securities - Investment Securities Pledged As Collateral (Details)
Loans And Allowance For Credit Losses
Loans And Allowance For Credit Losses (Tables)
Loans And Allowance For Credit Losses - Allowance For Credit Losses (Details)
Loans And Allowance For Credit Losses - Amount Of Business Lending Loans By Credit Quality Categories (Details)
Loans And Allowance For Credit Losses - Credit Quality By Past Due Status (Details)
Loans And Allowance For Credit Losses - Loan Summary (Details)
Loans And Allowance For Credit Losses - Summary Of Impaired Loans, Excluding Purchased Impaired (Details)
Pay Vs Performance Disclosure
Segment Information
Segment Information (Details)
Segment Information (Tables)

Material Contracts, Statements, Certifications & more

Community Bank System, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: CBU
CIK: 723188
Form Type: 10-Q Quarterly Report
Accession Number: 0001410578-23-001628
Submitted to the SEC: Wed Aug 09 2023 4:12:20 PM EST
Accepted by the SEC: Wed Aug 09 2023
Period: Friday, June 30, 2023
Industry: National Commercial Banks

External Resources:
Stock Quote
Social Media
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/cbu/0001410578-23-001628.htm