false
COMMUNITY FINANCIAL SYSTEM, INC.
0000723188
0000723188
2025-01-21
2025-01-21
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 21, 2025
(Exact name of registrant as specified in
its charter)
| Delaware |
001-13695 |
16-1213679 |
(State or other
jurisdiction of
incorporation) |
(Commission File Number) |
(IRS Employer Identification
No.) |
| 5790 Widewaters Parkway, DeWitt, New York |
13214 |
| (Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (315)
445-2282
Not applicable.
(Former name or former
address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading
Symbol(s) |
Name
of each exchange on which registered |
| Common Stock, $1.00 par value per share |
CBU |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02 | Results of Operations and Financial
Condition. |
On January 21, 2025, Community Financial System,
Inc. announced its results of operations for the fourth quarter and fiscal year ended December 31, 2024. The public announcement was made
by means of a news release, the text of which is furnished as Exhibit 99.1.
The information in this Form 8-K, including Exhibit
99.1 attached hereto, is being furnished under Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
The following exhibit is being furnished pursuant
to Item 2.02 above.
| 104 | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
Community Financial System, Inc. |
| |
|
|
| |
By: |
/s/ Joseph E. Sutaris |
| |
Name: |
Joseph E. Sutaris |
| |
Title: |
Executive Vice President and
Chief Financial Officer |
| |
|
|
Dated: January 21, 2025
Exhibit Index
Exhibit
99.1
 |
News Release
For further information, please contact: |
| 5790 Widewaters Parkway, DeWitt, N.Y. 13214 |
Joseph E. Sutaris, EVP & Chief Financial Officer
Office: (315) 445-7396 |
Community Financial System, Inc.
Reports Fourth Quarter And Full Year 2024 Results
SYRACUSE, N.Y. — January 21, 2025 — Community Financial
System, Inc. (the “Company”) (NYSE: CBU) reported fourth quarter and full year 2024 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://communityfinancialsystem.com/news. An archived
webcast of the earnings call will be available on this site for one full year.
Fourth Quarter and Full Year 2024 Performance Summary
| · | Fourth quarter net income of $49.8 million, or $0.94 per share, increased $0.31 per share from
the prior year’s fourth quarter and increased $0.11 per share from the third quarter of 2024 while full year net income of $182.5
million, or $3.44 per share, increased $0.99 per share from the prior year |
| · | Fourth quarter operating net income1 of $52.9 million, or $1.00 per share, increased
$0.18 per share from the prior year’s fourth quarter and increased $0.12 per share from the third quarter of 2024 while full year
operating net income1 of $193.9 million, or $3.65 per share increased $0.08 per share from the prior year |
| · | Fourth quarter total revenues of $196.3 million, a new quarterly record for the Company, increased
$19.3 million, or 10.9%, from the prior year’s fourth quarter and increased $7.3 million, or 3.9%, from the third quarter of 2024
while full year total revenues of $746.3 million increased $94.2 million, or 14.4%, from the prior year which included a $52.3 million
realized loss on sales of investment securities |
| · | Fourth quarter net interest income of $120.0 million, a new quarterly record for the Company, increased
$10.8 million, or 9.9%, from the prior year’s fourth quarter and increased $7.2 million, or 6.4%, from the third quarter of 2024
while full year net interest income of $449.1 million increased $11.8 million, or 2.7%, from the prior year resulting in the eighteenth
consecutive year of net interest income growth |
| · | Fourth quarter total financial services (employee benefit services, insurance services and wealth
management services) noninterest revenues of $56.0 million, a new quarterly record for the Company, increased $6.5 million, or 13.1%,
from the prior year’s fourth quarter and increased $0.2 million, or 0.4%, from the third quarter of 2024 while full year financial
services noninterest revenues of $217.9 million increased $20.9 million, or 10.6%, from the prior year |
| · | Fourth quarter operating pre-tax, pre-provision net revenue (“PPNR”)1 of
$74.3 million, or $1.40 per share, increased $0.27 per share from the prior year’s fourth quarter and increased $0.11 per share
from the third quarter of 2024 while full year operating PPNR1 of $273.6 million, or $5.15 per share, increased $0.39 per share
from the prior year |
| · | Total ending loans of $10.43 billion increased $180.7 million, or 1.8%, from the end of the third
quarter of 2024, marking the fourteenth consecutive quarter of loan growth, and increased $727.8 million, or 7.5%, from the end of the
prior year |
| · | Total ending deposits of $13.44 billion decreased $34.5 million, or 0.3%, from the end of the third
quarter of 2024 and increased $513.6 million, or 4.0%, from the end of the prior year |
| · | Tier 1 leverage ratio of 9.19% continues to substantially exceed the regulatory well-capitalized
standard of 5.0% |
1Non-GAAP Measure. For more information on Non-GAAP
measures refer to “Non-GAAP Measures” section along with the Quarterly GAAP to Non-GAAP Reconciliations included within the
“Summary of Financial Data (unaudited)” tables included within the Company’s earnings release supplement.
Company management will conduct an
investor call at 11:00 a.m. (ET) today, January 21, 2025, to discuss the fourth quarter and full year 2024 results. The conference call
can be accessed at 1-833-630-0464 (1-412-317-1809 if outside the United States and Canada). Investors may also listen live via the Internet
at: https://app.webinar.net/0o75WawYdEm.
About Community Financial System, Inc.
Community Financial System, Inc. is a diversified financial
services company that is focused on four main business lines – banking, employee benefit services, insurance services and
wealth management services. Its banking subsidiary, Community Bank, N.A., is among the country’s 100 largest banking
institutions with over $16 billion in assets and operates approximately 200 customer facilities across Upstate New York,
Northeastern Pennsylvania, Vermont, and Western Massachusetts. The Company’s Benefit Plans Administrative Services, Inc.
subsidiary is a leading provider of employee benefits administration, trust services, collective investment fund administration, and
actuarial consulting services to customers on a national scale. The Company’s OneGroup NY, Inc. subsidiary is a top 75 U.S.
insurance agency. The Company also offers comprehensive financial planning, trust administration and wealth management services
through its Wealth Management operating unit. The Company is listed on the New York Stock Exchange and the Company’s stock
trades under the symbol CBU. For more information about the Company visit www.cbna.com or www.communityfinancialsystem.com.
 |
News Release
For further information, please contact: |
| 5790 Widewaters
Parkway, DeWitt, N.Y. 13214 |
Joseph E. Sutaris,
EVP & Chief Financial Officer
Office: (315)
445-7396 |
Community
Financial System, Inc. Reports Fourth Quarter And Full Year 2024 Results
SYRACUSE,
N.Y. — January 21, 2025
Community
Financial System, Inc. (the “Company”) (NYSE: CBU) reported net income of $49.8 million, or $0.94 per share, for the fourth
quarter of 2024 and $182.5 million, or $3.44 per share, for full year 2024.
The Company also reported operating net income, a non-GAAP
measure, of $52.9 million, or $1.00 per share, for the fourth quarter of 2024 and $193.9 million, or $3.65 per share, for full year 2024.
“Our
Company had a very solid core operating performance for the fourth quarter with meaningful growth in net income, operating net income,
a non-GAAP measure, and operating pre-tax, pre-provision net revenue (“PPNR”), a non-GAAP measure, over both last quarter
and the prior year’s fourth quarter,” commented Dimitar A. Karaivanov, President and CEO.
