munity Bank System(US:CBU)2025-04-29 14:08Financial Performance - Net income for Q1 2025 was $49.6 million, or $0.93 per share, an increase of $0.17 per share from Q1 2024[5] - Total revenues reached $196.2 million, up $19.0 million, or 10.7%, compared to Q1 2024[5] - Operating pre-tax, pre-provision net revenue (PPNR) was $74.1 million, or $1.40 per share, reflecting an increase of $0.22 per share, or 18.6%, year-over-year[5] - Net income for Q1 2025 was reported at $49,614, a slight decrease from $49,793 in Q4 2024[33] - Net income for Q1 2025 was $49,614,000, up from $40,872,000 in Q1 2024, indicating a growth of 21.5% year-over-year[31] - Basic earnings per share for Q1 2025 was $0.94, compared to $0.77 in Q1 2024, marking a 22.1% increase[31] - Operating net income (non-GAAP) for Q1 2025 was $52,067,000, compared to $43,769,000 in Q1 2024, marking a growth of 18.83%[36] - Total consolidated income before income taxes for Q1 2025 was $64,268, an increase from $53,043 in Q1 2024, reflecting a 21% growth[39] Revenue Breakdown - Total noninterest revenues accounted for 38.6% of total revenues in Q1 2025[16] - Total noninterest revenues for Q1 2025 were $76,036,000, compared to $70,285,000 in Q1 2024, reflecting an 8.2% increase[31] - Total operating noninterest revenues (non-GAAP) for Q1 2025 were $75,791,000, compared to $70,269,000 in Q1 2024, reflecting a growth of 7.93%[37] - Total revenues (GAAP) for Q1 2025 were $196,248,000, a rise from $177,275,000 in Q1 2024, representing an increase of 10.73%[37] Asset and Liability Management - Total ending loans amounted to $10.42 billion, a decrease of $11.2 million, or 0.1%, from the end of 2024, but an increase of $537.6 million, or 5.4%, from Q1 2024[5] - Total ending deposits were $13.89 billion, an increase of $450.3 million, or 3.4%, from the end of 2024, and up $540.0 million, or 4.0%, from Q1 2024[5] - Total assets increased by $905.6 million, or 5.7%, year-over-year, reaching $16.76 billion as of March 31, 2025[19] - Average loans for Q1 2025 reached $10,421,141, compared to $9,883,500 in Q1 2024, representing a growth of approximately 5.4%[32] - Total assets as of Q1 2025 were $16,764,296, an increase from $15,858,670 in Q1 2024, indicating a year-over-year growth of about 5.7%[32] Capital and Equity - Shareholders' equity increased by $177.1 million, or 10.7%, year-over-year, totaling $1.83 billion as of March 31, 2025[26] - The shareholders' equity-to-assets ratio at quarter end (GAAP) improved to 10.94% in Q1 2025 from 10.45% in Q1 2024[38] - Average shareholders' equity for Q1 2025 was $1,783,646, compared to $1,681,211 in Q1 2024, indicating a 6% increase[38] - Total tangible common equity (non-GAAP) increased to $978,387 in Q1 2025, up from $797,949 in Q1 2024, marking a 23% growth[38] - The tangible book value (non-GAAP) rose to $18.52 per share in Q1 2025, compared to $15.12 in Q1 2024, a 22% increase[39] Efficiency and Profitability Ratios - The efficiency ratio (GAAP) improved to 63.8% in Q1 2025 from 66.6% in Q1 2024, indicating better cost management[31] - Return on assets (GAAP) for Q1 2025 was 1.22%, an improvement from 1.04% in Q1 2024[31] - Return on equity (GAAP) for Q1 2025 was 11.28%, up from 9.78% in Q1 2024, showing a significant increase of 15.3%[31] - Operating return on assets (non-GAAP) for Q1 2025 was 1.28%, an increase from 1.11% in Q1 2024[36] - The operating return on tangible equity (non-GAAP) for Q1 2025 was 22.76%, slightly down from 21.36% in Q1 2024[38] Credit Quality - The Company recorded a provision for credit losses of $6.7 million in Q1 2025, reflecting increased economic uncertainty[22] - Nonperforming loans increased to $75.0 million, or 0.72% of total loans, compared to $49.5 million, or 0.50%, one year earlier[22] - Provision for credit losses in Q1 2025 was $6,690,000, compared to $6,148,000 in Q1 2024, indicating a slight increase of 8.8%[31] - The allowance for credit losses as a percentage of loans outstanding was 0.79% in Q1 2025, up from 0.71% in Q1 2024[33] - Nonperforming loans as a percentage of total loans increased to 0.72% in Q1 2025, compared to 0.50% in Q1 2024[33] Dividends - The quarterly cash dividend was increased to $0.46 per share, representing an annualized yield of 3.3% based on the stock price of $55.65[26] - Cash dividends declared per common share remained stable at $0.46 for both Q1 2025 and Q4 2024[33]