Community Bank System, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Community Bank System, Inc. has filed its Q1 2024 10-Q report, detailing financial positions as of March 31, 2024, with comparative data from year-end 2023.</b>

AI Summary

COMMUNITY BANK SYSTEM, INC. (CBU) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Community Bank System, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to Treasury Stock, Retained Earnings, Deferred Compensation Share-Based Payments, Additional Paid-In Capital, and Accumulated Other Comprehensive Income as of March 31, 2024. Comparative data for these accounts is also provided for December 31, 2023. The company's fiscal year ends on December 31. The filing is from the SEC and is publicly available.

Why It Matters

For investors and stakeholders tracking COMMUNITY BANK SYSTEM, INC., this filing contains several important signals. This 10-Q filing provides a snapshot of Community Bank System, Inc.'s financial health and equity structure at the end of the first quarter of 2024, allowing investors to track changes and performance. The inclusion of comparative data from the previous fiscal year-end enables stakeholders to assess financial trends and the impact of recent business activities on the company's balance sheet.

Risk Assessment

Risk Level: low — COMMUNITY BANK SYSTEM, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements within the 10-Q to understand the specific changes in equity accounts and their potential impact on the company's financial standing.

Key Numbers

• 2024-03-31 — As of Date (Treasury Stock Common)
• 2023-12-31 — As of Date (Treasury Stock Common)
• 2024-03-31 — As of Date (Retained Earnings)
• 2023-12-31 — As of Date (Retained Earnings)
• 2024-03-31 — As of Date (Deferred Compensation Share-Based Payments)
• 2023-12-31 — As of Date (Deferred Compensation Share-Based Payments)
• 2024-03-31 — As of Date (Additional Paid In Capital)
• 2023-12-31 — As of Date (Additional Paid In Capital)

Key Players & Entities

• COMMUNITY BANK SYSTEM, INC. (company) — Filer name
• 20240331 (date) — Conformed period of report
• 20240510 (date) — Filed as of date
• 0000723188 (company) — Central Index Key
• 6021 (industry) — Standard Industrial Classification
• DE (state) — State of incorporation
• 1231 (date) — Fiscal year end
• 001-13695 (filing) — SEC file number

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value per share CBU New York St

Filing Documents

• cbu-20240331x10q.htm (10-Q) — 6158KB
• cbu-20240331xex31d1.htm (EX-31.1) — 13KB
• cbu-20240331xex31d2.htm (EX-31.2) — 13KB
• cbu-20240331xex32d1.htm (EX-32.1) — 7KB
• cbu-20240331xex32d2.htm (EX-32.2) — 7KB
• cbu-20240331x10q001.jpg (GRAPHIC) — 6KB
• 0001410578-24-000739.txt (&nbsp;) — 24877KB
• cbu-20240331.xsd (EX-101.SCH) — 71KB
• cbu-20240331_cal.xml (EX-101.CAL) — 92KB
• cbu-20240331_def.xml (EX-101.DEF) — 413KB
• cbu-20240331_lab.xml (EX-101.LAB) — 759KB
• cbu-20240331_pre.xml (EX-101.PRE) — 598KB
• cbu-20240331x10q_htm.xml (XML) — 7350KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Statements of Condition March 31, 2024 and December 31, 2023 3 Consolidated Statements of Income Three months ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income Three months ended March 31, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity Three months ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows Three months ended March 31, 2024 and 2023 7 Notes to the Consolidated Financial Statements March 31, 2024 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 60 Item 4.

Controls and Procedures

Controls and Procedures 62 Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 62 Item 1A.

Risk Factors

Risk Factors 62 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 62 Item 3. Defaults Upon Senior Securities 63 Item 4. Mine Safety Disclosures 63 Item 5. Other Information 63 Item 6. Exhibits 64 2 Table of Contents

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements COMMUNITY BANK SYSTEM, INC. CONSOLIDATED STATEMENTS OF CONDITION (Unaudited) (In Thousands, Except Share Data) March 31, December 31, 2024 2023 Assets: Cash and cash equivalents $ 338,381 $ 190,962 Available-for-sale investment securities, includes pledged securities that can be sold or repledged of $ 393,453 and $ 598,873 , respectively (cost of $ 3,287,497 and $ 3,301,607 , respectively) 2,863,864 2,919,992 Held-to-maturity securities (fair value of $ 1,131,615 and $ 1,121,816 , respectively) 1,217,472 1,172,174 Equity and other securities (cost of $ 69,892 and $ 72,275 , respectively) 70,778 73,146 Loans 9,883,500 9,704,598 Allowance for credit losses ( 70,091 ) ( 66,669 ) Loans, net of allowance for credit losses 9,813,409 9,637,929 Goodwill 849,790 845,396 Core deposit intangibles, net 7,248 8,159 Other intangibles, net 47,401 44,432 Goodwill and intangible assets, net 904,439 897,987 Premises and equipment, net 170,974 173,418 Accrued interest and fees receivable 53,762 54,534 Other assets 425,591 435,611 Total assets $ 15,858,670 $ 15,555,753 Liabilities: Noninterest-bearing deposits $ 3,554,686 $ 3,638,527 Interest-bearing deposits 9,797,336 9,289,594 Total deposits 13,352,022 12,928,121 Overnight borrowings 0 53,000 Securities sold under agreement to repurchase, short-term 287,241 304,595 Other Federal Home Loan Bank borrowings 395,122 407,603 Accrued interest and other liabilities 167,330 164,497 Total liabilities 14,201,715 13,857,816 Commitments and contingencies (See Note J) Shareholders' equity: Preferred stock, $ 1.00 par value, 500,000 shares authorized, 0 shares issued 0 0 Common stock, $ 1.00 par value, 75,000,000 shares authorized; 54,540,107 and 54,372,292 shares issued, respectively 54,540 54,372 Additional paid-in capital 1,063,508 1,060,289 Retained earnings 1,205,994

View Full Filing

View this 10-Q filing on SEC EDGAR