“Reflecting on 2024, there
is a lot to be pleased about such as margin expansion and excellent liquidity, robust fee income performance, strong credit quality and
well-managed expenses. All four of our businesses – banking, employee benefit services, insurance services and wealth management
services – achieved record revenues while our core operating performance improved as evidenced by a record full year operating
PPNR per share, a non-GAAP measure, that increased $0.39, or 8.2%, from last year.” |
| Fourth
Quarter 2024 Performance |
Quarter-over-
Quarter
Increase (Decrease) |
Year-over-Year
Increase (Decrease) |
| Dollars
in thousands, except per share data |
4th
Qtr
2024 |
3rd
Qtr
2024 |
4th
Qtr
2023 |
$ |
% |
$ |
% |
| Operating
Performance |
Diluted
Earnings Per Share |
$0.94 |
$0.83 |
$0.63 |
$0.11 |
13.3% |
$0.31 |
49.2% |
| Operating
Diluted Earnings Per Share1 |
1.00 |
0.88 |
0.82 |
0.12 |
13.6% |
0.18 |
22.0% |
| Operating
Pre-Tax, Pre-Provision Net Revenue Per Share1 |
1.40 |
1.29 |
1.13 |
0.11 |
8.5% |
0.27 |
23.9% |
| |
|
|
|
|
|
|
|
|
| Return
Metrics |
Return
on Assets |
1.21% |
1.09% |
0.87% |
- |
0.12% |
- |
0.34% |
| Operating
Return on Assets1 |
1.29% |
1.16% |
1.13% |
- |
0.13% |
- |
0.16% |
| Return
on Equity |
11.27% |
10.21% |
8.53% |
- |
1.06% |
- |
2.74% |
| Operating
Return on Equity1 |
11.99% |
10.85% |
11.10% |
- |
1.14% |
- |
0.89% |
| |
|
|
|
|
Quarter-over-
Quarter
Increase (Decrease) |
Year-over-Year
Increase (Decrease) |
| Dollars
in thousands, except per share data |
4th
Qtr
2024 |
3rd
Qtr
2024 |
4th
Qtr
2023 |
$ |
% |
$ |
% |
| Revenues |
Total
Revenues |
$196,287 |
$188,942 |
$176,959 |
$7,345 |
3.9% |
$19,328 |
10.9% |
| Total
Operating Revenues1 |
196,040 |
189,096 |
176,907 |
6,944 |
3.7% |
19,133 |
10.8% |
| Noninterest
Revenues |
76,314 |
76,197 |
67,769 |
117 |
0.2% |
8,545 |
12.6% |
| Total
Operating Noninterest Revenues1 |
76,067 |
76,351 |
67,717 |
(284) |
(0.4%) |
8,350 |
12.3% |
| Noninterest
Revenues/Total Revenues |
38.9% |
40.3% |
38.3% |
- |
(1.4%) |
- |
0.6% |
| Operating
Noninterest Revenues/Operating Revenues (FTE)1 |
38.6% |
40.2% |
38.1% |
- |
(1.6%) |
- |
0.5% |
| |
|
|
|
|
|
|
|
|
| Net
Interest Income and Margin |
Net
Interest Income |
$119,973 |
$112,745 |
$109,190 |
$7,228 |
6.4% |
$10,783 |
9.9% |
| Net
Interest Margin |
3.17% |
3.03% |
3.05% |
- |
0.14% |
- |
0.12% |
| Net
Interest Margin (FTE)1 |
3.20% |
3.05% |
3.07% |
- |
0.15% |
- |
0.13% |
| |
|
|
|
|
|
|
|
|
| Balance
Sheet and Funding |
Total
Ending Loans |
$10,432,365 |
$10,251,674 |
$9,704,598 |
$180,691 |
1.8% |
$727,767 |
7.5% |
| Total
Ending Deposits |
13,441,707 |
13,476,171 |
12,928,121 |
(34,464) |
(0.3%) |
513,586 |
4.0% |
| Cost
of Total Deposits |
1.23% |
1.23% |
0.98% |
- |
0.00% |
- |
0.25% |
| Cost
of Funds |
1.38% |
1.44% |
1.08% |
- |
(0.06%) |
- |
0.30% |
| |
|
|
|
|
|
|
|
|
| Risk
Metrics |
Annualized
Loan Net Charge-Offs |
0.12% |
0.11% |
0.10% |
- |
0.01% |
- |
0.02% |
| Tier
1 Leverage Ratio |
9.19% |
9.12% |
9.34% |
- |
0.07% |
- |
(0.15%) |
| Loan-to-deposit
ratio |
77.6% |
76.1% |
75.1% |
- |
1.5% |
- |
2.5% |
| Non-owner
occupied and multifamily commercial real estate (“CRE”) / total bank-level regulatory capital |
198% |
199% |
198% |
- |
(1%) |
- |
0% |
1Non-GAAP Measure.
For more information on Non-GAAP measures refer to “Non-GAAP Measures” section along with the Quarterly GAAP to Non-GAAP
Reconciliations included within the “Summary of Financial Data (unaudited)” tables below.
| Fourth
Quarter 2024 Business Segment Results2 |
Quarter-over-
Quarter
Increase
(Decrease) |
Year-over-Year
Increase (Decrease) |
| Dollars
in thousands |
4th
Qtr
2024 |
3rd
Qtr
2024 |
4th
Qtr
2023 |
$ |
% |
$ |
% |
| Banking
and Corporate |
Net
interest income |
$119,218 |
$111,846 |
$108,462 |
$7,372 |
6.6% |
$10,756 |
9.9% |
| Provision
for credit losses |
6,208 |
7,709 |
4,073 |
(1,501) |
(19.5%) |
2,135 |
52.4% |
| Operating
noninterest revenues |
19,984 |
20,478 |
18,167 |
(494) |
(2.4%) |
1,817 |
10.0% |
| Other
segment expenses |
83,454 |
84,170 |
82,531 |
(716) |
(0.9%) |
923 |
1.1% |
| Adjusted
income before income taxes |
$49,540 |
$40,445 |
$40,025 |
$9,095 |
22.5% |
$9,515 |
23.8% |
| |
|
|
|
|
|
|
|
|
| Employee
Benefit Services |
Net
interest income |
$579 |
$723 |
$582 |
($144) |
(19.9%) |
($3) |
(0.5%) |
| Operating
noninterest revenues |
35,003 |
34,135 |
30,902 |
868 |
2.5% |
4,101 |
13.3% |
| Segment
expenses |
21,483 |
19,621 |
18,475 |
1,862 |
9.5% |
3,008 |
16.3% |
| Adjusted
income before income taxes |
$14,099 |
$15,237 |
$13,009 |
($1,138) |
(7.5%) |
$1,090 |
8.4% |
| |
|
|
|
|
|
|
|
|
| Insurance
Services |
Net
interest income |
$38 |
$38 |
$26 |
$0 |
0.0% |
$12 |
46.2% |
| Operating
noninterest revenues |
12,203 |
13,671 |
11,621 |
(1,468) |
(10.7%) |
582 |
5.0% |
| Segment
expenses |
11,478 |
10,830 |
9,954 |
648 |
6.0% |
1,524 |
15.3% |
| Adjusted
income before income taxes |
$763 |
$2,879 |
$1,693 |
($2,116) |
(73.5%) |
($930) |
(54.9%) |
| |
|
|
|
|
|
|
|
|
| Wealth
Management Services |
Net
interest income |
$138 |
$138 |
$120 |
$0 |
0.0% |
$18 |
15.0% |
| Operating
noninterest revenues |
10,238 |
9,242 |
8,214 |
996 |
10.8% |
2,024 |
24.6% |
| Segment
expenses |
6,723 |
7,376 |
6,585 |
(653) |
(8.9%) |
138 |
2.1% |
| Adjusted
income before income taxes |
$3,653 |
$2,004 |
$1,749 |
$1,649 |
82.3% |
$1,904 |
108.9% |
2Refer
to Quarterly Segment Information Reconciliations included within the “Summary of Financial Data (unaudited)” tables below
for reconciliations of total segment results to consolidated Community Financial System, Inc. results.
Results of Operations
The Company reported fourth
quarter 2024 net income of $49.8 million, or $0.94 per share. This compares to net income of $33.7 million, or $0.63 per share, for the
fourth quarter of 2023. The $0.31 increase in earnings per share was driven by increases in net interest income and noninterest revenues
and decreases in noninterest expenses and the number of fully diluted shares outstanding, partially offset by increases in the provision
for credit losses and income taxes. Comparatively, the Company’s diluted earnings per share increased $0.11 from $0.83 per share
for the linked third quarter of 2024 primarily due to increases in net interest income and noninterest revenues and a decrease in the
provision for credit losses, partially offset by increases in income taxes and noninterest expenses.
Net Interest Income and
Net Interest Margin
The Company’s fourteenth
consecutive quarter of loan growth supported continued expansion in interest income while abating funding cost pressures drove lower
interest expense, resulting in net interest income growth and margin expansion.
| · | Net
interest income in the fourth quarter of 2024 was $120.0 million, up $10.8 million, or 9.9%,
compared to the fourth quarter of 2023, and up $7.2 million, or 6.4%, from the third quarter
of 2024. |
| · | Net
interest margin for the fourth quarter of 3.17% and fully tax-equivalent net interest margin,
a non-GAAP measure, of 3.20% increased 12 basis points and 13 basis points, respectively,
from the fourth quarter of 2023. These increases were primarily the result of higher yields
on interest-earning assets and a higher proportion of those assets being comprised of loan
balances due to strong organic loan growth, partially offset by an increase in the cost of
interest-bearing liabilities. |
| · | The
yield on interest-earning assets increased 41 basis points to 4.52% over the prior year’s
fourth quarter primarily driven by higher loan yields. |
| · | The
cost of interest-bearing liabilities increased 36 basis points from 1.48% in the fourth quarter
of 2023 to 1.84% in the fourth quarter of 2024 as a result of market-driven higher deposit
and borrowing rates and change in deposit mix as the proportion of higher cost money market
and time deposit balances increased. |
| | · | On a linked quarter basis,
net interest margin and fully tax-equivalent net interest margin, a non-GAAP measure, increased by 14 basis
points and 15 basis points, respectively. The cost of funds decreased six basis points, including a nine
basis point decrease in the cost of interest-bearing liabilities, while the yield on interest-earning assets
increased nine basis points. The decrease in the cost of interest-bearing liabilities included a one basis
point decrease in the average interest-bearing deposit rate and a 51 basis point decrease in the average
borrowing rate impacted by a decrease in the proportion of higher rate average overnight borrowings to
total average borrowings. |
Noninterest Revenues
The Company’s banking
and financial services (including employee benefit services, insurance services and wealth management services) noninterest revenue streams
generated 38.8% of total revenues in the fourth quarter.
| · | Banking
noninterest revenues, comprised of deposit service and other banking fees and mortgage banking
revenues, were $20.1 million for the fourth quarter of 2024, an increase of $1.9 million,
or 10.2%, from the fourth quarter of 2023 and a decrease of $0.5 million, or 2.6%, from the
third quarter of 2024. The increase from the prior year’s fourth quarter was due in
part to customer interest rate swap fee revenues associated with the Company’s recent
implementation of this product offering and an increase in mortgage banking revenues as sales
of secondary market eligible residential mortgage loans rose in the current year. The decrease
from the linked third quarter was primarily due to lower customer interest rate swap fee
revenues. |
| · | Employee
benefit services revenues for the fourth quarter of 2024 were $33.9 million, an increase
of $3.9 million, or 13.1%, in comparison to the fourth quarter of 2023 and $0.7 million,
or 2.2%, from the third quarter of 2024, driven by new business and increases in total participants
under administration, along with growth in asset-based fee revenues resulting from market
appreciation. Additionally, the acquisition of certain assets of Creative Plan Designs Limited
on February 1, 2024 added fee revenues related to employee benefit plan design, administration
and consulting that contributed to the year-over-year increase. |
| · | Insurance
services revenues for the fourth quarter of 2024 were $12.2 million, which represents a $0.6
million, or 5.0%, increase versus the prior year’s fourth quarter and $1.5 million,
or 10.8%, decrease from the third quarter of 2024. The increase from the prior year’s
fourth quarter was due to organic and acquired growth in commission revenues, while the decrease
from the linked third quarter was driven by the seasonality of insurance policy renewals. |
| · | Wealth
management services revenues for the fourth quarter of 2024 totaled $9.9 million, an increase
of $2.0 million, or 24.9%, from the fourth quarter of 2023 and $1.0 million, or 11.0%, from
the third quarter of 2024, reflective of more favorable investment market conditions that
drove increases in assets under management between the periods and an increase in investment
advisory customer accounts. |
Noninterest Expenses
and Income Taxes
The Company continues
to maintain a focus on managing expenses consistent with its organic growth strategies and scale objectives, while evaluating efficiency
opportunities and the enhancement of operating leverage in all lines of business.
