Community Financial System, Inc. Q2 2024 10-Q Filing

TL;DR

CFSI filed its Q2 10-Q. Bank's looking solid.

AI Summary

Community Financial System, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the company, which operates as a national commercial bank. Key financial metrics and business activities are reported as of this date.

Why It Matters

This filing provides investors and stakeholders with a detailed look into the financial health and operational status of Community Financial System, Inc. during the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a publicly traded company.

Key Numbers

• 20240630 — Period End Date (The filing covers financial data up to this date.)
• 20240809 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• COMMUNITY FINANCIAL SYSTEM, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 0000723188 (company) — Central Index Key
• DEWITT, NY (location) — Business Address

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-20240630x10q.htm (10-Q) — 7999KB
• cbu-20240630xex31d1.htm (EX-31.1) — 14KB
• cbu-20240630xex31d2.htm (EX-31.2) — 14KB
• cbu-20240630xex32d1.htm (EX-32.1) — 6KB
• cbu-20240630xex32d2.htm (EX-32.2) — 6KB
• cbu-20240630x10q001.jpg (GRAPHIC) — 11KB
• 0001410578-24-001276.txt ( ) — 29982KB
• cbu-20240630.xsd (EX-101.SCH) — 75KB
• cbu-20240630_cal.xml (EX-101.CAL) — 91KB
• cbu-20240630_def.xml (EX-101.DEF) — 440KB
• cbu-20240630_lab.xml (EX-101.LAB) — 804KB
• cbu-20240630_pre.xml (EX-101.PRE) — 643KB
• cbu-20240630x10q_htm.xml (XML) — 8853KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Statements of Condition June 30, 2024 and December 31, 2023 3 Consolidated Statements of Income Three and six months ended June 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income Three and six months ended June 30, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity Three and six months ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows Six months ended June 30, 2024 and 2023 8 Notes to the Consolidated Financial Statements June 30, 2024 9 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 41 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 71 Item 4.

Controls and Procedures

Controls and Procedures 73 Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 73 Item 1A.

Risk Factors

Risk Factors 73 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 73 Item 3. Defaults Upon Senior Securities 74 Item 4. Mine Safety Disclosures 74 Item 5. Other Information 74 Item 6. Exhibits 75 2 Table of Contents

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements COMMUNITY FINANCIAL SYSTEM, INC. CONSOLIDATED STATEMENTS OF CONDITION (Unaudited) (In Thousands, Except Share Data) June 30, December 31, 2024 2023 Assets: Cash and cash equivalents $ 201,493 $ 190,962 Available-for-sale investment securities, includes pledged securities that can be sold or repledged of $ 344,813 and $ 598,873 , respectively (cost of $ 3,241,610 and $ 3,301,607 , respectively) 2,808,953 2,919,992 Held-to-maturity securities (fair value of $ 1,167,755 and $ 1,121,816 , respectively) 1,271,109 1,172,174 Equity and other securities 86,500 73,146 Loans 10,023,857 9,704,598 Allowance for credit losses ( 71,442 ) ( 66,669 ) Loans, net of allowance for credit losses 9,952,415 9,637,929 Goodwill 852,258 845,396 Core deposit intangibles, net 6,451 8,159 Other intangibles, net 47,071 44,432 Goodwill and intangible assets, net 905,780 897,987 Premises and equipment, net 178,095 173,418 Accrued interest and fees receivable 58,085 54,534 Other assets 444,386 435,611 Total assets $ 15,906,816 $ 15,555,753 Liabilities: Noninterest-bearing deposits $ 3,649,389 $ 3,638,527 Interest-bearing deposits 9,488,499 9,289,594 Total deposits 13,137,888 12,928,121 Overnight borrowings 177,600 53,000 Securities sold under agreement to repurchase, short-term 215,453 304,595 Federal Home Loan Bank and other borrowings 539,121 407,603 Accrued interest and other liabilities 166,574 164,497 Total liabilities 14,236,636 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; 54,549,390 and 54,372,292 shares issued, respectively 54,549 54,372 Additional paid-in capital 1,065,937 1,060,289 Retained earnings 1,230,133 1,188,869 Accumulated other

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View this 10-Q filing on SEC EDGAR