Community Bank System, Inc. (NYSE:CBU) Q4 2023 Earnings Conference Call January 23, 2024 11:00 AM ET Company Participants Conference Call Participants Chris O'Connell - KBW Good day, and welcome to the Community Bank System Fourth Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded. The fourth quarter was an unusually noisy one for us. The company achieved record revenues in the quarter with strong and balan ...

Community Bank System (CBU) reported $178 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 1.2%. EPS of $0.76 for the same period compares to $0.96 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $177.16 million, representing a surprise of +0.47%. The company delivered an EPS surprise of -9.52%, with the consensus EPS estimate being $0.84.While investors scrutinize revenue and earnings changes year-over-year and how they compare wi ...

Community Bank System (CBU) came out with quarterly earnings of $0.76 per share, missing the Zacks Consensus Estimate of $0.84 per share. This compares to earnings of $0.96 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -9.52%. A quarter ago, it was expected that this bank holding company would post earnings of $0.88 per share when it actually produced earnings of $0.82, delivering a surprise of -6.82%.Over the last four quar ...

SYRACUSE, N.Y.--(BUSINESS WIRE)--Community Bank System, Inc. (the “Company”) (NYSE: CBU) reported fourth quarter and full year 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. F ...

SYRACUSE, N.Y.--(BUSINESS WIRE)--Community Bank System, Inc. (NYSE: CBU) (the “Company”) announced today the election of Michele Sullivan to its Board of Directors (the “Board”) as a new independent director, effective as of February 1, 2024. Ms. Sullivan is a retired partner of Crowe LLP (“Crowe”) where she served in Crowe’s consulting practice specializing in the financial services sector. She worked with top United States and global banks, as well as mid-market insurance carriers and fintech companies, p ...

On July 26, 2023, the SEC finalized rules requiring registrants to disclose material cybersecurity incidents that they experience on Form 8-K and to disclose on an annual basis material information regarding their cybersecurity risk management, strategy, and governance. Annual disclosures will be required in CBSI's Annual Report on Form 10-K for the year ended 2023. The Form 8-K disclosure requirements will become effective beginning on December 18, 2023. 38 Table of Contents Net Income and Profitability As ...

I think the blended trade for the third quarter was $720. Steve Moss And then just on the deposit pricing moderating here, just curious Joe, you seem to imply a further slowdown in interest bearing deposit costs. Just any incremental call you can give around the pace of slowdown or kind of where you think deposit costs could shake out in the next couple quarters. Joseph Sutaris Yeah. So we did experience a little bit of a slowdown in costs in Q3 versus Q2. And I think on the Q2 call we used the word abate, ...

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed after considering the measurement period adjustments described above: | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|-------|-------|----------------------|-------|-------|------------|------------------|------------| | (000s omitted) \nConsideration: | | Axiom | 2023 \n(1) Other | | Total | Elmira | 202 ...

Conference Call Participants Matthew Breese - Stephens TodayÂ's call presenters are Mark Tryniski, President and Chief Executive Officer; and Joseph Sutaris, Executive Vice President and Chief Financial Officer. They will be joined by Dimitar Karaivanov, Executive Vice President and Chief Operating Officer for the question-and-answer session. Most importantly, we are thrilled that Dimitar Karaivanov will be appointed President and Chief Executive Officer of Community Bank System and Community Bank effective ...

The Company determines fair values based on quoted market values, where available, estimates of present values, or other valuation techniques. Those techniques are significantly affected by the assumptions used, including, but not limited to, the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in immediate settlement of the instrument. The significant unobse ...