Reports Q1 revenue $124.5M, consensus $153.96M. "We are pleased with the core revenue performance of both our banking and nonbanking businesses despite the Company’s first quarter operating expenses being a bit elevated due to higher compensation and benefit related expenses and other factors," commented Mark E. Tryniski, President and CEO. "Excluding net realized and unrealized securities gains and losses and gain on debt extinguishment, the Company generated $176.6M in total operating revenues in the Q1. This represents a $16.1M, or 10.0%, increase over the prior year’s first quarter and a $700.000, or 0.4%, increase over linked Q4 results. The Company’s net interest margin for the quarter of 3.20%, was 47 basis points higher than the prior year’s first quarter of 2.73% and up 18 basis points over the linked Q4’s net interest margin of 3.02%. In addition, the Company’s ending loans increased for the seventh consecutive quarter, and despite the turmoil in the banking industry, ending deposit balances were up in the quarter. The Company recorded GAAP earnings per share of 11c, as compared to 86c in the prior year’s first quarter. During the first quarter, the Company repositioned its balance sheet by selling certain available-for-sale investment securities with a market value of $733.8M, the proceeds of which were used to pay down overnight borrowings with rising and comparatively high variable interest rates. In connection with this transaction, the Company recorded a $52.3M pre-tax realized loss on the sale, negatively impacting the quarterly GAAP earnings per share by 75c."
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on CBU: