Q3 EPS Hits $1.27 as Net Interest Income Climbs 12% on Margin Expansion
CBU sits 15% above its 52-week low of $53.46.
Summary
Q3 EPS came in at $1.27 with net interest income of $143.5 million, up 12% year over year. Lower funding costs, organic loan growth and redeploying Treasury-sale proceeds into debt repayment drove the margin expansion. Fee income also grew, helped by higher asset values, ClearPoint acquisition revenue, debit interchange fees and seasonal insurance renewals. The company gave no specific guidance for future quarters or the full year, so the print stands on its own. This follows the August 21 8-K that posted an investor presentation ahead of conferences, and the stock closed at $62.32 on October 26 with a median analyst price target of $68.50.
At the time of this announcement, CBU was trading at $61.62 on NYSE in the Finance sector, with a market capitalization of approximately $3.3B. The 52-week trading range was $53.46 to $71.11. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.