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Jun 30, 2023
Community Bank Q2 2023 Earnings Report
Community Bank System, Inc. reported strong second quarter earnings, driven by growth in net interest income and noninterest revenues.
Key Takeaways
Community Bank System, Inc. reported a strong second quarter with earnings per share of $0.89, up from $0.73 in the same quarter last year. Operating revenues remained strong across all lines of business, with noninterest revenues contributing significantly. The company's asset quality remained strong, and loan growth continued for the eighth consecutive quarter.
GAAP EPS was $0.89 per share, an increase from $0.73 per share in Q2 2022.
Operating EPS (non-GAAP) was $0.91 per share, up $0.06 per share from Q2 2022.
Total revenues reached $175.3 million, up $8.0 million, or 4.8%, from Q2 2022.
Noninterest revenues accounted for 37.6% of operating revenues.
Forward Guidance
Although higher interest rates, decreasing money supply and more acute competition from banks and non-depository institutions are expected to continue to be a challenge over the next few quarters, we believe the Company is well positioned to continue to outperform the banking industry as a whole.
Positive Outlook
- Company is well positioned to continue to outperform the banking industry as a whole.
- Deposits are well diversified across customer segments.
- Approximately 72% of total deposits were in checking and savings accounts.
- Strong core deposit base.
- Strong liquidity profile, capital, asset quality and diversified revenue profile provide a solid foundation for future opportunities and growth.
Challenges Ahead
- Higher interest rates.
- Decreasing money supply.
- More acute competition from banks.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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