Community Bank falls on forecast of slower NII growth

Community Financial System

24/10/2022 18:17

(Updates)
    ** Shares of Community Bank System Inc  CBU.N  down as much
as 1.5% at $60.04
        ** CBU CFO Joe Sutaris says bank expects net interest
income (NII) growth at a slower pace than what it saw in Q3
  
        ** NII jumped 19% to $110.4 mln in Q3, buoyed by rate
hikes from the Federal Reserve, bank says
  
    ** Beats Wall Street estimates for Q3 adj. profit; $0.94/shr
vs est. of $0.90/shr from Refinitiv IBES  urn:newsml:reuters.com:*:nBw3PYnmZa
    ** Robust growth in NII offsets hit from $5.1 mln set aside
to cover potential loan defaults
    ** YTD, stock is down 18%
 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))