| · | The
Company recorded $125.5 million in total noninterest expenses in the fourth quarter of 2024,
compared to $129.1 million of total noninterest expenses in the prior year’s fourth
quarter. The $3.6 million, or 2.8%, decrease between the periods was mainly driven by non-operating
expenses incurred in the prior year’s fourth quarter including $5.8 million of litigation
expense, $2.2 million of acquisition-related contingent consideration adjustments and $1.2
million of restructuring expenses. Excluding the impact of these items, noninterest expenses
increased $5.6 million, or 4.7%, primarily due to higher salaries and employee benefits and
data processing and communications expenses. |
| · | Salaries
and employee benefits expenses increased $4.7 million, or 6.5%, primarily driven by merit
and market-related increases in employee wages, higher medical benefit costs and acquisitions
between the periods which increased the number of employees in the financial services businesses,
partially offset by the impact of the previously announced retail banking customer service
workforce optimization plan. |
| · | Data
processing and communications expenses increased $1.6 million, or 11.2%, reflective of the
Company’s continued investment in customer-facing and back-office technologies. |
| · | The
effective tax rate for the fourth quarter of 2024 was 22.8%, down from 23.0% in the fourth
quarter of 2023. The effective tax rate for full year 2024 was 22.9%, up from 21.6% for full
year 2023. Excluding the impact of tax benefits related to stock-based compensation activity
and amortization of income tax credit investments, the effective tax rate for full year 2024
was 19.0%, down from 21.0% for full year 2023, driven by the recognition of certain solar
energy income tax credits during the fourth quarter of 2024. |
Financial Position and
Liquidity
The Company’s financial
position and liquidity profile remain strong, demonstrating the effectiveness of its strategic asset and liability management and prudent
financial planning.
| · | The
Company’s total assets were $16.39 billion at December 31, 2024, representing an $830.3
million, or 5.3%, increase from one year prior and an $18.7 million, or 0.1%, decrease from
the end of the third quarter of 2024. The increase in the Company’s total assets from
the end of the prior year was primarily driven by organic loan growth. |
| · | At
December 31, 2024, the Company’s readily available sources of liquidity totaled $5.77
billion, including unrestricted cash and cash equivalents balances of $191.9 million, investment
securities unpledged as collateral totaling $1.73 billion, unused borrowing capacity at the
Federal Home Loan Bank of New York of $1.18 billion and $2.67 billion of funding availability
at the Federal Reserve Bank’s discount window. During the fourth quarter of 2024, the
Company pledged additional loans with the Federal Reserve Bank which increased its total
sources of available liquidity by approximately $1.45 billion. |
| · | The
Company’s readily available sources of liquidity represents over 240% of the Company’s
estimated uninsured deposits, net of collateralized and intercompany deposits. |
| | · | Estimated insured deposits,
net of collateralized and intercompany deposits, represent greater than 80% of fourth quarter total ending deposits. |
Deposits and Funding
The Company continues
to leverage its strong core deposit base, characterized by low funding costs, to support its financial operations.
| · | Ending
deposits at December 31, 2024 of $13.44 billion were $34.5 million, or 0.3%, lower than the
end of the third quarter of 2024 due to seasonal outflows of governmental deposit balances.
Ending deposits were $513.6 million, or 4.0%, higher than one year prior primarily driven
by higher governmental deposit balances reflective of competitive offerings and expansion
of governmental deposit relationships due in part to the Company’s business development
efforts. |
| · | Ending
borrowings of $998.9 million at December 31, 2024, which included $610.6 million of fixed
rate Federal Home Loan Bank of New York term borrowings, $261.6 million of customer repurchase
agreements, $118.0 million of overnight borrowings and $8.7 million of finance lease liabilities,
increased $50.4 million, or 5.3%, from September 30, 2024 and increased $233.7 million, or
30.5%, from one year prior and supplemented the funding of strong loan growth. |
| · | The
Company’s average cost of funds increased 30 basis points, from 1.08% in the fourth
quarter of 2023 to 1.38% in the fourth quarter of 2024, but decreased six basis points from
the third quarter of 2024. |
| · | The
quarterly average cost of total deposits of 1.23% remained consistent with the prior two
quarters and comparatively low relative to the industry. |
| · | The
Company’s deposit base is well diversified across customer segments, comprised of approximately
59% consumer, 26% business and 15% governmental at the end of the current quarter, and broadly
dispersed as illustrated by an average deposit balance per account of under $20,000. |
| · | 65%
of the Company’s total deposits were in no and low rate checking and savings accounts
at the end of 2024 and the Company does not currently utilize brokered or wholesale deposits.
Time deposit accounts represented 16% of the Company’s total deposits at the end of
2024, up three percentage points from the end of 2023 and consistent with the end of the
prior quarter. The increase from one year ago is reflective of customers responding to changes
in market interest rates by moving funds into higher yielding products. |
Loans and Credit Quality
The Company’s predominantly
footprint-based loan portfolio is diversified and growing, with a core focus on credit quality.
| · | Ending
loans at December 31, 2024 of $10.43 billion were $180.7 million, or 1.8%, higher than September
30, 2024 and $727.8 million, or 7.5%, higher than one year prior driven by net organic growth
in the overall business and consumer lending portfolios. |
| · | At
December 31, 2024, the Company’s allowance for credit losses totaled $79.1 million,
or 0.76% of total loans outstanding, compared to $76.2 million, or 0.74% of total loans outstanding,
at September 30, 2024 and $66.7 million, or 0.69% of total loans outstanding, at December
31, 2023. |
| · | The
Company recorded a $6.2 million provision for credit losses during the fourth quarter of
2024 reflective of a slight decline in certain asset quality metrics, an increase in loans
outstanding and a stable economic forecast. While certain macroeconomic concerns still persist
related to non-owner occupied and multifamily CRE, the Company’s exposure to these
portfolios remains diverse both geographically and by property type, and relatively low at
16% of total assets, 24% of total loans and 198% of total bank-level regulatory capital.
Additionally, the current levels of delinquencies, charge-offs and criticized risk rated
loans within these portfolios remain below long-term historical averages, reflecting the
strong asset quality of these portfolios. |
| · | The
Company recorded net charge-offs of $3.2 million, or an annualized 0.12% of average loans,
in the fourth quarter of 2024 compared to net charge-offs of $2.3 million, or an annualized
0.10% of average loans, in the fourth quarter of 2023 and net charge-offs of $2.8 million,
or an annualized 0.11% of average loans, in the third quarter of 2024. |
| · | Total
delinquent loans, which includes loans 30 or more days past due and nonaccrual loans, as
a percentage of total loans outstanding was 1.24% at the end of 2024. This compares to 1.06%
at the end of 2023 and 1.07% at September 30, 2024. |
| · | At
December 31, 2024, nonperforming (90 or more days delinquent and non-accruing) loans were
$73.4 million, or 0.70% of total loans outstanding compared to $62.8 million, or 0.61% of
total loans outstanding at September 30, 2024 and $54.6 million, or 0.56% of total loans
outstanding one year earlier. The increase in nonperforming loans during the fourth quarter
of 2024 was primarily attributable to an increase in nonaccrual business lending loan balances,
driven largely by the performance of one relationship in the multifamily CRE portfolio. |
| · | Loans
30 to 89 days delinquent (categorized by the Company as delinquent but performing), which
tend to exhibit seasonal characteristics, were 0.54% of total loans outstanding at December
31, 2024, up from 0.46% at the end of the third quarter of 2024 and 0.50% one year earlier. |
Shareholders’ Equity
and Regulatory Capital
The Company’s capital
planning and management activities, coupled with its diversified streams of revenue and prudent dividend practices, have allowed it to
build and maintain a strong capital position. At December 31, 2024, all of the Company’s and Community Bank, N.A.’s regulatory
capital ratios significantly exceeded well-capitalized standards.
