Community Bank System Amends 8-K on Financial Results

TL;DR

**Community Bank System just filed an 8-K/A, likely correcting or updating their financial results.**

AI Summary

Community Bank System, Inc. filed an 8-K/A on February 9, 2024, amending its original 8-K from January 23, 2024. This amendment, labeled as Amendment No. 1, primarily serves to correct or update information related to the 'Results of Operations and Financial Condition' as initially reported. For investors, this matters because amendments often clarify or revise financial details, which could impact their understanding of the company's performance and valuation, potentially leading to adjustments in stock price or investment decisions.

Why It Matters

This amendment clarifies previously reported financial information, which is crucial for investors to have an accurate picture of Community Bank System's financial health and operational performance.

Risk Assessment

Risk Level: low — An 8-K/A is typically a minor correction or update, not indicating a major new event or significant negative development.

Analyst Insight

Investors should review the full text of the 8-K/A to understand the specific changes made to the 'Results of Operations and Financial Condition' and assess their impact on the company's financial outlook. Compare the amended details with the original filing to identify any material differences.

Key Players & Entities

• COMMUNITY BANK SYSTEM, INC. (company) — the registrant filing the 8-K/A
• 0000723188 (company) — Central Index Key (CIK) for Community Bank System, Inc.
• January 23, 2024 (date) — date of the earliest event reported in the original 8-K
• February 9, 2024 (date) — date the 8-K/A was filed
• Amendment No. 1 (other) — designation of the current filing

FAQ

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 par value per share CBU New York Stoc
• $5.8 m — agreed to a settlement in the amount of $5.8 million, and the Company anticipates it w
• $5.8 million — ent Events and has therefore recorded a $5.8 million litigation accrual in the Company's Dec
• $4.6 million — Original Earnings Release, was reduced $4.6 million to $33.7 million and $131.9 million for
• $33.7 million — gs Release, was reduced $4.6 million to $33.7 million and $131.9 million for the fourth quart
• $131.9 million — duced $4.6 million to $33.7 million and $131.9 million for the fourth quarter of 2023 and full
• $0.08 — Original Earnings Release, was reduced $0.08 to $0.63 and $2.45 for the fourth quart
• $0.63 — Earnings Release, was reduced $0.08 to $0.63 and $2.45 for the fourth quarter of 202
• $2.45 — Release, was reduced $0.08 to $0.63 and $2.45 for the fourth quarter of 2023 and full
• $0 — , 2023 Earnings Litigation accrual $0 $5,800 $0 $5,800 Total operating e
• $5,800 — 23 Earnings Litigation accrual $0 $5,800 $0 $5,800 Total operating expenses
• $38,288 — 7 10,089 37,525 36,307 Net income $38,288 $33,706 $136,506 $131,924 Basic ea
• $33,706 — 37,525 36,307 Net income $38,288 $33,706 $136,506 $131,924 Basic earnings pe
• $136,506 — 36,307 Net income $38,288 $33,706 $136,506 $131,924 Basic earnings per share $
• $131,924 B — Net income $38,288 $33,706 $136,506 $131,924 Basic earnings per share $0.71 $0.63 $

Filing Documents

• tm245711d1_8ka.htm (8-K/A) — 238KB
• tm245711d1_8kaimg004.jpg (GRAPHIC) — 22KB
• 0001104659-24-013434.txt ( ) — 479KB
• cbu-20240123.xsd (EX-101.SCH) — 3KB
• cbu-20240123_lab.xml (EX-101.LAB) — 33KB
• cbu-20240123_pre.xml (EX-101.PRE) — 22KB
• tm245711d1_8ka_htm.xml (XML) — 3KB

Forward-Looking Statements

Forward-Looking Statements This Form 8-K contains forward-looking and expectations of CBU's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause the actual results of CBU's operations to differ materially from its expectations: the macroeconomic and other challenges and uncertainties related to or resulting from recent bank failures; current and future economic and market conditions, including the effects on commercial real estate and residential housing or vehicle prices, unemployment rates, high inflation, U.S. fiscal debt, budget and tax matters, geopolitical matters, and global economic growth; fiscal and monetary policies of the Federal Reserve Board; the potential adverse effects of unusual and infrequently occurring events; litigation and actions of regulatory authorities; management's estimates and projections of interest rates and interest rate policies; the effect of changes in the level of checking, savings, or money market account deposit balances and other factors that affect net interest margin; future provisions for credit losses on loans and debt securities; changes in nonperforming assets; ability to contain costs in inflationary conditions; the effect on financial market valuations on CBU's fee income businesses, including its employee benefit services, wealth management, and insurance businesses; the successful integration of operations of its acquisitions; competition; changes in legislation or regulatory requirements, including capital requirements; and the timing for receiving regulatory approvals and completing pending merger and acquisition transactions. For more information about factors that could cause actual results to differ materially from CBU's expectations

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Community Bank System, Inc. By: /s/ Joseph E. Sutaris Name: Joseph E. Sutaris Title: Executive Vice President and Chief Financial Officer Dated: February 9, 2024

View Full Filing

View this 8-K/A filing on SEC EDGAR