Community Bank Q2 Profit Rises, Tops Estimates - Quick Facts

(RTTNews) - Community Bank System, Inc. (CBU) reported Monday that its second-quarter net income was $48.29 million or $0.89 per share, up from $39.81 million or $0.73 per share a year ago.

Operating net income was $49.1 million or $0.91 per share, compared to $0.79 a year ago.

Adjusted net earnings per share were $0.95, compared to $0.89 in the second quarter of 2022.

On average, eight analysts polled by Thomson Reuters expected earnings of $0.85 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues grew 4.8 percent from last year to $175.26 million, up from $167.24 million a year ago. Operating revenues across all lines of business remained strong in the quarter, with noninterest revenues contributing 37.6 percent of the revenue.

Analysts expected revenues of $176.66 million for the quarter.

Total interest income grew to $131.62 million, up from $106.18 million last year.

Net interest income was $109.3 million, up 6 percent. Net interest margin was stable.

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