[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) This section provides the company's unaudited financial statements, management's analysis, market risk disclosures, and internal controls [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited financial statements for Q3 and YTD September 2022 show increased net interest income, decreased net income, and a significant decline in shareholders' equity due to unrealized losses [Consolidated Statements of Condition](index=3&type=section&id=Consolidated%20Statements%20of%20Condition) Total assets slightly increased to $15.59 billion, while shareholders' equity significantly declined to $1.46 billion due to accumulated other comprehensive loss Consolidated Statements of Condition (in thousands) | Account | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $247,391 | $1,875,064 | | Net loans | $8,483,244 | $7,323,770 | | Available-for-sale investment securities | $5,170,689 | $4,934,210 | | Goodwill | $844,984 | $799,109 | | **Total assets** | **$15,594,547** | **$15,552,657** | | **Liabilities** | | | | Total deposits | $13,486,321 | $12,911,168 | | **Total liabilities** | **$14,133,384** | **$13,451,850** | | **Shareholders' Equity** | | | | Retained earnings | $1,123,641 | $1,058,286 | | Accumulated other comprehensive loss | $(746,381) | $(50,627) | | **Total shareholders' equity** | **$1,461,163** | **$2,100,807** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Q3 2022 net income increased to $48.7 million due to higher net interest income, while YTD net income decreased to $135.6 million primarily from a credit loss provision Consolidated Statements of Income (in thousands, except per-share data) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Net interest income | $110,394 | $92,611 | $308,407 | $278,670 | | Provision for credit losses | $5,061 | $(944) | $12,005 | $(11,001) | | Noninterest revenues | $65,249 | $64,309 | $195,019 | $182,300 | | Noninterest expenses | $108,185 | $100,436 | $318,416 | $287,225 | | **Net income** | **$48,691** | **$45,336** | **$135,551** | **$146,130** | | **Diluted earnings per share** | **$0.90** | **$0.83** | **$2.49** | **$2.68** | [Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The company reported a significant comprehensive loss for Q3 and YTD September 2022, primarily driven by large unrealized losses on available-for-sale securities - A significant comprehensive loss of **$(560.2) million** for the first nine months of 2022 was primarily driven by **$(696.5) million** in after-tax unrealized losses on available-for-sale securities[13](index=13&type=chunk) [Consolidated Statements of Changes in Shareholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity decreased from $2.10 billion to $1.46 billion, primarily due to a significant other comprehensive loss from unrealized securities losses and cash dividends - For the nine months ended September 30, 2022, shareholders' equity decreased by **$639.6 million**, driven by a **$(695.8) million** other comprehensive loss and **$70.2 million** in dividends, partially offset by **$135.6 million** in net income[23](index=23&type=chunk) - The company repurchased **250,000 shares** for **$16.4 million** during the first nine months of 2022[23](index=23&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2022, net cash provided by operating activities was $143.0 million, while net cash used in investing activities was $(1.89) billion, leading to a total decrease in cash of $(1.63) billion Consolidated Statements of Cash Flows (in thousands) | Activity | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $143,036 | $153,024 | | Net cash used in investing activities | $(1,885,169) | $(866,809) | | Net cash provided by financing activities | $114,460 | $1,390,641 | | **Change in cash and cash equivalents** | **$(1,627,673)** | **$676,856** | [Notes to the Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail key events like the Elmira Savings Bank acquisition, loan portfolio growth, increased allowance for credit losses, and significant unrealized losses in the investment portfolio due to rising interest rates - On May 13, 2022, the Company acquired Elmira Savings Bank for **$82.2 million** in cash, acquiring **$579.0 million** in assets, including **$437.0 million** in loans, and recognizing **$45.8 million** in preliminary goodwill[30](index=30&type=chunk) - The allowance for credit losses to total loans ratio was **0.71%** at September 30, 2022, up from **0.68%** at year-end 2021, driven by a weaker economic forecast and loan growth, including a **$3.9 million** acquisition-related provision for the Elmira deal[88](index=88&type=chunk) - The investment portfolio had a net unrealized loss of **$965.9 million** as of September 30, 2022, a significant increase from a loss of **$45.9 million** at year-end 2021, primarily due to changes in interest rates[61](index=61&type=chunk)[64](index=64&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 and YTD 2022 financial performance, highlighting increased net interest income, decreased YTD net income due to credit loss provisions, loan growth from acquisitions, and a significant decline in shareholders' equity - Q3 2022 diluted EPS was **$0.90**, an **8.4%** increase from Q3 2021, driven by