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SYRACUSE, N.Y. - Community Bank System, Inc. (NYSE:CBU) on Tuesday reported fourth quarter 2024 earnings that surpassed analyst expectations, with revenue also exceeding estimates.
The company's stock edged down -0.40% following the announcement.
The financial services company posted adjusted earnings per share (EPS) of $1.00 for the quarter, beating the analyst consensus of $0.90 by $0.10.
Revenue came in at $196.28 million, topping the estimated $191.08 million and marking a 10.9% increase from the same quarter last year.
Net income for the fourth quarter was $49.8 million, or $0.94 per share, up from $0.63 per share in the year-ago period.
The company reported record quarterly total revenues of $196.3 million, driven by strong performance across its business segments.
Net interest income reached a new quarterly high of $120.0 million, up 9.9% YoY.
Total (EPA:TTEF) financial services noninterest revenues also hit a record $56.0 million, increasing 13.1% from the previous year's fourth quarter.
The company's loan portfolio grew by 7.5% YoY to $10.43 billion, while total deposits increased 4.0% to $13.44 billion compared to the end of the previous year.
Community Bank System maintained a solid capital position, with a Tier 1 leverage ratio of 9.19%, well above the regulatory well-capitalized standard of 5.0%.
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