Community Financial System, Inc. (NYSE:CBU) Q4 2024 Earnings Conference Call January 21, 2025 11:00 AM ET
Company Participants
Dimitar Karaivanov – President and Chief Executive Officer
Joseph Sutaris – Executive Vice President and Chief Financial Officer
Conference Call Participants
Steve Moss – Raymond James
Frank Schiraldi – Piper Sandler
Matthew Breese – Stephens Inc
Christopher O’Connell – KBW
Sharanjit Cheema – D.A. Davidson
Operator
Good day, and welcome to the Community Financial System, Inc. Fourth Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Dimitar Karaivanov, President and Chief Executive Officer. Please go ahead.
Dimitar Karaivanov
Thank you, Mike. Good morning, everybody, and thank you for joining our fourth quarter and full year 2024 earnings call. This was a very solid quarter for us with operating PPNR of $1.40 per share, which grew 8.5% compared to the prior quarter and 23.9% compared to last year’s fourth quarter. Those are excellent numbers. There’s a lot to be pleased about such as margin expansion and excellent liquidity, strong fee performance, strong credit and well-managed expenses. I will leave all the quarterly details to Joe and would like to really focus on our overall 2024 performance and 2025 outlook.
As we look back upon 2024, I’m pleased with the performance of our company. In a year where the overall KRX index is projected to have lower earnings to the tune of approximately 5%. We actually grew operating PPNR per share by 8.2% and operating earnings per share by 2.2%. The delta between the two is mostly due to our increase of ACL from 69 basis points of loans at the end of 2023
#Community #Financial #System #CBU #Earnings #Conference #Call #Transcript