a **19.2%** rise in net interest income. YTD 2022 diluted EPS was **$2.49**, down from **$2.68** in the prior year, mainly due to a **$23.0 million** negative swing in the provision for credit losses[143](index=143&type=chunk)[146](index=146&type=chunk) - The acquisition of Elmira Savings Bank on May 13, 2022, for **$82.2 million** in cash added approximately **$579.0 million** in assets, including **$437.0 million** in loans and **$522.3 million** in deposits[145](index=145&type=chunk) - The net interest margin for Q3 2022 was **3.03%**, an increase of **29 basis points** from Q3 2021, as the yield on interest-earning assets rose **35 basis points**[164](index=164&type=chunk) - Total loans grew **17.3%** YoY to **$8.54 billion**, driven by the Elmira acquisition and organic growth across all loan categories, despite a **$156.2 million** decrease in PPP loans[203](index=203&type=chunk) - The allowance for credit losses to total loans ratio increased to **0.71%** from **0.68%** at year-end 2021, reflecting loan growth and a weaker economic forecast. The provision for credit losses was **$5.1 million** in Q3 2022, compared to a benefit of **$(0.9) million** in Q3 2021[221](index=221&type=chunk) - Total shareholders' equity declined by **$639.6 million** since year-end 2021 to **$1.46 billion**, primarily due to a **$695.7 million** other comprehensive loss from the mark-to-market impact on the available-for-sale securities portfolio[231](index=231&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk, managed via NII simulation models, which project short-term NII decreases in both rising and falling rate scenarios Net Interest Income Sensitivity Model (as of Sep 30, 2022) | Interest Rate Scenario | Change in Projected NII (in thousands) | Change in Projected NII (%) | | :--- | :--- | :--- | | +300 basis points | ($8,243) | (1.8%) | | +200 basis points | ($5,702) | (1.2%) | | +100 basis points | ($3,217) | (0.7%) | | -100 basis points | ($763) | (0.2%) | | -200 basis points | ($2,455) | (0.5%) | | -300 basis points | ($9,804) | (2.1%) | - The primary tool for managing interest rate risk is an income simulation model. The model as of Q3 2022 shows short-term NII sensitivity to both rising and falling rates, with projected NII decreasing in all scenarios over the next 12 months[259](index=259&type=chunk)[267](index=267&type=chunk) [Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2022, with no material changes to internal control over financial reporting - The company's management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of September 30, 2022[271](index=271&type=chunk) - No material changes were made to the internal control over financial reporting during the quarter ended September 30, 2022[272](index=272&type=chunk) [Part II. Other Information](index=58&type=section&id=Part%20II.%20Other%20Information) This section covers legal proceedings, risk factors, equity security sales, and other miscellaneous disclosures [Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal proceedings, but management does not anticipate a material impact on its consolidated financial position - Management does not expect pending or threatened litigation to have a material impact on the Company's consolidated financial position[273](index=273&type=chunk) [Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K or Quarterly Report on Form 10-Q were reported - No material changes in risk factors were reported from previous filings[274](index=274&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=58&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company has a stock repurchase program for up to 2.70 million shares, but no shares were repurchased under this plan in Q3 2022 - The Board approved a stock repurchase program for up to **2.70 million shares** for 2022. No shares were repurchased under this plan in Q3 2022[277](index=277&type=chunk) Issuer Purchases of Equity Securities (Q3 2022) | Period | Total Shares Purchased | Average Price Paid Per Share | Shares Purchased as Part of Publicly Announced Plan | Max Shares Remaining Under Plan | | :--- | :--- | :--- | :--- | :--- | | July 1-31, 2022 | 903 | $63.64 | 0 | 2,447,000 | | August 1-31, 2022 | 0 | $0.00 | 0 | 2,447,000 | | September 1-30, 2022 | 0 | $0.00 | 0 | 2,447,000 | [Defaults Upon Senior Securities](index=59&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable for the current reporting period - Not applicable[282](index=282&type=chunk) [Mine Safety Disclosures](index=59&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable for the current reporting period - Not applicable[283](index=283&type=chunk) [Other Information](index=59&type=section&id=Item%205.%20Other%20Information) This section is not applicable for the current reporting period - Not applicable[284](index=284&type=chunk) [Exhibits](index=60&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including employment agreements, retirement agreements, and CEO/CFO certifications - Exhibits filed include amendments to employment agreements for Dimitar Karaivanov and a retirement agreement for Joseph F. Serbun[286](index=286&type=chunk) - Certifications by the CEO and CFO pursuant to Sarbanes-Oxley Sections 302 and 906 are included as exhibits[286](index=286&type=chunk)