| · | Shareholders’
equity of $1.76 billion at December 31, 2024 was $64.9 million, or 3.8%, higher than one
year ago, primarily due to an $86.5 million increase in retained earnings, partially offset
by a $44.9 million increase in treasury stock due to share repurchases. Shareholders’
equity decreased $22.1 million, or 1.2%, from September 30, 2024, primarily driven by a $62.6
million increase in accumulated other comprehensive loss related to the Company’s investment
securities portfolio, partially offset by a $25.5 million increase in retained earnings. |
| · | The
Company’s shareholders’ equity to assets ratio was 10.76% at December 31, 2024,
down from 10.92% at December 31, 2023 and 10.88% at September 30, 2024. |
| · | The
Company’s tier 1 leverage ratio of 9.19% at December 31, 2024 decreased 15 basis points
from one year earlier and increased seven basis points from September 30, 2024, remaining
substantially above the regulatory well-capitalized standard of 5.0%. |
| · | The
Company’s tangible equity to tangible assets ratio (non-GAAP) was 5.83% at December
31, 2024, up from 5.75% a year earlier and down from 5.97% at September 30, 2024. Tangible
equity (non-GAAP) increased $60.8 million, or 7.2%, from one year prior due to the aforementioned
increase in retained earnings, partially offset by the impact of share repurchases between
the periods. Tangible assets (non-GAAP) increased $826.2 million, or 5.6%, from the prior
year due primarily to organic loan growth. |
Dividend Increase and
Stock Repurchase Program
The payment of a meaningful
and growing dividend is an important component of the Company’s commitment to provide consistent and favorable long-term returns
to its shareholders, and it reflects the continued strength of the Company’s long-term operating results and capital position,
and management’s confidence in the future performance of the Company. The $0.01 increase in the quarterly dividend declared in
the third quarter of 2024 marked the 32nd consecutive year of dividend increases for the Company.
| · | During
the fourth quarter of 2024, the Company declared a quarterly cash dividend of $0.46 per share
on its common stock, up 2.2% from the $0.45 dividend declared in the fourth quarter of 2023,
representing an annualized yield of 2.9% based upon on the $63.26 closing price of the Company’s
stock on January 17, 2025. |
| · | In
December 2024, the Company’s Board of Directors (the “Board”) approved
a stock repurchase program authorizing the repurchase of up to 2.63 million shares, or 5.0%
of the Company’s common stock outstanding during the twelve-month period starting January
1, 2025. Such repurchases may be made at the discretion of the Company’s senior management
based on market conditions and other relevant factors and will be acquired through open market
or privately negotiated transactions as permitted under Rule 10b-18 of the Securities Exchange
Act of 1934 and other applicable regulatory and legal requirements. As previously announced,
in December 2023 the Board approved a stock repurchase program authorizing the repurchase
of up to 2.70 million shares of the Company’s stock during a twelve-month period starting
January 1, 2024. There were 1,000,000 shares repurchased pursuant to the 2024 stock repurchase
program in 2024. No shares were repurchased pursuant to the 2024 stock repurchase program
in the fourth quarter of 2024. The 2024 stock repurchase authorization expired on December
31, 2024. |
Non-GAAP Measures
The Company also provides
supplemental reporting of its results on an “operating” and “tangible” basis. Results on an “operating”
basis exclude the after-tax effects of acquisition expenses, acquisition-related contingent consideration adjustments, restructuring
expenses, litigation accrual, loss on sales of investment securities, unrealized gain (loss) on equity securities and amortization of
intangible assets. Results on a “tangible” basis exclude goodwill and intangible asset balances, net of accumulated amortization
and applicable deferred tax amounts. In addition, the Company provides supplemental reporting for “operating pre-tax, pre-provision
net revenues,” which subtracts the provision for credit losses, acquisition expenses, acquisition-related contingent consideration
adjustments, restructuring expenses, litigation accrual, loss on sales of investment securities, unrealized gain (loss) on equity securities
and amortization of intangible assets from income before income taxes. Although these items are non-GAAP measures, the Company’s
management believes this information helps investors and analysts measure underlying core performance and provides better comparability
to other organizations that have not engaged in acquisitions or restructuring activities. The Company also provides supplemental reporting
of its net interest income and net interest margin on a “fully tax-equivalent” basis, which includes an adjustment to net
interest income that represents taxes that would have been paid had nontaxable investment securities and loans been taxable. Although
fully tax-equivalent net interest income and net interest margin are non-GAAP measures, the Company’s management believes this
information helps enhance comparability of the performance of assets that have different tax liabilities. The amounts for such items
are presented in the tables that accompany this release.
Conference Call Scheduled
Company management will conduct
an investor call at 11:00 a.m. (ET) today, January 21, 2025, to discuss the fourth quarter and full year 2024 results. The conference
call can be accessed at 1-833-630-0464 (1-412-317-1809 if outside the United States and Canada). Investors may also listen live via the
Internet at: https://app.webinar.net/0o75WawYdEm.
This earnings release, including
supporting financial tables, is also available within the news section of the Company's investor relations website at: https://communityfinancialsystem.com/news/.
An archived webcast of the earnings call will be available on this site for one full year.
About Community Financial
System, Inc.
Community Financial System,
Inc. is a diversified financial services company that is focused on four main business lines – banking, employee benefit services,
insurance services and wealth management services. Its banking subsidiary, Community Bank, N.A., is among the country’s 100 largest
banking institutions with over $16 billion in assets and operates approximately 200 customer facilities across Upstate New York, Northeastern
Pennsylvania, Vermont and Western Massachusetts. The Company’s Benefit Plans Administrative Services, Inc. subsidiary is a leading
provider of employee benefits administration, trust services, collective investment fund administration, and actuarial consulting services
to customers on a national scale. The Company’s OneGroup NY, Inc. subsidiary is a top 75 U.S. insurance agency. The Company also
offers comprehensive financial planning, trust administration and wealth management services through its Wealth Management operating
unit. The Company is listed on the New York Stock Exchange and the Company’s stock trades under the symbol CBU. For more information
about Community Bank visit www.cbna.com or www.communityfinancialsystem.com.
Forward-Looking Statements
This press release
contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are
based on the current beliefs and expectations of CBU’s management and are subject to significant risks and uncertainties.
Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause
the actual results of CBU’s operations to differ materially from its expectations: the macroeconomic and other challenges and
