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Community Bank System, Inc. (CBU) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

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Community Bank System, Inc.

HISTORY TOOLS
CIK: 723188 Ticker: CBU

Exhibit 99.1

 

News Release

 

For further information, please contact:

5790 Widewaters Parkway, DeWitt, N.Y. 13214

Joseph E. Sutaris, EVP & Chief Financial Officer

Office: (315) 445-7396

 

Community Bank System, Inc. Reports Fourth Quarter And Full Year 2023 Results

 

SYRACUSE, N.Y. — January 23, 2024 — 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.

 

Fourth Quarter and Full Year 2023 Performance Summary

 

·Fourth quarter 2023 net income of $38.3 million, or $0.71 per fully diluted share, was down $14.2 million, or $0.26 per fully diluted share, from the prior year’s fourth quarter while full year 2023 net income of $136.5 million, or $2.53 per fully diluted share, was down $51.6 million, or $0.93 per fully diluted share, from full year 2022

 

·Fourth quarter 2023 operating net income, a non-GAAP measure, of $40.9 million, or $0.76 per fully diluted share, was down $11.3 million, or $0.20 per fully diluted share, from the prior year’s fourth quarter while full year 2023 operating net income, a non-GAAP measure, of $181.3 million, or $3.36 per fully diluted share, was down $13.6 million, or $0.22 per fully diluted share, from full year 2022

 

·Total revenues for fourth quarter 2023 of $177.0 million, a new quarterly record for the Company, were up $1.0 million, or 0.6%, from the prior year’s fourth quarter and up $1.6 million, or 0.9%, from third quarter 2023

 

·Total financial services (employee benefit services, insurance services and wealth management services) revenues for fourth quarter 2023 of $49.5 million were up $4.8 million, or 10.8%, from the prior year’s fourth quarter and total financial services revenues for full year 2023 of $197.0 million were up $10.1 million, or 5.4%, from full year 2022

 

·Total ending loans of $9.70 billion were up $254.5 million, or 2.7%, from the end of the prior quarter, marking the tenth consecutive quarter of loan growth, and were up $895.2 million, or 10.2%, from the end of the prior year

 

·Total ending deposits of $12.93 billion were down $102.7 million, or 0.8%, from the end of the prior quarter and down $84.2 million, or 0.6%, from December 31, 2022

 

·Annualized loan net charge-offs were 0.10% in the quarter and 0.06% for the full year

 

·Tier 1 leverage ratio of 9.37% was up 0.58 percentage points from the end of the prior year

 

Company management will conduct an investor call at 11:00 a.m. (ET) today, January 23, 2024, to discuss the fourth quarter and full year 2023 results. The conference call can be accessed at 1-833-630-0464 (1-412-317-1809 if outside the United States and Canada). Investors may also listen live via the Internet at: https://app.webinar.net/Rm4ONkYgL8b.

 

About Community Bank System, Inc.

 

Community Bank System, Inc. is a diversified financial services company with total assets of $15.5 billion focused on four main business lines – banking, benefits administration, insurance services and wealth management. Its banking subsidiary, Community Bank, N.A., is among the country’s 100 largest banking institutions and operates more than 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts. In addition to a full range of retail, business, and municipal banking services, the Company offers comprehensive financial planning, trust administration and wealth management services through its Community Bank Wealth Management operating unit. The Company’s Benefit Plans Administrative Services, Inc. subsidiary is a leading provider of employee benefits administration, trust services, collective investment fund administration, and actuarial consulting services to customers on a national scale. The Company’s OneGroup NY, Inc. subsidiary is a top 100 U.S. insurance agency. Community Bank System, Inc. is listed on the New York Stock Exchange and the Company’s stock trades under the symbol CBU. For more information about Community Bank visit www.cbna.com or https://ir.communitybanksystem.com.

 

