Community Bank System, Inc. (NYSE:CBU) Q1 2021 Earnings Conference Call April 26, 2021 11:00 AM ET Company Participants Mark Tryniski - President and Chief Executive Officer Joseph Sutaris - Executive Vice President and Chief Financial Officer Joseph Serbun - Executive Vice President and Chief Banking Officer Conference Call Participants Alex Twerdahl - Piper Sandler Russell Gunther - D.A. Davidson Matthew Breese - Stephens Inc. Operator Welcome to the Community Bank System First Quarter 2021 Earnings Confe ...

Table of Contents ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 001-13695 (Exact name of registrant as specified in its charter) | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------- ...

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Community Bank System, Inc. (NYSE:CBU) Q4 2020 Earnings Conference Call January 25, 2021 11:00 AM ET Company Participants Mark Tryniski - President and CEO Joseph Sutaris - EVP and CFO Joseph Serbun - EVP and Chief Banking Officer Conference Call Participants Alex Twerdahl - Piper Sandler Russell Gunther - D.A. Davidson Matthew Breese - Stephens, Inc. Bryce Rowe - The Hovde Group Operator Welcome to the Community Bank System Fourth Quarter 2020 Earnings Conference Call. Please note that this presentation co ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-13695 (Exact name of registrant as specified in its charter) | --- | --- | |-------------------------------------- ...

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Financial Data and Key Metrics Changes - The company recorded fully diluted GAAP earnings per share of $0.79 for Q3 2020, with operating earnings per share of $0.85, which is $0.01 higher than Q3 2019 and $0.09 higher than Q2 2020 [6][7] - Total assets increased to $13.85 billion, up $401.1 million or 3% from Q2 2020 and up $2.25 billion or 19.4% year-over-year [8] - Average interest-earning assets rose to $11.96 billion, an increase of $852.5 million or 7.7% from Q2 2020 and up $2.15 billion or 21.9% year-over-year [8] - The net interest margin decreased to 3.12% from 3.73% in Q3 2019, impacted by lower market interest rates [12] Business Line Data and Key Metrics Changes - Noninterest banking revenues increased by $1.2 million or 6.9% year-over-year, driven by a $4 million increase in mortgage banking revenue [13] - Mortgage banking was strong, with over $100 million sold into the secondary market [5] - Total revenues for Q3 2020 were $152.6 million, an increase of $4.3 million or 2.9% from the prior year [12] Market Data and Key Metrics Changes - Ending loans were $7.46 billion, up $605.5 million or 8.8% year-over-year, but down $69.4 million or 0.9% from Q2 2020 [9] - Average total deposits increased by $823 million or 8.1% from Q2 2020 and up $2 billion or 22.6% year-over-year [9] Company Strategy and Development Direction - The company plans to focus on capitalizing on future opportunities despite potential headwinds from credit demand and economic conditions [5] - Management is actively developing earnings improvement initiatives, including revenue enhancements and cost reduction measures [24] - The company aims to continue its disciplined growth strategy in the employee benefits business through organic growth and M&A opportunities [42][44] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the operating environment, noting the potential for increased delinquency and nonperforming loans in future quarters [23] - The company is closely monitoring COVID-19 impacted borrowers and developing loss mitigation strategies [20] - Management anticipates that the high levels of deposit liabilities may fluctuate based on economic conditions and potential additional stimulus [23] Other Important Information - The company accrued $3 million in litigation reserves related to a class action suit, expecting to execute a settlement agreement in Q4 2020 [19] - The allowance for credit losses increased to $65 million or 0.87% of total loans outstanding, representing over 10 times the trailing 12 months of net charge-offs [21] Q&A Session Summary Question: Can you discuss the levers to keep net interest income moving in the right direction? - Management acknowledged the challenges posed by the flat yield curve but indicated plans to deploy excess cash into longer-term securities to stabilize net interest income [27][28] Question: What is the expected trend for deposit service and banking fees? - Management does not anticipate a full rebound in deposit service fees in Q4, expecting a gradual recovery by mid-next year [33] Question: How is the company approaching M&A opportunities? - Management prefers to use capital for accretive M&A transactions rather than stock buybacks, indicating a cautious approach to larger deals in the current environment [50][66] Question: What is the current status of loan deferrals and potential losses? - Management reported significant progress in reducing loan deferrals, with ongoing evaluations for potential losses on remaining deferrals [59]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from___________________to___________________ Commission File Number: 001-13695 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpora ...

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Community Bank System, Inc. (NYSE:CBU) Q2 2020 Earnings Conference Call July 27, 2020 11:00 AM ET Company Participants Mark Tryniski - President and Chief Executive Officer Joseph Sutaris - Executive Vice President and Chief Financial Officer Joseph Serbun - Executive Vice President and Chief Banking Officer Conference Call Participants Alex Twerdahl - Piper Sandler Erik Zwick - Boenning & Scattergood Russell Gunther - D.A. Davidson Matthew Breese - Stephens, Inc. Operator Welcome to Community Bank System Q ...