Start Time: 11:00 January 1, 0000 12:02 PM ET
Community Bank System, Inc. (NYSE:CBU)
Q2 2022 Earnings Conference Call
July 25, 2022, 11:00 AM ET
Company Participants
Mark Tryniski - President and CEO
Joseph Sutaris - EVP and CFO
Conference Call Participants
Alex Twerdahl - Piper Sandler
Chris O’Connell - KBW
Matthew Breese - Stephens, Inc.
Manuel Navas - D.A. Davidson
Operator
Welcome to the Community Bank System's Second Quarter 2022 Earnings Conference Call.
Please note that this presentation contains forward-looking statements within the provisions of the Private Securities Litigation Reform Act of 1995 that are based on current expectations, estimates and projections about the industry, markets and economic environment in which the company operates. Such statements involve risks and uncertainties that could cause actual results to differ materially from the results discussed in these statements. These risks are detailed in the company's annual report and Form 10-K filed with the Securities and Exchange Commission.
Today's presenters are Mark Tryniski, President and Chief Executive Officer; and Joseph Sutaris, Executive Vice President and Chief Financial Officer.
Gentlemen, you may begin.
Mark Tryniski
Thank you, Rocco. Good morning, everyone. Hope all is well and thank you for joining our second quarter conference call. Operating earnings for the quarter were very strong and similar to last year on a reported basis, but excluding PPP and reserve release from '21 results this year's quarter is up 13% over last year.
Last quarter, I referred to margin as a lessening headwind but in Q2 it turned it into a tailwind as originated loan yields increased substantially and total cost of funds were unmoved at 9 basis points resulting in the 16-basis point expansion in net interest margin for the quarter.
As pleased as we are with margin results, the highlight of the quarter in my view
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