Community Bank System, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
January 23, 2024 at 09:34 am
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Community Bank System, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported net interest income was USD 109.19 million compared to USD 112.22 million a year ago. Net income was USD 38.29 million compared to USD 52.53 million a year ago. Basic earnings per share from continuing operations was USD 0.71 compared to USD 0.97 a year ago. Diluted earnings per share from continuing operations was USD 0.71 compared to USD 0.97 a year ago.
For the full year, net interest income was USD 437.29 million compared to USD 420.63 million a year ago. Net income was USD 136.51 million compared to USD 188.08 million a year ago. Basic earnings per share from continuing operations was USD 2.54 compared to USD 3.48 a year ago. Diluted earnings per share from continuing operations was USD 2.53 compared to USD 3.46 a year ago.
Community Financial System, Inc., formerly Community Bank System, Inc., is a diversified financial services company. The Company is focused on four main business lines, such as banking, employee benefit services, insurance services and wealth management. The Companyâs banking subsidiary, Community Bank, N.A., operates approximately 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts. The Companyâs 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 on a national scale. The Companyâs OneGroup NY, Inc. subsidiary is a United States insurance agency. The Company also offers comprehensive financial planning, trust administration and wealth management services through its Wealth Management operating unit.