Community Bank rises as profit beats on higher net interest income

Community Financial System

24/10/2022 15:45

** Shares of Community Bank System Inc  CBU.N  up 1.2% at
$61.68
    ** 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
    ** Net interest income jumps 19% to $110.4 mln, buoyed by
rate hikes from the Federal Reserve's benchmark rate
    ** Loan pipeline also remains healthy, says CEO Mark
Tryniski 
    ** 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;))