Community Bank System, Inc. has reported its first quarter 2024 results, showcasing significant growth and performance. The company's net income of $40.9 million, or $0.76 per fully diluted share, has increased by $35.1 million, or $0.65 per fully diluted share, from the prior year's first quarter. It also saw an increase of $7.2 million, or $0.13 per fully diluted share, from the fourth quarter of 2023.
Operating net income, a non-GAAP measure, stood at $43.8 million, or $0.82 per fully diluted share. While this represents a decrease of $5.9 million, or $0.10 per fully diluted share, from the prior year's first quarter, it was consistent with the performance in the fourth quarter of 2023.
Total revenues for the first quarter of 2024 reached $177.3 million, setting a new quarterly record for the company. This figure reflects an increase of $52.8 million, or 42.4%, from the prior year's first quarter and a 0.2% increase from the fourth quarter of 2023.
Furthermore, the company's total financial services revenues, including employee benefit services, insurance services, and wealth management services, also achieved a new quarterly record, totaling $52.0 million. This marked a 5.8% increase from the prior year's first quarter and a 5.0% increase from the fourth quarter of 2023.
Operating pre-tax, pre-provision net revenue, another non-GAAP measure, was reported at $62.9 million, or $1.18 per fully diluted share. This represented a decrease of $3.4 million, or $0.04 per fully diluted share, from the prior year's first quarter. However, it showed an increase of $2.4 million, or $0.05 per fully diluted share, from the fourth quarter of 2023.
The company also experienced growth in its loan and deposit portfolios. Total ending loans reached $9.88 billion, marking an increase of $178.9 million, or 1.8%, from the end of 2023 and a 10.0% increase from the end of the prior year's first quarter. Total ending deposits reached $13.35 billion, reflecting a $423.9 million increase from the end of 2023 and a 1.8% increase from the end of the prior year's first quarter.
Additionally, the company maintained a tier 1 leverage ratio of 9.01% at the end of the quarter, exceeding the regulatory well-capitalized standard of 5.0%.
Community Bank System, Inc. is a diversified financial services company with a focus on banking, employee benefit services, insurance services, and wealth management. Its banking subsidiary, Community Bank, N.A., is among the country's 100 largest banking institutions with over $15 billion in assets and operates approximately 200 customer facilities across several states.
The company's benefit plans administrative services subsidiary, Benefit Plans Administrative Services, Inc., provides services on a national scale, while its OneGroup NY, Inc. subsidiary is a top 75 U.S. insurance agency. Additionally, the company offers comprehensive financial planning, trust administration, and wealth management services through its Community Bank Wealth Management operating unit. As a result of these announcements, the company's shares have moved 0.7% on the market, and are now trading at a price of $44.75. For more information, read the company's full 8-K submission here.