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 ...

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 June 30, 2022 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) | --- | --- | |--------------------------------------------- ...

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 fo ...

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Q1 2022, with comparative data, covering key financial positions and performance [Consolidated Statements of Condition](index=3&type=section&id=Consolidated%20Statements%20of%20Condition) Total assets grew to $15.63 billion, driven by investment securities and net loans, while liabilities and deposits increased, and shareholders' equity declined due to comprehensive loss Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$15,625,883** | **$15,552,657** | | Cash and cash equivalents | $1,020,926 | $1,875,064 | | Available-for-sale investment securities | $5,787,158 | $4,934,210 | | Net loans | $7,372,106 | $7,323,770 | | Goodwill | $799,080 | $799,109 | | **Total Liabilities** | **$13,773,780** | **$13,451,850** | | Total deposits | $13,317,667 | $12,911,168 | | **Total Shareholders' Equity** | **$1,852,103** | **$2,100,807** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income decreased to $47.1 million due to a credit loss provision and higher noninterest expenses, offsetting revenue growth Quarterly Income Statement Highlights (in thousands, except per-share data) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net Interest Income | $94,872 | $93,954 | | Provision for credit losses | $906 | $(5,719) | | Noninterest Revenues | $65,673 | $58,531 | | Noninterest Expenses | $99,807 | $93,246 | | **Net Income** | **$47,055** | **$52,850** | | **Diluted EPS** | **$0.86** | **$0.97** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents decreased by $854.1 million, primarily due to substantial investing outflows, partially offset by operating and financing inflows Cash Flow Summary for Three Months Ended March 31 (in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $51,938 | $61,810 | | Net cash used in investing activities | $(1,261,114) | $(414,982) | | Net cash provided by financing activities | $355,038 | $858,714 | | **Change in cash and cash equivalents** | **$(854,138)** | **$505,542** | [Notes to the Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed information on accounting policies, financial components, and significant events, including acquisitions and CECL methodology - The company announced a pending acquisition of Elmira Savings Bank for **$82.8 million** in cash, expected to close in Q2 2022[24](index=24&type=chunk) - In Q1 2022, the company completed acquisitions of three insurance agencies for **$2.5 million** in cash through its subsidiary OneGroup NY, Inc[25](index=25&type=chunk) - The company adopted ASU No. 2020-04 regarding reference rate reform (LIBOR transition) on January 1, 2022, with no material impact due to insignificant exposure[44](index=44&type=chunk) Segment Income Before Taxes (Q1 2022 vs Q1 2021, in thousands) | Segment | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Banking | $43,901 | $49,654 | | Employee Benefit Services | $10,987 | $10,884 | | All Other | $4,944 | $4,420 | | **Total** | **$59,832** | **$64,958** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=44&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 financial condition and operating results, focusing on decreased net income, expense increases, and balance sheet changes - Q1 2022 net income decreased by **$5.8 million** (**11.0%**) YoY to **$47.1 million**, with diluted EPS falling to **$0.86** from **$0.97**, primarily due to a **$6.6 million** increase in credit loss provision and noninterest expenses[146](index=146&type=chunk)[150](index=150&type=chunk) - Non-GAAP operating net income was **$47.3 million**, a decrease of **10.5%** YoY, and operating EPS was **$0.87**, down **$0.10** from Q1 2021[150](index=150&type=chunk) - The company provides supplemental non-GAAP metrics, including 'operating,' 'adjusted,' and 'tangible' results, to help investors measure underlying core performance by excluding items like amortization of intangibles and acquisition expenses[141](index=141&type=chunk) [Net Interest Income and Margin](index=47&type=section&id=Net%20Interest%20Income%20and%20Margin) Net interest income slightly increased, but net interest margin compressed by 30 basis points due to lower asset yields and reduced PPP income Net Interest Margin Analysis | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net Interest Income (FTE) | $95.7M | $94.9M | | Avg. Yield on Earning Assets | 2.81% | 3.15% | | Avg. Rate on Interest-Bearing Liabilities | 0.12% | 0.18% | | Net Interest Spread | 2.69% | 2.97% | | **Net Interest Margin** | **2.73%** | **3.03%** | - PPP-related interest income was **$1.7 million** in Q1 2022, significantly lower than the **$6.9 million** recorded in Q1 2021, contributing to the decline in loan yields[147](index=147&type=chunk)[161](index=161&type=chunk) [Noninterest Revenues](index=51&type=section&id=Noninterest%20Revenues) Noninterest revenues grew strongly by 12.2% to $65.7 million, driven by broad-based increases across services, reflecting organic growth and acquisitions Noninterest Revenues Breakdown (in thousands) | Category | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Employee benefit services | $29,580 | $26,533 | | Deposit service charges and fees | $9,350 | $7,781 | | Insurance services | $10,409 | $8,153 | | Wealth management services | $8,633 | $8,199 | | **Total Noninterest Revenues** | **$65,673** | **$58,531** | [Noninterest