Community Financial System, Inc. (NYSE: CBU) has reported its first quarter 2025 results, showing a mixed performance compared to the previous periods.
The company reported a net income of $49.6 million, or $0.93 per share, which increased by $0.17 per share from the prior year's first quarter but decreased by $0.01 per share from the fourth quarter of 2024. Operating net income stood at $52.1 million, or $0.98 per share, representing an increase of $0.16 per share from the prior year's first quarter and a decrease of $0.02 per share from the fourth quarter of 2024.
Total revenues reached $196.2 million, marking an increase of $19.0 million, or 10.7%, from the prior year's first quarter but a decrease of $0.1 million from the fourth quarter of 2024.
Net interest income, a new quarterly record for the company, amounted to $120.2 million, reflecting a notable increase of $13.2 million, or 12.4%, from the prior year's first quarter and a slight increase of $0.2 million, or 0.2%, from the fourth quarter of 2024.
Furthermore, total non-bank financial services noninterest revenues, including employee benefit services, insurance services, and wealth management services, reached $56.7 million, another new quarterly record for the company. This represented an increase of $4.7 million, or 9.0%, from the prior year's first quarter and an increase of $0.7 million, or 1.2%, from the fourth quarter of 2024.
The operating pre-tax, pre-provision net revenue (PPNR) amounted to $74.1 million, or $1.40 per share, showing an increase of $0.22 per share from the prior year's first quarter and remaining consistent with the fourth quarter of 2024.
In terms of the company's financial position, total ending loans stood at $10.42 billion, representing 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 the end of the prior year's first quarter. Total ending deposits amounted to $13.89 billion, reflecting an increase of $450.3 million, or 3.4%, from the end of 2024 and an increase of $540.0 million, or 4.0%, from the end of the prior year's first quarter.
It is important to note that all the above figures are non-GAAP measures.
The company's performance in the first quarter of 2025 demonstrates both positive and negative trends in various financial metrics compared to the prior year and the preceding quarter of 2024. The market has reacted to these announcements by moving the company's shares -2.2% to a price of $54.4. Check out the company's full 8-K submission here.
