Community Bank System, Inc. reported a strong fourth quarter in 2022, with GAAP earnings per share up by 21.3% over the prior year's quarter. The company's performance was driven by improvements in net interest income, supported by strong loan growth. Total revenues increased by 10.2% compared to the previous year's fourth quarter.
GAAP earnings per share increased by 21.3% compared to the prior year's fourth quarter.
Operating earnings per share (non-GAAP) increased by 18.5% over the prior year's fourth quarter.
Adjusted pre-tax, pre-provision net revenue per share (non-GAAP) increased by 18.3% over the prior year.
Total revenues were meaningfully higher due to continued improvements in net interest income driven by strong loan growth.
The Company anticipates receiving approximately $600 million in investment securities principal cash flows during 2023, which are expected to be used to pay down overnight borrowings or redeployed into new loans.
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