Expenses](index=53&type=section&id=Noninterest%20Expenses) Noninterest expenses rose 7.0% to $99.8 million, primarily due to higher salaries and benefits, impacting the efficiency ratio Noninterest Expenses Breakdown (in thousands) | Category | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Salaries and employee benefits | $61,648 | $57,632 | | Occupancy and equipment | $10,952 | $11,300 | | Data processing and communications | $12,659 | $12,391 | | **Total Noninterest Expenses** | **$99,807** | **$93,246** | - The efficiency ratio (non-GAAP) was **59.6%** for Q1 2022, compared to **59.0%** for Q1 2021[187](index=187&type=chunk)[189](index=189&type=chunk) [Financial Condition](index=54&type=section&id=Financial%20Condition) Financial condition showed a shift in asset composition, with decreased cash, increased investments, modest loan growth, and a decline in shareholders' equity - Total loans ended Q1 2022 at **$7.42 billion**, up **0.7%** YoY, with underlying growth stronger excluding PPP loans which decreased by **$356.4 million**[200](index=200&type=chunk)[201](index=201&type=chunk) - The investment securities portfolio grew to **$5.83 billion**, a **52.0%** increase from March 31, 2021, as the company deployed excess cash from deposit inflows into higher-yielding securities[195](index=195&type=chunk) - The Tier 1 leverage ratio was **9.09%** at March 31, 2022, down from **9.63%** a year prior, reflecting asset growth outpacing capital retention[233](index=233&type=chunk) - Shareholders' equity decreased by **$248.7 million** from year-end 2021, driven by a **$271.4 million** other comprehensive loss due to rising interest rates impacting available-for-sale securities[232](index=232&type=chunk) [Asset Quality](index=57&type=section&id=Asset%20Quality) Asset quality remained strong with improved metrics, including a lower allowance for credit losses ratio and decreased nonaccrual loans Key Asset Quality Ratios | Ratio | March 31, 2022 | March 31, 2021 | | :--- | :--- | :--- | | Allowance for credit losses/total loans | 0.68% | 0.75% | | Nonaccrual loans/total loans | 0.43% | 0.99% | | Net charge-offs (annualized) to avg. loans | 0.03% | 0.02% | - The company recorded a **$0.9 million** provision for credit losses in Q1 2022, compared to a **$5.7 million** net benefit in Q1 2021, reflecting a stable economic outlook[223](index=223&type=chunk) - The allowance for credit losses to nonperforming loans ratio improved to **139%** from **73%** a year ago, indicating stronger coverage[211](index=211&type=chunk)[216](index=216&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=70&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk, with net interest income being asset sensitive, projected to increase in rising rates and decrease in falling rates Net Interest Income Sensitivity Model (at March 31, 2022) | Interest Rate Scenario | Projected 12-Month NII Change (in thousands) | | :--- | :--- | | +200 basis points | $5,352 | | +100 basis points | $190 | | -100 basis points | $(9,315) | - The company's NII is asset sensitive, with projected income increasing in rising rate scenarios and decreasing in falling rate scenarios, largely due to impact on cash equivalents, new investments, and variable-rate loans[262](index=262&type=chunk) [Controls and Procedures](index=72&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal control - Management concluded that disclosure controls and procedures were effective as of March 31, 2022[265](index=265&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting[266](index=266&type=chunk) [Part II. Other Information](index=73&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=73&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal proceedings, but management anticipates no material impact on its financial position - Management does not expect pending or threatened litigation to have a material impact on the Company's consolidated financial position[268](index=268&type=chunk) [Risk Factors](index=73&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, highlighting potential adverse effects of macroeconomic conditions like inflation and rising interest rates on financial results - The company's business may be adversely affected by market conditions including high inflation, supply chain disruptions, labor shortages, and geopolitical events[271](index=271&type=chunk) - Actions by the Federal Reserve, such as changes in interest rates to combat inflation, are beyond the company's control and could lead to market volatility and affect borrower creditworthiness[273](index=273&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=74&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 50,000 shares in Q1 2022 at an average price of $70.69 per share under its authorized stock repurchase program Issuer Purchases of Equity Securities (Q1 2022) | Period | Total Shares Purchased | Average Price Paid Per Share | Shares Purchased as Part of Plan | | :--- | :--- | :--- | :--- | | Jan 2022 | 8,313 | $71.26 | 7,500 | | Feb 2022 | 32,500 | $70.43 | 32,500 | | Mar 2020 | 10,000 | $71.03 | 10,000 | | **Total** | **50,813** | **$70.69** | **50,000** | - As of March 31, 2022, **2,647,000** shares remained available for repurchase under the authorized program[284](index=284&type=chunk) [Exhibits](index=76&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including employment agreements, CEO and CFO certifications, and XBRL data - Exhibits filed include CEO and CFO certifications under Sarbanes-Oxley and Inline XBRL documents[289](index=289&type=chunk)[290](index=290&type=chunk)