uncertainties related to or resulting from recent bank failures; current and future economic and market conditions, including the
effects on CRE and housing or vehicle prices, unemployment rates, high inflation, U.S. fiscal debt, budget and tax matters,
geopolitical matters, and global economic growth; fiscal and monetary policies of the Federal Reserve Board; the potential adverse
effects of unusual and infrequently occurring events; litigation and actions of regulatory authorities; management’s estimates
and projections of interest rates and interest rate policies; the effect of changes in the level of checking, savings, or money
market account deposit balances and other factors that affect net interest margin; future provisions for credit losses on loans and
debt securities; changes in nonperforming assets; ability to contain costs in inflationary conditions; the effect on financial
market valuations on CBU’s fee income businesses, including its employee benefit services, wealth management services, and
insurance services businesses; the successful integration of operations of its acquisitions and performance of new branches;
competition; changes in legislation or regulatory requirements, including capital requirements; and the timing for receiving
regulatory approvals and completing pending merger and acquisition transactions. For more information about factors that could cause
actual results to differ materially from CBU’s expectations, refer to its annual, periodic and other reports filed with the
Securities and Exchange Commission (“SEC”), including the discussion under the “Risk Factors” section of
such reports filed with the SEC and available on CBU’s website at www.communityfinancialsystem.com
and on the SEC’s website at www.sec.gov. Further, any forward-looking statement speaks
only as of the date on which it is made, and CBU undertakes no obligation to update any forward-looking statement to reflect events
or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
Summary of Financial Data (unaudited) |
|
|
|
|
| (Dollars
in thousands, except per share data) |
|
|
|
|
| |
Quarter
Ended |
Year-to-Date |
| |
December
31,
2024 |
December
31,
2023 |
December
31,
2024 |
December
31,
2023 |
| Earnings |
|
|
|
|
| Loan
income |
$144,638 |
$122,392 |
$545,767 |
$445,167 |
| Investment
income |
25,293 |
23,934 |
97,761 |
96,221 |
| Total
interest income |
169,931 |
146,326 |
643,528 |
541,388 |
| Interest
expense |
49,958 |
37,136 |
194,411 |
104,103 |
| Net
interest income |
119,973 |
109,190 |
449,117 |
437,285 |
| Provision
for credit losses |
6,208 |
4,073 |
22,773 |
11,203 |
| Net
interest income after provision for credit losses |
113,765 |
105,117 |
426,344 |
426,082 |
| Deposit
service and other banking fees |
19,315 |
18,003 |
74,123 |
69,377 |
| Mortgage
banking |
746 |
196 |
4,421 |
595 |
| Employee
benefit services |
33,950 |
30,015 |
130,981 |
117,961 |
| Insurance
services |
12,181 |
11,599 |
50,249 |
47,094 |
| Wealth
management services |
9,875 |
7,904 |
36,668 |
31,941 |
| Loss
on sales of investment securities |
0 |
0 |
(487) |
(52,329) |
| Gain
on debt extinguishment |
0 |
0 |
0 |
242 |
| Unrealized
gain (loss) on equity securities |
247 |
52 |
1,231 |
(47) |
| Total
noninterest revenues |
76,314 |
67,769 |
297,186 |
214,834 |
| Salaries
and employee benefits |
76,247 |
71,595 |
300,779 |
281,803 |
| Data
processing and communications |
16,327 |
14,685 |
61,843 |
57,585 |
| Occupancy
and equipment |
10,995 |
10,715 |
43,658 |
42,550 |
| Amortization
of intangible assets |
3,437 |
3,563 |
14,259 |
14,511 |
| Legal
and professional fees |
3,800 |
3,792 |
15,323 |
15,921 |
| Business
development and marketing |
4,510 |
3,635 |
16,059 |
15,731 |
| Acquisition-related
contingent consideration adjustments |
400 |
2,200 |
244 |
3,280 |
| Litigation
accrual |
(83) |
5,800 |
138 |
5,800 |
| Acquisition
expenses |
8 |
7 |
213 |
63 |
| Restructuring
expenses |
0 |
1,163 |
0 |
1,163 |
| Other |
9,898 |
11,936 |
34,309 |
34,278 |
| Total
noninterest expenses |
125,539 |
129,091 |
486,825 |
472,685 |
| Income
before income taxes |
64,540 |
43,795 |
236,705 |
168,231 |
| Income
taxes |
14,747 |
10,089 |
54,224 |
36,307 |
| Net
income |
$49,793 |
$33,706 |
$182,481 |
$131,924 |
| Basic
earnings per share |
$0.94
|
$0.63
|
$3.44 |
$2.45 |
| Diluted
earnings per share |
$0.94
|
$0.63
|
$3.44 |
$2.45 |
Summary of Financial Data (unaudited) |
|
|
|
|
|
| (Dollars
in thousands, except per share data) |
|
|
|
|
|
| |
2024 |
2023 |
| |
4th
Qtr |
3rd
Qtr |
2nd
Qtr |
1st
Qtr |
4th
Qtr |
| Earnings |
|
|
|
|
|
| Loan
income |
$144,638 |
$140,472 |
$133,159 |
$127,498 |
$122,392 |
| Investment
income |
25,293 |
23,428 |
23,879 |
25,161 |
23,934 |
| Total
interest income |
169,931 |
163,900 |
157,038 |
152,659 |
146,326 |
| Interest
expense |
49,958 |
51,155 |
47,629 |
45,669 |
37,136 |
| Net
interest income |
119,973 |
112,745 |
109,409 |
106,990 |
109,190 |
| Provision
for credit losses |
6,208 |
7,709 |
2,708 |
6,148 |
4,073 |
| Net
interest income after provision for credit losses |
113,765 |
105,036 |
106,701 |
100,842 |
105,117 |
| Deposit
service and other banking fees |
19,315 |
19,537 |
17,364 |
17,907 |
18,003 |
| Mortgage
banking |
746 |
1,055 |
2,275 |
345 |
196 |
| Employee
benefit services |
33,950 |
33,215 |
32,118 |
31,698 |
30,015 |
| Insurance
services |
12,181 |
13,652 |
13,307 |
11,109 |
11,599 |
| Wealth
management services |
9,875 |
8,892 |
8,691 |
9,210 |
7,904 |
| Loss
on sales of investment securities |
0 |
(255) |
(232) |
0 |
0 |
| Unrealized
gain on equity securities |
247 |
101 |
867 |
16 |
52 |
| Total
noninterest revenues |
76,314 |
76,197 |
74,390 |
70,285 |
67,769 |
| Salaries
and employee benefits |
76,247 |
78,022 |
73,447 |
73,063 |
71,595 |
| Data
processing and communications |
16,327 |
15,894 |
15,274 |
14,348 |
14,685 |
| Occupancy
and equipment |
10,995 |
10,586 |
10,715 |
11,362 |
10,715 |
| Amortization
of intangible assets |
3,437 |
3,369 |
3,877 |
3,576 |
3,563 |
| Legal
and professional fees |
3,800 |
3,723 |
3,459 |
4,341 |
3,792 |
| Business
development and marketing |
4,510 |
4,365 |
4,139 |
3,045 |
3,635 |
| Acquisition-related
contingent consideration adjustments |
400 |
(156) |
0 |
0 |
2,200 |
| Litigation
accrual |
(83) |
102 |
0 |
119 |
5,800 |
| Acquisition
expenses |
8 |
66 |
104 |
35 |
7 |
| Restructuring
expenses |
0 |
0 |
0 |
0 |
1,163 |
| Other |
9,898 |
8,232 |
7,984 |
8,195 |
11,936 |
| Total
noninterest expenses |
125,539 |
124,203 |
118,999 |
118,084 |
129,091 |
| Income
before income taxes |
64,540 |
57,030 |
62,092 |
53,043 |
43,795 |
| Income
taxes |
14,747 |
13,129 |
14,177 |
12,171 |
10,089 |
| Net
income |
$49,793 |
$43,901 |
$47,915 |
$40,872 |
$33,706 |
| Basic
earnings per share |
$0.94 |
$0.83 |
$0.91 |
$0.77
|
$0.63
|
| Diluted
earnings per share |
$0.94 |
$0.83 |
$0.91 |
$0.76
|
$0.63
|
| Profitability
(GAAP) |
|
|
|
|
|
| Return
on assets (GAAP) |
1.21% |
1.09% |
1.22% |
1.04% |
0.87% |
| Return
on equity (GAAP) |
11.27% |
10.21% |
11.79% |
9.78% |
8.53% |
| Noninterest
revenues/total revenues (GAAP) |
38.9% |
40.3% |
40.5% |
39.6% |
38.3% |
| Efficiency
ratio (GAAP) |
64.0% |
65.7% |
64.7% |
66.6% |
72.9% |
| Profitability
(non-GAAP) |
|
|
|
|
|
| Operating
return on assets (non-GAAP) |
1.29% |
1.16% |
1.29% |
1.11% |
1.13% |
| Operating
return on equity (non-GAAP) |
11.99% |
10.85% |
12.43% |
10.47% |
11.10% |
| Return
on tangible equity (non-GAAP) |
21.97% |
20.53% |
24.90% |
19.94% |
18.75% |
| Operating
return on tangible equity (non-GAAP) |
23.36% |
21.80% |
26.25% |
21.36% |
24.38% |
| Operating
noninterest revenues/operating revenues (FTE) (non-GAAP) |
38.6% |
40.2% |
40.1% |
39.4% |
38.1% |
| Operating
