Community Bank System, Inc. (CBU) revealed that its net income for the first quarter was $40.87 million, or $0.76 per share. This figure is a significant increase from the same period last year when it was only $5.80 million or $0.11 per share.
The company's share of operating pre-tax, pre-provision net revenue, a non-GAAP measure, rose by $0.05, equating to a 4.4 percent over the previous fourth quarter. This is indicative of a stable enhancement in the company's core operating performance.
However, the operating net income for the first quarter of 2024 was $43.8 million or $0.82 per share, marking a decrease from $0.92 in the first quarter of 2023. Similarly, the operating pre-tax, pre-provision net revenue per share was slightly down at $1.18 from $1.22 in 2023.
In terms of total revenues, there has been a significant surge. The $177.3 million figure represents a 42.4 percent increase from the prior year.
Most analysts anticipated the company to report earnings of $0.78 per share on revenues of $176.83 million according to data gathered by Thomson Reuters. However, these estimates usually do not include special items.
Meanwhile, the net interest income saw a decline, falling to $106.99 million from the previous year's $111.03 million. On the other hand, total noninterest revenues substantially grew to $70.29 million from $13.50 million a year ago.
Looking ahead, the company anticipates sustained revenue growth with controlled expenses, as well as a moderation of funding costs, and standardized credit environment.
