Community Bank System (CBU) came out with quarterly earnings of $0.76 per share, missing the Zacks Consensus Estimate of $0.84 per share. This compares to earnings of $0.96 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -9.52%. A quarter ago, it was expected that this bank holding company would post earnings of $0.88 per share when it actually produced earnings of $0.82, delivering a surprise of -6.82%.Over the last four quar ...

SYRACUSE, N.Y.--(BUSINESS WIRE)--Community Bank System, Inc. (the “Company”) (NYSE: CBU) reported fourth quarter and full year 2023 results that are included in the attached supplement. This earnings release, including supporting financial tables, is also available within the press releases section of the Company's investor relations website at: https://ir.communitybanksystem.com/news-presentations/press-releases/. An archived webcast of the earnings call will be available on this site for one full year. F ...

SYRACUSE, N.Y.--(BUSINESS WIRE)--Community Bank System, Inc. (NYSE: CBU) (the “Company”) announced today the election of Michele Sullivan to its Board of Directors (the “Board”) as a new independent director, effective as of February 1, 2024. Ms. Sullivan is a retired partner of Crowe LLP (“Crowe”) where she served in Crowe’s consulting practice specializing in the financial services sector. She worked with top United States and global banks, as well as mid-market insurance carriers and fintech companies, p ...

On July 26, 2023, the SEC finalized rules requiring registrants to disclose material cybersecurity incidents that they experience on Form 8-K and to disclose on an annual basis material information regarding their cybersecurity risk management, strategy, and governance. Annual disclosures will be required in CBSI's Annual Report on Form 10-K for the year ended 2023. The Form 8-K disclosure requirements will become effective beginning on December 18, 2023. 38 Table of Contents Net Income and Profitability As ...

Community Bank System, Inc. (NYSE:CBU) Q3 2023 Earnings Conference Call October 24, 2023 11:00 AM ET Company Participants Mark Tryniski - President, Chief Executive Officer Joseph Sutaris - Executive Vice President, Chief Financial Officer Dimitar Karaivanov - Chief Operating Officer Conference Call Participants Nick Cucharale - The Hovde Group Steve Moss - Raymond James Alex Twerdahl - Piper Sandler Chris O'Connell - KBW Matthew Breese - Stephens Operator Good day, and welcome to the Community Bank’s 2023 ...

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed after considering the measurement period adjustments described above: | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|-------|-------|----------------------|-------|-------|------------|------------------|------------| | (000s omitted) \nConsideration: | | Axiom | 2023 \n(1) Other | | Total | Elmira | 202 ...

Community Bank System, Inc. (NYSE:CBU) Q2 2023 Earnings Conference Call July 31, 2023 11:00 AM ET Company Participants Mark Tryniski - President and CEO Joseph Sutaris - Executive Vice President and CFO Dimitar Karaivanov - Executive Vice President and COO Conference Call Participants Nick Cucharale - The Hovde Group Steve Moss - Raymond James Alex Twerdahl - Piper Sandler Manuel Navas - D.A. Davidson Matthew Breese - Stephens Chris O'Connell - KBW Operator Welcome to the Community Bank System’s Second Quar ...

The Company determines fair values based on quoted market values, where available, estimates of present values, or other valuation techniques. Those techniques are significantly affected by the assumptions used, including, but not limited to, the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in immediate settlement of the instrument. The significant unobse ...

Community Bank System, Inc. (NYSE:CBU) Q1 2023 Results Conference Call April 25, 2023 11:00 AM ET Company Participants Mark Tryniski - President and CEO Joseph Sutaris - EVP and CFO Dimitar Karaivanov - COO Conference Call Participants Alex Twerdahl - Piper Sandler Steve Moss - Raymond James Matthew Breese - Stephens Inc Chris O'Connell - KBW Operator Welcome to the Community Bank System First Quarter 2023 Earnings Conference Call. Please note that this presentation contains forward-looking statements withi ...

Credit Losses and Allowance - The Company recorded a provision for credit losses of $0.1 million on purchased credit deteriorated (PCD) loans from the Elmira acquisition during 2022[87]. - The allowance for credit losses is estimated using historical credit loss experience and current macroeconomic trends, including unemployment rates and property values[85]. Interest Rate Sensitivity - The projected net interest income (NII) sensitivity shows a decrease of $1.91 million (0.4%) in a +200 basis points rate environment, while an increase of $1.09 million (0.2%) is expected in a +100 basis points environment[317]. - The Company’s net interest income projections are sensitive to changes in interest rates, with significant impacts expected from the repricing of loans and deposits[315]. Asset Management and Investment Strategy - The ongoing monitoring of interest rate risk is a key component of the Company’s asset/liability management process, with monthly reviews by the Asset-Liability Committee (ALCO)[313]. - The Company plans to use investment cash flows to pay down overnight borrowings and fund loan growth, with no additional investment security purchases expected over the next twelve months[320]. - The Company’s investment portfolio is primarily composed of 90.3% Treasury and agency securities rated AAA, with minimal foreign currency exchange rate risk exposure[312]. Loan Portfolio Management - The Company’s loan portfolio segments are disaggregated to monitor risk and performance effectively, considering various risk characteristics[85]. - The model assumes average deposit balances will decrease approximately 4.6% over the next twelve months, impacting overall earning assets[319]. - The Company anticipates that cash flows on earning assets will increase modestly throughout the forecast period[318].