efficiency ratio (non-GAAP) |
61.8% |
63.6% |
62.5% |
64.1% |
65.4% |
| Summary
of Financial Data (unaudited) |
|
|
|
|
|
| (Dollars
in thousands, except per share data) |
|
|
|
|
|
| |
2024 |
2023 |
| |
4th
Qtr |
3rd
Qtr |
2nd
Qtr |
1st
Qtr |
4th
Qtr |
| Components
of Net Interest Margin (FTE) |
|
|
|
|
|
| Loan
yield |
5.58% |
5.51% |
5.38% |
5.25% |
5.08% |
| Cash
equivalents yield |
4.71% |
4.90% |
5.10% |
5.39% |
5.49% |
| Investment
yield |
2.15% |
2.05% |
2.11% |
2.02% |
2.03% |
| Earning
asset yield |
4.52% |
4.43% |
4.35% |
4.24% |
4.11% |
| Interest-bearing
deposit rate |
1.68% |
1.69% |
1.68% |
1.56% |
1.37% |
| Borrowing
rate |
3.57% |
4.08% |
3.71% |
3.81% |
3.12% |
| Cost
of all interest-bearing funds |
1.84% |
1.93% |
1.83% |
1.77% |
1.48% |
| Cost
of total deposits |
1.23% |
1.23% |
1.23% |
1.14% |
0.98% |
| Cost
of funds (includes noninterest-bearing deposits) |
1.38% |
1.44% |
1.37% |
1.31% |
1.08% |
| Net
interest margin |
3.17% |
3.03% |
3.01% |
2.95% |
3.05% |
| Net
interest margin (FTE) (non-GAAP) |
3.20% |
3.05% |
3.04% |
2.98% |
3.07% |
| Fully
tax-equivalent adjustment (non-GAAP) |
$882 |
$872 |
$953 |
$1,014 |
$1,037 |
| Average
Balances |
|
|
|
|
|
| Loans |
$10,331,217 |
$10,155,343 |
$9,969,462 |
$9,788,707 |
$9,583,396 |
| Cash
equivalents |
93,910 |
38,481 |
48,872 |
230,299 |
113,071 |
| Taxable
investment securities |
4,187,538 |
4,165,783 |
4,119,882 |
4,071,256 |
4,032,386 |
| Nontaxable
investment securities |
423,323 |
436,762 |
466,757 |
488,381 |
493,434 |
| Total
interest-earning assets |
15,035,988 |
14,796,369 |
14,604,973 |
14,578,643 |
14,222,287 |
| Total
assets |
16,324,320 |
16,058,219 |
15,778,974 |
15,796,867 |
15,333,131 |
| Interest-bearing
deposits |
9,871,799 |
9,537,203 |
9,679,296 |
9,462,083 |
9,266,908 |
| Borrowings |
915,475 |
1,030,199 |
785,946 |
936,588 |
665,322 |
| Total
interest-bearing liabilities |
10,787,274 |
10,567,402 |
10,465,242 |
10,398,671 |
9,932,230 |
| Noninterest-bearing
deposits |
3,603,416 |
3,611,755 |
3,534,516 |
3,570,902 |
3,706,781 |
| Shareholders'
equity |
1,757,467 |
1,709,791 |
1,633,875 |
1,681,211 |
1,567,381 |
| Balance
Sheet Data |
|
|
|
|
|
| Cash
and cash equivalents |
$197,004 |
$346,110 |
$201,493 |
$338,381 |
$190,962 |
| Investment
securities |
4,218,386 |
4,287,551 |
4,166,562 |
4,152,114 |
4,165,312 |
| Loans: |
|
|
|
|
|
| Business
lending |
4,505,178 |
4,391,629 |
4,294,173 |
4,220,199 |
4,084,396 |
| Consumer
mortgage |
3,489,780 |
3,427,317 |
3,368,166 |
3,317,467 |
3,285,018 |
| Consumer
indirect |
1,767,655 |
1,780,586 |
1,723,002 |
1,716,028 |
1,703,440 |
| Home
equity |
477,425 |
460,964 |
452,013 |
446,056 |
446,515 |
| Consumer
direct |
192,327 |
191,178 |
186,503 |
183,750 |
185,229 |
| Total
loans |
10,432,365 |
10,251,674 |
10,023,857 |
9,883,500 |
9,704,598 |
| Allowance
for credit losses |
79,114 |
76,167 |
71,442 |
70,091 |
66,669 |
| Goodwill
and intangible assets, net |
901,471 |
900,623 |
905,780 |
904,439 |
897,987 |
| Other
assets |
715,932 |
694,909 |
680,566 |
650,327 |
663,563 |
| Total
assets |
16,386,044 |
16,404,700 |
15,906,816 |
15,858,670 |
15,555,753 |
| Deposits: |
|
|
|
|
|
| Noninterest-bearing |
3,557,219 |
3,586,845 |
3,649,389 |
3,554,686 |
3,638,527 |
| Non-maturity
interest-bearing |
7,707,037 |
7,704,925 |
7,446,935 |
7,835,543 |
7,569,131 |
| Time |
2,177,451 |
2,184,401 |
2,041,564 |
1,961,793 |
1,720,463 |
| Total
deposits |
13,441,707 |
13,476,171 |
13,137,888 |
13,352,022 |
12,928,121 |
| Customer
repurchase agreements |
261,553 |
317,448 |
215,453 |
287,241 |
304,595 |
| Other
borrowings |
737,312 |
630,970 |
716,721 |
395,122 |
460,603 |
| Accrued
interest and other liabilities |
182,637 |
195,164 |
166,574 |
167,330 |
164,497 |
| Total
liabilities |
14,623,209 |
14,619,753 |
14,236,636 |
14,201,715 |
13,857,816 |
| Shareholders'
equity |
1,762,835 |
1,784,947 |
1,670,180 |
1,656,955 |
1,697,937 |
| Total
liabilities and shareholders' equity |
16,386,044 |
16,404,700 |
15,906,816 |
15,858,670 |
15,555,753 |
| Summary
of Financial Data (unaudited) |
|
|
|
|
|
| (Dollars
in thousands, except per share data) |
|
|
|
|
|
| |
2024 |
2023 |
| |
4th
Qtr |
3rd
Qtr |
2nd
Qtr |
1st
Qtr |
4th
Qtr |
| Capital
and Other |
|
|
|
|
|
| Shareholders’
equity/total assets (GAAP) |
10.76% |
10.88% |
10.50% |
10.45% |
10.92% |
| Tangible
equity/tangible assets (non-GAAP) |
5.83% |
5.97% |
5.38% |
5.32% |
5.75% |
| Tier
1 leverage ratio |
9.19% |
9.12% |
9.07% |
9.01% |
9.34% |
| Loan-to-deposit
ratio |
77.6% |
76.1% |
76.3% |
74.0% |
75.1% |
| Diluted
weighted average common shares outstanding |
53,078 |
52,911 |
52,935 |
53,467 |
53,665 |
| Period
end common shares outstanding |
52,668 |
52,546 |
52,523 |
52,765 |
53,327 |
| Cash
dividends declared per common share |
$0.46
|
$0.46
|
$0.45
|
$0.45
|
$0.45
|
| Book
value (GAAP) |
$33.47
|
$33.97
|
$31.80
|
$31.40
|
$31.84
|
| Tangible
book value (non-GAAP) |
$17.20
|
$17.66
|
$15.41
|
$15.12
|
$15.85
|
| Common
stock price at quarter-end |
$61.68
|
$58.07
|
$47.21
|
$48.03
|
$52.11
|
| Asset
Quality |
|
|
|
|
|
| Nonaccrual
loans |
$66,387 |
$59,013 |
$47,407 |
$44,904 |
$48,687 |
| Accruing
loans 90+ days delinquent |
7,000 |
3,833 |
3,106 |
4,554 |
5,886 |
| Total
nonperforming loans |
73,387 |
62,846 |
50,513 |
49,458 |
54,573 |
| Other
real estate owned (OREO) |
2,781 |
2,279 |
1,662 |
1,742 |
1,159 |
| Total
nonperforming assets |
76,168 |
65,125 |
52,175 |
51,200 |
55,732 |
| Net
charge-offs |
3,211 |
2,772 |
1,286 |
2,840 |
2,337 |
| Allowance
for credit losses/loans outstanding |
0.76% |
0.74% |
0.71% |
0.71% |
0.69% |
| Nonperforming
loans/loans outstanding |
0.70% |
0.61% |
0.50% |
0.50% |
0.56% |
| Allowance
for credit losses/nonperforming loans |
108% |
121% |
141% |
142% |
122% |
| Net
charge-offs/average loans |
0.12% |
0.11% |
0.05% |
0.12% |
0.10% |
| Delinquent
loans/ending loans |
1.24% |
1.07% |
0.95% |
0.93% |
1.06% |
| Provision
for credit losses/net charge-offs |
193% |
278% |
211% |
216% |
174% |
| Nonperforming
assets/total assets |
0.46% |
0.40% |
0.33% |
0.32% |
0.36% |
| Quarterly
GAAP to Non-GAAP Reconciliations |
|
|
|
|
|
| Operating
pre-tax, pre-provision net revenue (non-GAAP) |
|
|
|
|
|
| Net
income (GAAP) |
$49,793 |
$43,901 |
$47,915 |
$40,872 |
$33,706 |
| Income
taxes |
14,747 |
13,129 |
14,177 |
12,171 |
10,089 |
| Income
before income taxes |
64,540 |
57,030 |
62,092 |
53,043 |
43,795 |
| Provision
for credit losses |
6,208 |
7,709 |
2,708 |
6,148 |
4,073 |
| Pre-tax,
pre-provision net revenue (non-GAAP) |
70,748 |
64,739 |
64,800 |
59,191 |
47,868 |
| Acquisition
expenses |
8 |
66 |
104 |
35 |
7 |
| Acquisition-related
contingent consideration adjustments |
400 |
(156) |
0 |
0 |
2,200 |
| Restructuring
expenses |
0 |
0 |
0 |
0 |
1,163 |
| Litigation
accrual |
(83) |
102 |
0 |
119 |
5,800 |
| Loss
on sales of investment securities |
0 |
255 |
232 |
0 |
0 |
| Unrealized
gain on equity securities |
(247) |
(101) |
(867) |
(16) |
(52) |
| Amortization
of intangible assets |
3,437 |
3,369 |
3,877 |
3,576 |
3,563 |
| Operating
pre-tax, pre-provision net revenue (non-GAAP) |
$74,263 |
$68,274 |
$68,146 |
$62,905 |
$60,549 |
| |
|
|
|
|
|
| Summary
of Financial Data (unaudited) |
|
|
|
|
|
| (Dollars
in thousands, except per share data) |
|
|
|
|
|
| |
2024 |
2023 |
| |
4th
Qtr |
3rd
Qtr |
2nd
Qtr |
1st
Qtr |
4th
Qtr |
| Quarterly
GAAP to Non-GAAP Reconciliations |
|
|
|
|
|
| Operating
pre-tax, pre-provision net revenue per share (non-GAAP) |
|
|
|
|
|
| Diluted
earnings per share (GAAP) |
$0.94 |
$0.83 |
$0.91 |
$0.76 |
$0.63 |
| Income
taxes |
0.28 |
0.25 |
0.26 |
0.23 |
0.19 |
| Income
before income taxes |
1.22 |
1.08 |
1.17 |
0.99 |
0.82 |
| Provision
for credit losses |
0.11 |
0.15 |
0.06 |
0.12 |
0.07 |
| Pre-tax,
pre-provision net revenue per share (non-GAAP) |
1.33 |
1.23 |
1.23 |
1.11 |
0.89 |
| Acquisition
expenses |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Acquisition-related
contingent consideration adjustments |
0.00 |
0.00 |
0.00 |
0.00 |
0.04 |
| Restructuring
expenses |
0.00 |
0.00 |
0.00 |
0.00 |
0.02 |
| Litigation
accrual |
0.00 |
0.00 |
0.00 |
0.00 |
0.11 |
| Loss
on sales of investment securities |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Unrealized
gain on equity securities |
0.00 |
0.00 |
(0.01) |
0.00 |
0.00 |
| Amortization
of intangible assets |
0.07 |
0.06 |
0.07 |
0.07 |
0.07 |
| Operating
pre-tax, pre-provision net revenue per share (non-GAAP) |
$1.40 |
$1.29 |
$1.29 |
$1.18 |
$1.13 |
| |
|
|
|
|
|
| Operating
net income (non-GAAP) |
|
|
|
|
|
| Net
income (GAAP) |
$49,793 |
$43,901 |
$47,915
|
$40,872
|
$33,706
|
| Acquisition
expenses |
8 |
66 |
104 |
35 |
7 |
| Tax
effect of acquisition expenses |
(1) |
(15) |
(23) |
(8) |
(1) |
| Subtotal
(non-GAAP) |
49,800 |
43,952 |
47,996 |
40,899 |
33,712 |
| Acquisition-related
contingent consideration adjustments |
400 |
(156) |
0 |
0 |
2,200 |
| Tax
effect of acquisition-related contingent consideration adjustments |
(41) |
35 |
0 |
0 |
(443) |
| Subtotal
(non-GAAP) |
50,159 |
43,831 |
47,996 |
40,899 |
35,469 |
| Restructuring
expenses |
0 |
0 |
0 |
0 |
1,163 |
| Tax
effect of restructuring expenses |
0 |
0 |
0 |
0 |
(234) |
| Subtotal
(non-GAAP) |
50,159 |
43,831 |
47,996 |
40,899 |
36,398 |
| Litigation
accrual |
(83) |
102 |
0 |
119 |
5,800 |
| Tax
effect of litigation accrual |
8 |
(23) |
0 |
(26) |
(1,168) |
| Subtotal
(non-GAAP) |
50,084 |
43,910 |
47,996 |
40,992 |
41,030 |
| Loss
on sales of investment securities |
0 |
255 |
232 |
0 |
0 |
| Tax
effect of loss on sales of investment securities |
0 |
(58) |
(52) |
0 |
0 |
| Subtotal
(non-GAAP) |
50,084 |
44,107 |
48,176 |
40,992 |
41,030 |
| Unrealized
gain on equity securities |
(247) |
(101) |
(867) |
(16) |
(52) |
| Tax
effect of unrealized gain on equity securities |
25 |
23 |
193 |
4 |
10 |
| Subtotal
(non-GAAP) |
49,862 |
44,029 |
47,502 |
40,980 |
40,988 |
| Amortization
of intangible assets |
3,437 |
3,369 |
3,877 |
3,576 |
3,563 |
| Tax
effect of amortization of intangible assets |
(350) |
(762) |
(864) |
(787) |
(718) |
| Operating
net income (non-GAAP) |
$52,949 |
$46,636 |
$50,515 |
$43,769 |
$43,833 |
| |
|
|
|
|
|
| Summary
of Financial Data (unaudited) |
|
|
|
|
|
| (Dollars
in thousands, except per share data) |
|
|
|
|
|
| |
2024 |
2023 |
| |
4th
Qtr |
3rd
Qtr |
2nd
Qtr |
1st
Qtr |
4th
Qtr |
| Quarterly
GAAP to Non-GAAP Reconciliations |
|
|
|
|
|
| Operating
diluted earnings per share (non-GAAP) |
|
|
|
|
|
| Diluted
earnings per share (GAAP) |
$0.94 |
$0.83 |
$0.91
|
$0.76
|
$0.63
|
| Acquisition
expenses |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Tax
effect of acquisition expenses |
0.00
|
0.00
|
0.00 |
0.00 |
0.00 |
| Subtotal
(non-GAAP) |
0.94 |
0.83 |
0.91 |
0.76 |
0.63 |
| Acquisition-related
contingent consideration adjustments |
0.00
|
0.00
|
0.00 |
0.00 |
0.04 |
| Tax
effect of acquisition-related contingent consideration adjustments |
0.00
|
0.00
|
0.00 |
0.00 |
(0.01) |
| Subtotal
(non-GAAP) |
0.94 |
0.83 |
0.91 |
0.76 |
0.66 |
| Restructuring
expenses |
0.00
|
0.00
|
0.00 |
0.00 |
0.02 |
| Tax
effect of restructuring expenses |
0.00
|
0.00
|
0.00 |
0.00 |
0.00 |
| Subtotal
(non-GAAP) |
0.94 |
0.83 |
0.91 |
0.76 |
0.68 |
| Litigation
accrual |
0.00 |
0.00 |
0.00 |
0.00 |
0.11 |
| Tax
effect of litigation accrual |
0.00
|
0.00
|
0.00 |
0.00 |
(0.03) |
| Subtotal
(non-GAAP) |
0.94 |
0.83 |
0.91 |
0.76 |
0.76 |
| Loss
on sales of investment securities |
0.00
|
0.00
|
0.00 |
0.00 |
0.00 |
| Tax
effect of loss on sales of investment securities |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Subtotal
(non-GAAP) |
0.94 |
0.83 |
0.91 |
0.76 |
0.76 |
| Unrealized
gain on equity securities |
0.00
|
0.00
|
(0.01) |
0.00 |
0.00 |
| Tax
effect of unrealized gain on equity securities |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Subtotal
(non-GAAP) |
0.94 |
0.83 |
0.90 |
0.76 |
0.76 |
| Amortization
of intangible assets |
0.07 |
0.06 |
0.07 |
0.07 |
0.07 |
| Tax
effect of amortization of intangible assets |
(0.01) |
(0.01) |
(0.02) |
(0.01) |
(0.01) |
| Operating
diluted earnings per share (non-GAAP) |
$1.00 |
$0.88 |
$0.95 |
$0.82 |
$0.82 |
| |
|
|
|
|
|
| Return
on assets |
|
|
|
|
|
| Net
income (GAAP) |
$49,793 |
$43,901 |
$47,915 |
$40,872 |
$33,706
|
| Average
total assets |
16,324,320 |
16,058,219 |
15,778,974 |
15,796,867 |
15,333,131 |
| Return
on assets (GAAP) |
1.21% |
1.09% |
1.22% |
1.04% |
0.87% |
| |
|
|
|
|
|
| Operating
return on assets (non-GAAP) |
|
|
|
|
|
| Operating
net income (non-GAAP) |
$52,949 |
$46,636 |
$50,515 |
$43,769 |
$43,833 |
| Average
total assets |
16,324,320 |
16,058,219 |
15,778,974 |
15,796,867 |
15,333,131 |
| Operating
return on assets (non-GAAP) |
1.29% |
1.16% |
1.29% |
1.11% |
1.13% |
| |
|
|
|
|
|
| Return
on equity |
|
|
|
|
|
| Net
income (GAAP) |
$49,793 |
$43,901 |
$47,915
|
$40,872
|
$33,706
|
| Average
total equity |
1,757,467 |
1,709,791 |
1,633,875 |
1,681,211 |
1,567,381 |
| Return
on equity (GAAP) |
11.27% |
10.21% |
11.79% |
9.78% |
8.53% |
| |
|
|
|
|
|
| Operating
return on equity (non-GAAP) |
|
|
|
|
|
| Operating
net income (non-GAAP) |
$52,949 |
$46,636 |
$50,515 |
$43,769 |
$43,833 |
| Average
total equity |
1,757,467 |
1,709,791 |
1,633,875 |
1,681,211 |
1,567,381 |
| Operating
return on equity (non-GAAP) |
11.99% |
10.85% |
12.43% |
10.47% |
11.10% |
| |
|
|
|
|
|
| Summary
of Financial Data (unaudited) |
|
|
|
|
|
| (Dollars
in thousands, except per share data) |
|
|
|
|
|
| |
2024 |
2023 |
| |
4th
Qtr |
3rd
Qtr |
2nd
Qtr |
1st
Qtr |
4th
Qtr |
| Quarterly
GAAP to Non-GAAP Reconciliations |
|
|
|
|
|
| Net
interest margin |
|
|
|
|
|
| Net
interest income |
$119,973 |
$112,745 |
$109,409 |
$106,990 |
$109,190 |
| Total
average interest-earning assets |
15,035,988 |
14,796,369 |
14,604,973 |
14,578,643 |
14,222,287 |
| Net
interest margin |
3.17% |
3.03% |
3.01% |
2.95% |
3.05% |
| |
|
|
|
|
|
| Net
interest margin (FTE) (non-GAAP) |
|
|
|
|
|
| Net
interest income |
$119,973 |
$112,745 |
$109,409 |
$106,990 |
$109,190 |
| Fully
tax-equivalent adjustment (non-GAAP) |
882 |
872 |
953 |
1,014 |
1,037 |
| Fully
tax-equivalent net interest income (non-GAAP) |
120,855 |
113,617 |
110,362 |
108,004 |
110,227 |
| Total
average interest-earning assets |
15,035,988 |
14,796,369 |
14,604,973 |
14,578,643 |
14,222,287 |
| Net
interest margin (FTE) (non-GAAP) |
3.20% |
3.05% |
3.04% |
2.98% |
3.07% |
| |
|
|
|
|
|
| Operating
noninterest revenues (non-GAAP) |
|
|
|
|
|
| Noninterest
revenues (GAAP) |
$76,314 |
$76,197 |
$74,390 |
$70,285 |
$67,769 |
| Loss
on sales of investment securities |
0 |
255 |
232 |
0 |
0 |
| Unrealized
gain on equity securities |
(247) |
(101) |
(867) |
(16) |
(52) |
| Total
operating noninterest revenues (non-GAAP) |
$76,067 |
$76,351 |
$73,755 |
$70,269 |
$67,717 |
| |
|
|
|
|
|
| Operating
noninterest expenses (non-GAAP) |
|
|
|
|
|
| Noninterest
expenses (GAAP) |
$125,539 |
$124,203 |
$118,999 |
$118,084 |
$129,091 |
| Acquisition
expenses |
(8) |
(66) |
(104) |
(35) |
(7) |
| Acquisition-related
contingent consideration adjustments |
(400) |
156 |
0
|
0
|
(2,200)
|
| Restructuring
expenses |
0 |
0 |
0 |
0 |
(1,163) |
| Litigation
accrual |
83 |
(102) |
0 |
(119) |
(5,800) |
| Amortization
of intangible assets |
(3,437) |
(3,369) |
(3,877) |
(3,576) |
(3,563) |
| Total
operating noninterest expenses (non-GAAP) |
$121,777 |
$120,822 |
$115,018 |
$114,354 |