The following information was filed by Community Bank System, Inc. (CBU) on Tuesday, January 23, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Community Bank System, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Condition
Consolidated Statements Of Condition (Parenthetical)
Consolidated Statements Of Income
Acquisitions
Acquisitions (Details)
Acquisitions (Tables)
Acquisitions - Estimated Fair Value Of Assets Acquired And Liabilities (Details)
Acquisitions - Intangible Asset, Goodwill And Acquisition-Related Expenses (Details)
Acquisitions - Loans Acquired (Details)
Acquisitions - Supplemental Pro Forma Financial Information (Details)
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Details)
Borrowings - Contractual Maturity On Borrowings (Details)
Borrowings - Interest On Borrowings (Details)
Borrowings, Outstanding Borrowings (Details)
Commitments, Contingent Liabilities And Restrictions
Commitments, Contingent Liabilities And Restrictions (Details)
Commitments, Contingent Liabilities And Restrictions (Tables)
Deposits
Deposits (Details)
Deposits (Tables)
Deposits - Interest On Deposits (Details)
Deposits - Maturities Of Time Deposits (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value
Fair Value (Tables)
Fair Value - Assets And Liabilities Measured On A Non-Recurring Basis (Details)
Fair Value - Carrying Amounts And Estimated Fair Values Of Other Financial Instruments (Details)
Fair Value - Financial Assets And Liabilities Accounted For At Fair Value On A Recurring Basis (Details)
Fair Value - Significant Unobservable Inputs (Details)
Goodwill And Identifiable Intangible Assets
Goodwill And Identifiable Intangible Assets (Details)
Goodwill And Identifiable Intangible Assets (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Net Deferred Tax Liability (Details)
Income Taxes - Effective Tax Rate Reconciliation (Details)
Income Taxes - Provision For Income Taxes (Details)
Insider Trading Arrangements
Investment Securities
Investment Securities (Tables)
Investment Securities - Additional Information (Details)
Investment Securities - Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity (Details)
Investment Securities - Amortized Cost And Estimated Fair Value Of Investment Securities (Details)
Investment Securities - Investment Securities In A Continuous Unrealized Loss Position (Details)
Leases
Leases (Details)
Leases (Tables)
Leases, Maturities Of Lease Liabilities (Details)
Loans And Allowance For Credit Losses
Loans And Allowance For Credit Losses (Tables)
Loans And Allowance For Credit Losses - Allowance For Credit Losses (Details)
Loans And Allowance For Credit Losses - Amount Of Business Lending Loans By Credit Quality Categories (Details)
Loans And Allowance For Credit Losses - Credit Quality By Past Due Status (Details)
Loans And Allowance For Credit Losses - Loan Summary (Details)
Loans And Allowance For Credit Losses - Performance Of Loan Modifications (Details)
Loans And Allowance For Credit Losses - Summary Of Impaired Loans, Excluding Purchased Impaired (Details)
Loans And Allowance For Credit Losses - Troubled Debt Restructuring (Tdr) (Details)
Loans And Allowance For Credit Losses - Troubled Debt Restructurings (Tdrs) (Details)
Loans And Allowance For Credit Losses - Weighted-Average Term Extension (Details)
Parent Company Statements
Parent Company Statements (Tables)
Parent Company Statements - Condensed Statements Of Cash Flows (Details)
Parent Company Statements - Condensed Statements Of Cash Flows (Parenthetical) (Details)
Parent Company Statements - Condensed Statements Of Condition (Details)
Parent Company Statements - Condensed Statements Of Income (Details)
Pay Vs Performance Disclosure
Pension And Other Benefit Plans
Pension And Other Benefit Plans (Tables)
Pension And Other Benefit Plans - 401(K) Employee Stock Ownership Plan (Details)
Pension And Other Benefit Plans - Amounts Recognized In Aoci, Net Of Tax (Details)
Pension And Other Benefit Plans - Deferred Compensation Plans For Directors (Details)
Pension And Other Benefit Plans - Estimated Future Benefit Payments (Details)
Pension And Other Benefit Plans - Fair Value Of Plan Assets By Assets Category (Details)
Pension And Other Benefit Plans - Funded Status And Amounts Recognized In Balance Sheets And Aoci (Details)
Pension And Other Benefit Plans - Net Periodic Benefit Cost (Details)
Pension And Other Benefit Plans - Other Deferred Compensation Arrangements (Details)
Pension And Other Benefit Plans - Target Plan Assets Allocation (Details)
Pension And Other Benefit Plans - Weighted-Average Assumptions Used To Determine Benefit Obligations (Details)
Pension And Other Benefit Plans - Weighted-Average Assumptions Used To Determine Net Periodic Benefit Cost (Details)
Premises And Equipment
Premises And Equipment (Details)
Premises And Equipment (Tables)
Regulatory Matters
Regulatory Matters (Details)
Regulatory Matters (Tables)
Restructuring
Restructuring (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables)
Stock-Based Compensation Plans - Activity In Long-Term Incentive Program (Details)
Stock-Based Compensation Plans - Activity Of Unvested Restricted Stock Awards (Details)
Stock-Based Compensation Plans - Assumptions Used To Estimate Value Of Stock Options (Details)
Stock-Based Compensation Plans - Long-Term Incentive Program (Details)
Stock-Based Compensation Plans - Performance Awards (Details)
Stock-Based Compensation Plans - Performance Awards - Additional Information (Details)
Stock-Based Compensation Plans - Summary Of Stock Options Outstanding (Details)
Stock-Based Compensation Plans - Unrecognized Stock-Based Compensation Expense And Stock Option Exercises (Details)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Variable Interest Entities
Variable Interest Entities (Details)
Variable Interest Entities (Tables)
Ticker: CBU
CIK: 723188
Form Type: 10-K Annual Report
Accession Number: 0001410578-24-000095
Submitted to the SEC: Thu Feb 29 2024 4:58:10 PM EST
Accepted by the SEC: Thu Feb 29 2024
Period: Sunday, December 31, 2023
Industry: National Commercial Banks

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