CBU - Community Bank System Inc. (CBU) Q4 2023 Earnings Call Transcript
2024-01-23 15:38:07 ET
Community Bank System, Inc. (CBU)
Q4 2023 Earnings Conference Call
January 23, 2024, 11:00 AM ET
Company Participants
Dimitar Karaivanov - President and Chief Executive Officer
Joseph Sutaris - Chief Financial Officer
Conference Call Participants
Alex Twerdahl - Piper Sandler
Steve Moss - Raymond James
Chris O'Connell - KBW
Matthew Breese - Stephens Inc.
Presentation
Operator
Good day, and welcome to the Community Bank System Fourth Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Mr. Dimitar Karaivanov, President and Chief Executive Officer of Community Bank Systems. Please go ahead, sir.
Dimitar Karaivanov
Good morning, everyone, and thank you for joining Community Bank Systems Q4 2023 earnings call.
The fourth quarter was an unusually noisy one for us. The company achieved record revenues in the quarter with strong and balanced performance across all of our four businesses. In fact, when looking at the full year 2023, three of our four businesses, banking, employee benefit services and insurance services, had a record revenue performance. In addition, our balance sheet remains highly liquid and well capitalized. Our diversified business model and emphasis on below-average risk served us very well during a very volatile year.
With that said, we also had a meaningful increase in expenses in 2023, which was particularly prominent this past quarter due to a number of elevated items. While this increase was well above our expectations, it does not reflect the core earnings power of the company going forward....
Community Bank System, Inc. (CBU) Q4 2023 Earnings Call Transcript