CBU records $5.8M wage litigation accrual; cuts Q4 2023 EPS by $0.08

COMMUNITY FINANCIAL SYSTEM, INC.

Settlement agreed on Feb 5, 2024 for threatened class action under FLSA and state labor laws.
Litigation accrual of $5.8M reduces Q4 2023 net income to $33.7M and diluted EPS to $0.63.
Full-year 2023 net income cut to $131.9M; diluted EPS reduced to $2.45 from $2.54.
Settlement subject to documentation and court approval; no further accruals expected.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

COMMUNITY FINANCIAL SYSTEM, INC. reported the fiscal year and fourth quarter ended December 31, 2023 results: net income $33.7 million and $131.9 million for the fourth quarter of 2023 and full year 2023, respectively, EPS $0.63 and $2.45 for the fourth quarter of 2023 and full year 2023, respectively.

Period: the fiscal year and fourth quarter ended December 31, 2023
Net income: $33.7 million and $131.9 million for the fourth quarter of 2023 and full year 2023, respectively
EPS: $0.63 and $2.45 for the fourth quarter of 2023 and full year 2023, respectively
Result: reported results

Exact text from the filing

On January 23, 2024, the Company announced financial results for the fiscal year and fourth quarter ended December 31, 2023.

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COMMUNITY FINANCIAL SYSTEM, INC. filing history →

Source: SEC EDGAR

accession 0001104659-24-013434

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