The following is a summary of the Community Bank System, Inc. (CBU) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Community Bank reported a GAAP diluted EPS of $0.76 for Q1 2024, a substantial increase compared to $0.11 in Q1 2023 and $0.63 in Q4 2023.

• The company set a new record with total revenues of $177.3 million for Q1 2024.

• Net interest income was $107 million in Q1 2024, slightly less compared to $109.2 million in Q4 2023 and $111 million in Q1 2023.

• The Company recorded a provision for credit losses of $6.1 million in Q1 2024, a rise compared to $3.5 million in Q1 2023 and $4.1 million in Q4 2023.

• There was an increase in operating non-interest revenues from banking, employee benefit services, and wealth management services businesses.

Business Progress:

• The company continued growth in lending sectors like commercial, mortgage, and consumer installment portfolios, funded via a substantial deposit growth.

• They plan to open 14 new branches within the next five quarters.

• Successful addition of new customers in the Employee Benefit Services lead to a growth of 7.9%.

• Due to acquisitions and expansion in insurance and banking sectors, the company expects revenue to increase in the latter half of the year.

• The company has been keen on pursuing more acquisitions, with a switch in focus to fee-based businesses as compared to bank transactions.

More details: Community Bank System IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.