COMMUNITY FINANCIAL SYSTEM, INC.

Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

The Company’s common stock has been trading on the New York Stock Exchange under the symbol “CBU” since December 31, 1997. Prior to that, the common stock traded over-the-counter on the NASDAQ National Market under the symbol “CBSI” beginning on September 16, 1986. There were 52,723,931 shares of common stock outstanding on January 31, 2026, held by approximately 3,136 registered shareholders of record.

The Company has historically paid regular quarterly cash dividends on its common stock and declared a cash dividend of $0.47 per share for the first quarter of 2026. The Board presently intends to continue the payment of regular quarterly cash dividends on the common stock. However, because the substantial majority of the funds available for the payment of dividends by the Company are derived from the subsidiary Bank, future dividends will depend largely upon the earnings of the Bank, its financial condition, its need for funds and applicable governmental policies and regulations.

The following graph compares cumulative total shareholders returns on the Company’s common stock over the last five fiscal years to the S&P 600 Commercial Banks Index, the NASDAQ Bank Index, the S&P 500 Index, and the KBW Regional Banking Index. Total return values were calculated as of December 31 of each indicated year assuming a $100 investment on December 31, 2020 and reinvestment of dividends.

Equity Compensation Plan Information

The following table provides information as of December 31, 2025 with respect to shares of common stock that may be issued under the Company’s existing equity compensation plans.

(1) The number of securities includes 272,813 shares of unvested restricted stock, including performance award restricted stock, comprised of 4,342 shares associated with the 2014 Long-term Incentive Plan and 268,471 shares associated with the 2022 Long-term Incentive Plan.

(2) Excluding the impact of unvested restricted stock, including performance award restricted stock, the total weighted-average exercise price is $56.12, the weighted-average exercise price associated with the 2014 Long-term Incentive Plan is $60.23 and the weighted-average exercise price associated with the 2022 Long-term Incentive Plan is $51.86.

Stock Repurchase Program

At its December 2025 meeting, the Board approved a new stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to 2,633,000 shares, or 5.0% of the Company’s common stock outstanding, in accordance with securities and banking laws and regulations, during the twelve-month period starting January 1, 2026. Any repurchased shares will be used for general corporate purposes, including those related to stock plan activities. The timing and extent of repurchases will depend on market conditions and other corporate considerations as determined at the Company’s discretion. At its December 2024 meeting, the Board approved a stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to 2,628,000 shares of the Company’s common stock, in accordance with securities and banking laws and regulations, during the twelve-month period starting January 1, 2025. There were 206,054 shares of treasury stock purchases made under this authorization in 2025.

The following table presents stock purchases made during the fourth quarter of 2025:

Issuer Purchases of Equity Securities

(1) Included in the common shares repurchased were 781 shares acquired by the Company in connection with the administration of a deferred compensation plan and 456 shares acquired by the Company in connection with the vesting of restricted stock awards in satisfaction of applicable tax withholding obligations. These shares were not repurchased as part of the publicly announced repurchase plan described above.