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Sep 30, 2022
Community Bank Q3 2022 Earnings Report
Community Bank System, Inc. reported strong results driven by net interest income and noninterest revenues.
Key Takeaways
Community Bank System, Inc. reported a net income of $48.7 million for Q3 2022, which translates to $0.90 per fully-diluted share. The increase in earnings per share was primarily attributable to increases in net interest income and noninterest revenues and a decrease in fully-diluted average shares outstanding, offset, in part, by higher operating expenses and increases in the provision for credit losses and income taxes.
Operating earnings per share increased by 8.4% compared to the prior year's third quarter.
Adjusted pre-tax, pre-provision net revenue per share increased by 20.2% over the prior year.
Total revenues increased by 11.9% compared to the prior year's third quarter.
Net interest margin expanded 14 basis points during the third quarter to 3.03%.
Forward Guidance
The Company remains very encouraged with the near term outlook of our business in spite of a less favorable outlook for certain components of the national economy.
Positive Outlook
- Asset quality remains very strong.
- Regulatory capital is strong.
- The loan pipeline remains healthy.
- Recent increases in interest rates are providing a net interest income tailwind.
- New business opportunities in our financial services businesses continue to be strong.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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