Community Bank System, Inc. (CBU) Q3 2022 Earnings Call Transcript

Oct. 24, 2022 2:18 PM ETCommunity Bank System, Inc. (CBU)
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Community Bank System, Inc. (NYSE:CBU)

Q3 2022 Earnings Conference Call

October 24, 2022 11:00 AM ET

Company Participants

Mark Tryniski - President and CEO

Joseph Sutaris - EVP and CFO

Dimitar Karaivanov - EVP of Financial Services and Corporate Development

Conference Call Participants

Alex Twerdahl - Piper Sandler

Eric Zwick - Hovde Group

Chris O’Connell - KBW

Matthew Breese - Stephens, Inc.

Manuel Navas - D.A. Davidson

Presentation

Operator

Welcome to the Community Bank System Third 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 risk 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 call presenters are Mark Tryniski, President and Chief Executive Officer; and Joseph Sutaris, Executive Vice President and Chief Financial Officer. They will be joined by Dimitar Karaivanov, Executive Vice President of Financial Services and Corporate Development for the question-and-answer session. Gentlemen, you may begin. Please go ahead.

Mark Tryniski

Thank you, [Marlese] (ph) Good morning, everyone. Hope all is well, and thank you all for joining our third quarter conference call. You can see from the release, this was one of the best operating quarters we've ever reported. In fact, I believe it is the best quarter we've ever reported, absent last year's post COVID reserve releases and PPE revenues in Q1. Earnings for the quarter were driven by improvement across-the-board, including solid loan growth, a growing margin, higher noninterest revenues in our Banking and Insurance segments, an improved efficiency ratio, and solid credit quality.

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