CBU - Community Bank System Inc. (CBU) Q1 2024 Earnings Call Transcript
2024-04-23 14:59:07 ET
Community Bank System, Inc. (CBU)
Q1 2024 Results Conference Call
April 23, 2024 11:00 AM ET
Company Participants
Dimitar Karaivanov - President and Chief Executive Officer
Joseph Sutaris - Chief Financial Officer
Conference Call Participants
Steve Moss - B. Riley FBR
Christopher O'Connell - KBW
Matthew Breese - Stephens Inc
Presentation
Operator
Good day, and welcome to the Community Bank System First Quarter 2024 Earnings Conference Call. All participants will be in a 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 of Community Bank Systems. Please go ahead.
Dimitar Karaivanov
Thank you, Nick, and good morning, everyone, and thank you for joining the Community Bank Systems Q1 2024 earnings call. This quarter was a good illustration of the benefit of our diversified financial model. Our market-sensitive recurring fee income businesses showcased their strength and fully offset margin pressure in our banking business, leading to another quarter of revenue -- of record revenue for the Company. We normalized the expense growth rate while continuing to invest in all of our businesses. Our below-average risk profile remains firmly rooted in the low credit risk intensity and exceptional liquidity of our balance sheet.
During the quarter, we also modestly increased our qualitative assessment of future uncertainty and proactively added to our reserves. In our banking business, growth continued in our commercial, mortgage and consumer installment portfolios. Strong loan growth of $179 million was more than fully funded through deposit growth of $424 million. Market share gain opportunities remain attractive across our footprint as many competitors are limited by their liquidity profiles....
Community Bank System, Inc. (CBU) Q1 2024 Earnings Call Transcript