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 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------|------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|--------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | / Community | | | | | | | | | | | | | | | | | | | | | | | | | | | BANK SYSTEM, INC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ...

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 ...

Company Profile & Strengths - Community Bank System (CBU) is one of the largest community banks in Upstate New York, with approximately $11.8 billion in total assets[4] - CBU's 12-year cumulative total return to shareholders is 268%, or 11.5% annualized, compared to 41%, or 2.9% annualized, for the KBW Regional Banking Index[6] - Noninterest revenues accounted for 39% of operating revenues in Q1 2020[21] Recent Accomplishments & Strategy - CBU reported a Return on Assets of 1.41%, Return on Tangible Equity of 14.52%, and Net Interest Margin of 3.65% in Q1 2020[8] - The company aims for a 10% annual total shareholder return over time through organic growth and acquisitions[9] - Banking Services noninterest revenue increased by 4% to $18.1 million in Q1 2020[19] - Employee Benefit Plan Administration and Trust Services revenue increased by 5.5% to $25.4 million in Q1 2020[19] - Wealth Management & Insurance revenue increased by 6.9% to $15.2 million in Q1 2020[19] Growth & Acquisitions - CBU's noninterest revenue has a 12-year Compound Annual Growth Rate (CAGR) of 14.2% from 2007-2019[22] - The pending acquisition of Steuben Trust Corporation involves an aggregate merger consideration of approximately $106.7 million[28] COVID-19 Response & Financials - As of April 30, 2020, CBU granted loan payment deferrals on 5,694 loans, representing $735 million in loan balances, or 10.2% of portfolio outstandings[63, 64] - Paycheck Protection Program (PPP) loan applications representing $497 million have received SBA authorization through April 30, 2020[63]

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 March 31, 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 incorpor ...

Community Bank System, Inc. (NYSE:CBU) Q1 2020 Earnings Conference Call April 20, 2020 11:00 AM ET Company Participants Mark Tryniski - President and Chief Executive Officer Joseph Sutaris - Executive Vice President and Chief Financial Officer Scott Kingsley - Executive Vice President and Chief Operating Officer Joe Serbun - Senior Vice President and Chief Credit Officer Conference Call Participants Joe Fenech - Hovde Group Alex Twerdahl - Piper Sandler Erik Zwick - Boenning and Scattergood Russell Gunther ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 ☐ 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 Delaware 16-1213679 | --- | --- | --- | |-------------------------------------------------------------------------------------------------- ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|---------------|-------|-------------------|-------|-------|-------|-------|-------|-------|-------|--------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | % Community | | | | | | | | | | | | | | | | | | | | | | | | | | | | BANK SYSTEM, INC. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ...

Community Bank System, Inc. (NYSE:CBU) Q4 2019 Earnings Conference Call January 22, 2020 11:00 AM ET Company Participants Mark Tryniski - President and Chief Executive Officer Joseph Sutaris - Executive Vice President and Chief Financial Officer Conference Call Participants Alexander Twerdahl - Sandler O'Neill & Partners LP Erik Zwick - Boenning & Scattergood Inc. Russell Gunther - D.A. Davidson & Co. Collyn Gilbert - Keefe, Bruyette & Woods, Inc. Operator Welcome to Community Bank System Fourth Quarter 201 ...