Community Bank System, Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting significant growth in revenue and strategic developments. For the third quarter of 2024, net income was $43.9 million, a slight decrease from $44.1 million in the same period of 2023. However, year-to-date net income increased to $132.7 million, up from $98.2 million in the prior year, reflecting a 35.1% growth. Earnings per share for Q3 2024 rose to $0.83, compared to $0.82 in Q3 2023, while year-to-date earnings per share reached $2.50, up from $1.82.

Total revenues for the third quarter increased to $188.9 million, up from $175.4 million in Q3 2023, driven by a 12.7% rise in noninterest revenues, which totaled $76.2 million. Year-to-date noninterest revenues surged by 50.2% to $220.9 million, influenced by a prior year loss on investment securities. The bank's net interest income for Q3 2024 was $112.7 million, a 4.6% increase from the previous year, while the net interest margin slightly decreased to 3.03%.

The bank's total assets grew to $16.4 billion as of September 30, 2024, compared to $15.6 billion at the end of 2023. Total loans increased to $10.25 billion, marking a 5.6% rise since December 31, 2023, and an 8.5% increase year-over-year. Total deposits also rose to $13.48 billion, up 4.2% from the end of 2023.

Strategically, Community Bank System has been active in acquisitions, acquiring several insurance agencies for a total of $5.6 million in cash during the first nine months of 2024. The company also integrated operations from these acquisitions into its existing structure. The bank's allowance for credit losses increased to $76.2 million, reflecting a 17.3% rise from the previous year, attributed to a slight decline in asset quality metrics and increased loan volumes.

In terms of capital management, the bank's total shareholders' equity reached $1.78 billion, a 5.1% increase from December 31, 2023. The company maintained a dividend payout ratio of 54.1% for the first nine months of 2024, down from 72.8% in the same period of 2023, while continuing its trend of annual dividend increases.

Overall, Community Bank System's performance in Q3 2024 reflects a robust growth trajectory, supported by strategic acquisitions and a solid increase in both loans and deposits, despite slight declines in net income for the quarter.