Community Bank System, Inc. (NYSE:CBU) Q1 2022 Earnings Conference Call April 25, 2022 11:00 AM ET Company Participants Mark Tryniski - President and Chief Executive Officer Joseph Sutaris - Executive Vice President and Chief Financial Officer Dimitar Karaivanov - Executive Vice President of Financial Services and Corporate Development Conference Call Participants Alexander Twerdahl - Piper Sandler Russell Gunther - D.A. Davidson Matthew Breese - Stephens, Inc. Christopher O'Connell - KBW Operator Good morn ...

Table of Contents 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, 2021 ☐ 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) Delaware 16-1213679. | --- | --- | --- | |------------------------ ...

😍 Community B A N K CBU INVESTOR PRESENTATION FEBRUARY 2022 LISTED NYSE DISCLAIMERS Forward‐Looking Statements This presentation contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), which involve significant risks and uncertainties. Forward-looking statements often use words such as "anticipate," "could," "target," "expect," "estimate," "intend," "plan," "goal," "forecast," "believe," or other words of simil ...

Community Bank System, Inc. (NYSE:CBU) Q4 2021 Earnings Conference Call January 24, 2022 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. Chris O'Connell - KBW Erik Zwick - Boenning & Scattergoodc William Wallace - ...

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, 2021 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) | --- | --- | |-------------------------------------- ...