COMMUNITY BANK SYSTEM INC

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 29, 2024

CBU$64.88-1.4%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Income

(In Thousands, Except Per-Share Data)


· ·
· · Years Ended December 31,
· · 2023 · 2022 · 2021
Interest income: · · · ·
Interest and fees on loans	$445,167	$335,075	$308,355
Interest and dividends on taxable investments	82,368	95,371	68,607
Interest and dividends on nontaxable investments	13,853	13,283	10,458
Total interest income	541,388	443,729	387,420

Interest expense:
Interest on deposits	85,337	15,044	11,631
Interest on borrowings	18,766	8,055	1,377
Total interest expense	104,103	23,099	13,008

Net interest income	437,285	420,630	374,412
Provision for credit losses	11,203	14,773	(8,839)
Net interest income after provision for credit losses	426,082	405,857	383,251

Noninterest revenues:
Deposit service fees	63,062	66,850	59,212
Mortgage banking	595	390	1,772
Other banking services	6,315	4,644	3,674
Employee benefit services	117,961	115,408	114,328
Insurance services	47,094	39,810	33,992
Wealth management services	31,941	31,667	33,240
Loss on sales of investment securities	(52,329)	0	0
Gain on debt extinguishment	242	0	0
Unrealized (loss) gain on equity securities	(47)	(44)	17
Total noninterest revenues	214,834	258,725	246,235

Noninterest expenses:
Salaries and employee benefits	281,803	257,339	241,501
Data processing and communications	57,585	54,099	51,003
Occupancy and equipment	42,550	42,413	41,240
Amortization of intangible assets	14,511	15,214	14,051
Legal and professional fees	15,921	14,018	11,723
Business development and marketing	15,731	13,095	9,319
Litigation accrual	5,800	0	(100)
Acquisition expenses	63	5,021	701
Acquisition-related contingent consideration adjustment	3,280	(300)	200
Restructuring expenses	1,163	0	0
Other expenses	34,278	23,369	18,500
Total noninterest expenses	472,685	424,268	388,138

Income before income taxes	168,231	240,314	241,348
Income taxes	36,307	52,233	51,654
Net income	$131,924	$188,081	$189,694

Basic earnings per share	$2.45	$3.48	$3.51
Diluted earnings per share	$2.45	$3.46	$3.48

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.