$116,358 |
| |
|
|
|
|
|
| Operating
revenues (non-GAAP) |
|
|
|
|
|
| Net
interest income (GAAP) |
$119,973 |
$112,745 |
$109,409 |
$106,990 |
$109,190 |
| Noninterest
revenues (GAAP) |
76,314 |
76,197 |
74,390 |
70,285 |
67,769 |
| Total
revenues (GAAP) |
196,287 |
188,942 |
183,799 |
177,275 |
176,959 |
| Loss
on sales of investment securities |
0 |
255 |
232 |
0 |
0 |
| Unrealized
gain on equity securities |
(247) |
(101) |
(867) |
(16) |
(52) |
| Total
operating revenues (non-GAAP) |
$196,040 |
$189,096 |
$183,164 |
$177,259 |
$176,907 |
| |
|
|
|
|
|
| Noninterest
revenues/total revenues |
|
|
|
|
|
| Total
noninterest revenues (GAAP) – numerator |
$76,314 |
$76,197 |
$74,390 |
$70,285 |
$67,769 |
| Total
revenues (GAAP) – denominator |
196,287 |
188,942 |
183,799 |
177,275 |
176,959 |
| Noninterest
revenues/total revenues (GAAP) |
38.9% |
40.3% |
40.5% |
39.6% |
38.3% |
| |
|
|
|
|
|
| Operating
noninterest revenues/operating revenues (FTE) (non-GAAP) |
|
|
|
|
|
| Total
operating noninterest revenues (non-GAAP) – numerator |
$76,067 |
$76,351 |
$73,755 |
$70,269 |
$67,717 |
| Total
operating revenues (non-GAAP) |
196,040 |
189,096 |
183,164 |
177,259 |
176,907 |
| Fully
tax-equivalent adjustment (non-GAAP) |
882 |
872 |
953 |
1,014 |
1,037 |
| Total
operating revenues (FTE) (non-GAAP) – denominator |
196,922 |
189,968 |
184,117 |
178,273 |
177,944 |
| Operating
noninterest revenues/operating revenues (FTE) (non-GAAP) |
38.6% |
40.2% |
40.1% |
39.4% |
38.1% |
| |
|
|
|
|
|
| Summary
of Financial Data (unaudited) |
|
|
|
|
|
| (Dollars
in thousands, except per share data) |
|
|
|
|
|
| |
2024 |
2023 |
| |
4th
Qtr |
3rd
Qtr |
2nd
Qtr |
1st
Qtr |
4th
Qtr |
| Quarterly
GAAP to Non-GAAP Reconciliations |
|
|
|
|
|
| Efficiency
ratio (GAAP) |
|
|
|
|
|
| Total
noninterest expenses (GAAP) – numerator |
$125,539 |
$124,203 |
$118,999 |
$118,084 |
$129,091 |
| Total
revenues (GAAP) – denominator |
196,287 |
188,942 |
183,799 |
177,275 |
176,959 |
| Efficiency
ratio (GAAP) |
64.0% |
65.7% |
64.7% |
66.6% |
72.9% |
| |
|
|
|
|
|
| Operating
efficiency ratio (non-GAAP) |
|
|
|
|
|
| Total
operating noninterest expenses (non-GAAP) - numerator |
$121,777 |
$120,822 |
$115,018 |
$114,354 |
$116,358 |
| Total
operating revenues (FTE) (non-GAAP) - denominator |
196,922 |
189,968 |
184,117 |
178,273 |
177,944 |
| Operating
efficiency ratio (non-GAAP) |
61.8% |
63.6% |
62.5% |
64.1% |
65.4% |
| |
|
|
|
|
|
| Total
tangible assets (non-GAAP) |
|
|
|
|
|
| Total
assets (GAAP) |
$16,386,044 |
$16,404,700 |
$15,906,816 |
$15,858,670 |
$15,555,753 |
| Goodwill
and intangible assets, net |
(901,471) |
(900,623) |
(905,780) |
(904,439) |
(897,987) |
| Deferred
taxes on goodwill and intangible assets, net |
44,618 |
43,832 |
44,921 |
45,433 |
45,198 |
| Total
tangible assets (non-GAAP) |
$15,529,191 |
$15,547,909 |
$15,045,957 |
$14,999,664 |
$14,702,964 |
| |
|
|
|
|
|
| Total
tangible common equity (non-GAAP) |
|
|
|
|
|
| Shareholders'
equity (GAAP) |
$1,762,835 |
$1,784,947 |
$1,670,180 |
$1,656,955 |
$1,697,937 |
| Goodwill
and intangible assets, net |
(901,471) |
(900,623) |
(905,780) |
(904,439) |
(897,987) |
| Deferred
taxes on goodwill and intangible assets, net |
44,618 |
43,832 |
44,921 |
45,433 |
45,198 |
| Total
tangible common equity (non-GAAP) |
$905,982 |
$928,156 |
$809,321 |
$797,949 |
$845,148 |
| |
|
|
|
|
|
| Shareholders’
equity-to-assets ratio at quarter end |
|
|
|
|
|
| Total
shareholders’ equity (GAAP) – numerator |
$1,762,835 |
$1,784,947 |
$1,670,180 |
$1,656,955 |
$1,697,937 |
| Total
assets (GAAP) – denominator |
16,386,044 |
16,404,700 |
15,906,816 |
15,858,670 |
15,555,753 |
| Shareholders’
equity-to-assets ratio at quarter end (GAAP) |
10.76% |
10.88% |
10.50% |
10.45% |
10.92% |
| |
|
|
|
|
|
| Tangible
equity-to-tangible assets ratio at quarter end (non-GAAP) |
|
|
|
|
|
| Total
tangible common equity (non-GAAP) - numerator |
$905,982 |
$928,156 |
$809,321 |
$797,949 |
$845,148 |
| Total
tangible assets (non-GAAP) - denominator |
15,529,191 |
15,547,909 |
15,045,957 |
14,999,664 |
14,702,964 |
| Tangible
equity-to-tangible assets ratio at quarter end (non-GAAP) |
5.83% |
5.97% |
5.38% |
5.32% |
5.75% |
| |
|
|
|
|
|
| Return
on tangible equity (non-GAAP) |
|
|
|
|
|
| Net
income (GAAP) |
$49,793 |
$43,901 |
$47,915
|
$40,872
|
$33,706
|
| Average
shareholders’ equity |
1,757,467 |
1,709,791 |
1,633,875 |
1,681,211 |
1,567,381 |
| Average
goodwill and intangible assets, net |
(900,118) |
(903,281) |
(905,134) |
(902,215) |
(899,027) |
| Average
deferred taxes on goodwill and intangible assets, net |
44,225 |
44,376 |
45,177 |
45,315 |
44,896 |
| Average
tangible common equity (non-GAAP) |
901,574 |
850,886 |
773,918 |
824,311 |
713,250 |
| Return
on tangible equity (non-GAAP) |
21.97% |
20.53% |
24.90% |
19.94% |
18.75% |
| |
|
|
|
|
|
| Operating
return on tangible equity (non-GAAP) |
|
|
|
|
|
| Operating
net income (non-GAAP) |
$52,949 |
$46,636 |
$50,515 |
$43,769 |
$43,833 |
| Average
tangible common equity (non-GAAP) |
901,574 |
850,886 |
773,918 |
824,311 |
713,250 |
| Operating
return on tangible equity (non-GAAP) |
23.36% |
21.80% |
26.25% |
21.36% |
24.38% |
| |
|
|
|
|
|
| Summary
of Financial Data (unaudited) |
|
|
|
|
|
| (Dollars
in thousands, except per share data) |
|
|
|
|
|
| |
2024 |
2023 |
| |
4th
Qtr |
3rd
Qtr |
2nd
Qtr |
1st
Qtr |
4th
Qtr |
| Quarterly
GAAP to Non-GAAP Reconciliations |
|
|
|
|
|
| Book
value (GAAP) |
|
|
|
|
|
| Total
shareholders’ equity (GAAP) – numerator |
$1,762,835 |
$1,784,947 |
$1,670,180 |
$1,656,955 |
$1,697,937 |
| Period
end common shares outstanding – denominator |
52,668 |
52,546 |
52,523 |
52,765 |
53,327 |
| Book
value (GAAP) |
$33.47 |
$33.97 |
$31.80
|
$31.40
|
$31.84
|
| |
|
|
|
|
|
| Tangible
book value (non-GAAP) |
|
|
|
|
|
| Total
tangible common equity (non-GAAP) – numerator |
$905,982 |
$928,156 |
$809,321 |
$797,949 |
$845,148 |
| Period
end common shares outstanding – denominator |
52,668 |
52,546 |
52,523 |
52,765 |
53,327 |
| Tangible
book value (non-GAAP) |
$17.20 |
$17.66 |
$15.41
|
$15.12
|
$15.85
|
| |
|
|
|
|
|
| |
2024 |
2023 |
|
|
| |
4th
Qtr |
3rd
Qtr |
4th
Qtr |
|
|
| Quarterly
Segment Information Reconciliations |
|
|
|
|
|
| Reconciliation
of total segment adjusted income before income taxes to total consolidated income before income taxes |
|
|
|
|
|
| Total
segment adjusted income before income taxes |
$68,055 |
$60,565 |
$56,476 |
|
|
| Loss
on sales of investment securities |
0 |
(255) |
0 |
|
|
| Unrealized
gain on equity securities |
247 |
101 |
52 |
|
|
| Amortization
of intangible assets |
(3,437) |
(3,369) |
(3,563) |
|
|
| Litigation
accrual |
83 |
(102) |
(5,800) |
|
|
| Acquisition-related
contingent consideration adjustments |
(400) |
156 |
(2,200) |
|
|
| Acquisition
expenses |
(8) |
(66) |
(7) |
|
|
| Restructuring
expenses |
0 |
0 |
(1,163) |
|
|
| Total
consolidated income before income taxes |
$64,540 |
$57,030 |
$43,795 |
|
|
| |
|
|
|
|
|
| Reconciliation
of total segment operating noninterest revenues to total consolidated noninterest revenues |
|
|
|
|
|
| Total
segment operating noninterest revenues |
$77,428 |
$77,526 |
$68,904 |
|
|
| Elimination
of intersegment revenues |
(1,361) |
(1,175) |
(1,187) |
|
|
| Loss
on sales of investment securities |
0 |
(255) |
0 |
|
|
| Unrealized
gain on equity securities |
247 |
101 |
52 |
|
|
| Total
consolidated noninterest revenues |
$76,314 |
$76,197 |
$67,769 |
|
|
| |
|
|
|
|
|
#
# #
v3.24.4
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Grafico Azioni Community Financial System (NYSE:CBU)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Community Financial System (NYSE:CBU)
Storico
Da Gen 2024 a Gen 2025
